Switch Metals (LON:SWT), the critical metals company focused on tantalum and lithium in Côte d’Ivoire, has announced final audited results for the year ended 31 December 2025.
FY25 Highlights
| The year under review marked the beginning of a new chapter for Switch Metals. Key milestones included: | ||
| · | Completion of reverse takeover in April 2025, comprising: | |
| – Acquisition of Switch Metals Cote D’Ivoire SARL; | ||
| – Admission to trading on AIM; | ||
| – Change of name to Switch Metals plc; and | ||
| – £2 million fundraise (before expenses) at 7.5p per share, giving a market capitalisation of £8.8 million at admission | ||
| · | Launch of the exploration programme at the Badinikro licence area within Issia in May 2025, including a pitting programme over the Mineral Resource Estimate (“MRE”) target zone at 100m x 100m spacing | |
| · | Completion of pitting and soil sampling at Issia across MRE-1 and MRE-2 target zones by September 2025 | |
| · | Commissioning of pilot wash plant to concentrate pit samples for MRE estimation and future bulk metallurgical tests | |
| · | Commencement of a programme targeting tantalum-rich coltan deposited in alluvial drainage basins at Badinikro in October 2025 | |
| · | Signing of a Memorandum of Understanding with Xcelsior Capital Advisors and Wogen Resources in November 2025, covering a proposed strategic partnership for funding, market access and ESG support | |
Post Period Highlights
| · | Discovery of the Kabore spodumene-bearing pegmatite in February 2026, with grades up to 2.8% Li₂O and coltan occurrences confirming a working LCT system at Issia |
| · | Identification of additional tantalum-rich alluvial targets at Issia following completion of the alluvial work programme |
| · | Completion of field-based work required for MRE-1 and appointment of Arethuse Geology Sarl to produce the maiden JORC-compliant MRE |
| · | Oversubscribed fundraise of £1.25 million (before expenses) at 10p per share in April 2026, including a £250k Retail Offer, strengthening the balance sheet to fund the maiden drill programme |
| · | Commencement of the maiden 2,500 metre RC drill programme at Issia in June 2026, targeting the Zraty hard-rock tantalum pegmatite and Kabore lithium spodumene system |
Karl Akueson, Chief Executive Officer of Switch Metals commented:
“The past year has been transformational for Switch Metals as we successfully completed our AIM listing, advanced exploration across our Issia project and laid the foundations for future growth. Since year end, we have continued to build momentum with the discovery of the Kabore spodumene-bearing pegmatite, progress towards our maiden JORC Mineral Resource Estimate and the commencement of our first drill programme. With a strengthened balance sheet and multiple value catalysts ahead, we remain focused on unlocking the significant tantalum and lithium potential of our Côte d’Ivoire portfolio.”
A copy of the annual report and accounts is being sent to shareholders shortly and is available to view on the Company’s website, www.switchmetals.com.
