REG - Tribe Technology PLC - Joint Development Agreement with Veracio

Tribe TechnologyAnnouncement

28/02/2024 07:00

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RNS Number : 6807E  Tribe Technology PLC  28 February 2024

 

28 February 2024

 

Tribe Technology PLC

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

 

Joint Development Agreement with Veracio

Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of
autonomous mining equipment, is pleased to announce that it has entered into a
joint development agreement (the "Agreement") with Veracio Australia Pty Ltd
("Veracio") a pioneering technology company with a principal focus on orebody
knowledge.

 

Veracio, a subsidiary of Boart Longyear, provide mineral exploration and
mining companies with a range of technology solutions that are specifically
designed to improve the speed, richness and reliability of drilling core and
chip samples and downhole data. Veracio has leveraged its deep experience into
a range of technology solutions to become the global leader in core and chip
sample scanning.

 

Under the terms of the Agreement, Tribe Tech and Veracio will jointly develop
a new and novel system for blast hole chip sampling, incorporating Tribe
Tech's proprietary intellectual property ("IP") and Veracio's proprietary IP.
The outcome of this Agreement will expand the offerings of both parties,
including the development of further IP during the joint development, which
will be owned in equal shares by Tribe Tech and Veracio. While Tribe Tech is
confident on the future prospects of the Agreement for the Group, the board of
directors of Tribe Tech expects any resultant revenues or earnings
contribution to the Group in the next 12 months to be inconsequential.

 

Tribe Tech's proprietary technology is designed to improve productivity,
reduce costs, and improve safety across the global industry. With the smart
mining market size as a whole expected to reach US$23.05 billion by 2028(1),
Tribe Tech is well positioned to be the market leader in automated drilling.

 

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

"Our strategic partnership with Veracio represents an important milestone in
our journey towards becoming the market leader in drilling automation in the
mining industry. We are always looking to develop our capabilities and the
Agreement with Veracio provides an opportunity for Tribe Tech to expand our
offering and capitalise on existing market opportunities."

JT Clark, Chief Executive Officer of Veracio, added:

"At Veracio, we have deep and extensive expertise and experience developing
products and services for the mineral exploration industry, we know it well.
This partnership is an important step to extend our capabilities, into
production mining as well. Tribe Tech have shown a fantastic collaborative
spirit and we're excited to see what we can develop together."

 

(1)www.globenewswire.com/en/news-release/2022/12/20/2577191/0/en/Smart-Mining-Market-Share-Worth-23-Billion-Globally-by-2028-with-13-3-CAGR-Premium-Report-by-The-Insight-Partners.html

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

 

 Tribe Technology PLC                                                  via Tavistock
 Charlie King, Chief Executive 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").

 

About Veracio

Veracio offers mining clients a range of solutions that improve, automate, and
digitally transform their orebody sciences in exploration, resource definition
and production. Championing a modern approach through a diverse product
portfolio Veracio fuses science and technology together with digital
accessibility by using advanced scanning, sensing with strong data governance
and the deployment of AI to accelerate real-time decision making and
significantly improve efficiency, profitability, and sustainability across the
value chain.

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