RocketDNA Wins Muti-Year Contract Extension With Vedanta’s Subsidiary

RocketDNA Ltd (ASX:RKT) has signed a multi-year contract extension with Black Mountain Mining in South Africa, for drone surveying services at its Gamsberg Mine.

Black Mountain is majority-owned by Vedanta Zinc International, a subsidiary of Vedanta Limited, the 6th largest diversified resources company in the world.

The contract is for three years ending 31 May 2027, and has a total contract value of A$525,000 and annual recurring revenue of A$175,000.

CEO comment

RocketDNA CEO Christopher Clark said: “We are pleased to continue our long running provision of services to a leading international mining group, Vedanta Limited through Black Mountain Mining, which started back in June 2022. 

“Our business model of offering traditional drone services, including operating beyond visual line of site (BVLOS) services, is positioned to be an attractive outsourced solution for large mining customers.

 “The contract renewal of three years is an increase in TCV over the prior lapsed contract of two years.”

Drone-based solutions

RocketDNA Ltd is a drone-based data service and technology solutions provider for the mining, agricultural and engineering industries.

The company’s services include aerial surveying and mapping, security and surveillance, and blast monitoring and fragment analysis.

RocketDNA’s outsourced service with AI and fast data turnaround allows enterprise customers to focus on operations on the ground while RocketDNA takes care of everything in the air.

Contracts with tier 1 and tier 2 miners

RocketDNA’s revenues are generated through multi-year recurring revenue contracts and short projects which also have the potential to be recurring.

Key customer contracts include with tier 1 and tier 2 miners, South32, Newmont Mining, Red 5, Seriti Coal and Calidus Resources.

RocketDNA’s operations are focused on Australia and Africa with regional offices in Perth, Johannesburg and Accra.

The company generated a revenue of A$6.13 million for the year ended 31 December 2023 and closed the March 2024 quarter with cash of A$2 million.

 

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