Tribe Technology PLC Joint Development Agreement with IMDEX

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 2028¹, 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."

 

 

¹www.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

 

Sign up to the Tribe investor hub: investorhub.tribetechgroup.com/auth/signup

 

For further information, please visit www.tribetechgroup.com or contact:

 

Tribe Technology PLC	via Tavistock
Charlie King, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser and Broker)	[phone]
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)	[e-mail]
Tavistock (Financial PR)	[phone]
Gareth Tredway / Rebecca Hislaire / Saskia Sizen	[e-mail]

 

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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