Interim Results

Alkemy Capital Investments PLC

14 October 2026

 

Alkemy Capital Investments Plc

Interim Results for the Six Months Ended 31 July 2026

Alkemy Capital Investments plc (“Alkemy” or the “Company”) announces its unaudited financial statements for the 6 months ended 31 July 2026 (“Financial Statements”).

Chairman's Statement

I am pleased to present Alkemy’s interim results for the six months ended 31 July 2026.

During the period our wholly owned subsidiary, Tees Valley Lithium (“TVL”), completed the engineering of its first refinery train, moved it to a stronger site at Billingham and widened the base of partners around it. Shortly after the period end, it received an Offer in Principle of up to £18.3 million in capital grant funding from the UK Government. Taken together, these steps take TVL from a well-engineered project towards one of national significance.

Engineering complete

TVL completed its Front-End Engineering Design (“FEED”) early in the period. The design confirms Train 1 at 25,000 tonnes a year of battery-grade lithium hydroxide monohydrate, at a capital cost of approximately £185 million. Independent analysis by SC Insights places TVL among the lowest capital-intensity lithium refining projects in Europe. Since FEED, the team has continued to improve the design, with a particular focus on plant availability, utilities integration and materials handling.

Billingham

In February, TVL moved Train 1 to the Billingham Chemical Complex. Billingham has a long record of chemical processing on Teesside. The site offers established utilities, existing industrial neighbours and a skilled workforce within the Teesside cluster. Engineering, environmental and consenting work for the site progressed throughout the period.

Customers, feedstock and partners

The foundation of TVL’s commercial position is its binding agreement with Glencore, one of the world’s largest miners and commodity traders. It anchors the sale of Train 1’s battery-grade lithium hydroxide with a counterparty of global reach, and Veolia’s process technology underpins the plant that will produce it. During the period, TVL built out the rest of the chain around that foundation.

On feedstock, TVL continued to build a diversified international supply base, including advanced discussions with Canadian and UK lithium producers. In July, TVL and E3 Lithium agreed a framework for the conversion at Teesside of up to 50,000 tonnes of lithium carbonate from E3’s Clearwater project in Alberta over an initial ten-year term. In February, TVL agreed with Watercycle Technologies to recover up to 800 tonnes a year of lithium carbonate equivalent from the refinery’s own process water, and to develop a route to up to 50,000 tonnes of recycled lithium feedstock over five years. TVL also partnered with Circulor to provide batch-level digital traceability, in line with the requirements of the EU Battery Regulation.

In June 2026, TVL published its Impact Report. The report estimates that the refinery will contribute £2.1 billion to the UK economy over 25 years and support around 1,700 jobs across construction, operations and the supply chain.

Government support

On 17 September 2026, after the period end, TVL received an Offer in Principle for capital grant funding of up to £18.3 million under the Government’s DRIVE35 programme. The programme is delivered by the Department of Business, Innovation, Science and Trade with the Advanced Propulsion Centre UK. The offer is subject to due diligence and to the parties entering into a final grant agreement, and TVL is working with the Department to complete both. This is non-dilutive capital. It also shows clearly that the Government intends to build domestic lithium refining capacity in Britain and sees Teesside as the place to do it. On behalf of the Board, I thank the government ministers and officials for their support.

In November 2025, the Company indicated that it expected TVL to reach a final investment decision in the first quarter of 2026. Two factors have moved that timetable. First, the move to Billingham reset the land, planning and consenting work for Train 1, and the Board chose to complete some of this work before committing capital. Second, the Government grant, which is a cornerstone of the Train 1 funding package, took longer than anticipated to reach an offer. This was partly because of the change in administration in July 2026 and the ministerial and department changes that followed. With the Offer in Principle now received, TVL can advance the remaining elements of the funding package alongside the grant due diligence.

Lithium refining is the step in the battery supply chain that Europe has never developed at scale. As a result, most of the lithium in Europe’s batteries is still refined in East Asia. Britain built its industrial strength on refining and processing, and Teesside did more of that than anywhere else. TVL is developing a world-class merchant lithium refinery that is competitive on capital and operating cost, is backed by Government, and has the capacity to grow into one of Europe’s largest. The Board believes it can become a cornerstone of Britain’s battery supply chain.

