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(Sharecast News) - Switch Metals reported results for the 11 months ended 31 December on Friday, covering a period prior to its transformation from Oneiro Energy and the acquisition of Switch Metals Cte d'Ivoire (Switch CDI), which completed in April.
During the reporting period, the AIM-traded company remained non-trading as it prepared for the reverse takeover of Switch CDI.
The acquisition was finalised on 3 April, alongside the company's admission to AIM and a 2m fundraising at a post-money valuation of 9m.
Switch Metals said it now held one of the largest portfolios of tantalum, lithium and other critical metal prospects in Cte d'Ivoire and potentially in West Africa.
The company's strategy was focussed on generating early cash flow from 'conflict-free' tantalum production at its Issia Project, specifically from shallow coltan placer deposits.
That approach was designed to hedge exploration risk and reduce reliance on future fundraising as the broader exploration portfolio is developed.
An exploration programme began in May at the 100%-owned Badinikro Permit, part of the 1,015 square kilometre Issia Project.
Work was progressing towards defining a resource and completing technical and economic studies on both the surface placer deposits and the deeper hard rock targets.
"These results cover a period for the company prior to the acquisition of Switch CDI, admission to AIM and transformation of the company to become Switch Metals in April 2025," said chief executive Karl Akueson.
"As Switch Metals, we are focused on technology and battery minerals in Cte d'Ivoire.
"Our strategy involves developing ethical and conflict free industrial tantalum production from shallow coltan placer deposits at our Issia Project in order to provide initial cash flow, thereby hedging exploration risk and reducing future fundraising requirements to develop the rest of our large exploration portfolio."
An operational update was expected at the company's annual general meeting in July, by which time the exploration programme would be underway.
Reporting by Josh White for Sharecast.com.