Interim Results

Switch Metals

30/09/2025 07:00

RNS Number : 2831B

Switch Metals PLC

30 September 2025

 

30 September 2025

Switch Metals plc

("Switch" or the "Company")

Interim Results for the six months to 30 June 2025

Switch Metals plc (LSE: SWT), the critical metals focused mining company with assets located in Côte d'Ivoire, is pleased to announce its unaudited interim results for the six months to 30 June 2025.

Highlights

·    Admission to AIM in April

o Acquisition of Switch Metals Côte d'Ivoire Sarl ("Switch CDI")

o Renamed Switch Metals plc

o  Raised c. £2 million at a post-money value of approximately £9m

 

·    Exploration programme launched in May at the 100% owned Badinikro Permit of the Issia Project

o Initial target areas form part of Permit PR0895 which covers an area of 112 km2 of the 1,015 km2 district-scale Issia Project

 

·    Post period end

o In July the Company completed the pitting and soil samples programme on the first of two Mineral Resources Estimate target areas on the Issia project covering 2.5 km2.

o In September the Company completed its second planned pitting and soil samples programme, covering an additional 1.3 km2.

o In total over 400 tonnes of samples have been collected on schedule and on budget from a total of 369 pits, for a cumulative total depth of 1,609 metres. Samples from these holes contain various quantities of heavy minerals, including tantalum.

The detailed report is set out below.

Karl Akueson, CEO of Switch Metals, commented:

"Achieving a maiden Mineral Resource Estimate will pave the way for technical and economic studies and the subsequent application for a mining licence over the balance of 2026. Our objective remains to become a near term cash flow generating junior miner of critical metals. In this endeavour, we expect to be fully supported by one of Africa's most promising mining jurisdictions, Côte d'Ivoire. I look forward to providing further updates as we progress."

 

For further information, please contact:

 

Switch Metals plc
Karl Akueson, CEO
Andy Yeo, CFO
Via IFC Advisory
Allenby Capital Limited (Nominated Adviser & Joint Broker)
Corporate Finance: Nick Harriss / James Reeve / Lauren Wright
Sales: Kelly Gardiner / Matt Butlin
+44 (0) 203 328 5656
OAK Securities (Lead Broker)
Jerry Keen, Head of Corporate Broking
Jerry.keen@oak-securities.com
Henry Clarke, Head of Sales
Henry.clarke@oak-securities.com
+44 (0) 203 973 3678
IFC Advisory Limited (Financial PR and IR)
Tim Metcalfe / Florence Staton
switchmetals@investor-focus.co.uk
+44 (0) 203 934 6630

 

Chairman's Statement

The period under review was one of significant achievement for the Company as we completed the acquisition of Switch CDI, were admitted to trading on AIM and the launch of the exploration programme at Issia. Subsequently, with our proposed pitting and soil sampling programme complete we are focused on the delivery of a maiden resource, early in 2026. 

Activity to the year end and into 2026

As a reminder, at Issia, we have three tantalum target sources - eluvial, alluvial and hard rock pegmatites. The initial plan is to define a resource and complete technical and economic studies on the shallow surface coltan placer deposits in the near-term, in parallel to demonstrating further upside potential in the deeper hard rock target.

Pitting is a technically and cost-effective exploration option to define these shallow resources where the coltan has naturally been liberated over time through weathering and are simple and inexpensive to process using conventional screening and gravity separation techniques.

As indicated in our announcement of 22 September 2025, delivery of the pilot wash plant, including a scrubber, jig and shaking table is imminent. Plant assembly and commissioning will commence immediately on delivery.

Once operational, during October and November the soil samples will be:

·    Washed and processed to produce a heavy mineral concentrate sample

·    Assayed for tantalum pentoxide (Ta2O5) grade estimation

o Using Switch's XRF analyser prior to independent lab analysis

·    Initial assay results will be announced as they become available

·    Announcement of Maiden Resource in early 2026. 

Financial review

The loss for the period, after finance costs and tax, of £1,003,432 (31 July 2024: net loss of £175,877; year to 31 December 2024: net loss of £830,507), represents a loss of 1.24 pence per share (31 July 2024: 0.40p pence per share; year to 31 December 2024: 1.87p).

