Switch Metals plc (LON:SWT), the critical metals company focused on battery minerals and technology metals in Côte d’Ivoire, has presented its two priority targets for the upcoming maiden drilling programme at the Issia project and the issue of equity to a consultant.
The Programme is designed to test high-priority hard rock lithium and tantalum targets identified within the Company’s district-scale pegmatite corridor with demonstrated tantalum and lithium mineralisation. Recent fieldwork has significantly enhanced the Company’s understanding of both targets, with follow-up soil sampling at Kabore outlining a substantial lithium pathfinder anomaly and further supporting the potential for a meaningful hard-rock lithium system at depth.
The Programme is being undertaken in parallel with work to complete the maiden tantalum Mineral Resource Estimate (MRE) which is focused on the shallow alluvial, eluvial and drainage basin targets at Issia. Depending on laboratory turn around timings, initial batch results are expected to be delivered to the Company in the coming weeks.
Highlights
· Two high priority hard rock drill targets defined at Issia
· Kabore spodumene discovery with grades up to 2.56% Li2O grades exposed within a 20m x 10m panel, now shown to lie within a 1.3 km soil anomaly along strike
· Zraty tantalum bearing pegmatite target with previously assayed outcrop grab and channel samples up to 1,230 ppm Ta2O5
· Approximately 2,500 metres of scout drill planning underway across both targets
· Tantalum MRE work progressing in parallel, with assay interpretation and geological modelling advancing
Targets overview
The Programme targets comprise two previously discovered pegmatites:
i) Kabore; a spodumene lithium-bearing pegmatite; and
ii) Zraty; a tantalum-bearing pegmatite.
Both targets are located within the 112 km2 Badinikro permit area of the Issia project (see Figures 1 and 2).
At Kabore, follow-up soil sampling has outlined a 1.3 km rubidium (“Rb”) soil anomaly surrounding the previously announced spodumene discovery. The original discovery comprised a 20m x10m exposure returning weathered grab sample grades ranging up to 2.56 % Li2O via whole rock geochemical assay.
Rubidium, which is a recognised pathfinder element for Lithium-Caesium-Tantalum (LCT) pegmatite exploration and elevated surface geochemistry, may indicate the presence of larger pegmatite bodies at depth. The scale and continuity of the anomaly has significantly enhanced the Company’s confidence in the broader prospectivity of the target area (see Figure 2).
At Zraty, previous trenching outlined a east-north-east trending 100 metre-long by 5 to 10 metres wide sub-outcropping pegmatite that yielded tantalum grades up to 1,230 ppm Ta2O5 via whole rock chemical assays). The target represents one of the highest-grade hard-rock tantalum occurrences identified to date within the Issia licence portfolio.
Next Steps: RC Drilling
Drill plans have been prepared for both targets, comprising approximately 15 holes at Kabore and 8 holes at Zraty for a combined programme of approximately 2,500 metres. Approximately 1,700 metres are currently planned at Kabore and 800 metres at Zraty.
The scout holes are expected to average approximately 50 to 100 metres in depth on average and are designed to test the down-dip extensions of the known pegmatite outcrop.
Platform preparation is ongoing with rig mobilisation expected shortly.
Karl Akueson, CEO of Switch Metals commented:
“Following completion of our recent capital raise, we are accelerating our work on two high-priority hard rock targets at Issia.
“Kabore has evolved significantly since the original spodumene discovery, with follow-up soil sampling now outlining a 1.3 km anomaly around the mineralised outcrop. Given the improvement in the lithium market and the scale of the anomaly defined at Kabore, we believe this is the right time to drill test Kabore and assess the system at depth.
“The Programme will also test Zraty, one of our highest-grade tantalum-bearing pegmatite targets, highlighting the broader prospectivity of the Issia Project beyond the shallow placer and eluvial resources currently being incorporated into the maiden tantalum MRE.
“Work on the maiden tantalum MRE itself continues in parallel, with assay interpretation and geological modelling progressing. Together, these programmes advance both the near-term development potential of Issia’s tantalum resources and the longer-term upside from hard-rock lithium and pegmatite discoveries across our district-scale land package.
“Rig mobilisation is expected shortly and we look forward to updating shareholders on the progress of this promising drill programme.”
Figure 1 – Kabore target map with planned drill holes
Figure 2 – Zraty target map with planned drill holes
Issue of shares to consultant
The Company has today issued and allotted a total of 94,118 new ordinary shares of 0.85p each in the Company to a consultant to the Company in settlement of £8,000 of fees due for services provided over the last 12 months at an issue price 8.5p per new Ordinary Share.
An application has been made for the new Ordinary Shares to be admitted to trading on AIM. Admission is expected to become effective on or around 9 June 2026.
Upon Admission, the Company’s issued ordinary share capital will consist of 131,335,365 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 131,335,365. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
