Switch Metals

After tungsten, titanium & tin, why not tantalum?

Good Morning Team.

Having found some decent success with tungsten (Guardian Metals), titanium (Sovereign Metals) & tin (Rome Resources), it’s high time to source another t-themed portfolio diversifier.

Tantalum.

I think I’ve got just the one.

Why Switch Metals Could Be Our Next Critical Metals Success Story

Switch is a tiny AIM stock sitting on a tantalum goldmine that nobody's talking about.

Here's a fun fact that'll make you pay attention.

While everyone's obsessing over copper and gold, there's a metal called tantalum quietly trading at $250 per kilogram.

To put that in perspective, nickel - which gets plenty of headlines— trades at $15 per kilo.

Tantalum is absolutely essential for the semiconductors in your phone, the jet engines flying over your head, the defence industry, and the medical implants keeping people alive.

The catch? Much of it comes from artisanal mines in the Democratic Republic of Congo, where ‘conflict minerals’ remains a supply chain issue, particularly in light of the fighting this year with Rwandan-backed rebels.

For balance, it’s entirely possible to operate a DRC mine (when was the last time its government stole one?), but jurisdictions can be tricky without the right people who know how to manage the political risk.

And regardless, relying on one country for much of the global supply isn’t a good idea anyway.

This brings us to Switch Metals (AIM: SWT), a company that now controls over 3,000 square kilometres of exploration ground in Côte d'Ivoire.

At a market cap of just £10 million, it's small, but it's also sitting on what could become one of the world's most ethical tantalum supplies.

From Ivorian Startup to London Opportunity

Every good investment story starts with smart people spotting an opportunity that others missed.

Switch Metals began life as Switch Metals Côte d'Ivoire SARL —basically a local explorer with big dreams and small pockets, led by Karl Akueson, a UK educated (Manchester University and Imperial College) Ivorian entrepreneur who cut his teeth as an investment banker at BMO in London and already had some entrepreneurial success with the first venture he founded - Awalé Resources Ltd, today listed on the TSXV.

Akueson had a problem many African mining entrepreneurs face: great assets, local knowledge, but no access to proper capital markets.

Meanwhile, London-listed SPAC Oneiro Energy had the opposite problem — capital, but nothing exciting to buy.

In June 2024, Oneiro announced its acquisition of Switch Metals. By April 2025, Oneiro had transformed into Switch Metals Plc, trading on AIM with a fresh £2 million in the bank.

The numbers tell the story of a tightly held company:

• 118 million shares outstanding (that's refreshingly small by today's standards)

• Founding shareholders still own 36.1% (skin in the game)

Why Côte d'Ivoire Isn't Your Average African Mining Story

When most people think ‘African mining,’ they think problems.

Legal problems, fighting problems, drilling problems.

Generally, the grades and lengths of potential finds make it all worth it, but it sure would be nice to find some quality African metal without the associated issues.

And Côte d'Ivoire is refreshingly different.

This is a country where:

• GDP has been growing at 5.6% annually

• There are actual highways connecting the major cities

• The electricity works (they're actually a net exporter)

• International flights land daily (you can get there from London)

• Major mining companies already operate successfully (Newmont - who has now partnered in the country with Akueson’s Awalé Resources, Barrick, Endeavour, Fortuna, Resolute - the big boys are there)

The Fraser Institute — which ranks mining jurisdictions like Michelin ranks restaurants — puts Côte d'Ivoire 44th out of 86 globally.

That might not sound impressive until you realise it's the highest ranking in West Africa and beats South Africa. In mining terms, this is like finding a decent restaurant in an airport bar.

President Alassane Ouattara, an economist with an IMF background and a PhD from the University of Pennsylvania, has been running things since 2010 with a focus on infrastructure and economic diversification.

And the CFA franc is pegged to the Euro, so you don't have to worry about your investment evaporating due to currency chaos.

Most importantly for Switch, the government explicitly wants mining to become a pillar of economic growth.

For reference, the country is currently reliant on its status as the world's largest exporter of cocoa and raw cashew nuts.

For those unfamiliar with the jurisdiction, it is still Africa. But it’s generally regarded as one of West Africa’s more stable jurisdictions, and the government has actively encouraged foreign mining investment and improved the mining code in recent years.

There are, to be fair, occasional regional security spillovers from Sahel instability - but these are not intrinsic.

The Geology

Switch's projects sit on something called the Leo-Man Shield, part of the West African Craton. If that sounds boring, consider this: it's the same geological formation that hosts some of the world's most profitable gold mines and, increasingly, lithium deposits.

The key geological event happened 2.2 billion years ago during something called the Eburnean Orogeny. Essentially, continents crashed into each other, creating massive heat and pressure that concentrated rare metals like lithium, tantalum, and niobium into granite-pegmatite systems.

