REG - Tribe Technology PLC - Completion of the First Autonomous RC Drill Rig

Tribe TechnologyAnnouncement

27/03/2024 07:00

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RNS Number : 4214I  Tribe Technology PLC  27 March 2024

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.

 

27 March 2024

Tribe Technology PLC

 

("Tribe Tech", the "Company" or the "Group")

 

Completion of the First Autonomous RC Drill Rig

 

 

Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of
autonomous equipment for the mining industry, is pleased to announce the
completion of the Company's first TTDS GC 700 autonomous drill rig (the "Drill
Rig").

 

This major milestone in the development of the Company is a result of over
150,000 development hours. This initial machine has been manufactured for and
sold to an industry leading drilling contractor Major Drilling Group
International Inc, for use at a tier 1 iron ore mining asset in Australia. The
Company's Reverse Circulation ("RC") Drill Rigs are designed to remove
operators from the dangers involved in traditional manually operated RC drill
rigs while significantly improving productivity.

 

The Company has issued a staged payment invoice for the completion of
manufacturing to the client, with revenue to be recognised on the Drill Rig's
arrival in Australia.

 

The Company will now continue to commission and test the completed Drill Rig
before shipping to Australia from Northern Ireland, which is expected to take
place early next quarter as outlined in the December trading update.

 

The field trial of the sample potting and handling system has commenced at the
recently established Australian Automation & Robotics Precinct ("AARP") in
Perth, Western Australia with encouraging results. The Group will continue to
refine the product based on its field trial results.

 

Work continues on the second drill rig which is being manufactured for one of
the world's major mining companies, Anglo American plc, with operations
globally.

 

Charlie King, Chief Executive Officer at Tribe Tech, commented:

"We believe this marks what is the most significant development in the RC
drilling industry in 30 years and is a world first.

 

"By creating a safer, more efficient mining industry with our breakthrough
technology, we are working towards changing the future of mining, helping
unlock more critical mineral deposits faster to advance the world's 'green
transition'.

 

"What we have done in the five years since incorporation is an amazing
achievement. We couldn't have reached this point without the hard work and
dedication of our world-class team and board. We would also like to thank our
shareholders, whose support over the years and post-IPO, and belief in our
product, have enabled the Company to achieve this milestone.

"I want to thank them all for their ongoing efforts to change our industry for
the better as we continue to Automate the Toughest Tasks."

 

 

-END-

For further information, please visit www.tribetechgroup.com
(http://www.tribetechgroup.com/)  or contact:

 

 Tribe Technology PLC                                                  via Tavistock
 Charlie King, Chief Executive Officer

 Eric Hampel, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser and Broker)                +44 20 3328 5656
 John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)  info@allenbycapital.com

 Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)

 Tavistock (Financial PR)                                              +44 20 7920 3150
 Rebecca Hislaire / Saskia Sizen                                       tribetech@tavistock.co.uk

 

About Tribe Tech

 

Established in 2019, the Group was founded to create a safer, more efficient
work environment through the development of fully autonomous reverse
circulation drill rigs in the mining industry. The Group's core activities are
the development, in-house manufacturing, and sale of its autonomous RC Drill
Rigs incorporating its core proprietary intellectual property, the Tribe
Technology Drilling System ("TTDS").

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