REG - Switch Metals PLC - High-Priority Drill Targets Outlined at Issia

Switch MetalsAnnouncement

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RNS Number : 9126G  Switch Metals PLC  04 June 2026

 

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

 

4 June 2026

 

 

Switch Metals plc

("Switch Metals" or the "Company")

 

High-Priority Drill Targets Outlined at Issia

 and Issue of Equity

 

Switch Metals (AIM: SWT), the critical metals company focused on battery
minerals and technology metals in Côte d'Ivoire, is pleased to present its
two priority targets for the upcoming maiden drilling programme at the Issia
project (the "Programme") and the issue of equity to a consultant.

 

The Programme is designed to test high-priority hard rock lithium and tantalum
targets identified within the Company's district-scale pegmatite corridor with
demonstrated tantalum and lithium mineralisation. Recent fieldwork has
significantly enhanced the Company's understanding of both targets, with
follow-up soil sampling at Kabore outlining a substantial lithium pathfinder
anomaly and further supporting the potential for a meaningful hard-rock
lithium system at depth.

 

The Programme is being undertaken in parallel with work to complete the maiden
tantalum Mineral Resource Estimate ("MRE") which is focused on the shallow
alluvial, eluvial and drainage basin targets at Issia. Depending on laboratory
turn around timings, initial batch results are expected to be delivered to the
Company in the coming weeks.

 

Highlights

 

·    Two high priority hard rock drill targets defined at Issia

 

·    Kabore spodumene discovery with grades up to 2.56% Li(2)O grades
exposed within a 20m x 10m panel, now shown to lie within a 1.3 km soil
anomaly along strike

 

·    Zraty tantalum bearing pegmatite target with previously assayed
outcrop grab and channel samples up to 1,230 ppm Ta(2)O(5)

 

·    Approximately 2,500 metres of scout drill planning underway across
both targets

 

·    Tantalum MRE work progressing in parallel, with assay interpretation
and geological modelling advancing

Targets overview

 

The Programme targets comprise two previously discovered pegmatites:

 

i) Kabore; a spodumene lithium-bearing pegmatite; and

ii) Zraty; a tantalum-bearing pegmatite.

 

Both targets are located within the 112 km(2) Badinikro permit area of the
Issia project (see Figures 1 and 2).

 

At Kabore, follow-up soil sampling has outlined a 1.3 km rubidium ("Rb") soil
anomaly surrounding the previously announced spodumene discovery.  The
original discovery comprised a 20m x10m exposure returning weathered grab
sample grades ranging up to 2.56 % Li(2)O via whole rock geochemical assay.

 

Rubidium, which is a recognised pathfinder element for
Lithium-Caesium-Tantalum (LCT) pegmatite exploration and elevated surface
geochemistry, may indicate the presence of larger pegmatite bodies at depth.
The scale and continuity of the anomaly has significantly enhanced the
Company's confidence in the broader prospectivity of the target area (see
Figure 2).

 

At Zraty, previous trenching outlined a east-north-east trending 100
metre-long by 5 to 10 metres wide sub-outcropping pegmatite that yielded
tantalum grades up to 1,230 ppm Ta(2)O(5) via whole rock chemical assays). The
target represents one of the highest-grade hard-rock tantalum occurrences
identified to date within the Issia licence portfolio.

 

Next Steps: RC Drilling

 

Drill plans have been prepared for both targets, comprising approximately 15
holes at Kabore and 8 holes at Zraty for a combined programme of approximately
2,500 metres. Approximately 1,700 metres are currently planned at Kabore and
800 metres at Zraty.

 

The scout holes are expected to average approximately 50 to 100 metres in
depth on average and are designed to test the down-dip extensions of the known
pegmatite outcrop.

 

Platform preparation is ongoing with rig mobilisation expected shortly.

 

Karl Akueson, CEO of Switch Metals commented:

 

"Following completion of our recent capital raise, we are accelerating our
work on two high-priority hard rock targets at Issia.

 

"Kabore has evolved significantly since the original spodumene discovery, with
follow-up soil sampling now outlining a 1.3 km anomaly around the mineralised
outcrop. Given the improvement in the lithium market and the scale of the
anomaly defined at Kabore, we believe this is the right time to drill test
Kabore and assess the system at depth.

