MineHub and Sumitomo Expand Commercial Agreement to Include Non-Ferrous Metals Business

Rhea-AI Summary

MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) has expanded its commercial agreement with Sumitomo to include all of Sumitomo's non-ferrous metals business. This expansion is expected to be a key driver in potential future revenue growth for MineHub. Sumitomo plans to further integrate its refined copper business onto the MineHub platform as a first priority, followed by other non-ferrous metals, with a strong focus on Asian customers.

Over the past six months, Sumitomo has supported MineHub's sales efforts by connecting them to new opportunities, particularly in European and Asian metals markets. The partnership between MineHub and Sumitomo, which began in February 2022, aims to bring efficiency, transparency, and responsibility to commodity markets supply chains.

Positive

• Expansion of commercial agreement with Sumitomo to include all non-ferrous metals business
• Potential future revenue growth expected from expansion into additional metals markets
• Sumitomo's support in connecting MineHub to new sales opportunities in European and Asian markets
• Progression of qualified leads through MineHub's sales pipeline

Negative

• None.

MineHub announces the expansion of its commercial agreement with Sumitomo Corporation with plans to include Sumitomo's non-ferrous metals onto the MineHub platform.

Vancouver, British Columbia--(Newsfile Corp. - October 16, 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 announce the expansion of its commercial agreement with Sumitomo Corporation ("Sumitomo"), to include all of Sumitomo's non-ferrous metals business. This milestone solidifies the successful relationship between the companies and unlocks new opportunities for growth beyond copper markets, where MineHub has been focused to date. Expansion into additional metals markets is expected to be a key driver in potential future revenue growth for the Company.

Sumitomo expects to further integrate its refined copper business onto the MineHub platform as a first priority. Other non-ferrous metals will be fast following markets, with a strong focus on Sumitomo's Asian customers. This strategic move underscores the commitment of both companies to leverage digital solutions for optimizing operations, enhancing efficiency, and delivering superior customer experiences.

Andrea Aranguren, CEO of MineHub, stated, "We are grateful for Sumitomo's commitment as a customer of the MineHub platform, a sales partner and as an innovation leader. Given their leading position in the market, one of the most effective ways for Sumitomo to accelerate digitization in metals markets is by driving boarder market engagement as a customer and user of our platform. We are excited to expand the scope of our engagement with Sumitomo and look forward to delivering value to a larger group of stakeholders within Sumitomo and more broadly in the market."

Over the past six months, Sumitomo has played a pivotal role in supporting sales efforts by connecting MineHub's commercial team to new sales opportunities. With Sumitomo's support, these introductions have led to qualified leads which are progressing steadily through MineHub's sales pipeline. More specifically, Sumitomo has helped MineHub to open and foster new opportunities in European and Asian metals markets.

Since partnering in February 2022, MineHub and Sumitomo have collaborated on a shared mission to bring efficiency, transparency and responsibility to commodity markets supply chains. A milestone in this journey came with the companies' partnership announcement in August 2022, followed by Sumitomo entering into a commercial agreement and subscribing as a paying customer to MineHub's platform and enterprise applications. This journey continued with the expansion of the partnership to include Sumitomo's refined copper business, announced in March 2024.

About MineHub

MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories 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: (778) 373-3747

Investor Cubed Inc.
Mr. Neil Simon, CEO
Tel: 647-258-3310
E-mail: nsimon@investor3.ca

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.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226712

FAQ

What is the latest expansion in MineHub's agreement with Sumitomo ?

MineHub has expanded its commercial agreement with Sumitomo to include all of Sumitomo's non-ferrous metals business, beyond the previously focused copper markets.

How might the expansion of MineHub's agreement with Sumitomo affect MHUBF stock?

The expansion is expected to be a key driver in potential future revenue growth for MineHub Technologies Inc. (OTCQB: MHUBF), which could positively impact the stock performance.

What markets will Sumitomo prioritize in its integration with the MineHub platform?

Sumitomo plans to prioritize the integration of its refined copper business onto the MineHub platform, followed by other non-ferrous metals, with a strong focus on Asian customers.

How has Sumitomo supported MineHub's sales efforts since October 2023?

Over the past six months, Sumitomo has supported MineHub's sales efforts by connecting MineHub's commercial team to new sales opportunities, particularly in European and Asian metals markets.