- MineHub's commercialization efforts accelerated in 2023 with several major customers and partners including Codelco, Sumitomo and a large global mining company.
- MineHub will be hosting an investor webinar on Thursday, January 11, 2024, at 1:00 pm ET (10:00 am PST).
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company"), a leading provider of digital supply chain solutions for the commodity markets, is pleased to provide a corporate update to its shareholders.
Andrea Aranguren, President and CEO of MineHub, commented, "2023 has been a transformative chapter for the Company, marked by the strategic merger of MineHub and Waybridge-a pivotal move that has empowered us to elevate our operational efficiency and pursue partnerships with larger clients. The successful launch with Codelco, the world's largest copper mining company, has not only validated our capabilities but also onboarded numerous ecosystem partners. We are thrilled to announce a major contract with a large global mining company and deeper collaborations with industry giant Sumitomo, signaling our expanding footprint in the sector. Our accelerated growth trajectory is a testament to the value our platform brings to partners and customers alike. As we continue to execute on sales, our momentum is building for an even more exciting 2024."
Acquisition of Waybridge Technologies:
On March 10, 2023, MineHub announced the successful acquisition of Waybridge Technologies, with the goal of combining operations and continuing business under the MineHub corporate structure. Waybridge is a ground-breaking SaaS platform that provides seamless order processing, real-time shipment tracking, inventory management and reporting for the commodities ecosystem by automating data connections between customers and their entire supply chains. At the time of the acquisition, Waybridge had over 90 companies interacting digitally on its platform, including leading global manufacturers, such as Southwire and Superior Essex, as well as major miners, warehouses, and shipping companies. As of December 31, 2023, MineHub now has a total of 152 companies on its platform.
During 2023, MineHub successfully completed the integration of Waybridge. The acquisition of Waybridge has been a highly accretive transaction that immediately increased MineHub's revenue and reduced the Company's timeline to profitability. It also accelerated MineHub's path to becoming the industry standard digital platform, especially in the copper industry. This acquisition also expanded MineHub's operations and customers in key mining jurisdictions including USA, China, Japan, Chile, Australia and Canada.
Accelerated Commercialization:
On August 9, 2023, MineHub announced a three-year contract for its cutting-edge platform with Corporación Nacional del Cobre de Chile ("Codelco"), the largest copper producer in the world. The Company has now successfully implemented and gone live with Codelco, ushering in a new era of efficiency and transparency in the mining industry. MineHub's contract with Codelco is aimed at digitizing its global refined copper business, representing a significant validation of MineHub's technology platform. Codelco will utilize MineHub's platform to digitize 100% of its global refined copper business and lead the industry towards more efficient, reliable, and sustainable trading. Through MineHub's advanced technology, Codelco will now be able to offer its customers heightened visibility, traceability, and operational efficiencies, elevating the overall customer experience.
The MineHub platform enables Codelco and its customers to:
- Collaborate and share transactional information seamlessly via a secure digital platform, including contract negotiations, shipping information, documentation, claims requests, invoice and payment statuses;
- Consolidate key supply chain data to ensure traceability, data analytics and comprehensive ESG reporting, including CO2 transportation calculations;
- Improve visibility into global copper flows while enhancing the timeliness and accurate delivery of key data necessary for trade and decision optimization and
- Drive operational efficiency via continuous process improvement, data automation and systems integrations with its clients, service providers and strategic partners.
On June 20, 2023, MineHub announced that Sumitomo Corporation ("Sumitomo") provided MineHub a $1 million capital contribution towards accelerating their joint goal of digitization of the metal concentrates market by promoting the adoption of the MineHub platform and its Concentrates Application as the emerging industry standard for the settlement of concentrates transactions. The capital contribution is part of MineHub's commercial relationship with Sumitomo as previously announced in August 2022. MineHub and Sumitomo have collaborated on the development of a suite of digital solutions for the concentrates market, including its transformative Assay Exchange solution, which connects buyers, sellers, laboratories and financiers in an integrated and secure digital workflow. In August 2022, Sumitomo started using the MineHub platform in its operations. The companies are now intensifying their commercial collaboration in using MineHub as the platform to digitally connect Sumitomo's direct business ecosystem of miners, smelters and refiners.
