K2fly (ASX:K2F) - CEO, Brian Miller
CEO, Brian Miller
Sourced: Business Insider
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  • Kinross Gold has signed a five-year software-as-a-service (SaaS) contract for K2Fly’s (K2F) RCubed resource solution
  • RCubed is a resource and reporting solution that reports codes such as JORC
  • Kinross Gold will deploy RCubed to eight of its global mines and one project
  • K2Fly is set to receive more than $1.1 million from this contract
  • The company has now signed contracts for its solution worth more than $6 million
  • K2Fly is steady on the market today and shares are currently trading for 23 cents each

Kinross Gold has signed a five-year software-as-a-service (SaaS) contract for K2Fly’s (K2F) RCubed resource solution.

The Canada-based Kinross Gold will deploy RCubed to eight of its global mines and one project.

The total contract value for this contract is more than $1.1 million, plus implementation fees. As a result, K2Fly now has an annual recurring revenue of $2.09 million, as of April 2020.

Additionally, K2Fly’s total contract value has now risen to more than $6 million and this is expected to increase soon as negotiations are still in place for contract extensions.

“What is especially pleasing for K2Fly is that this is the first contract-driven out of our U.S. operation, which was only established in mid-January 2020 to support our growing North American customer base, which now includes Teck Resources, Glencore Canada and Newmont,” K2Fly Chief Commercial Officer Nic Pollock said.

“That’s a very quick validation of the investment into the region. Not only that but we now have five of the top 10 gold miners, Newmont, Anglo Gold Ashanti, Newcrest, Gold Fields and now Kinross Gold, using RCubed to report their mineral inventories,” he added.

RCubed is K2Fly’s cloud-based resource and reserve reporting solutions, which supports mining codes such as JORC, SAMREC (South African Mineral Resources Committee), and NI43101 (the measuring resource used in Canada).

It reduces overhead on the reporting process and provides a systemised process that isn’t available anywhere else.

K2Fly is steady on the market today and shares are trading for 23 cents each at 12:48 pm AEST.

K2F by the numbers
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