Beyond lithium

Over the past two years, TVL has developed a model for midstream refining in the UK. It is a merchant refinery that converts feedstock from a diversified international supply base into battery-grade product. It is engineered for low capital intensity, located in an established chemical cluster, and backed by tier-one commercial partners and Government. The Board believes this model can be applied beyond lithium.

Graphite forms the anode in the great majority of lithium-ion batteries, and manganese is used in a growing range of cathode chemistries. Both face the same gap as lithium, because both are refined overwhelmingly outside Europe, and mostly in East Asia.

Now that TVL has established the model, the Board intends to step up work on battery-grade graphite processing through Tees Valley Graphite, and to assess a comparable opportunity in manganese. Each would draw on the engineering, commercial and government relationships that TVL has built.

In time, they could extend Alkemy from a single refinery into a UK platform for battery materials processing. The Board will pursue these opportunities in a disciplined and capital-light way, and Train 1 remains its first priority.

I would like to thank Vikki Jeckell and the TVL team for an exceptional period of work, our partners for their commitment, and our shareholders for their continued support.

Paul Atherley

Non-Executive Chairman

14 October 2026

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 31 July 2026

									For six months ended 31 July 2026 (unaudited)		For six months ended 31 July 2025 (unaudited)	Year ended 31 January 2026 (audited)
									£		£	£
							Note
Other income									44		-	235
Administrative expenses									(872,856)		(756,298)	(1,708,841)
Project Development costs									(5,940)		(154,275)	(175,241)
Finance costs									(482,594)		(210,638)	(532,710)
Foreign exchange gains / (losses)									47,918		(10,895)	(71,291)
Loss before taxation									(1,313,428)		(1,132,106)	(2,487,848)
Income tax									-		-	-
Loss after taxation									(1,313,428)		(1,132,106)	(2,487,848)
Other Comprehensive income
Exchange gains / (losses) on translation of foreign operations									(2,077)		14,508	(13)
Total other comprehensive income									(2,077)		14,508	(13)
Total comprehensive loss for the period									(1,315,505)		(1,117,598)	(2,487,861)
Earnings per share							9
Basic and diluted (pence per share)									(12.1p)		(11.9p)	(25.3p)

The accompanying notes form an integral part of the financial information.

STATEMENT OF FINANCIAL POSITION

As at 31 July 2026

			Note		At 31 July 2026 (unaudited)	At 31 July 2025 (unaudited)	At 31 January 2026 (audited)
					£	£	£
ASSETS
Non current assets
Intangibles – Project development costs					4,071,144	830,122	3,757,569
Total Non current assets					4,071,144	830,122	3,757,569
Current assets
Trade and other receivables			8		114,144	79,548	141,277
Cash and cash equivalents					146,622	723,117	153,286
Total current assets					260,766	802,665	294,563
Total assets					4,331,910	1,632,787	4,052,132
EQUITY
Equity Attributable to Owners of the company
Share capital			10		222,702	196,964	213,252
Share premium					8,601,144	5,615,961	7,173,207
Share based payments					1,195,452	785,028	1,051,652
Foreign exchange reserve					(20,017)	(3,419)	(17,940)
Retained earnings					(10,440,993)	(7,771,823)	(9,127,565)
Total equity					(441,712)	(1,177,289)	(707,394)
LIABILITIES
Current liabilities
Trade and other payables			11		2,376,582	1,603,989	2,708,929
Borrowings			12		1,623,198	1,206,087	904,877
Total current liabilities					3,999,780	2,810,076	3,613,806
Non Current Liabilities
Borrowings			12		773,842	-	1,145,720
Current and Total Liabilities					4,773,622	2,810,076	4,759,526
TOTAL EQUITY AND LIABILITIES					4,331,910	1,632,787	4,052,132

This report was approved by the board and authorised for issue on 14 October 2026 and signed on its behalf by:

Paul Atherley

Non-Executive Chairman

The accompanying notes form an integral part of the financial information.

