First generation autonomous drill rig update
7 March 2024
Tribe Technology PLC
("Tribe Tech", the "Company" or the "Group")
First generation autonomous TTDS 700 GC drill rig update
Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of autonomous mining equipment, provides the following update in relation to the Company's first generation autonomous TTDS 700 GC drill rig (the "Drill Rig").
The Company continues to make good progress in relation to the construction of its Drill Rig. In this regard, the Company is pleased to highlight that the Company recently successfully switched on the engine of the Drill Rig for the first time at the Company's 20,000 square foot facility in Belfast, Northern Ireland.
This marks an important step for the Company on the way towards factory completion of the Drill Rig and the subsequent production of the Drill Rig as well as ultimately, the advancement of efficiency, safety and sustainability in the drilling industry.
Factory completion of the Drill Rig continues to be expected to occur in the first quarter of 2024 with shipment to the customer expected in Q2 2024, as originally stated in the Company's announcement on 28 December 2023.
To date, reverse circulation ("RC") drilling has been characterised by a lack of automation due to the complexities of the systems required and the harsh conditions in which these machines operate. The Company's RC Drill Rigs are being developed to remove operators from the dangers that are involved in traditional RC drill rigs.
Please see link here to view the Company successfully switch on the Drill Rig for the first time.
Derek Loughlin, Chief Technology Officer at Tribe Tech, commented:
"We continue to make strong progress in relation to the Company's first generation autonomous TTDS 700 GC drill rig and ultimately, towards creating a safer, more efficient work environment through the use of fully autonomous and safe drill rigs. This is demonstrated by the continued testing and most recently, the successful engine ignition of our first autonomously operated Drill Rig."
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For further information, please visit www.tribetechgroup.com or contact:
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Tribe Technology PLC |
via Tavistock |
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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 |
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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) |
+44 20 7920 3150 |
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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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