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 or
contact:
|
Tribe Technology PLC
|
via
Tavistock
|
|
Charlie King, Chief Executive
Officer
Eric Hampel, Chief Financial
Officer
|
|
|
|
|
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Allenby Capital Limited (Nominated Adviser and
Broker)
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+44 20
3328 5656
|
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John Depasquale / Vivek Bhardwaj /
Lauren Wright (Corporate Finance)
Tony Quirke / Joscelin Pinnington
(Sales & Corporate Broking)
|
info@allenbycapital.com
|
|
|
|
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Tavistock (Financial
PR)
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+44
20 7920 3150
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Rebecca Hislaire /
Saskia Sizen
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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").