The proof this works? Neighboring Mali and Ghana are developing major lithium projects on identical geology. Leo Lithium's Goulamina project in Mali sold to Chinese giant Ganfeng. Atlantic Lithium is advancing projects in Ghana. The geological thesis isn't speculative - it's very much proven.

What makes Switch interesting is they're applying this same geological model to critical metals that nobody's really looked for systematically in Côte d'Ivoire.

Basically like being the first person to prospect for gold in a region where everyone else found silver.

The Asset Portfolio: Three Shots at Goal

Switch isn't putting all its eggs in one basket. They've got three main projects, each offering different risk-reward profiles.

But overall, 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.

And all of these projects enjoy decent road access, infrastructure in place and cover historically documented metal occurrences.

Issia: The Flagship

This is where things get interesting.

The Issia project covers 112 km² of granted ground plus 904 km² in applications — bigger than many small countries and sitting right in an area where the government mining company SODEMI used to produce tantalum back in the 1990s before metal prices collapsed.

In fact, this asset is located near a mine under development by the SODEMI with a Chinese partner.

Here's what makes Issia special: it's got both shallow placer deposits (think panning for gold, but for tantalum) and deeper hard rock deposits. The shallow stuff can be mined with relatively simple equipment, with no massive underground shafts or complex metallurgy required.

Switch has done extensive exploration work including trenching, soil sampling, and a collaboration with the University of Nancy-Lorraine in France. The results show tantalum grades reaching 41% in concentrate, which is exceptional by any standard.

The development strategy is simple:

Phase 1 (2025-2028)

• Mine the shallow placer deposits using gravity separation

• Target 100 tonnes of annual tantalum production (that's 2.5% of global supply)

• Capital cost: about $5 million (in mining terms, that's coffee money)

• Projected annual revenue: $8-12 million

• Cash margins over 50-70%

• Payback period: under 24 months

Phase 2 (post-2028)

• Develop the hard rock pegmatites for multi-decade production

• Scale up to become a significant supplier

The beauty of this approach is that Phase 1 generates cash to fund Phase 2, minimising dilution and financial risk.

Bouaké: The Multi-Tool

The Bouaké project covers 1,164 km² in central Côte d'Ivoire and targets multiple metals: lithium, tantalum, niobium and rare earth elements. It's early stage, but the geological signs are promising.

The good news is that this one has lots of different options depending on how metal markets evolve. They could sell more tantalum from there. If lithium takes off again, they've got lithium. If rare earths remains strategic, they've got those too.

Tiassalé: The Dark Horse

At 990 km² near the port city of Abidjan, Tiassalé is Switch's lithium play. It's only 2 hours from Abidjan port via modern highways, and it's right next door to licenses held by Atlantic Lithium and Ganfeng's joint ventures.

Early soil sampling has identified multiple lithium anomalies. It's early days, but sometimes being early and pegging good ground during the downturn is exactly where you want to be.

The People: Local Knowledge Meets Global Experience

In mining, people matter as much than geology. This is a hard learnt lesson.

Bad management can screw up the best deposits, while good management can make marginal projects profitable.

Switch's team hits the sweet spot of local expertise and international credibility:

Karl Akueson (CEO): Ivorian-born, London-trained investment banker who co-founded Awalé Resources and actually lives in Abidjan. When the CEO lives where the projects are, it usually means he believes in what he's doing - and is capable of managing any political risk.

Andy Yeo (CFO): Twenty years in investment banking and resource companies, with previous roles at UBS and ABN AMRO.

Didier Murcia (Chairman): Australian mining lawyer who chairs Centaurus Metals, which is developing a $371 million nickel project in Brazil. If you're going to have a chairman, might as well have one who's actually building mines.

Mamadou Doumbia (Director): Lives in Côte d'Ivoire, worked for Shell and PwC, recently appointed to the Board of the state-controlled National Investment Bank.

John Treacy (Director): Qualified as a solicitor in the London office of a major international law firm where he specialised in Capital Markets and M & A. Moved on to practice corporate finance in the advisory teams of several prominent UK brokerages.

The technical advisors are ex-BRGM and ex-AREVA geologists with rare metals expertise.

Two directors live in Côte d'Ivoire. That's unusual for London-listed African miners, and it's a big advantage.

It’s harder to manage African projects from Canary Wharf.

The Sustainability Angle (Yes, It Actually Matters)

Here's where Switch gets clever. They're not just talking about being ethical — they're building a business model around it.

The company has partnered with Electronic Wastes Africa in Abidjan for e-waste recycling and ‘urban mining’ programs. They're positioning themselves as the conflict-free tantalum alternative, with full traceability and environmental responsibility.

