REG - Tribe Technology PLC - Joint Development Agreement with IMDEX

Tribe TechnologyAnnouncement

03/07/2024 07:00

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RNS Number : 9495U  Tribe Technology PLC  03 July 2024

3 July 2024

 

Tribe Technology PLC

 

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

 

Joint Development Agreement with IMDEX

Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and
manufacturer of world-class autonomous mining equipment, is pleased to
announce that it has entered into a joint development agreement (the
"Agreement") with IMDEX Ltd ("IMDEX"), an Australian Securities Exchange
("ASX") listed, leading global mining technology company that enables drilling
contractors and resource companies to safely find, define, and mine orebodies
with precision, speed and efficiency.

 

IMDEX provides an integrated range of drilling optimisation products,
cloud-connected rock knowledge sensors, and data and analytics to improve the
process of identifying and extracting mineral resources for drilling
contractors and resource companies globally. Its unique end-to-end solutions
for the mining value chain span four portfolios: Drilling Fluids, Drilling
Optimisation Technology, Rock Knowledge Sensors, and Software, which provides
the IMDEX platform that merges these key silos.

 

While the Agreement does not involve any minimum or guaranteed revenues for
the Group, Tribe Tech and IMDEX will seek to work together to develop future
technology, including through integration of both parties' unique services,
offerings, and experience.

 

Tribe Tech's proprietary technology is designed to improve productivity,
reduce costs, and improve safety across the global industry. With the smart
mining sector expected to reach US$23.05 billion by 2028(1), Tribe Tech is
well positioned to be a market leader in automated drilling.

 

Charlie King, Chief Executive Officer at Tribe Tech, commented:

"Our strategic partnership with IMDEX represents an important step in our
journey towards becoming a market leader in drilling automation in the mining
industry. We are always looking to enhance our offering and the Agreement with
IMDEX provides an opportunity for Tribe Tech to add compelling new features to
further capitalise on existing market opportunities."

 

Paul House, Chief Executive Officer of IMDEX, added:

"IMDEX pioneered the transition of many of our technologies from specialist
service provider operated systems to driller operated. With Tribe Tech we are
taking first steps in the transition for these technologies from driller
operated to machine operated systems."

 

 

(1)www.globenewswire.com/en/news-release/2022/12/20/2577191/0/en/Smart-Mining-Market-Share-Worth-23-Billion-Globally-by-2028-with-13-3-CAGR-Premium-Report-by-The-Insight-Partners.html

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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 (http://investorhub.tribetechgroup.com)

 

Sign up to the Tribe investor hub: investorhub.tribetechgroup.com/auth/signup
(http://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
 Gareth Tredway / 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").

 

In March 2024, the Company completed the build of the world's first autonomous
RC Drill Rig following orders from Tier 1 mining companies and 150,000
development hours.

 

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.

 

About IMDEX

IMDEX is an ASX listed global mining technology company that enables drilling
contractors and resource companies to safely find, define and mine orebodies
with precision and at speed.

 

IMDEX provides live data to allow for accurate, real-time decisions. By
providing not only knowledge of the rocks but a greater understanding of the
mine but customers can mine with confidence and precision. IMDEX's product
offering includes an integrated range of drilling optimisation products,
cloud-connected rock knowledge sensors and data and analytics to improve the
process of identifying and extracting mineral resources for drilling
contractors and resource companies globally. With unique end-to-end solutions
for the mining value chain which spans across four portfolios; Drilling
Fluids, Drilling Optimisation Technology, Rock Knowledge Sensors, and
Software, the technologies and products allow smarter and safer decisions for
people, assets and the earth.

 

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