Vancouver, B.C., November 16, 2021. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) is pleased to announce the launch of its Assay Exchange application for base metal supply chains. The solution is the first in a series of network applications for concentrates transactions the company intends to roll out over the next months.
MineHub Assay Exchange is an enterprise application designed to digitalise and streamline the assay exchange process between buyer, seller and labs in base metal concentrates transactions. The application is integrated with the core MineHub platform, and is provided as an additional offering to further increase the value of the MineHub platform to its users.
Arnoud Star Busmann, CEO at MineHub said:
“The MineHub platform has been designed to support the post trade operations for concentrate transactions, enabling our users to streamline and digitalise one of the most operationally sensitive parts in the settlement processs.”
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, transparency and responsibility to mining and metals supply chains. The platform connects the many parties involved in physical commodity transactions in a digitally integrated workflow by operating on the basis of shared information, secured by a global enterprise blockchain network. This provides greater efficiency, security and transparency relative to the current paper-based and manual processes.
Concentrates are finely ground materials (with waste rock removed) containing metals and minerals from mine sites such as copper, nickel, lead, zinc. The value of the concentrate is defined by the composition and prices of the individual elements that make up the concentrate.
Every time the concentrate changes hands or custody, the buyer and seller rely on laboratory tests called assays to verify the metals composition. The assay exchange process is an iterative process in which the buyer and seller compare their respective assays and sometimes require umpire arbiters to ultimately agree on the chemical specification of the concentrate that is being transacted, and therefore the final price the buyer must pay the seller.
Benefits of the MineHub Assay Exchange include:
- Reduce or eliminate manual rekeying of assay data through digital integration and automation
- Minimise working capital wastage by reducing the time to final invoice
- Optimise costs of assay and umpire processes
- Optimise final assay composition
- Optimise contracting, umpire strategies and value of the transactions through analytics
The MineHub Assay Exchange application will provide its users with automation opportunities through digitalisation of this iterative workflow and information exchange. As part of the roll-out, Minehub will enable buyers, sellers, labs and umpires to connect directly to the MineHub platform.
About MineHub Technologies
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, security and responsibility to mining and metals supply chains. MineHub connects the many parties involved in a physical commodity transaction in a digitally integrated workflow, operating on the basis of shared information secured by a global enterprise blockchain network. Users of MineHub are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to customer needs and have confidence in the resilience, security and compliance of their operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.
Nominis Advisory, Angus Campbell at email@example.com
RB Milestone Group, LLC (RBMG) at firstname.lastname@example.org
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 prospectus dated August 18, 2021, 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.