Extension of Warrant Term and Issue of Equity

1 May 2026

Switch Metals plc

("Switch Metals" or the "Company")

Extension of Warrant Term and Issue of Equity

Switch Metals (AIM: SWT), the critical metals company focused on tantalum and lithium in the Côte d'Ivoire, announces the variation to the exercise period for director warrants and the issue of new ordinary shares of 0.85p each ("Ordinary Shares") to consultants of the Company in satisfaction of fees.

Extension to warrant exercise period

The Company has today extended the term of 480,000 warrants granted to John Treacy (a Non-Executive Director of Switch Metals) to 3 April 2028 (the "Warrants").  The Warrants were originally granted to Mr Treacy on 25 May 2023 ahead of the Company's IPO (then named Oneiro Energy plc) on the London Stock Exchange, with a term of three years from the admission date.

The Board has concluded that the term of the Warrants should be aligned with those of his fellow director, Andy Yeo, and will now thus expire on 3 April 2028, three years from the Company's admission to trading on AIM.  The exercise price of the warrants remains unchanged at 5 pence. All other terms of the Warrants remain unchanged and there are no other unsatisfied vesting criteria.

Issue of shares to consultants

The Company has today issued and allotted a total of 632,460 new Ordinary Shares (the "Fee Shares") to consultants to the Company in settlement of fees due for services provided. Of these, 110,000 new Ordinary Shares have been issued at 7.5p per share in respect of fees disclosed in the Company's admission document dated 3 April 2025, with the remaining 522,460 new Ordinary Shares issued at 10p per share in respect of other consultancy fees.

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 Fee Shares at 8.00 a.m. on or around 7 May 2026.

Following Admission and assuming that all new ordinary shares are subscribed for pursuant to the WRAP retail offer announced on 30 April 2026, the total number of Ordinary Shares with voting rights in the Company will be 130,241,247. 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.

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