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Switch Metals, a newly listed company on the London Stock Exchange, is focused on developing an ethically sourced tantalum supply chain from Côte d’Ivoire. Led by CEO Karl Akueson, the company is fast-tracking near-term coltan production from shallow placer deposits at the Issia project, supported by local expertise, and a low-capex development plan. With nearly 3,000 km² of exploration ground and a lean operational strategy, Switch aims to establish early cash flow and expand across a broader portfolio of critical minerals.
TL;DR
- 1. Switch Metals aims to produce coltan concentrate from surface gravels at the Issia project within two to three years.
- 2. CEO Karl Akueson personally holds a significant equity position and has invested over £100,000 into the company.
- 3. The company holds 100% ownership of its flagship project licenses.
- 4. Resource definition relies on systematic pitting and pilot-scale met testing, reducing exploration risk and cost.
- 5. Total capital required to reach first production is estimated between £10–15 million, to be funded through a mix of equity and project finance.
Is this the right CEO for Switch Metals?
Karl Akueson brings a combination of technical and financial experience, having worked in investment banking in London after completing a chemical engineering degree and a master’s in metals and energy finance. He is also the founder of Awalé Resources, another West African focused exploration company. “I founded the company in 2015… after a few years in banking I wanted to do something more entrepreneurial.” Akueson emphasized his deep connection to Côte d’Ivoire, noting he was born and raised there before moving to France and the UK, and has been based full-time in Abidjan for the past 10 years.
Is Switch Metals his only job?
Akueson stated that Switch Metals is his full-time focus. While he continues to advise Awalé Resources, the majority of his time is dedicated to Switch.
Does the technical team have enough experience?
Switch Metals operates with a hybrid team model, “We started with a good base… young, dynamic, very motivated group of guys… and complemented that with consultants.” Although tantalite exploration is relatively specialized, Akueson emphasized that the approach, focusing on pegmatites, is familiar to many working in lithium or tin: “The way it’s explored is pretty similar… you explore for pegmatites. They might be mineralized in tantalum, lithium, tin, or a mix.”
Did he pay for his shares?
“The bulk of my ownership is through founder shares… but I also participated in the following raises including the IPO.” He confirmed a personal investment of over £100,000, not including his “sweat equity” from years of unpaid work.
Who owns the rest of the shares?
Aside from insiders, who collectively hold about 34%, the rest of the company is held by IPO investors and a SPAC shell company, Oneiro Energy, into which Switch reversed. “A third of it was the new money that came in as part of the IPO… another third was from the shell company.” Akueson said that legacy shareholders from Oneiro supported the transition and even participated in the IPO, showing confidence in the new direction.
What is the warrants/options situation?
The company has a little over 55 million warrants, mostly connected to the SPAC structure and not currently in the money. “Most of them are really linked to certain thresholds… most being double or more of the current price.” The warrants are closely monitored and not freely floating: “They’re very well controlled”
Are there royalties on the projects?
There are no royalties on the flagship projects, Issia and Bouake, which are held at 100% ownership by Switch. A potential 1% royalty exists on the lithium asset, Tiassale, but only if it goes into production and is fully acquired. Regarding government royalties, Akueson explained: “The government has a free carry and a royalty… historically 3%, and a 10% free carry.”
How is executive compensation determined?
“We’re getting paid right now half of our package in cash… the other half is currently unpaid and kept on the balance sheet.” Akueson disclosed that his cash salary is £125,000, while the CFO receives £100,000, both paid at 50%. Deferred compensation may later be converted into equity or paid upon future financings:
What’s the business plan for Switch Metals?
The company’s strategy is to become a near-term metal producer, starting with coltan concentrate from surface gravels. The plan is to generate early free cash flow, which will support further growth and exploration. “Cash flow gives you comfort… to explore and buy or find bigger things.” The Issia project was prioritized due to its low capex, permitting simplicity, and surface mineralization.
What would they consider ‘success’?
Initial success is defined by achieving net free cash flow per year from the coltan operation.“If we generate in the early days something with a net cash flow in the range of £5 to £10 million per annum, it would be a good base.” This cash flow would support optionality, either expanding production across existing licenses or acquiring additional assets.
How long could the plan take?
The company aims to reach production and begin generating cash flow within 2 to 3 years, with full operational scaling “within the next 3 to 5 years we can achieve that, we will be very happy.”
How much money would the plan take?
To reach production, Switch Metals expects to spend between £10-15 million, including already raised capital. “We raised £2 million at IPO… current plan fits within a range of £5 to £10 million in capex.” The company has enough cash to define its first resource and advance a preliminary economic assessment. Additional capital will be needed for plant construction and operations.