STATEMENT OF CHANGES IN EQUITY

for the period ended 31 July 2026   

	Share capital	Share Premium	Share Based Payments	Foreign Exchange Reserve	Retained Earnings	Total
	£	£	£	£	£	£
As at 1 February 2025	176,297	4,261,626	689,029	(17,927)	(6,639,717)	(1,530,692)
Loss for the period	-	-	-	-	(1,132,106)	(1,132,106)
Foreign exchange losses on translation of overseas subsidiaries	-	-	-	14,508	-	14,508
Total Comprehensive income	-	-	-	14,508	(1,132,106)	(1,117,598)
Transactions with owners:
Issue of shares	20,667	1,354,335	-	-	-	1,375,002
Issue of warrants	-	-	95,999	-	-	95,999
Total transactions with owners	20,667	1,354,335	95,999	-	-	1,471,001
Balance at 31 July 2025	196,964	5,615,961	785,028	(3,419)	(7,771,823)	(1,177,289)

	Share capital	Share Premium	Share Based Payments	Foreign Exchange Reserve	Retained Earnings	Total
	£	£	£	£	£	£
As at 1 February 2026	213,252	7,173,208	1,051,652	(17,940)	(9,127,565)	(707,394)
Loss for the period	-	-	-	-	(1,313,428)	(1,313,428)
Foreign exchange losses on translation of overseas subsidiaries	-	-	-	(2,077)	-	(2,077)
Total Comprehensive income	-	-	-	(2,077)	(1,313,428)	(1,315,505)
Transactions with owners:
Issue of shares	9,450	1,427,936	-	-	-	1,437,386
Issue of warrants	-	-	143,800	-	-	143,800
Total transactions with owners	9,450	1,427,936	143,800	-	-	1,581,186
Balance at 31 July 2026	222,702	8,601,144	1,195,452	(20,017)	(10,440,993)	(441,712)

The accompanying notes form an integral part of the financial information.

STATEMENT OF CASHFLOWS

for the period ended 31 July 2026

					Six months ended 31 July 2026 (unaudited)	Six months ended 31 July 2025 (unaudited)			Year ended 31 January 2026 (audited)
					£	£		£
Loss before tax					(1,313,428)	(1,132,106)		(2,487,848)
Adjusted for:
Share based payments					-	95,999		151,210
Finance costs					482,594	210,638		532,710
Equity settled transactions					522,416	-		1,083,632
(Increase)/decrease in receivables					27,133	(31,740)		6,430
(Decrease)/Increase in trade creditors					(518,454)	479,238		(381,029)
Net cash used in operating activities					(799,739)	(377,971)		(1,094,895)
Investing activities
Payments for intangible assets					(210,301)	(323,938)		(1,850,297)
Net cash outflow from investing activities					(210,301)	(323,938)		(1,850,297)
Financing activities
Repayment of Borrowings					(335,756)	-		(965,982)
Proceeds from borrowings					1,500,000	682,896		2,182,896
Interest paid					(158,791)	-		-
Issue of shares (net of share issue expenses)					-	710,949		1,864,904
Net cash from financing activities					1,005,453	1,393,845		3,081,818
Net (decrease)/increase in cash and cash equivalents					(4,587)	691,936		136,626
Cash and cash equivalents at beginning of the period					153,286	16,673		16,673
Effects of foreign exchange on cash balances					(2,077)	14,508		(13)
Cash and cash equivalents at end of the period					146,622	723,117		153,286

The accompanying notes form an integral part of the financial information.

NOTES TO THE FINANCIAL INFORMATION

1. GENERAL INFORMATION

The Company was incorporated on 21 January 2021 in England and Wales as a public company, limited by shares and with Registered Number 13149164 under the Companies Act 2006. On incorporation, the Company’s name was Alkemy Capital Plc. On 4 February 2021, the Company’s name was changed to Alkemy Capital Investments Plc. The Company’s registered office address is 167-169 Great Portland Street, Fifth Floor, London W1W 5PF. On 25 February 2022 the Company formed a wholly owned subsidiary called Tees Valley Lithium Limited, a company seeking to establish a Lithium Hydroxide Monohydrate (“LHM”) processing facility in Teesside, UK.

The Company’s objective is to establish a LHM processing plant at its chosen site in Teesside, UK which will aim to initially produce LHM from lithium feedstock from various sources, to be sold to the UK and European mobile energy markets.

