Completion of 1st TTDS GC 700 Autonomous Drill Rig
Reverse Circulation drilling rigs:
- Reduce dangers of manually operating drilling rigs
- Improve productivity
- Over 150,000 hours of development
- 1st Rig manufactured and sold to leading drilling contractor
- To be deployed at a Tier-1 iron ore mining asset in Australia
Terms & Future Operations
Staged Invoice payments:
- Commissioning and testing ongoing before being shipped to Ireland
- 1st revenue recognition when the Rig lands in Australia
- Expected early 2Q24
- Field testing of potting and handling system has commenced
Work on 2nd Rig ongoing:
- To be manufactured at Anglo American plc
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."
Tribe Technology (TRYB)