 

"The Programme will also test Zraty, one of our highest-grade tantalum-bearing
pegmatite targets, highlighting the broader prospectivity of the Issia Project
beyond the shallow placer and eluvial resources currently being incorporated
into the maiden tantalum MRE.

 

"Work on the maiden tantalum MRE itself continues in parallel, with assay
interpretation and geological modelling progressing. Together, these
programmes advance both the near-term development potential of Issia's
tantalum resources and the longer-term upside from hard-rock lithium and
pegmatite discoveries across our district-scale land package.

 

"Rig mobilisation is expected shortly and we look forward to updating
shareholders on the progress of this promising drill programme."

 

Figure 1 - Kabore target map with planned drill holes

 

 

Figure 2 - Zraty target map with planned drill holes

 

 

Issue of shares to consultant

 

The Company has today issued and allotted a total of 94,118 new ordinary
shares of 0.85p each in the Company ("Ordinary Shares") to a consultant to the
Company in settlement of £8,000 of fees due for services provided over the
last 12 months at an issue price 8.5p per new Ordinary Share.

 

An application has been made for the new Ordinary Shares to be admitted to
trading on AIM ("Admission"). Admission is expected to become effective on or
around 9 June 2026.

Upon Admission, the Company's issued ordinary share capital will consist of
131,335,365 Ordinary Shares with one voting right each. The Company does not
hold any Ordinary Shares in treasury. Therefore, from Admission the total
number of Ordinary Shares and voting rights in the Company will be
131,335,365. With effect from Admission, this figure may be used by
Shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

Qualified Person Statement

The technical information contained in this disclosure has been reviewed and
approved by Dr Christophe Bonnetti (PhD, EurGeol), who is a qualified
geologist and meets the criteria of a qualified person under the AIM Note for
Mining and Oil & Gas Companies. Dr Bonnetti is a Senior Consultant
Geologist working for Arethuse Geology Sarl which has been retained by Switch
Metals plc to provide technical support.

 

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 6632

 Tim Metcalfe / Florence Staton

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

 

Glossary

 

 Term                Definition
 Alluvial Deposits   Mineral deposits formed by material transported and deposited by rivers or
                     streams.
 Assay               A laboratory analysis used to determine the grade and concentration of
                     minerals within a rock or soil sample.
 Eluvial Deposits    Mineral accumulations formed by in-place weathering and downslope movement of
                     material without significant transport by water.
 Grab Sample         A selective sample collected from exposed rock material, typically used for
                     preliminary exploration purposes.
 Hard Rock Lithium   Lithium mineralisation hosted within solid rock formations, typically
                     pegmatites.
 LCT Pegmatite       Lithium-Caesium-Tantalum pegmatite; a type of coarse-grained igneous rock
                     commonly associated with lithium and tantalum mineralisation.
 Li₂O                Lithium oxide, the standard reporting metric for lithium assay grades.
 Pathfinder Element  An element whose presence or concentration assists in identifying associated
                     mineral deposits.
 Pegmatite           A very coarse-grained igneous rock that can host economically significant
                     lithium, tantalum and rare metal mineralisation.
 ppm                 Parts per million, a unit used to measure low concentrations of minerals or
                     elements.
 RC Drilling         Reverse circulation drilling, a commonly used exploration drilling technique
                     that produces rock chip samples.
 REE                 Rare Earth Elements, a group of metals used in high-technology and renewable
                     energy applications.
 Rubidium (Rb)       A chemical element commonly associated with lithium-bearing pegmatites and
                     used as a geochemical pathfinder in exploration.
 Scout Drilling      An initial phase of drilling designed to test the presence, continuity and
                     extent of mineralisation.
 Soil Sampling       The collection and analysis of soil to identify geochemical anomalies
                     associated with mineral deposits.
 Spodumene           A lithium-bearing mineral commonly found in pegmatites and an important
                     commercial source of lithium.
 Ta₂O₅               Tantalum pentoxide, the standard reporting metric for tantalum assay grades.
 Technology Metals   Metals used in advanced technologies, batteries, renewable energy systems and
                     electronics.

 

 

About Switch Metals

Switch Metals plc, admitted to trading on AIM in April 2025, is a mining
company focused on critical technology and battery minerals in Côte d'Ivoire,
one of the most attractive mining jurisdictions in Africa. The Company is the
largest land 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 + Li), 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).

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