REG - Tribe Technology PLC - Trading update

Tribe TechnologyAnnouncement

28/12/2023 07:00

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RNS Number : 9826X  Tribe Technology PLC  28 December 2023

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

 

28 December 2023

 

Tribe Technology PLC

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

 

Trading update

 

 

Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of
autonomous mining equipment, provides the following trading update.

 

Factory completion of the first generation autonomous TTDS 700 GC drill rig,
originally anticipated to occur in late Q4 2023, is now expected to occur in
Q1 2024. Significant progress has been made on the build of this pioneering
system. However, completion of the rig delivery to the customer has been
delayed primarily due to unanticipated technical issues that have been
identified in the final product integration stages and related supply chain
issues which are being addressed. The Company has implemented additional
resources to expedite and mitigate technical integration risks, and is
carrying out additional testing and commissioning on site prior to shipment.
The Company had expected to deliver the completed rig during in Q1 2024 and
now expects to ship the system to the customer in Q2 2024.

 

Due to the above timing, there is a potential impact that some of the
anticipated FY24 revenue may now be recognised in early FY25.

 

The Sampler Splitter technology trials scheduled to commence in mid-2023 by a
Tier 1 Drilling Contractor at a Tier 1 mine site have been conducted as
planned. The Company is pleased that this milestone has been achieved and
pre-commercialisation trials with this Tier 1 Drilling Contractor will
continue to be conducted into the first half of 2024.

 

The field trial of the sample potting and handling system, originally
anticipated for late 2023, has been postponed to the first half of 2024 to
allow for customer feedback to be incorporated into the final product design
of the system. The Company will take the opportunity to conduct the necessary
trials at the recently established Australian Automation & Robotics
Precinct (AARP) in Perth, Western Australia. We plan to conduct additional
technology trials at the customer site during the first half of 2024.

 

We are also pleased to announce that in December 2023 Tribe Technology applied
for an additional two patents with the UK Patent Office related to drill rig
technology with the objective of further expanding and investing in the
Company's IP portfolio.

 

As at 23 December, 2023 the group had an unaudited cash balance of £3.34
million.

 

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

 

"The autonomous drill rig is a step change and one of the largest innovations
in our industry. Although the Company has experienced some technical
challenges during the system integration stage we have deployed additional
resources and conducting are extensive product testing, which gives us a
higher level of confidence as we close in on completion of this development
project. I am pleased with the technical progress the team has made towards
the completion of our first generation autonomous drill rig. We will provide
further business updates during the first quarter of 2024 as we move towards
completing the assembly of our first rig at our site in Northern Ireland."

 

-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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