Business
Results for the 11-months ended 31 December 2024
Results for the 11-months ended 31 December 2024.
About this update from Switch Metals Plc
[{"type":"text","content":"\n\n27 June 2025\nSwitch Metals plc\n(\"Switch Metals\" or the \"Company\")\nResults for the 11-month period ended 31 December 2024\nSwitch Metals plc (LSE: SWT), the tantalum-focused mining company with assets located in Côte d'Ivoire, announces the Company's audited results for the 11 months ended 31 December 2024 (\"FY 2024\" or the \"Period\"). The FY 2024 results cover a period prior to the Company's successful completion of the acquisition of Switch Metals Côte d'Ivoire Sarl (\"Switch CDI\") on 3 April 2025. The Company was known as Oneiro Energy plc during the Period.\n \nHighlights\n \n· During the Period, the Company remained non-trading ahead of a potential acquisition which was expected to constitute a reverse takeover transaction.\n \n· In June 2024 heads of terms were agreed for the Company to acquire Switch CDI. Included in the heads of terms was the provision, under an agreed workplan, of a US$0.5m working capital loan facility by the Company to Switch CDI to enable it to progress its development activities ahead of completion of the acquisition.\n \nPost Period Highlights\n \n· On 3 April 2025 the Company successfully completed the acquisition of Switch CDI, was admitted to trading on AIM and was renamed Switch Metals plc, having raised c. £2 million at a post-money value of approximately £9m.\n \n· Switch CDI is a mining exploration company focused on technology and battery minerals in Côte d'Ivoire, one of the most attractive mining jurisdictions in Africa. The Company is the largest holder by area (including applications and options) covering tantalum, lithium and other critical metal prospects in the country (and potentially in West Africa) today.\n \n· The Company's strategy involves developing ethical and conflict free industrial tantalum production from shallow coltan placer deposits at the Issia Project in order to provide initial cashflow, thereby hedging exploration risk and reducing future fundraising requirements to develop the rest of its large exploration portfolio.\n \n· At Issia, the plan is to define a resource and complete technical and economic studies on the shallow surface coltan placer deposits in the nea...