REG - Switch Metals PLC - MOU signed with Xcelsior

Switch MetalsAnnouncement

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RNS Number : 7697G  Switch Metals PLC  10 November 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

 

10 November 2025

Switch Metals plc

("Switch", "Switch Metals", or the "Company")

MOU signed with Xcelsior

 

Switch Metals plc (LSE: SWT) the exploration mining company focused on
critical metals and minerals in Côte d'Ivoire is pleased to announce the
signing of a Memorandum of Understanding ("MOU") with Xcelsior Capital
Advisors Limited ("Xcelsior").

Xcelsior provides financing to producers of critical metals and minerals
including miners, processors, refiners, recyclers and manufacturers. It is
partnered with Wogen Resources Limited, a global physical commodities trader
specialising in off-exchange critical metals and minerals, including tantalum
and niobium.

The MOU outlines the key terms for a proposed strategic partnership between
the parties to collaborate on common objectives, including:

o Securing exploration and development funding to develop Switch's portfolio
of critical metal and mineral assets - with a priority on the Company's Issia
tantalum project;

o Market support - developing marketing strategies to achieve material sales
and enhanced pricing, particularly of Issia's coltan concentrate; and

o Technical and ESG support - applying the most up to date technical and ESG
practices to achieve superior production ethics and technical performance.

The formalising of the partnership contemplated under the MOU will be subject
to the two parties entering into definitive documentation. The MOU shall
remain in effect for the earlier of a period of 12 months or until the
execution of the definitive documentation or earlier termination in accordance
with the provisions of the MOU.

Grant of Warrants

On signing of the MOU, Switch has irrevocably agreed to issue Xcelsior with
450,000 warrants (the "Warrants") to subscribe for the Company's ordinary
shares of £0.0085 each ("Ordinary Shares"). The Warrants will have an
exercise price of £0.10 and will expire four years from the date of the
signing of the MOU. Any new Ordinary Shares issued on exercise of the Warrants
will be issued under existing share authorities.

Karl Akueson, CEO of Switch Metals, commented:

"This is another major step forward for Switch Metals. The initiation of a
strategic partnership with Xcelsior will accelerate our exploration,
development and sales opportunities for the near-term production plan at the
Company's Issia Tantalum Project. Switch's early alignment with specialist and
nimble participants within the specialist metals markets such as Xcelsior,
adds to our credibility as an ambitious miner of these critical metals. We
look forward to working with Xcelsior to access their funding and sales
network, as well as their technical and ESG advisory expertise."

Liam Farley, Founder & CEO of Xcelsior, commented:

"Switch is in the right place at the right time as a mining company focused on
critical technology and battery minerals in Côte d'Ivoire. It is one of the
country's largest land holders covering tantalum and niobium along with other
critical metals prospects.

"In particular, Switch is well-positioned to become an alternative,
fully-traceable, long-term and potentially premium supplier of tantalum to the
global markets, which includes multiple demanding applications throughout the
electronics industries."

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

 Sales: Kelly Gardiner /Lauren Wright /Matt Butlin

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

 Jerry Keen, Head of Corporate Broking

 jerry.keen@oak-securities.com (mailto:jerry.keen@oak-securities.com)

 Henry Clarke, Head of Sales

 henry.clarke@oak-securities.com (mailto:henry.clarke@oak-securities.com)

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

 Tim Metcalfe / Florence Staton

 switchmetals@investor-focus.co.uk (mailto:switchmetals@investor-focus.co.uk)

 

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