MineHub to acquire Jules AI

MineHub Technologies Inc., a Vancouver, British Columbia-based provider of digital supply chain solutions for the commodity markets, has signed a definitive asset purchase agreement dated Sept. 24 to acquire Jules AI from Nyteco Inc., a Toronto-based incubator. The purchase will be made via a structured earn-out based on three-year cumulative revenue targets.

MineHub will pay $1.9 million upfront by issuing approximately $1.35 million in common shares of the company and the balance in cash, while $18.1 million will be payable through the issuance of MineHub Shares or cash, at MineHub's sole direction, based on a cumulative three-year earn-out revenue target of $5 million, representing a multiple of 3.6x on revenue, measured (and payable if earned) as at each of the first, second and third anniversaries of the closing.

MineHub shares will be issued at the closing date at a floor price equal to 74 cents in Canadian currency per MineHub share, while future issuances of MineHub shares will be priced at the higher of the floor price and a 10-day volume-weighted average price calculation prior to the date of the issue.

Jules AI’s commodity and trade risk management platform

Founded in 2021 by Sean Davidson, Arnaud Boucheron, Jean-Philippe Boul and Réda Boumahdi, Jules AI's commodity and trade risk management platform replaces fragmented workflows with artificial intelligence- (AI-) driven automation tailored for recycled and industrial commodities traders, MineHub says. The platform automates data entry, document checks and compliance tracking and centralizes institutional expertise as teams grow and transition to deliver real-time global trade insights via predictive analytics.

The Jules AI platform processed nearly 2 million metric tons of scrap materials in 2024 for industry leaders that included:

• Dhatu International Pte Ltd. of Singapore. A leading ferrous scrap trader, Dhatu leverages Jules AI to streamline the global movement of thousands of containers monthly, supported by its memberships in BIR (Bureau of International Recycling) and ReMA (Recycled Materials Association).
• Schupan & Sons, headquartered in Michigan. Founded in 1968, Schupan is a vertically integrated leader specializing in processing and trading ferrous and nonferrous metals, including aluminum, and managing large-scale international trade operations. The company’s global materials trading team uses Jules AI to manage the logistics of aluminum container shipments for their worldwide partners.
• Star Group of India. Operating more than 30 warehouses worldwide, Star Group relies on Jules AI to optimize cross-continent logistics for base metals, serving construction and industrial manufacturing sectors.

"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,” says Andrea Aranguren, CEO at MineHub. “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."

Davidson, co-founder and CEO of Nyteco Inc., says, "MineHub is the natural home for the next stage of commercialization. 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 makes it a perfect home to grow together."

Strategic overview

The acquisition of Jules AI expands MineHub's digital offerings to encompass bulk, refined, and recycled/scrap metals, addressing a critical need for integrated solutions across the metals value chain, MineHub says in a news release about the pending transaction. Together, MineHub and Jules AI are positioned to deliver a unified platform that integrates MineHub's digital solutions with Jules AI's execution capabilities, targeting critical workflows across primary and recycled metals supply chains.

MinHub says the two companies will enable:

• direct exposure to the $1 trillion scrap sector as cross-selling opportunities exist with MineHub's existing customer base and access to major trading firms. The combined platform accelerates the path to service bulk, refined and recycled metals. As demand grows for recycled metals in electric vehicle batteries, aerospace alloys and green steel, MineHub will be positioned strategically to target key markets such as the U.S. and India.
• full-stack AI Integration given that Jules AI's road map reimagines how metals traders operate by 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 (bill of lading, letter of credit) and data entry workflows, Jules AI reduces processing time by up to seven times compared with manual methods.
• end-to-end execution as MineHub will have the ability to support all logistics types (bulk, containers, trucking), pricing methods (spot, formulas), process stages (orders, hedging, documentation, logistics, accounts) and pricing models, transitioning customers from manual "systems of record" to AI-driven systems of execution.
• financial performance and cost synergies as Jules AI has demonstrated strong revenue growth over previous years and is nearing breakeven at current levels. The pro forma adds deep AI and recycled commodities trading expertise and operational efficiencies through shared infrastructure and governance.

Haywood Securities Inc., headquartered in Vancouver, is acting as financial advisor to MineHub in connection with the transactions under the asset purchase agreement.