10th Nov 2025 12:20
(Alliance News) - Switch Metals PLC on Monday said it signed a memorandum of understanding with Xcelsior Capital Advisors Limited for a proposed strategic partnership.
Switch Metals is a mining exploration company focused on developing battery and technology metals mines in Ivory Coast.
Shares in Switch Metals jumped 14% to 11.40 pence on Monday afternoon in London.
Switch Metals said the MoU outlines the key terms for a proposed strategic partnership between the parties to collaborate on common objectives.
These include securing exploration and development funding to develop Switch Metal's portfolio of critical metal and mineral assets, developing marketing strategies, as well as providing technical and environmental, social, and governance support.
Switch Metals said that the formalising of the partnership with Xcelsior, which is a financing provider of critical metals and minerals, will be subject to the two parties entering into definitive documentation.
The company said the MoU will "remain in effect for the earlier of a period of 12 months or until the execution of the definitive documentation or earlier termination in accordance with the provisions of the MoU."
Switch Metals said that, on the signing of the MoU, it has irrevocably agreed to issue Xcelsior with 450,000 warrants to subscribe for the company's ordinary shares of GBP0.0085 each.
Chief Executive Karl Akueson said: "This is another major step forward for Switch Metals. The initiation of a strategic partnership with Xcelsior will accelerate our exploration, development and sales opportunities for the near-term production plan at the company's Issia Tantalum project.
"Switch's early alignment with specialist and nimble participants within the specialist metals markets such as Xcelsior, adds to our credibility as an ambitious miner of these critical metals. We look forward to working with Xcelsior to access their funding and sales network, as well as their technical and ESG advisory expertise."
By Roya Shahidi, Alliance News reporter
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