viewK2fly Ltd

K2fly shares surge after signing Rio Tinto contract to implement resource reporting system

The total contract value is for over $1.45 million including annual software subscriptions for the five-year term and the initial implementation fees.

K2fly Ltd - K2fly wins Rio Tinto contract to implement resources and reserves reporting system
The company's shares are currently trading about 11% higher intra-day, after hitting a new 12-month high earlier today

K2fly Ltd (ASX:K2F) has signed a five-year contract with Rio Tinto (ASX:RIO) to implement the RCubed Mineral Resource and Reserve solution across 20 sites globally.

The total contract value, including initial implementation costs, is $1.45 million. Implementation will commence immediately.

The RCubed solution will replace an inhouse system and will assist Rio Tinto in providing mineral resources and ore reserves reporting and governance for its shareholders and regulators.

Significant growth in annual recurring revenue

K2fly chief commercial officer Nic Pollock said: “Rio Tinto’s signing represents a significant milestone for K2fly and is further recognition from a Tier 1 miner that our RCubed solution represents the most compelling offering in Resource Governance solutions.

“We are extremely proud to be working with such an industry leader.”

Importantly, the Rio Tinto contract further increases the strong annual recurring revenue (ARR) growth that K2fly’s software as a service (SaaS) business is experiencing of 150% CAGR over the last 4 quarters in which Q1 was up by 27% from Q4 FY19.

Shares surged on the news, up to 30% higher for an intra-day high of 24 cents, a new 12-month high. 

Quick facts: K2fly Ltd

Price: 0.215 AUD

Market: ASX
Market Cap: $19.84 m

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