Northern Ireland artificial intelligence mining business to delist from AIM after shareholders back future as private company

Shareholders have backed plans for Tribe Technology to delist from AIM and to re-register as a private company.

The Northern Ireland-based developer and manufacturer of autonomous mining equipment, which floated in 2023, is in the process of securing vital funding and believes delisting will help it reduce all further non-essential costs.

Established in 2019, Tribe Technology 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 Northern Ireland and Western Australia-based business has been exploring potential sources of additional funding which might involve securing a combination of equity and debt funding.

The delisting plan is part of a strategy to reduce all further non-essential costs where possible thereby maximising the utility of any additional financial resources that the company may receive.

At a general meeting, shareholders have voted in favour of a plan to delist, with 82 per cent in favour. The same number of shareholders also backed a resolution to re-register as a private company.

Tribe's RC drilling equipment removes the need for manual human involvement from some of the mining industry’s most dangerous operations.

At the end of last year, Charlie King, Tribe's former chief executive, stepped down from his role as CEO.

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