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27 Mar 2024 07:00
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.
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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."
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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) | +44 20 3328 5656 |
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking) | info@allenbycapital.com |
Tavistock (Financial PR) | +44 20 7920 3150 |
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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