K2fly Ltd (ASX:K2F) has signed a three year extension to its original annual RCubed contract with AngloGold Ashanti Ltd (ASX:AGG) (JSE:ANG) set to begin in March 2020.
AngoGold is an independent global mining company with operations and projects on four continents listed on the ASX, JSE and NYSE and is the third largest gold mining company in the world measured by production.
“Instrumental in RCubed solution”
K2fly chief commercial officer Nic Pollock said: “AngloGold Ashanti was instrumental in the creation of the RCubed solution and is one of the few global mining companies that delivers a dedicated mineral resources and ore reserves report.
The report is created entirely from within the RCubed Resource Governance solution, from data collection through to publishing ensuring full resource governance, security and the integrity of the data.”
K2fly is focussed on solving problems for clients and owns the following software solutions:
- Mineral Resource Governance - RCubed a resource and reserve reporting solution that supports reporting codes such as JORC, NI43101 and SAMREC across the 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.
TCV increase by 41%
The gold sector is performing extremely well for K2fly and RCubed sales with 4 of the top 10 global gold mining companies now using or implementing RCubed to report their resources and ore reserves, accounting for 45% of gold ounces reported in the top 10.
K2fly’s Total Contract Value (TCV) for its own software solutions (RCubed and Infoscope) has risen by a further 41% in Q3 to more than AUD$4.7 million as the contract terms extend.
This trend is expected to continue with further multi-year contractual negotiations in the pipeline.
Although these potential contracts are still in negotiations and until complete there are no guarantees.