REG - Tribe Technology PLC - First generation autonomous drill rig update

Tribe TechnologyAnnouncement

07/03/2024 07:00

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RNS Number : 9068F  Tribe Technology PLC  07 March 2024

7 March 2024

Tribe Technology PLC

 

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

 

First generation autonomous TTDS 700 GC drill rig update

 

Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of
autonomous mining equipment, provides the following update in relation to the
Company's first generation autonomous TTDS 700 GC drill rig (the "Drill Rig").

 

The Company continues to make good progress in relation to the construction of
its Drill Rig. In this regard, the Company is pleased to highlight that the
Company recently successfully switched on the engine of the Drill Rig for the
first time at the Company's 20,000 square foot facility in Belfast, Northern
Ireland.

 

This marks an important step for the Company on the way towards factory
completion of the Drill Rig and the subsequent production of the Drill Rig as
well as ultimately, the advancement of efficiency, safety and sustainability
in the drilling industry.

 

Factory completion of the Drill Rig continues to be expected to occur in the
first quarter of 2024 with shipment to the customer expected in Q2 2024, as
originally stated in the Company's announcement on 28 December 2023.

 

To date, reverse circulation ("RC") drilling has been characterised by a lack
of automation due to the complexities of the systems required and the harsh
conditions in which these machines operate. The Company's RC Drill Rigs are
being developed to remove operators from the dangers that are involved in
traditional RC drill rigs.

Please see link here (https://youtu.be/CPCbiK8v4RE) to view the Company
successfully switch on the Drill Rig for the first time.

Derek Loughlin, Chief Technology Officer at Tribe Tech, commented:

"We continue to make strong progress in relation to the Company's first
generation autonomous TTDS 700 GC drill rig and ultimately, towards creating a
safer, more efficient work environment through the use of fully autonomous and
safe drill rigs. This is demonstrated by the continued testing and most
recently, the successful engine ignition of our first autonomously operated
Drill Rig."

 

-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
 Gareth Tredway / 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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