REG - Switch Metals PLC - AGM Statement, Operational Update & TVR

Switch MetalsAnnouncement

29/07/2025 07:00

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RNS Number : 8712S  Switch Metals PLC  29 July 2025

29 July 2025

Switch Metals plc

("Switch Metals" or the "Company")

 

AGM Statement, Operational Update,

Issue of Shares to Consultant and Total Voting Rights

 

Switch Metals plc (LSE: SWT), the ethically-sourced tantalum-focused mining
company with assets located in Côte d'Ivoire, announces an operational update
to be provided at the annual general meeting ("AGM") being held later today,
an update on its non-core joint venture and an issue of equity.

 

AGM Statement

At the AGM, the Company's Non-Executive Chairman, Didier Murcia, will make the
following statement providing an operational update covering the Company's
exploration programme at its 100%-owned Badinikro Permit which covers an area
of 112 km(2) of the 1,015 km(2) district-scale Issia Project.

 

Significant progress made at Issia

"Since announcing the start of exploration activities at Issia in May 2025,
the team has already completed the pitting programme on the first mineral
resources estimate ("MRE") target area covering 2.5 km(2) ("MRE Target 1")
where 365 holes have now been completed over a 100 x 100 metre grid spacing,
for a cumulated total depth of 1,592 metres. Systematic sampling of these
holes is ongoing with over 250kg of representative soil samples to be
collected for each metre.

Thereafter, key to our activities will be the delivery of the five tonne per
hour demo wash plant including a scrubber, jig and shaking table which has
already been shipped to Côte d'Ivoire. We anticipate that the plant assembly
and commissioning will be in place during September 2025. We have also
commenced a differential global positioning system topographic survey ("DGPS")
which will be used to enhance the accuracy of GPS positioning to support
mineral resource modelling.

Once the wash plant is operational, the soil samples will be washed to produce
a heavy mineral concentrate ("HMC") sample for each metre. These HMC samples
will be assayed for Tantalum pentoxide (Ta(2)O(5)) grade estimation per metre
which will feed into the maiden resource model. The processing of these HMC
samples will follow during September and October 2025.

On the back of the successful completion of the pitting programme within the
MRE Target 1 area, the Company has decided to extend the programme to the
previously delineated second target zone for resource estimation ("MRE Target
2"), covering 1.3 km(2). Completion of this grid is planned for August 2025
and is expected to both increase the first resource estimate and further
enhance the economics of a near term production plan at the Issia Tantalum
Project."

Summary

"We are very pleased with progress at Issia since the start of our first
tantalum resource definition programme. The indications, although preliminary,
are encouraging and we have been able to deliver the MRE Target 1 work on
time, to budget and within a few months following our admission to trading on
AIM ("AIM Admission"). As a result, we look forward to announcing our first
assay results as they become available in the very near term."

"Achieving the mineral resource estimate milestone will pave the way for
technical and economic studies, and the subsequent application for a mining
licence during 2026, to progress our early cash flow plans, a notable
differentiator for a junior mining company. We expect to be able to announce
our first MRE estimate, incorporating the results of the MRE Target 2
programme, early in the New Year."

Manganese Project

As noted in the Company's Admission Document dated 3 April 2025 (the
"Admission Document"), the earn-in joint venture agreement with Transland
Resources SA ("Transland") in relation to the Battery-Grade Manganese Project
has been on stand-by whilst the Company prioritised its tantalum-niobium
projects. In light of the recent progress at Issia, the Company  has agreed
with Transland that the Sakassou project exploration licence (PR279) covered
under the joint venture will not be renewed.  All payment commitments to
Transland have been met and the Intangible assets held by Switch Metals to the
value of £62,000 relating to intellectual property rights will be retained.

Issue of Shares to Consultant

The Company has issued and allotted a total of 160,000 new ordinary shares of
0.1p each ("Ordinary Shares") at an issue price of £0.075 per Ordinary Share,
for an aggregate value of £12,000, to a consultant (the "Fee Shares") in
respect of fees due for the six month period to the end of June 2025. The
details of the fees due to the consultant were set out in the Admission
Document.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the Fee Shares to be
admitted to trading on AIM ("Admission"). It is expected that, Admission will
occur, and dealings will commence in the New Shares at 8.00 a.m. on or around
1(st) August 2025.

Following Admission, the total number of Ordinary Shares with voting rights in
the Company will be 118,108,787. The Company does not hold any shares in
treasury and all of the Ordinary Shares have equal voting rights. This figure
may therefore be used by shareholders as the denominator for the calculations
by which they determine if they are required to notify their interest in, or a
change of their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

For further information, please contact:

 Switch Metals plc                                               Via IFC Advisory

 Karl Akueson, CEO

 Andy Yeo, CFO

 Allenby Capital Limited (Nominated Adviser & Joint Broker)      +44 (0) 203 328 5656

 Corporate Finance: Nick Harriss / James Reeve / Lauren Wright

 Sales: Kelly Gardiner / Matt Butlin

 OAK Securities (Lead Broker)                                    +44 (0) 203 973 3678

 Jerry Keen, Head of Corporate Broking

 jerry.keen@oak-securies.com

 Henry Clarke, Head of Sales

 henry.clarke@oak-securies.com

 IFC Advisory Limited (Financial PR and IR)                      +44 (0) 203 934 6630

 Tim Metcalfe / Florence Staton

 switchmetals@investor-focus.co.uk

 

About Switch Metals

Switch Metals plc, admitted to trading on AIM in April 2025, is a mining
company focused on technology and battery minerals in Côte d'Ivoire, one of
the most attractive mining jurisdictions in Africa. The Company is the largest
acreage holder covering tantalum, lithium and other critical metals prospects
in the country (and potentially in West Africa) today.

Its core assets include Issia (Ta + Nb), Bouaké (Ta + Nb + REE) and Tiassalé
(Li) projects. Issia is the current focus for the Company as it exhibits
potential for early cash flow through ethical tantalum production from shallow
coltan placer deposits with significant scale-up potential (from both placers
and hard rock pegmatites).

The Company is led by an experienced team with an in-country presence.

 

 

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