On August 2, 2023, MineHub announced it had entered into an agreement with a prominent global mining company to digitize its mining and supply chain operations, including the onboarding of numerous ecosystem partners onto the platform. This agreement is expected to contribute approximately CAD$850,000 to MineHub's revenue over the next 12 months. The two companies have already embarked on the first stages of the project, including API development and deployment, followed by validation testing in Q1-2024, and onboarding of the global mining company's ecosystem partners in the coming quarters. An initial list of ecosystem partners has already been identified. This network of like-minded partners will foster a thriving ecosystem of innovative supply-chain solutions, amplifying the impact and reach of MineHub's transformative capabilities.
Andrea Aranguren Appointed as MineHub's new CEO:
On July 17, 2023, MineHub announced the appointment of Andrea Aranguren as its new Chief Executive Officer. Andrea previously served as the President & COO of MineHub, joining the Company earlier in 2023 through the acquisition of Waybridge Technologies where she was the co-founder and Chief Customer Officer.
Andrea is an expert in logistics digitization and supply chain optimization with over a decade of experience in the field. In her previous role as a Founder and Chief Customer Officer of Waybridge, she was responsible for customer implementations, counterparty onboarding and ecosystem partnerships for the company's global customer base, including the largest copper and aluminum manufacturers in the U.S. and the largest copper producer in the world. During this time Andrea managed global commercial teams, including account management, customer success, strategic partnerships, and operations & logistics.
Looking Ahead in 2024:
MineHub's achievements and progress in 2023 have provided a very solid foundation for the coming year, in which the Company expects to accelerate growth and improve margins. MineHub's strategic focus in 2024 will include:
- Leveraging our successful implementations with industry leaders to continue to grow the ecosystem of companies we are connected to.
- Converting a robust (and growing) sales pipeline, comprised primarily of existing free users who are already benefiting from the platform.
- Increasing the Company's Annual Recurring Revenue ("ARR")(1) by executing new customer contracts and expanding volumes of commodities managed for existing customers.
- Continuing to explore longer-term opportunities to launch the platform into adjacent markets such as steel and chemicals.
- Amplifying the value that we deliver to customers by enhancing the offering of features and functionality available on our platform.
- Actively exploring strategic opportunities and partnerships to enhance the Company's value proposition.
- Implemented cost containment strategies, pivotal in driving improved profitability. By simultaneously increasing revenue and optimizing operational costs, the Company is poised for stronger cash flow in 2024.
MineHub would like to thank its customers, shareholders, partners and team for their support in 2023 as it looks forward to the coming year.
Investor Webinar Details:
MineHub will also be hosting an investor webinar to provide a corporate update and discuss its Q3-2024 Quarterly Results. The call will be hosted by CEO and President, Andrea Aranguren who will be presenting an overview of the Company, discussing progress with customers, and providing a business outlook; followed by a Question & Answer session.
| Date: | Thursday, January 11, 2024 |
| Time: | 1:00 pm ET (10:00 am PT) |
| Webinar Registration: | https://bit.ly/MHUB-webinar |
| Dial-In: | +1 778 907 2071 (Vancouver local) |
| +1 647 374 4685 (Toronto local) | |
| Webinar ID: | 850 9790 2824 |
Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.
Footnotes:
(1) ARR is a key performance indicator of future recurring revenues and the trajectory of the business. ARR includes annualized revenue of all active SaaS platform revenue as of a specified point in time and assumes all active contracts are renewed on existing terms. ARR is subject to change through acquisition of new customers, and expansion or attrition of existing customers. ARR is not a standardized measure and may not be comparable to ARR disclosed by other issuers.
About MineHub Technologies
MineHub provides enterprise-grade digital solutions that connect buyers, sellers and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
Andrea Aranguren
CEO, MineHub Technologies Inc.
For further information regarding MineHub, please email info@minehub.com or visit our website at www.minehub.com. Tel: (604) 628-5623
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's management discussion and analysis, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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