In August 2022 the Company announced plans to build a lithium sulphate monohydrate plant at Port Hedland, Australia’s largest export port located in the Pilbara region of Western Australia, to feed TVL’s LHM facility in Teesside and in September 2022 the Company formed a wholly owned subsidiary called Port Hedland Lithium Pty Ltd.

Other than the Directors, the Company has three employees.

The Directors who served during the period were Sam Quinn, Paul Atherley and Helen Pein.

2. ACCOUNTING POLICIES

Basis of preparation

The principal accounting policies adopted by the Company in the preparation of the Company Financial Information are set out below.

The Company Financial Information has been presented in £, being the functional currency of the Company.

The Company Financial Information has been prepared in accordance with IFRS, including interpretations made by the International Financial Reporting Interpretations Committee issued by the International Accounting Standards Board. The standards have been applied consistently. The historical cost basis of preparation has been used.

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Company’s accounting policies.

In the opinion of the management, the interim unaudited financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. The interim unaudited financial information should be read in conjunction with the Company’s audited financial statements and notes for the year ended 31 January 2026.

Standards and interpretations issued but not yet applied

A number of new standards and amendments to standards and interpretations have been issued but are not yet effective and, in some cases, have not yet been adopted by the UKEU. The Directors do not expect that the adoption of these standards will have a material impact on the Company Financial Information.

Going Concern

As part of their assessment of going concern, the Directors have prepared cash forecasts to determine the funding requirements of the business over the 18 months from the reporting date, based on various scenarios of technical project development activity levels, in turn dependent on availability of funding.

As at the date of this report, the Directors are considering a variety of funding options from numerous parties to consider the option best suited to balancing the immediate cash flow needs of the business and desire to accelerate the project development timeframe against the need to avoid unnecessary dilution of the shareholders. Potential funding options include:

• project level debt and/or strategic equity which would provide sufficient funding to accelerate the project development program over the period of consideration, as well as general working capital requirements;
• market equity placings to secure working capital funding needs whilst project development funding opportunities continue to be assessed;
• convertible lending facilities which may act as a hybrid of working capital and project development funding, allowing progression of project development at a less accelerated rate that would be the case under a more substantial project lending facility;
• any combination of the above.

As successful execution of one of the above fundraising options cannot be assured, a material uncertainty exists which may cast significant doubt on the ability of the Company and Group to continue as a going concern and realise its assets and discharge its liabilities in the normal course of business.

The Board has previously managed to secure funding as and when required and remains in constant discussions with finance providers and as such the Board is reasonably confident that necessary funding will continue to be secured, as and when required, by executing on one of the above options under consideration, such that the Directors have a reasonable expectation that the Company will continue in operational existence for the next 12 months. 

Accordingly, the Directors believe that as at the date of this report it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Financial assets

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the recognised amounts and interests and it is intended to settle on a net basis. Cash comprises cash in hand and on demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value with maturities of less than 90 days.

Financial liabilities

The Company does not currently have any financial liabilities measured at fair value through profit or loss, therefore all financial liabilities are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost. The Company recognises an equity instrument on any contract that evidences a residual interest in the assets of the Company. In this period Ordinary Shares were the only equity instrument, recognised at the point at which a call is made on the Shareholders.

Earnings per Ordinary Share

The Company presents basic and diluted earnings per share data for its Ordinary Shares. Basic earnings per Ordinary Share is calculated by dividing the profit or loss attributable to Shareholders by the weighted average number of Ordinary Shares outstanding during the period. Diluted earnings per Ordinary Share is calculated by adjusting the earnings and number of Ordinary Shares for the effects of dilutive potential Ordinary Shares.

3. USE OF ASSUMPTIONS AND ESTIMATES

In preparing the Company Financial Information, the Directors have to make judgments on how to apply the Company’s accounting policies and make estimates about the future. The Directors do not consider there to be any critical judgments that have been made in arriving at the amounts recognised in the Company Financial Information.