How will they finance the company going forward?
Future funding will likely include a mix of equity, project debt, and strategic offtake arrangements. “It’s not going to be full equity… as one of the largest shareholders, it matters to me and the rest of the shareholder list.” Akueson emphasized that they are already exploring alternative financing structures.
Would he be looking for a JV?
A joint venture is not a priority, particularly for tantalum. “If they’re a buyer, they’re better off just being buyers and clients… rather than a joint venture.” Akueson acknowledged that if lithium were discovered, a JV could become more viable depending on the partner.
What’s the history of the assets?
Akueson began assembling the land package in 2017-2018, taking advantage of lapsed gold exploration licenses to acquire ground with historic tantalum occurrences. “I created a new company, applied for one license… then the next was relinquished, and I slowly started pegging everything.” The strategy was based on field visits, archival research, and the belief that surface mineralization was weathered material from underlying pegmatites: “Of course it doesn’t come from the sky… it was just a weathered part of deep rock deposits.”
What’s the exploration plan for this year?
Switch’s 2025 exploration focuses on defining a maiden resource from shallow placer coltan deposits “We launched a program focused on the shallow part of the deposit… using systematic pitting to define a representative grade.”
When are assay results expected?
Assay results are expected by year-end 2025, forming the basis for further technical and economic studies. “The results would come through in the later part of this year… once we have that, we can start putting studies around that initial resource.” Assays are processed by ALS, with support from internal XRF testing and on-site quality control systems.
What are the goals for this year’s exploration program?
The minimum success threshold is to define a resource with a few hundred tonnes of contained tantalum, enough to justify small-scale mining and plant construction.”… tantelum is a very highvalue metal… between $220,000 and $230,000 per ton.” The aim is a low-capex, high-margin start with gravity separation and no chemical processing.
What would they consider ‘failure’?
Failure would be defined as a project that is economically too small to support a listed company, even if it remains technically viable, “then we’d have to sell it to someone to build it privately.” The company’s strategy is designed as “hedged exploration,” ensuring even a suboptimal result would likely recoup costs.
Will they publish an MRE this year?
Switch Metals plans to publish a maiden resource estimate (MRE) by the end of 2025, focused on shallow placer deposits. This estimate will be based on systematic pitting and bulk sample analysis. “… that would give us the base we need to start talking economic terms.”
Have they mapped vertical zoning?
Yes. Vertical zoning is being integrated into the model via topographic surveys and pit-by-pit sampling at 1-meter intervals. “We’ll define the grade for each of these meters and try to link it to the next hole… and define those blocks on a 100×100 meter grid.” The approach mirrors standard resource modelling practices, with a focus on the most enriched weathered layers.
How deep do they have to drill this year?
Switch is not drilling in the traditional sense. Instead, they are conducting 5-meter deep pits to sample the uppermost, free-dig coltan-bearing layers. “… we’re focused on the cream at the top.” In some cases, pitting has already exposed underlying pegmatites, which may become future drill targets.
How much money are they spending on exploration?
The current exploration budget is between £400,000 and £600,000, covering pitting, assays, and a small pilot wash plant for preliminary met work. The wash plant supports both sample preparation and metallurgical testing, providing early insight into recovery.
When will they raise capital?
The company does not intend to raise additional capital until the resource estimate and test results are published. “… we want to demonstrate that we’ve achieved what we said we would with the IPO raise.” Future capital raises will depend on financing needs for construction and production phases.
Will they do met work this year?
“The initial met testing would be part of why we put the wash plant together.” These tests are designed to determine recovery rates and support a basic flowsheet for the resource estimate.
Is there ilmenite?
Yes, though ilmenite and other secondary minerals are not primary targets. The project also contains magnetite, some titanium, and minor tin. “… they’re just not as valuable right now as the tantalum.” Other potential by-products (like monazite and xenotime) are present at Switch’s secondary project areas but not currently part of the Issia plan.
Is the tantalum locked in gangue?
No. The tantalum is free dig, found in surface soils and easily separated as heavy mineral concentrate. “… you find it in the laterite… very heavy and easy to separate.” The concentrate will be upgraded to 25–35% Ta₂O₅, the industry benchmark for saleable coltan.
Are there any penalty elements?
Initial results indicate low levels of radioactive elements like uranium and thorium, which are typical penalty elements in coltan concentrates. “We are on the safe side” The concentrate has historically been sold from the same region without penalties.
Is there uranium/thorium there?
