Result of Oversubscribed WRAP Retail Offer

Switch Metals (LSE: SWT), the critical metals focused mining company with assets located in Côte d'Ivoire, is pleased to confirm, further to the announcements made on 30 April 2026, the result of its Fundraise at the Issue Price of 10 pence per share. The WRAP Retail Offer was more than four times oversubscribed, demonstrating strong support from retail shareholders. As a result, in accordance with the terms of the WRAP Retail Offer, the Company has decided to increase the size of the offer to partially accommodate some of this excess demand. The Company announces that it has raised aggregate gross proceeds of £250,000 pursuant to the WRAP Retail Offer, alongside the previously announced Subscription. Accordingly, the Company will issue a total of 2,500,000 new Ordinary Shares at the Issue Price pursuant to the WRAP Retail Offer.

In total, the Subscription and the WRAP Retail Offer have raised gross proceeds of £1.25 million for the Company, via the Subscription for 10,000,000 Subscription Shares and the 2,500,000 WRAP Retail Offer Shares.

Karl Akueson, CEO of Switch Metals PLC commented:

"The Company is pleased announce the result of its WRAP offer, which was heavily oversubscribed and demonstrates the strong retail support Switch Metals has received in recent months.

"While the Board remain conscious of minimising shareholder dilution, the Company has considered it appropriate to modestly increase the size of the WRAP Retail Offer to accommodate a portion of the excess demand and enable a wider group of retail investors to participate.

"Together with the previously announced Subscription, the Fundraise provides the Company with £1.25 million to advance its planned work programmes at Issia. This includes the maiden scout drilling campaign at the Kaboré spodumene discovery and other priority hard-rock lithium and tantalum pegmatite targets, progression of the tantalum MREs across the eluvial, colluvial and drainage basin targets, and working capital through to the initial release of the tantalum MREs."

Admission and Total Voting Rights

Applications have been made for the Subscription Shares and the WRAP Retail Offer Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective on or around 07 May 2026.

Upon Admission, the Company's issued ordinary share capital will consist of 131,241,247 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 131,241,247. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The new Ordinary Shares to be issued pursuant to the WRAP Retail Offer will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Subscription and the Company's existing Ordinary Shares.

Terms used but not defined in this announcement have the same meaning as set out in the Company's announcement released at 7:01 a.m. 30 April 2026.

The Company's LEI is 984500640D645EE3EC94.