K2fly Onboards 2 new RCubed Customers for Proof of Concept Design

  • Feb 28, 2020 AEDT
  • Team Kalkine
K2fly Onboards 2 new RCubed Customers for Proof of Concept Design

Technology company, K2fly Limited (ASX: K2F), targeting asset intensive industries, has executed two new significant RCubed contracts with Vale Australia (on behalf of Vale S.A.) and South32 Limited. The two companies have placed initial purchase orders for proof of concept designs for the RCubed Resource Governance Solution, and the work would commence immediately.

hwo rcubed works

Source: Company’s Investor Presentation

The share price of K2fly had climbed up over 6% to AUD 0.210 (as on 27 February 2020), since the announcement. The stock, with a market cap of AUD 16.1 million, has delivered positive returns of 66.67% in the last one year and 11.11% in the last six months.

Continued Interest by Major Mining Entities

Brazil-based Vale is the largest producer of iron ore, iron ore pellets and nickel in the world. Besides, the Company is also engaged in the production of ferro-alloys, manganese ore, metallurgical and thermal coal, platinum group metals, copper, gold, silver and cobalt. Vale is listed on multiple stock exchanges like the B3 – Brasil, Bolsa, Balcão (ticker: Vale3), the NYSE (ticker: VALE), the Euronext Paris (ticker: Vale3) as well as LATIBEX (ticker: XVALO).

Globally diversified metals and mining company, South32 is engaged in the production of aluminium, bauxite, alumina, energy and metallurgical coal, nickel, manganese, silver, lead and zinc at its different operations across South America, Southern Africa, and Australia. South32 also owns a highly prospective zinc, lead and silver ground holding in North America and has many established partnerships with base metals-focussed junior explorers.

The initial purchase order amounts are not material but the request for proof of concept designs by South32 and Vale is a testimony to the growing interest of major mining giants and the need for a software solution for supporting their mineral resource and reserve reporting requirements.

RCubed Growing Stronger

The RCubed Resource Governance software has been gaining immense traction, not only within Australia but overseas in the United States owing to the changing US SEC regulations around mining company disclosures (20F) which is designed to modernise the reporting standard and to bring them more in alignment with global reporting standards that comply with the CRIRSCO template such as JORC in Australia.

RCubed is the only fit for purpose off the shelf software system designed specifically to help clients manage this critically important process.

On the back of very strong demand from US listed companies, Rio Tinto, Anglo Gold Ashanti, Teck Resources, Nexa and recently Gold Fields, the K2fly board decided in November 2019 to invest in sales capability in the US market in 2020. Subsequently, the Company executed a six-month agreement with Orbital RPM on 15 January 2020, for representing K2fly in the North American market. Orbital holds good experience in implementing software solutions within the mining industry while its team is based in Denver. The contract will be reassessed after the completion of the six months.

More on K2fly:

  • Half year to December 2019, READ.
  • December Quarter 2019, READ.

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