While trace amounts exist, uranium and thorium are not present at economically recoverable levels and are unlikely to interfere with sales. “They won’t generate anything for us… and we almost don’t want it because it would prevent us from selling a good quality concentrate.” Switch considers this a non-issue, especially since the project has a history of successful sales to European buyers.
Is there lithium in the pegmatites?
There is potential for lithium in Switch Metals’ pegmatites, though it is not the company’s current focus. Minerals like spodumene, petalite, and lepidolite may be present, depending on pegmatite complexity. “… as long as you have economic grades, you can probably come up with a flowsheet.” Akueson emphasized that lithium-bearing pegmatites could complicate processing but may also become strategic assets in the future.
Will they need multiple processing circuits?
For now, no. The processing strategy relies on simple gravity separation of heavy minerals from surface gravels,“… no crushing, no grinding, and no chemicals involved.” This approach allows for low capex and high-margin production at the early stage.
Is water an issue/challenge?
Water is not a major concern at the current stage. The project area has sufficient stream networks and seasonal flows suitable for small-scale washing and processing.
Why hasn’t someone already mined this?
Artisanal mining never took hold due to the absence of local buyers for coltan, and legal restrictions made informal mining difficult. Additionally, Akueson secured licenses early and maintained strong community relationships to discourage unauthorized activity. As well, global tantalum buyers previously relied on supply from DRC and Rwanda, but growing demand and sourcing concerns are now creating an opportunity for Switch Metals.
How does tantalum trading work?
Tantalum is sold as concentrate, often under offtake agreements, not on a traditional spot market. Prices and terms are negotiated directly with buyers, typically processors or electronics manufacturers.
What determines the tantalum price?
Demand is steadily increasing due to the rising use of electronic devices, while global supply remains limited because tantalum is not widely distributed geologically. Prices tend to rise or stabilize over time, with occasional spikes caused by disruptions in key producing countries like the DRC or Rwanda. Additionally, geopolitical tensions and increased defense spending can create further demand, as tantalum is also used in military applications.
How would the mine permitting process work?
The permitting process for a tantalum mine in Côte d’Ivoire closely mirrors that of other commodities like gold. Exploration licenses follow a 4+3+3 structure, initially granted for four years, with two possible three-year renewals, giving companies up to ten years to explore. To move into production, a mining license is required.. Fiscal terms are generally stable for tantalum: the expected government royalty is a flat 3%, and there’s a standard 10% government free carry.
Is it taking longer to get exploration permits in Côte d’Ivoire?
Permitting in Côte d’Ivoire has historically been slow at times, but the Ivorian government is working to improve efficiency, including efforts to digitize parts of the permitting process. Karl emphasized “Me being in-country… has helped in making sure that we progress things.” Staying engaged with the administration and understanding bureaucratic nuances are key to avoiding unnecessary delays.
How is corruption in Côte d’Ivoire?
It has not been an issue in Côte d’Ivoire. Since arriving in the country, Karl has secured multiple exploration licenses for both Switch and Awalé without resorting to bribes or “sweetening the deal. His experience suggests that if companies present themselves as incorruptible, officials generally don’t ask for anything improper.
How much will the G&A be?
Switch Metals aims to keep its general and administrative (G&A) expenses around £500,000 annually, which includes all corporate overhead costs associated with being a London-listed company. This budget covers accounting, listing fees, board management, and other administrative needs.
What are they doing for marketing?
Karl emphasizes the importance of prioritizing exploration and results first: “We have to make sure we keep things running on site… and put most of our capital into getting results out.”Marketing is mainly done through interviews and content creation rather than heavy conference participation or roadshows. Akkueson based in-country, has deliberately avoided spending on travel for now, preferring to wait until the company has more substantial milestones to present. “There’s no point in pitching until I have something more material to tell,”
Will they look to list on a different exchange?
Switch Metals has no plans to list on another exchange and remains committed to the London Stock Exchange (LSE). While CEO Karl Akueson has a personal history with the UK, he emphasized broader strategic reasons: London’s long-standing ties to African mining, proximity to European customers (especially in Germany and Belgium), and investor familiarity with specialty metals like tin and tantalum.
What are the main challenges for Switch Metals?
Switch Metals’ primary challenge is delivering tangible exploration results by year-end, a milestone that CEO Karl Akueson sees as pivotal for validating the project and shifting the narrative from potential to progress. “That’s really what I’m waking up for every day,” he said. Other key challenges include maintaining site safety amid intensive fieldwork and raising awareness around tantalum.
Switch Metals interview with CEO, Karl Akueson
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