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K2fly director Neil Canby shows faith in company through on-market share purchase

The company continues to attract strong interest from major mining companies in its RCubed resource governance software solution.

K2fly Ltd - K2fly director Neil Canby shows faith in company through on-market share purchase
Last month Gold Fields Australia signed a five-year Saas contract

K2fly Ltd (ASX:K2F) non-executive director Neil Canby has demonstrated his confidence in the company’s software solutions with an on-market share purchase.

On February 7 Canby purchased 25,000 shares and now holds almost 577,000 in a direct interest.

Interest from global miners

This comes as the company continues to attract interest from global miners in its RCubed resource governance software solution.

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

Gold Fields contract

K2fly’s most recent contract win last month was a five-year SaaS contract with Gold Fields Australia, a subsidiary of Gold Fields Limited (JSE:GFI) (NYSE:GFI), with the total contract value initially in excess of $580,000.

Use of the RCubed software will begin immediately across Gold Fields’ global operations and major projects.

December quarter deals

K2fly made several software deals during the December quarter.

In December the company inked 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.

Earlier in the quarter, K2fly 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.

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.

Quick facts: K2fly Ltd

Price: 0.22 AUD

ASX:K2F
Market: ASX
Market Cap: $18.17 m
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