The loss reflects certain costs associated with the admission to AIM and the Company's move from a cash shell with limited overheads to a critical metals focused mining company with significant assets and ongoing operations located in Côte d'Ivoire.

The results show financial performance for Switch Metals plc for the 6 month period combined with performance of Switch Metals CDI from the point of acquisition on the readmission date 3 April 2025.

Available cash as at 30 June 2025 was £1,274,342 (31 July 2024: £636,083; 31 December 2024: £69,868). The Company has no debt.

Statement of Comprehensive Income

For the half-year ended 30 June 2025

 

Notes
Six months ended
30 June 2025
Six months ended
31 July 2024
Six months ended
31 December 2024
(Unaudited)
(Unaudited)
Administrative expenses
£
(896,679)
£
(175,877)
£
(830,507)
Foreign currency gain/(loss)
(1,945)
-
-
Finance costs
(104,808)
-
-
Operating loss
(1,003,432)
(175,877)
(830,507)
Other income
1
-
-
-
Loss before tax
(1,003,432)
(175,877)
(830,507)
Taxation charge
-
-
-
Loss for the year
(1,003,432)
(175,877)
(830,507)
Other comprehensive income
-
-
-
Total comprehensive loss for the year
(1,003,432)
(175,877)
(830,507)
Basic and diluted loss per share (pence)
3
(1.24)
(0.40)
(1.87)

 

Statement of Financial Position

At 30 June 2025

Notes
As at
30 June 2025
As at
31 July 2024
As at
31 December 2024
(Unaudited)
(Unaudited)
£
£
£
Assets
Non-current assets
Exploration assets
4
3,456,939
35,240
58,236
Loans receivable
331,136
-
387,534
Property, plant and equipment
99,956
636,083
69,868
3,888,031
671,323
515,638
Current assets
Other receivables
4
158,313
35,240
58,236
Loans receivable
-
-
387,534
Cash and cash equivalents
1,274,342
636,083
69,868
1,432,655
671,323
515,638
Total assets
5,320,686
671,323
515,638
Liabilities
Current liabilities
Trade and other payables
5
(456 ,115)
(23,062)
(436,328)
Short term borrowings
-
-
(50,151)
(456 ,115)
(23,062)
(486,479)
Total liabilities
(456 ,115)
(23,062)
(486,479)
Net assets/(liabilities)
4,864,571
648,261
29,159
Equity
Share capital
6
1,002,566
378,420
378,420
Share premium
5,908,479
1,025,452
1,025,452
Share based payment reserve
7
500,949
114,902
150,430
Foreign exchange translation reserve
(18,848)
-
-
Retained losses
(2,528,575)
(870,513)
(1,525,143)
Total equity
4,864,571
648,261
29,159


 

 

Statement of Changes in Equity

For the half-year ended 30 June 2025

 

Share Capital
Share premium
Share based payment
FX translation reserve
Retained losses
Total equity
Notes
£
£
£
£
£
£
At 31 January 2024
378,420
1,025,452
72,640
-
(694,636)
781,876
Total comprehensive income
Loss for the period
-
-
-
- -
(175,877)
(175,877)
Transactions with owners
Issue of Ordinary Shares
6
-
-
-
-
-
-
Share premium issued
-
-
-
-
-
-
Share based payments
8
-
-
42,262
-
-
42,262
At 31 July 2024
378,420
1,025,452
114,902
-
(870,513)
648,261
At 31 January 2024
378,420
1,025,452
72,640
-
(694,636)
781,876
Total comprehensive income
Loss for the year
-
-
-
-
(830,507)
(830,507)
Transactions with owners
Issue of Ordinary Shares
6
-
-
-
-
-
-
Share premium issued
-
-
-
-
-
-
Share based payments
7
-
-
77,790
-
-
77,790
At 31 December 2024
378,420
1,025,452
150,430
-
(1,525,143)
29,159
Total comprehensive income
Loss for the period
-
-
-
-
(1,003,432)
(1,003,432)
Unrealised foreign currency gain/(loss) on re-translation of foreign operations
-
-
-
(18,848)
-
(18,848)
Transactions with owners
Issue of Ordinary Shares
6
624,146
-
-
-
-
624,146
Share premium issued
-
4,883,027
-
-
-
4,883,027
Share based payments
7
-
-
350,519
-
-
350,519
At 31 July 2024
1,002,566
5,908,479
500,949
(18,848)
(2,528,575)
4,864,571


