Switch Metals Plc (AIM: SWT) has entered the public arena at a pivotal time in global resource markets.
With its April 2025 listing on London’s AIM market, the company brings a focused strategy, early-stage production potential, and a leadership team grounded in both regional and international mining expertise.
Its mission is clear: to develop ethical, traceable production of battery and technology metals in one of Africa’s most promising jurisdictions, Côte d’Ivoire.
Born out of a private mineral explorer and shaped by a transformational reverse takeover, Switch Metals is now positioning itself as a near-term producer with a long-term growth trajectory. At the heart of its strategy lies the Issia Project, a tantalum-niobium opportunity with shallow, low-capex potential, and a broader pipeline of projects targeting lithium, cobalt, nickel, and copper.
But Switch is more than a collection of assets. It’s a company built to meet the moment: one where energy transition and geopolitical supply chain constraints are rewriting the global resource playbook. With clear leadership, a pragmatic roadmap, and institutional backing in place, Switch Metals is quietly but confidently stepping onto the global stage.
From Private Explorer to Public Platform: The Oneiro Energy Transformation
Switch Metal’s journey began as a privately held West African explorer focused on high-demand battery metals, operating under the name Switch Metals Côte d’Ivoire SARL. With a portfolio of promising assets in an emerging mining jurisdiction, the company had both the ambition and the geologic potential, but lacked the platform and capital to accelerate development at scale.
That opportunity came in mid-2024, when Oneiro Energy Plc, a UK-listed SPAC (Special Purpose Acquisition Company) focused on energy transition, identified Switch as a vehicle for long-term growth in the critical minerals space. On June 21, 2024, Oneiro announced its proposed acquisition of Switch Metals, triggering a suspension of trading in accordance with FCA rules.
What followed was a carefully structured reverse takeover. Approved by shareholders in March 2025, the transaction saw Oneiro issue over 40 million shares up front, with an additional 50 million contingent on performance milestones. On April 3, 2025, the deal closed. Oneiro was formally renamed Switch Metals Plc, and the newly transformed company resumed trading on AIM under the ticker SWT.
The significance of this transformation cannot be overstated. Oneiro’s transition from SPAC to operator, and Switch’s elevation from private entity to listed explorer, brought together clean capital, experienced management, and a strategic portfolio in one move, instantly reshaping the landscape for UK-listed battery metals players.
So what happened to Oneiro Energy, the SPAC? Well, with the reverse takeover completed and the new entity admitted to trading on AIM as Switch Metals Plc, Oneiro Energy Plc has effectively ceased to exist as a standalone brand or operating entity. Its corporate shell, listing status, and capital structure were fully absorbed into Switch Metals, allowing the private Côte d’Ivoire-focused explorer to gain a public listing and access to UK capital markets. The transition marks the conclusion of Oneiro’s role as a SPAC and the beginning of Switch’s journey as a publicly listed critical minerals company.
Asset Portfolio: Three Projects, One Strategic Pipeline
Switch Metals enters the public market with a focused, high-impact portfolio of three exploration-stage projects in Côte d’Ivoire, each offering distinct upside potential and strategically selected to support both near-term development and long-term scale.
Issia Project: Near-Term Production from Surface Coltan
The flagship Issia Project, located in western Côte d’Ivoire, is Switch’s most advanced asset and central to its near-term production strategy. Targeting alluvial and eluvial coltan (tantalum-niobium) mineralisation, Issia offers shallow, low-strip-ratio potential with minimal infrastructure requirements. Early fieldwork has confirmed widespread occurrences of mineral-bearing gravels, and Switch is now progressing toward a JORC-compliant resource statement.
Beyond its surface potential, Issia may also host significant hard-rock extensions at depth. Initial structural mapping and geochemical sampling suggest pegmatite bodies and source mineralisation, indicating a potential second phase of development. Issia’s location, close to existing road access and grid infrastructure, adds further value and reduces barriers to trial production.
In short, Issia represents a rare opportunity: early-stage, ethically sourced tantalum-niobium with fast-track development potential in a mining-supportive jurisdiction.
Bouaké Project: Lithium, Cobalt, and Base Metal Potential
The Bouaké Project, in central Côte d’Ivoire, offers exposure to a broader suite of energy transition metals. The project area is underlain by Birimian-aged greenstone belts and granitic intrusions, which are known to host lithium-cesium-tantalum (LCT) pegmatites, as well as prospective geologies for nickel, cobalt, and copper.
Switch has identified multiple geochemical anomalies and structural corridors consistent with LCT pegmatite emplacement. Preliminary fieldwork and satellite imagery also highlight artisanal workings and historical anomalies that merit follow-up.
Bouaké is an earlier-stage asset than Issia but represents a key part of Switch’s longer-term strategy: securing scalable exposure to globally significant battery metals in underexplored districts.
Tiassalé Project: Frontier Pegmatite Discovery Opportunity
The Tiassalé Project, located to the south of Bouaké, is Switch’s most frontier-stage asset but one with compelling geological potential. The area contains mapped granitic intrusions and structurally complex zones that are prospective for LCT pegmatites and polymetallic mineralisation.
Initial exploration has focused on stream sediment sampling, satellite analysis, and reconnaissance prospecting to identify priority areas. Tiassalé adds a valuable optionality to the portfolio, a low-cost, early-stage asset with the potential to yield a first-mover advantage in an emerging pegmatite district.
