As precious metal prices continues to boom, mining tech company K2fly (ASX: K2F) has secured another major client for their resource management software with Coeur Mining the latest to sign on for a 5-year contract.
The contract win will see K2fly’s software rolled out across Coeur Mining’s (NASDAQ: CDE) five sites across North America in a deal valued at AUD $718,000.
“We are delighted to add another US-based, NYSE listed company and yet another gold producer to the growing list of companies using our governance and reporting software,” said K2fly Chief Commercial Officer, Nic Pollock.
“Additionally,it further validates that K2F’s RCubed software solution is the leading solution in the mining technical assurance space globally for Resource and Reserve Governance and Reporting in all commodities and especially Gold, where we service five of the top ten global gold miners by market capitalisation.”
Specialising in tech for the resources industry, K2fly’s RCubed platform provides explorers and developers with a platform to manage mineral resources with full compliance across JORC and SAMREC reporting codes.
The contract win comes at a time when K2fly has been a major beneficiary of the precious metals and battery metals mining boom that has been driven by high commodity prices.
For the Half-Year ending 31 December 2020, K2fly reported a 29% increase in revenue to $3.4 million, of which most is recurring on software subscriptions. Continueing to sign up new clients across mineral and natural resources industries, K2fly is nearing cash flow positivity with their net loss improving $852k to a $1m loss for the Half-Year.
At present, K2fly’s software is used at more than 500 resources sites across 54 countries with some of their clients including global leaders Vale, Rio Tinto, Fortescue, Newcrest, BHP and Kinross.
*Owners of this website are K2F shareholders
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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