 

 

Statement of Cash Flows

For the half-year ended 30 June 2025

 

Notes
Six months ended
30 June 2025
Six months ended
31 July 2024
Year ended
31 December 2024
(Unaudited)
(Unaudited)
£
£
£
Cashflow from operating activities
Operating loss for the period
(1,003,432)
(175,877)
(830,507)
Adjustments for:
Share based payments
188,151
42,262
77,790
Depreciation
5,793
-
-
Equity settled transactions
178,810
-
-
Unrealised FX
1,945
-
-
Finance expenses
-
-
151
Movements in working capital
(Increase)/decrease in other receivables
(314,288)
(752)
(23,760)
(Decrease)/increase in trade and other payables
(762,802)
(11,422)
401,856
Net cash used in operating activities
(1,077,246)
(145,789)
(374,470)
Investing activities
Loans made to target company
-
-
(387,534)
Net cash generated from investing activities
-
-
(387,534)
Financing activities
Proceeds from issue of share capital
2,000,013
-
-
Loan proceeds
302,500
-
50,000
Net cash generated from financing activities
2,302,513
-
50,000
Increase/(decrease) in cash and cash
1,225,267
(145,789)
(712,004)
Cash and cash equivalents at beginning year
69,868
781,872
781,872
FX on foreign cash holding
(20,793)
-
-
Cash and cash equivalents at end of year
1,274,342
636,083
69,868


 

 

 

Principal accounting policies for the Financial Statements

For the half-year ended 30 June 2025

Reporting entity

Switch Metals plc, formerly Oneiro Energy Plc (the "Company") is a company incorporated and registered in England and Wales, with a company registration number of 13139365. The address of the Company's registered office is Level 1 Devonshire House, One Mayfair Place, London, United Kingdom, W1J 8AJ.

Basis of preparation

The interim financial statements for the half-year ended 30 June 2025 are prepared in accordance with IFRS as adopted by the UK and IAS 34 'Interim Financial Reporting'. The same accounting policies are followed in this set of interim financial statements as compared with the most recent audited annual financial statements for the year ended 31 December 2024.

The financial information relating to the half-year ended 30 June 2025 is unaudited and does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. The comparative figures for the year ended 31 December 2024 have been extracted from the annual financial statements, of which the auditors gave an unqualified audit opinion. The annual financial statements for the year ended 31 December 2024 have been filed with the Registrar of Companies.

The Company's financial risk management objectives and policies are consistent with those disclosed in the year ended 31 December 2024 annual financial statements.

The half-yearly report was approved by the board of directors on 29 September 2025

Changes in accounting standards, amendments and interpretations

The accounting policies adopted in the preparation of the financial information for the half-year ended 30 June 2025 are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2024. An additional policy for share based payments was adopted in relation to the share warrants that were granted to Directors during the period.

 

(a) Share-based payments

The company allows for Directors to acquire shares of the company and all options and warrants are equity- settled. The fair value of options granted is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the Directors or employees become unconditionally entitled to the options. The fair value of the options granted is measured using the Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest.

At the date of authorisation of the financial statements, the following amendments to Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after 1 January 2024. These have not had any material impact on the amounts reported for the current and prior periods.

Basis of preparation

The consolidated interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2024, which have been prepared in accordance with IFRS.                                                                                                               

 

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with IFRS as adopted by the UK requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates may differ from the related actual results.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the process of applying the Company's accounting policies, the Directors' do not believe that they have had to make any assumptions or judgements that would have a material effect on the amounts recognised in the financial statements.