Leadership Built for West African Delivery
At the core of Switch’s strategy is a leadership team that understands both the geology and the complexity of delivering results in West Africa—drawing experience from both the legacy Switch Metals Côte d’Ivoire team and former Oneiro Energy board members.
Karl Akueson, Chief Executive Officer, is an Ivorian-born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He is also the founder and current CEO of Switch Metals, a private exploration company focused on technology metals in Côte d’Ivoire.
Didier Murcia, Non-Executive Chairman, is the Chair and founding director of Perth-based legal group Murcia Pestell Hillard. He has over 30 years of legal and corporate experience in the resources industry and currently serves as the Non-Executive Chair of Centaurus Metals Limited and Non-Executive Director of Alicanto Minerals Limited.
Andy Yeo, Chief Financial Officer, was previously part of Oneiro Energy, where he led finance and corporate structuring functions during its SPAC phase. He has significant expertise in the oil and gas sector and currently serves as Chief Executive Officer of AIM-quoted Baron Oil PLC.
Mamadou Doumbia, Non-Executive Director, is a co-founder of Africa Energy Transition Services (AETS) and has held various roles in the energy sector, including positions at Shell and PwC. He is also a board member of the Ivorian Private Sector Group responsible for climate, environment, and energy transition matters.
John Treacy, Non-Executive Director, was formerly a board member at Oneiro Energy. He is a corporate lawyer with over 15 years of experience advising AIM-listed companies and has served as a Non-Executive Director for various companies.
Together, this board combines local expertise, capital markets credibility, and operational execution. It is structured to balance entrepreneurial agility with institutional standards—proving up resources, delivering near-term milestones, and building a disciplined foundation for long-term growth.
The Critical Minerals Mandate: Right Time, Right Commodities
The world is in the midst of a structural shift toward electrification, and the commodities Switch targets, tantalum, niobium, lithium, cobalt, are at the centre of this transformation.
Tantalum and niobium are critical inputs in capacitors, semiconductors, and aerospace alloys. Demand is expected to rise in tandem with the proliferation of 5G, AI, and electric vehicle infrastructure. Yet supply remains opaque and ethically problematic, dominated by small-scale, often unregulated producers in Central Africa. Switch’s focus on traceable, ethical supply offers a differentiated market position at a time when transparency is becoming a commercial necessity.
Lithium, cobalt, and nickel, meanwhile, are the backbone of energy storage. While majors race to secure large-scale sources, companies like Switch with early-stage exposure in new jurisdictions are being closely watched by both OEMs and institutional investors looking to back the next wave of scalable production.
Crucially, Switch’s decision to operate in Côte d’Ivoire provides a stable foundation. The country has emerged as one of West Africa’s most mining-friendly jurisdictions, with a growing infrastructure base, transparent permitting systems, and a history of international investment in gold and base metals.
Capital Foundation and Funding Strategy
At admission, Switch Metals raised £2 million at 7.5p per share, resulting in a market capitalization of roughly £8.8 million. For a newly listed explorer, the structure is notable: a tight share register, limited free float, and clear alignment between management and shareholders.
The near-term plan is capital efficiency. Issia’s shallow placer potential means early-stage production may be achieved without excessive dilution or repeated fundraising. Cash flow generated could support further exploration at depth and across Tiassalé and Bouaké.
This bootstrap model, revenue before major expenditure, is a departure from the high-burn, capital-heavy paths followed by many explorers. It reflects Switch’s strategic discipline and aligns well with the current macro environment, where access to capital is more selective and investor scrutiny is high.
Risks and Investor Considerations
As with any newly listed resource company, Switch Metals carries risks. It is pre-revenue, with a resource base not yet defined under formal reporting codes. Operational execution will be critical, particularly in managing early-stage development without overruns.
Geopolitical risk, while relatively low in Côte d’Ivoire compared to other African jurisdictions, is not absent. Permitting timelines, local engagement, and logistics can all present challenges. However, Switch’s leadership appears well equipped to navigate these factors.
Market risk also looms. Tantalum and niobium pricing is opaque, often illiquid, and subject to substitution risk. While demand is rising, pricing mechanisms lack the transparency of other base or battery metals. Similarly, lithium and cobalt markets can be volatile, heavily influenced by Chinese demand cycles and EV uptake.
Investors should approach Switch as a long-duration, high-upside opportunity, one that combines near-term development with exposure to a multi-decade trend in energy transition.
Looking Ahead: A Growth Story Built for 2025 and Beyond
With a focused strategy, experienced team, and a clear runway ahead, Switch Metals enters the market at a time when early-mover advantage in battery metals can deliver asymmetric returns. The roadmap for 2025 is defined: delineate a resource at Issia, prepare for trial production, and accelerate exploration across the broader portfolio.
This is not a company chasing hype. Switch Metals is positioning itself as a disciplined, technically credible, and socially responsible entrant into a critical part of the global commodity chain.
For investors seeking exposure to ethically sourced, early-stage battery metals in a frontier market, led by a team with on-the-ground experience and capital restraint, Switch offers a compelling new addition to the London mining scene.
Disclaimer: The information presented in this article represents the opinions and research of the author and is provided for informational purposes only. It is not intended to be, nor should it be interpreted as, financial, investment, or legal advice. Investors are encouraged to perform their own due diligence and consult with qualified financial advisors before making any investment decisions. Investing in small-cap stocks involves significant risks, and past performance is not indicative of future results. The author and publisher are not liable for any financial losses or actions taken based on the content of this article.