This isn't just feel-good marketing. In December 2024, the DRC filed criminal complaints against Apple in European courts over alleged conflict minerals in its supply chain. When one of the world's most valuable companies is getting sued over where it sources materials, you know supply chain ethics has become business critical.

Ethical, traceable tantalum concentrates command premiums versus standard concentrates.

Switch is positioning itself to capture that premium.

The Money Stuff: Bootstrap Development Done Right

Switch raised £2 million at listing with 118 million shares outstanding.

The financial strategy is refreshingly sensible: generate revenue before spending big money. The Issia project requires less than $5 million in development capital to reach production of 100 tonnes of annual tantalum — that's less than what most mining companies spend on feasibility studies.

With projected annual revenues of $8 - 12 million and cash margins over 70%, the payback period is under 24 months.

The timeline looks like this:

• 2025: Bulk sampling, resource definition, metallurgical testing

• 2026: Mining license application, feasibility study, project financing

• 2027: Construction begins

• 2028: First production and cash flow

Four years from exploration to cash flow is lightning speed in mining terms.

AGM Statement & Current Outlook

At the AGM in late July, the company's Non-Executive Chairman, Didier Murcia enthused:

‘We are very pleased with progress at Issia since the start of our first tantalum resource definition programme. The indications, although preliminary, are encouraging and we have been able to deliver the MRE Target 1 work on time, to budget and within a few months following our admission to trading on AIM.

As a result, we look forward to announcing our first assay results as they become available in the very near term.

Achieving the mineral resource estimate milestone will pave the way for technical and economic studies, and the subsequent application for a mining licence during 2026, to progress our early cash flow plans, a notable differentiator for a junior mining company.

We expect to be able to announce our first MRE estimate, incorporating the results of the MRE Target 2 programme, early in the New Year.’

The Market Opportunity: Right Place, Right Time, Right Metals

The timing for Switch couldn't be better.

Critical metals are having their moment, and for good reason.

Tantalum is genuinely scarce. Only 320,000 tonnes estimated in Earth's entire crust. Half the current supply comes from artisanal mines in conflict zones. Recent mine closures in Australia are tightening supply further. Meanwhile, demand keeps growing thanks to military industry, 5G infrastructure, aerospace expansion and advanced electronics.

Current prices are 90% below November 2022 peaks, suggesting significant upside potential as supply tightens.

And processing is controlled by the US, Germany and Japan, not China.

Lithium prices have crashed from their peaks, but long-term structural demand remains compelling. Albemarle forecasts 15-20% annual demand growth through 2030 driven by electric vehicle adoption. The current price weakness is creating opportunities for well positioned developers to build market share.

Niobium is dominated by Brazil and Canada (98.5% of global production), but new applications in high strength steel and battery anodes are driving demand growth. CBMM recently opened a niobium anode manufacturing plant, validating its commercial battery potential.

Switch offers exposure to all three metals from a single, stable jurisdiction with clear development pathways.

The Valuation Story: Asymmetric Risk-Reward

The risk-reward profile looks compelling.

Base Case: Successful resource definition at Issia leads to 100% upside as the project advances toward production over the next 3 to 4 years.

Upside Case: Exceptional resource size or multi-project success delivers multi-bagger returns. Strategic acquisition by a major provides premium exit valuation.

Downside Case: Exploration disappointment or development delays could cause some downside, though the modest valuation and cash flow potential provides some protection.

Why This Matters Now

We're living through a fundamental shift toward electrification and strategic supply chain security. Critical metals sit at the intersection of these trends, yet supply remains concentrated in politically unstable or strategically unreliable jurisdictions.

The global scramble for secure critical metals supply isn't a temporary phenomenon. It's the new reality. Companies that can provide ethical, traceable supply from stable jurisdictions will command premium valuations and strategic interest from downstream users.

Switch Metals is positioning itself as an essential link in this supply chain transformation. The combination of proven geology in a specialised mineral, experienced management, ethical positioning and capital efficiency creates an investment opportunity that deserves some attention.

This isn't about hoping for a massive discovery or betting on commodity price spikes.

It's about backing a team with a clear plan to build a profitable, sustainable business in a sector where demand exceeds secure supply.

The Bottom Line

Switch Metals represents everything investors should want in a small-cap resources play: proven geology in a stable jurisdiction, experienced local management, clear development pathway, modest capital requirements and positioning in markets with structural supply deficits.

The company isn't asking investors to believe in miracles — just solid execution of a well-conceived strategy in a jurisdiction that works.

In a world where critical metals supply security has become a matter of national strategic importance, Switch Metals is building the ethical, traceable supply chain that Western buyers desperately need.

That positioning makes this one of the more compelling asymmetric opportunities in a world dominated by copper-gold opportunities.

It’s cheap.

For now.