REG - Switch Metals PLC - Interim Results
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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
km(2) of the 1,015 km(2) 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 km(2).
o In September the Company completed its second planned pitting and soil
samples programme, covering an additional 1.3 km(2).
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 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-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
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
Six months ended Six months ended Six months ended
Notes 30 June 2025 31 July 2024 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
As at As at As at
Notes 30 June 2025 31 July 2024 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 FX translation reserve Retained losses Total equity
Share based payment
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 (18,848)
operations
- - - (18,848) -
Transactions with owners 624,146
Issue of Ordinary Shares 6 624,146 - - - -
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
Six months ended Six months ended Year ended
Notes 30 June 2025 31 July 2024 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
Six months ended Six months ended Year ended 31 December 2024
30 June 2025 (Unaudited) 31 July 2024 (Unaudited) £
£ £
This is stated after charging/(crediting):
Auditors' remuneration 14,100 14,400 26,400
2. Staff costs and numbers
Six months ended Six months ended Year ended 31 December 2024
30 June 2025
31 July 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 Six months Year ended
30 June 2025 ended
31 December 2024
31 July 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
Pence per share Pence per share Pence per share
Loss per share:
Basic and diluted (pence) (1.24) (0.40) (1.87)
4. Trade and other receivables
Six months Six months ended Year ended 31 December 2024
ended 30 June 2025
31 July 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 Six months ended 31 July 2024 Year ended 31 December 2024
30 June 2025
(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 Six months ended 31 July 2024 Year ended 31 December 2024
30 June 2025
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 As at As at 31 December 2024
30 June 2025 31 July 2024 (Unaudited)
(Unaudited)
£ £ £
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 Weighted
Number of average
warrants exercise
Number 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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