Highlights

  • Switch Metals has signed an MOU with Xcelsior Capital Advisors to collaborate on financing, marketing, and ESG initiatives.
  • The partnership prioritises advancing the Issia Tantalum Project and enhancing market access for coltan concentrate.
  • Switch Metals has granted Xcelsior 450,000 warrants at an exercise price of GBP 0.10, valid for four years.

Switch Metals plc (LSE:SWT), the exploration mining company focused on critical metals and minerals in Côte d'Ivoire, has announced the signing of a Memorandum of Understanding (MOU) with Xcelsior Capital Advisors Limited, marking the start of a proposed strategic partnership aimed at accelerating exploration, development, and sales opportunities across the Company’s asset base.

Xcelsior Capital Advisors provides financing to producers across the critical metals value chain, including miners, refiners, recyclers, and manufacturers. The firm partners with Wogen Resources Limited, a global physical commodities trader specialising in off-exchange critical metals such as tantalum and niobium, aligning with Switch Metals’ core focus.

Partnership Framework and Objectives

The MOU establishes a framework for collaboration between Switch Metals and Xcelsior to pursue key objectives in financing, market access, and sustainability. The primary focus will be on securing exploration and development funding to advance Switch’s portfolio of critical mineral assets, with particular emphasis on the Issia Tantalum Project, the Company’s flagship site in Côte d’Ivoire.

The partnership will also concentrate on market support initiatives, developing marketing strategies to optimise sales volumes and pricing for Issia’s coltan concentrate. Additionally, both parties will collaborate on technical and ESG advisory support, integrating modern best practices in responsible mining, production efficiency, and environmental governance.

The MOU will remain effective for a period of 12 months or until the signing of definitive agreements, whichever occurs first.

Grant of Warrants to Xcelsior

As part of the agreement, Switch Metals will issue 450,000 warrants to Xcelsior Capital Advisors, each enabling the holder to subscribe for one ordinary share of GBP 0.0085 in the Company. The warrants carry an exercise price of GBP 0.10 and will expire four years from the date of signing the MOU. Any new shares issued upon exercise will be covered under existing share authorities.

This issuance aligns Xcelsior’s long-term interests with Switch Metals’ growth trajectory and reflects both parties’ intent to formalise their cooperation through future binding agreements.

Next Steps and Outlook

Switch Metals aims to formalise the strategic partnership through definitive agreements within the next 12 months. The collaboration is expected to support financing for the development of Issia and other exploration-stage assets, while also establishing stronger commercial channels for its critical metal products.

With this MOU, the Company strengthens its position in the growing global market for critical metals essential to high-technology and green energy applications.