Notes to the Financial Statements

For the half-year ended 30 June 2025

 

1.      Operating loss

 

This is stated after charging/(crediting):
Six months ended
30 June 2025 (Unaudited)
£
Six months ended
31 July 2024 (Unaudited)
£
Year ended 31 December 2024
£
Auditors' remuneration
14,100
14,400
26,400
2.Staff costs and numbers
Six months ended
 30 June 2025
Six months ended
31 July 2024
Year ended 31 December 2024
(Unaudited)
(Unaudited)
(a) Staff numbers (including directors):
Number
Number
Number
Directors
5
4
3
(b) Directors' remuneration:
£
£
£
Remuneration for qualifying services
49,124
15,333
47,556
Consulting
-
5,000
5,000
Share based payments
44,291
42,262
50,774
Total directors' costs
93,415
62,595
103,330


 

3.      Earnings per share

The basic and diluted earnings per share figures are set out below:

 

Six months ended
 30 June 2025
Six months ended
31 July 2024
Year ended
 31 December 2024
(Unaudited)
(Unaudited)
£
£
£
Loss attributable to shareholders
(1,003,432)
(175,877)
(830,507)
Weighted average number of shares
Number
Number
Number
For basic and diluted earnings per share
80,961,989
44,520,000
44,520,000
Total
80,961,989
44,520,000
44,520,000
Loss per share:
Pence per share
Pence per share
Pence per share
Basic and diluted (pence)
(1.24)
(0.40)
(1.87)

 

4.      Trade and other receivables

 

Six months
 ended 30 June 2025
Six months ended
31 July 2024
Year ended 31 December 2024
(Unaudited)
(Unaudited)
£
£
£
Other receivables
115,560
25,050
41,826
Prepayments
42,753
10,190
16,410
Total receivables
158,313
35,240
58,236

 

5.      Trade and other payables

 

Six months ended
30 June 2025
Six months ended 31 July 2024
Year ended 31 December 2024
(Unaudited)
(Unaudited)
£
£
£
Trade payables
397,429
8,460
151,254
Accruals
56,614
14,400
284,003
Other taxation and social security
2,072
-
1,071
Other payables
-
202
-
Short term borrowings*
-
-
50,151
Total trade and other payables
456,115
23,062
486,479

 

* Short term borrowings take the form of loans issued 20 December 2024. Andrew Yeo has an amount due of £50,151 repayable 12 months after the date of agreement carrying interest of 10%. This is a related party transaction through directorship of the Company. This loan has been settled in full post the year end.

 

6.      Share capital

 

Six months ended
30 June 2025
Six months ended 31 July 2024
Year ended 31 December 2024
No.
No.
No.
Brought forward
44,520,000
44,520,000
44,520,000
Issued in the year
73,428,788
-
-
At the end of the year
117,948,788
44,520,000
44,520,000
Nominal value of Ordinary shares:
As at
30 June 2025
(Unaudited)
As at
31 July 2024 (Unaudited)
As at 31 December 2024
£
£
£
Brought forward
378,420
378,420
378,420
Issued in the year
624,146
-
-
At the end of the year
1,002,566
378,420
378,420

 

7.      Share based payments

 

At 30 June 2025, the Company had outstanding warrants to subscribe for Ordinary shares as follows:

 

2025
Company
Number of
warrants
Number
Weighted
average
exercise
price
£
Outstanding at the beginning of the period
42,480,000
0.089
Granted during the year
12,779,484
0.100
Lapsed during the period
(12,000,000)
0.100
Outstanding at the end of the period
43,259,484
0.089

 

The weighted average contractual life of warrants at 30 June 2025 was 3.25 years.

 

Share-based remuneration expense, related to the share warrants granted to Directors during the reporting period, is included in the administrative expenses line in the Statement of Comprehensive Income in the amount of £27,170 (31 July 2024: £42,262).

 

8.      Subsequent events

 

On 1 August 2025 the Company allotted 160,000 new ordinary shares at a price of 7.5 pence per share to service providers in settlement of fees totaling £12,000.

 

9.      Ultimate controlling party

 

The Company has a number of shareholders and is not under the control of any one person or ultimate controlling party.

 

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