MineHub Technologies says a planned US$20 million acquisition of Toronto-based Jules AI can help it build digital infrastructure needed to connect mining and metals refining with a US$75 billion metals recycling sector.
The cash and share purchase from Canadian technology incubator Nyteco would combine five-year-old Jules AI’s commodity and trade risk management (CTRM) platform – said to have processed nearly two million metric tonnes of scrap materials last year – with MineHub’s commodity trade and inventory management software-as-a-service (SaaS) offering.
MineHub and Nyteco have signed a definitive asset purchase agreement and will aim to close the deal within three months subject to regulatory approvals.
Under the agreement Toronto-listed MineHub is paying $1.9 million upfront in cash and shares plus $18.1 million in shares or cash subject to Jules AI hitting a cumulative three-year earn-out revenue target of $5 million. The agreement uses a C74c MineHub share floor price. MineHub says Jules AI “has demonstrated strong revenue growth over previous years and is nearing breakeven at current levels”.
The company’s share price was up 1.3% Thursday to C73c, capitalising it at about $68 million.
Jules AI says its platform is used by metal processors and traders such as Singapore-based Dhatu International, US-based Schupan & Sons and India’s Star Group.
“Jules AI’s advanced AI capabilities and their proven track record with top-tier scrap and recycled materials companies perfectly complement MineHub’s strengths in bulk and refined metals,” MineHub CEO Andrea Aranguren said.
“Together, we’re not just expanding our platform, we’re building the digital infrastructure needed to connect key stages of the metals value chain, from mine to recycling, enhancing transparency and resilience across global supply chains.”
MineHub says a combined platform can accelerate its path to service bulk, refined and recycled metals as demand grows for recycled metals in electric vehicles, aerospace and green construction, and give it exposure to a US$1 trillion broader scrap sector.
“Within this broader market, recycled metals – including recycled aluminium, copper, lithium and steel—are projected to grow at a 7.1% CAGR from US$75.5 billion in 2025 to $149.9 billion by 2035,” the company says.
“Jules AI’s roadmap reimagines how metals traders operate, evolving from automating routine tasks today to executing complex trades and delivering predictive insights. This shift enhances MineHub’s platform by complementing its role as a system of record with AI-driven execution where automation acts as a force multiplier for operational teams.
“Through their proprietary AI automation of document verification and data entry workflows, Jules AI reduces processing time by up to seven times versus manual methods.”
Nyteco CEO Sean Davidson described MineHub as the “natural home for the next stage of commercialisation” of Jules AI’s products.
“As we gear our offering to agentic AI execution of commodity trade workflows we needed the right partner to spur its commercial growth. MineHub’s robust evolution in our adjoining industry make it a perfect home to grow together,” he said.
Jules AI was created by Davidson with Nyteco co-founders Arnaud Boucheron, Jean-Philippe Boul and Reda Boumahdi.
“Although trade management software is hardly a new concept we grew tired of watching people in our industry attempt to solve their company’s square-peg needs by using round-hole software,” the company says.
“That’s why we built Jules.”
