This covers rollout of the RCubed software solution across the reporting lines of Newcrest for its resources and reserves in its gold operations across seven sites in Australia, Indonesia and Papua New Guinea.
Total contract value A$330,000
With implementation costs, the 3-year SaaS-based software contract is worth more than A$150,000 in the first year with initial total contract value being in excess of A$330,000.
K2F chief commercial officer Nic Pollock said: “Newcrest is the largest gold producer listed on the ASX and a top 10 global producer and adds to the growing momentum we are seeing within the mining industry and its acceptance of RCubed as a resource governance reporting solution.
"We are very excited to be working with the team at Newcrest.”
Recurring annual revenues
Implementation of the contract will begin immediately and there will be recurring revenues on an annual basis.
As with all RCubed implementations, each operation and all relevant data is captured at a base level and involves comprehensive governance data capture and reporting.
Newcrest has a growing world-class portfolio of operating mines and substantial gold reserves located primarily in the Asia Pacific region.
K2fly’s share price has increased from just below 11 cents in late May to 19 cents.
The addition of Newcrest as a client adds to the growing momentum of mining companies implementing the RCubed solution with recent other contract wins being with Glencore Canada and Fortescue Metals.
K2fly targets asset-intensive industries and supplies people, products and strategic alliances focused on solving problems for clients.
The ASX-listed company owns the following software solutions:
- Mineral resource governance - RCubed a resource and reserve reporting solution that supports reporting codes such as JORC, NI 43-101 and SAMREC across major stock exchanges – including NYSE, LSE, TSX, ASX and JSE; and
- Natural resource governance - Infoscope, an enterprise land management, natural resource governance and stakeholder relations solution for the energy and resources market.