K2fly Signs 3-year RCubed Extension Contract With Leading Gold Mining Player, AngloGold Ashanti

K2fly Signs 3-year RCubed Extension Contract With Leading Gold Mining Player, AngloGold Ashanti

Technology company, K2fly Limited (ASX:K2F) providing software and solutions to businesses operating in the asset intensive industries announced on 16 March 2020, that South Africa-based AngloGold Ashanti has signed a 3-year extension to its original annual RCubed contract commencing March 2020.

AngloGold Ashanti (AGA) is a global mining company with operations and projects located across four continents and is listed on the NYSE, ASX and JSE. AGA was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation, and it was its listing on the NYSE which prompted the development of the RCubed Resource Governance solution. Measured by production, AGA is currently the world’s 3rd largest gold mining company.

K2F’s RCubed Flying High on Recent Contracts Wins:

  • Three-year RCubed contract executed with Colorado, USA-based Newmont Corporation, the biggest gold miner in the world (announced on 12 March 2020).
  • A new 5-year SaaS contract signed with Gold Fields Australia (a subsidiary of Gold Fields Limited) in January 2020 for the implementation of RCubed software solution
  • Three-year RCubed contract signed with Australian-based Newcrest Mining Limited in September 2019.

K2fly’s SaaS-based software solutions (RCubed and Infoscope) are witnessing a high demand on a global front with the company’s Total Contract Value (TCV) for this segment rising by a further 41% in Q3 FY20 to more than AUD 4.7 million as the contract terms extend. This trend is likely to persist with further multi-year contractual negotiations in the pipeline. K2fly is presently undertaking discussions for these potential contracts and update the market in due course.

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Stock Information: On 17 March 2020, the K2F stock was trading at AUD 0.145 at AEDT 12:40 PM with a market cap of AUD 13.69 million.

Good Read: K2fly’s Invoices Up 69% And Revenue Expands 45% in First Half FY2020

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