Switch Metals Company Research (SWT)

Switch Metals plc is a Côte d’Ivoire critical-metals play focused on tantalum (Ta) and niobium (Nb) rich minerals that have application in high-technology, advanced engineering and metal alloying. For Issia, the most advanced project, a shallow pitting programme was undertaken between May and September 2025. The prospectivity of the coltan columbite-tantalite mineralisation was tested in the near-surface laterites. Soil samples are being incorporated in an inaugural JORC MRE (mineral resource estimate) expected in early 2026. A wash plant has recently been commissioned at Issia ahead of pilot production. The second phase of exploration at Issia will appraise the deeper granitic pegmatites. It is conceivable that Issia is emerging as a significant new source of mined tantalum. Switch is looking to establish a shallow coltan mine and mill by the end of 2028 producing a 30% tantalum pentoxide concentrate. Our current valuation is £14.7m or 12.4p/share, a 20% premium to the current share price. This reflects a potentially positive MRE statement and the bullish tantalum market backdrop.