K2fly is adding to its Resource Governance Platform with an update that will address multiple resource governance use cases, such as tailings governance, heritage, ground disturbance and rehabilitation, plus integrate with the Maptek-owned Vulcan software.
The Resource Governance Platform is already used extensively for mineral resource and reserve reporting by public companies globally, with the RCubed software being the solution it is typically known for.
The new Mineral Resource Governance Platform, due to be released in December quarter of 2022, will replace Rcubed with K2fly Resource Reporting. It will provide existing and new customers with strengthened scale and improved workflow capabilities, supported by new additional complementary modules, K2fly Model Manager and K2fly Mine Reconciliation. These solutions are the world’s first and only Commercial off-the-Shelf (COTS) comprehensive resource reporting solution used for public disclosures, according to K2fly. The new solution will be available for customers to upgrade to during the 2023 financial year.
The platform will also be a cloud-first solution, which leverages the experience gained across K2fly’s extensive Tier 1 and Tier 2 global customer base, the company says.
The core of K2fly’s Mineral Resource Governance solution area allows companies to confidently report and disclose mineral resource and reserve (MRR) data that is compliant with the codes and regulations of the jurisdictions in which they operate and the stock exchanges they are listed on.
Benefits of K2fly Resource Reporting are strengthening of governance outcomes for clients by reducing errors and person-dependency risk within an organisation, generating an audit trail and significantly improved workflows creating ease to capture raw data, capability to track data ownership and accurately adhere to reporting requirements.
New features will include performance improvements and a new data model, making it easier to access more data and address more industry use cases. There are additional improvements to the system and reporting and analytics functions. The solution will include interactive reporting, new workflows and simplified configuration, the company added.
The K2fly Model Manager, meanwhile, will provide a ’big data’ governance solution that allows block models, solids, surfaces and other spatial data to be managed in a centralised repository and provides access control and auditing on all data, according to the company. Model Manager extends the K2fly Resource Reporting solution to reduce the length of the reporting cycle and provide complete traceability from the reporting estimates back to the block models that the resource and reserve information was sourced from, according to K2fly.
K2fly and Maptek are working together to connect Vulcan (supplying modelling input data) and the resource reporting solution. As such, data generated in Maptek Vulcan, an advanced 3D geological modelling, mine design and production planning software solution, can be seamlessly uploaded to K2fly’s solutions. This avoids the need to manually handle text files and strengthens the governance from Vulcan geological block models to the reporting process in K2fly Resource Reporting. Vulcan will be integrated with K2fly Resource Reporting in the December quarter of 2022.
Vulcan 3D geological modelling and mine design software now has more than 22,000 users worldwide. It is supported by specialist tools for visualising, validating, and modelling data to enable analysis and support decisions.
Maptek announced a strategic investment in K2fly back in April, with Maptek Chairman, Peter Johnson, joining the K2fly board as a Non-Executive Director in the process.
Peter Johnson, Chairman of Maptek, said: “Collaboration between Maptek and K2fly is an obvious way for both companies to leverage the technology available to them now to better deliver value to our customers. We share a very high proportion of customers in common and so any enhancements we can enable to the workflows and capabilities between the respective product sets will impact many users positively. In the current environment where miners are facing a shortage of skills, experience, and people in general, as well as increased regulation and scrutiny around governance, one of the most important things a technology developer can do is to help make the work easier, more efficient and more reliable. The integration collaboration with Maptek and K2fly’s new Resource Governance solutions platform are both contributing to these outcomes.”
Nic Pollock, CEO of K2fly, said: “Our product and engineering teams have been very busy these last 12 months liaising with our customers and redesigning the solution ground up as a cloud first service to provide more scale and more use case alternatives so customers can leverage the organisational structures and governance capabilities at the heart of the system. The new version will be faster and easier to implement for smaller clients as well.
“We are also proud to launch Model Manager in conjunction with the new Resource Reporting Solution which was integral in the acquisition of Sateva in 2020. The new releases and integration of these products to form the world’s only COTS solution takes K2fly further ahead and increases our moat in the Mineral Resource Governance space.”