LONDON (ShareCast) - (Sharecast News) - Switch Metals announced the signing of a memorandum of understanding with Xcelsior Capital Advisors on Monday, to establish a strategic partnership aimed at accelerating the exploration, development and commercialisation of its critical metals projects in Côte d'Ivoire.
The AIM-traded miner said the partnership would focus on securing funding for exploration and development, with priority given to its Issia tantalum project.

It said the collaboration would also support marketing strategies to enhance sales and pricing of Issia's coltan concentrate and provide technical and ESG expertise to improve production standards and operational performance.

Xcelsior provides financing to producers of critical metals and minerals and is partnered with Wogen Resources, a global commodities trader specialising in off-exchange metals such as tantalum and niobium.

The company said the memorandum would remain in effect for up to 12 months or until the parties execute definitive agreements.

On signing the agreement, Switch granted Xcelsior 450,000 warrants to subscribe for ordinary shares at an exercise price of 10p, expiring four years from the date of issue.

"This is another major step forward for Switch Metals," said chief executive Karl Akueson.

"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."

Xcelsior founder and chief executive Liam Farley added that Switch was "in the right place at the right time" as a mining company focused on critical technology and battery minerals in Côte d'Ivoire.

"It is one of the country's largest land holders covering tantalum and niobium along with other critical metals prospects.

"In particular, Switch is well-positioned to become an alternative, fully-traceable, long-term and potentially premium supplier of tantalum to the global markets, which includes multiple demanding applications throughout the electronics industries."

At 1257 GMT, shares in Switch Metals were up 12.2% at 11.22p.

Reporting by Josh White for Sharecast.com.

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