Interim Results

30 September 2025

Switch Metals plc

("Switch" or the "Company")

Interim Results for the six months to 30 June 2025

Switch Metals plc (LSE: SWT), the critical metals focused mining company with assets located in Côte d'Ivoire, is pleased to announce its unaudited interim results for the six months to 30 June 2025.

Highlights

·    Admission to AIM in April

o Acquisition of Switch Metals Côte d'Ivoire Sarl ("Switch CDI")

o Renamed Switch Metals plc

o  Raised c. £2 million at a post-money value of approximately £9m

·    Exploration programme launched in May at the 100% owned Badinikro Permit of the Issia Project

o Initial target areas form part of Permit PR0895 which covers an area of 112 km² of the 1,015 km² district-scale Issia Project

·    Post period end

o In July the Company completed the pitting and soil samples programme on the first of two Mineral Resources Estimate target areas on the Issia project covering 2.5 km².

o In September the Company completed its second planned pitting and soil samples programme, covering an additional 1.3 km².

o In total over 400 tonnes of samples have been collected on schedule and on budget from a total of 369 pits, for a cumulative total depth of 1,609 metres. Samples from these holes contain various quantities of heavy minerals, including tantalum.

The detailed report is set out below.

Karl Akueson, CEO of Switch Metals, commented:

"Achieving a maiden Mineral Resource Estimate will pave the way for technical and economic studies and the subsequent application for a mining licence over the balance of 2026. Our objective remains to become a near term cash flow generating junior miner of critical metals. In this endeavour, we expect to be fully supported by one of Africa's most promising mining jurisdictions, Côte d'Ivoire. I look forward to providing further updates as we progress."

For further information, please contact:

Chairman's Statement

The period under review was one of significant achievement for the Company as we completed the acquisition of Switch CDI, were admitted to trading on AIM and the launch of the exploration programme at Issia. Subsequently, with our proposed pitting and soil sampling programme complete we are focused on the delivery of a maiden resource, early in 2026. 

Activity to the year end and into 2026

As a reminder, at Issia, we have three tantalum target sources - eluvial, alluvial and hard rock pegmatites. The initial plan is to define a resource and complete technical and economic studies on the shallow surface coltan placer deposits in the near-term, in parallel to demonstrating further upside potential in the deeper hard rock target.

Pitting is a technically and cost-effective exploration option to define these shallow resources where the coltan has naturally been liberated over time through weathering and are simple and inexpensive to process using conventional screening and gravity separation techniques.

As indicated in our announcement of 22 September 2025, delivery of the pilot wash plant, including a scrubber, jig and shaking table is imminent. Plant assembly and commissioning will commence immediately on delivery.

Once operational, during October and November the soil samples will be:

·    Washed and processed to produce a heavy mineral concentrate sample

·    Assayed for tantalum pentoxide (Ta2O5) grade estimation

o Using Switch's XRF analyser prior to independent lab analysis

·    Initial assay results will be announced as they become available

·    Announcement of Maiden Resource in early 2026. 

Financial review

The loss for the period, after finance costs and tax, of £1,003,432 (31 July 2024: net loss of £175,877; year to 31 December 2024: net loss of £830,507), represents a loss of 1.24 pence per share (31 July 2024: 0.40p pence per share; year to 31 December 2024: 1.87p).

The loss reflects certain costs associated with the admission to AIM and the Company's move from a cash shell with limited overheads to a critical metals focused mining company with significant assets and ongoing operations located in Côte d'Ivoire.

The results show financial performance for Switch Metals plc for the 6 month period combined with performance of Switch Metals CDI from the point of acquisition on the readmission date 3 April 2025.

Available cash as at 30 June 2025 was £1,274,342 (31 July 2024: £636,083; 31 December 2024: £69,868). The Company has no debt.

Statement of Comprehensive Income

For the half-year ended 30 June 2025

Statement of Financial Position

At 30 June 2025

Statement of Changes in Equity

For the half-year ended 30 June 2025

Statement of Cash Flows

For the half-year ended 30 June 2025

Principal accounting policies for the Financial Statements

For the half-year ended 30 June 2025

Reporting entity

Switch Metals plc, formerly Oneiro Energy Plc (the "Company") is a company incorporated and registered in England and Wales, with a company registration number of 13139365. The address of the Company's registered office is Level 1 Devonshire House, One Mayfair Place, London, United Kingdom, W1J 8AJ.

Basis of preparation

The interim financial statements for the half-year ended 30 June 2025 are prepared in accordance with IFRS as adopted by the UK and IAS 34 'Interim Financial Reporting'. The same accounting policies are followed in this set of interim financial statements as compared with the most recent audited annual financial statements for the year ended 31 December 2024.

The financial information relating to the half-year ended 30 June 2025 is unaudited and does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. The comparative figures for the year ended 31 December 2024 have been extracted from the annual financial statements, of which the auditors gave an unqualified audit opinion. The annual financial statements for the year ended 31 December 2024 have been filed with the Registrar of Companies.

The Company's financial risk management objectives and policies are consistent with those disclosed in the year ended 31 December 2024 annual financial statements.

The half-yearly report was approved by the board of directors on 29 September 2025

Changes in accounting standards, amendments and interpretations

The accounting policies adopted in the preparation of the financial information for the half-year ended 30 June 2025 are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2024. An additional policy for share based payments was adopted in relation to the share warrants that were granted to Directors during the period.

(a) Share-based payments

The company allows for Directors to acquire shares of the company and all options and warrants are equity- settled. The fair value of options granted is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the Directors or employees become unconditionally entitled to the options. The fair value of the options granted is measured using the Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest.

At the date of authorisation of the financial statements, the following amendments to Standards and Interpretations issued by the IASB that are effective for an annual period that begins on or after 1 January 2024. These have not had any material impact on the amounts reported for the current and prior periods.

Basis of preparation

The consolidated interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2024, which have been prepared in accordance with IFRS.                                                                                                               

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with IFRS as adopted by the UK requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates may differ from the related actual results.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the process of applying the Company's accounting policies, the Directors' do not believe that they have had to make any assumptions or judgements that would have a material effect on the amounts recognised in the financial statements.

Notes to the Financial Statements

For the half-year ended 30 June 2025

1.      Operating loss

3.      Earnings per share

The basic and diluted earnings per share figures are set out below:

4.      Trade and other receivables

5.      Trade and other payables

* Short term borrowings take the form of loans issued 20 December 2024. Andrew Yeo has an amount due of £50,151 repayable 12 months after the date of agreement carrying interest of 10%. This is a related party transaction through directorship of the Company. This loan has been settled in full post the year end.

6.      Share capital

7.      Share based payments

At 30 June 2025, the Company had outstanding warrants to subscribe for Ordinary shares as follows:

The weighted average contractual life of warrants at 30 June 2025 was 3.25 years.

Share-based remuneration expense, related to the share warrants granted to Directors during the reporting period, is included in the administrative expenses line in the Statement of Comprehensive Income in the amount of £27,170 (31 July 2024: £42,262).

8.      Subsequent events

On 1 August 2025 the Company allotted 160,000 new ordinary shares at a price of 7.5 pence per share to service providers in settlement of fees totaling £12,000.

9.      Ultimate controlling party

The Company has a number of shareholders and is not under the control of any one person or ultimate controlling party.