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K2fly secures five-year RCubed software deal with mining giant Gold Fields

The RCubed software is a resource and reserve reporting solution that supports reporting codes such as JORC, NI 43-101 and SAMREC across the major stock exchanges.

K2fly Ltd -
In 2019 K2fly signed several global mining companies to three and five-year contracts

K2fly Ltd (ASX:K2F) has secured a five-year SaaS contract with Gold Fields Australia, a subsidiary of Gold Fields Limited (JSE:GFI/NYSE:GFI), for its RCubed resource governance software solution.

The total contract value is initially in excess of $580,000 and use of the software will begin immediately across Gold Fields’ global operations and major projects.

The mining giant is listed on the Johannesburg Stock Exchange and New York Stock Exchange, has nine operating mines, one project in Australia, Chile, Ghana, Peru and South Africa, and total attributable annual gold-equivalent production of around 2.2 million ounces.

K2fly chief commercial officer Nic Pollock is thrilled with the deal.

“Real validation”

He said: “Gold Fields is a globally recognised gold mining brand.

“Gold Fields shares the same values as K2fly in striving for sustainable mining.

“They are also world-renowned amongst peers for the quality of their mineral resource and reserve reporting.

“For them to join the growing list of customers taking up the RCubed Resource Governance solution is a real validation of the importance of this solution to all miners.”

Shares have been up almost 8% to 28 cents in early trade after a new 12-month high of 29 cents was reached on January 16.

Notable deals

K2fly made several significant software deals in the last quarter.

In December the company signed a $580,000, five-year deal with Westgold Resources Ltd (ASX:WGX) to utilise its Infoscope land management software.

Also, in December a $380,000 deal was signed with Teck Resources Ltd (NYSE:TECK) to extend the existing RCubed contract for a further three years.

K2fly also nabbed another mining giant in Rio Tinto Ltd (ASX:RIO), for a $1.45 million, five-year deal to implement RCubed across 20 sites globally commencing November.

And in October Brazilian company Nexa Resources SA (NYSE:NEXA) signed on to RCubed for an annual $170,000 deal across 12 sites.

K2fly expects a high level of interest in its software from NYSE-listed companies to continue as US SEC regulation changes come into effect in 2021.

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