REG - Tribe Technology PLC - First autonomous RC Drill Rig Update

Tribe TechnologyAnnouncement

01/10/2024 07:00

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RNS Number : 3433G  Tribe Technology PLC  01 October 2024

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.

 

1 October 2024

 

Tribe Technology PLC

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

 

First autonomous RC Drill Rig Update

 

Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and
manufacturer of world-class autonomous mining equipment, provides the
following update in relation to the Company's autonomous reverse circulation
("RC") TTDS GC 700 drill rig (the "Drill Rig").

 

Following the arrival of the Drill Rig to the Australian Automation &
Robotics Precinct ("AARP") in Australia, as announced on 16 September 2024,
the Company has conducted a review of the entire Drill Rig as part of our full
system platform. This included the Sample System, Remote Command Hub, the
integrated system as well as the underlying software. The Company intends to
commence integration testing in the fourth quarter of 2024.

 

The Company's evaluation of the entire Drill Rig system has concluded that
further significant software development and systems integration work is
required for the Drill Rig's operation to meet the required specifications
prior to dispatch of the Drill Rig to the customer's mine site.

 

In order to expedite the completion of the necessary additional software
updates, field commissioning, and in turn the completion of the Drill Rig, the
Company now expects to engage further specialist technical resources.

 

As a result of the above, the Company now expects to demonstrate the Drill
Rig's functions at the AARP in December 2024. Similarly, the Company now
expects the Drill Rig to arrive at a tier one mine site for field installation
in the early part of the second quarter of 2025.

 

The above work will result in the need for additional resources and will
increase the costs associated with the completion of the Drill Rig system.
Accordingly, to partially mitigate against the new working capital
requirements, the Company currently plans to reduce circa 20% of its fixed
costs in the fourth quarter of 2024. Any such cost reductions are anticipated
to come from the Company reducing its operational costs.

 

These actions are anticipated to enable the Company to conserve costs for use
towards its critical path priorities. This includes focusing on the execution
of the technical proof points for the first Drill Rig and sample system
product platform. Notwithstanding these actions, the Board is now pursuing
additional funding for its nearer term working capital requirements and will
provide a further update accordingly.

 

Charlie King, Chief Executive Officer at Tribe Tech, commented: "While the
above unanticipated delays are disappointing, this is the Company's first
Drill Rig and combined Sample System platform with significant advanced
technology. In this regard, we are pleased to highlight that McKay Drilling
are very supportive in completing these critical milestones and continue to
collaborate with our technical team to demonstrate this innovative product.
The Company has identified these issues during the internal testing of the
Drill Rig at the AARP, a facility which is itself used to test and identify
any issues in a real-world environment. We are confident that the system
integration issues will be resolved, and we have a dedicated and experienced
team to solve this."

 

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Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
investorhub.tribetechgroup.com (https://investorhub.tribetechgroup.com)

 

Sign up to the Tribe Tech investor hub:
investorhub.tribetechgroup.com/auth/signup
(https://investorhub.tribetechgroup.com/auth/signup)

 

For further information, please visit www.tribetechgroup.com
(http://www.tribetechgroup.com) or contact:

 

 Tribe Technology PLC                                                via Tavistock
 Charlie King, Chief Executive 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
 Rebecca Hislaire, Saskia Sizen                                      tribetech@tavistock.co.uk

About Tribe Tech

Established in 2019, Tribe Tech is an AIM listed company founded to create a
safer, more efficient work environment through the development of fully
autonomous RC Drill Rigs and sampling solutions for the mining industry.

 

Based in Northern Ireland and Western Australia, 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").

 

Tribe Tech's market-leading technology will help to revolutionise the mining
industry, enabling digitisation and intelligent insight through Artificial
Intelligence (AI), dramatically improving safety outcomes and streamlining
operations.

 

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