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K2fly in trading halt with news pending of potential underwriting of listed options

a five-year contract valued at A$1.1 million will see Kinross Gold roll-out RCubed resource governance to eight operating mines and one project.

K2fly Ltd - K2fly in trading halt regarding potential underwriting of listed options
K2fly now has Total Contract Value valued at more than A$6 million for SaaS solutions

K2fly Limited (ASX:K2F) has been granted a trading halt by the ASX with an announcement pending in regard to the potential underwriting of listed options.

The trading halt will remain in place until the start of normal ASX trading on Friday, May 8, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 20 cents and are up from 13 cents at close on March 20.

Major SaaS governance contract

The company continues to extend the delivery of its SaaS resource governance solutions to leading global miners and recently signed a five-year contract with Kinross Gold Corporation (TSE:K) (NYSE:KGC).

This RCubed Resource Governance SaaS contract will see top-10 gold mining major Kinross roll-out the software to eight operating mines globally and one project.

The Total Contract Value (TCV) of this contract is in excess of A$1.1 million, plus implementation fees, and it takes total Annual Recurring Revenue (ARR) for K2F’s SaaS as at April 2020 to A$2.09 million.

Growing North American customer base

K2fly’s chief commercial officer Nic Pollock said: “We are delighted to be working with Kinross Gold, another top-10 gold mining major.

“What is especially pleasing for K2fly is that this is the first contract driven out of our US 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.

“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 by ounces using RCubed to report their mineral inventories.”

Quick facts: K2fly Ltd

Price: 0.355 AUD

ASX:K2F
Market: ASX
Market Cap: $33.02 m
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