4. DIRECTORS’ EMOLUMENTS

31 July 2026	Directors’ fees £’000	Consultancy fees £’000	Total £’000
P Atherley	24,000	69,073	93,073
S Quinn	22,714	30,000	52,714
V Jeckell*	125,000	-	125,000
H Pein	9,000	-	9,000
Total	180,714	99,073	279,787

31 July 2025	Directors’ fees £’000	Consultancy fees £’000	Total £’000
P Atherley	24,000	69,000	93,000
S Quinn	22,415	40,000	62,415
V Jeckell*	72,279	130,000	202,279
H Pein	9,000	-	9,000
Total	127,694	239,000	366,694

*Vikki Jeckell is a director of Tees Valley Lithium Limited, a subsidiary of the Company who is considered a Person Discharging Managerial Responsibilities (PDMR) due to her managerial capacity over the Group’s principal operations.

5. FINANCIAL RISK MANAGEMENT

The Company uses a limited number of financial instruments, comprising cash and various items such as trade payables, which arise directly from operations. The Company does not trade in financial instruments.

Financial risk factors

The Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance.

(a) Credit risk

The Company does not have any major concentrations of credit risk related to any individual customer or counterparty.

(b) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash, the Company ensures it has adequate resource to discharge all its liabilities. The directors have considered the liquidity risk as part of their going concern assessment.

Fair values

Management assessed that the fair values of other receivables approximate their carrying amounts largely due to the short-term maturities of these instruments.

6. CAPITAL MANAGEMENT POLICY

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The capital structure of the Company consists of equity attributable to equity holders of the Company, comprising issued share capital and reserves.

7. FINANCIAL INSTRUMENTS

The Company’s principal financial instruments comprise other receivables. The Company’s accounting policy and method adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of this financial asset. The Company does not use financial instruments for speculative purposes.

There are no financial assets that are either past due or impaired.

8. TRADE AND OTHER RECEIVABLES

	31 July 2026	31 July 2025	31 January 2026
	£	£	£
Prepayments	29,283	7,935	20,983
VAT receivable	84,061	70,764	53,992
Other receivables	800	849	66,302
Total trade and other receivables	114,144	79,548	141,277

9. EARNINGS PER SHARE

The loss per share has been calculated using the loss for the year and the weighted average number of ordinary shares entitled to dividend rights which were outstanding during the period. There were no potentially dilutive ordinary shares at the period end.

	31 July 2026	31 July 2025
	£	£
Loss for the period attributable to equity holders of the Company	(1,313,428)	(1,132,106)
Weighted average number of ordinary shares (number of shares)	10,813,514	9,479,124
Loss per share (pence per share)	(12.1)	(11.9)

10. SHARE CAPITAL & RESERVES

	Number of ordinary shares of 2p	Share Capital £	Share premium £	Share based payments £
At 31 January 2025	8,814,851	176,297	4,261,627	689,028
Issue of shares	1,033,334	20,667	1,354,334	-
Issue of Options and Warrants	-	-	-	95,999
At 31 July 2025	9,848,185	196,964	5,615,961	785,027
At 31 January 2026	10,662,592	213,252	7,173,207	1,051,652
Issue of Ordinary shares	472,488	9,450	1,427,937	-
Issue of Warrants in the year	-	-	-	143,800
At 31 July 2026	11,135,080	222,702	8,601,145	1,195,452

On 4 February 2026 the Company issued 70,446 ordinary shares of 2p through conversion of debt at a price of £3.48 per share.

On 27 February 2026 the Company announced the conversion of £500,000 of debt into 143,587 new ordinary shares at a conversion price of £3.48 per share.

On 19 March 2026 the Company announced the allotment of 100,000 new ordinary shares to Wave International at a price of £3.97 per share in connection with engineering and project development services provided to the Company, while at the same time issuing 61,004 warrants for new shares with an exercise price of £6.15 per share and exercisability period of 48 months.

On 15 June 2026 the Company announced the allotment of 49,316 new ordinary shares to Wave International and Green Wave Procurement at a price of £2.90 per share in connection with engineering and project development services provided to the Company.

On 18 June 2026 the Company issued 109,139 ordinary shares of 2p through conversion of debt at a price of £2.04 per share.

On 3 July 2026 the Company issued 56,173 warrants with an exercise price of £3.34 per share and exercisability period of 48 months.

11. TRADE AND OTHER PAYABLES

	31 July 2026 £	31 July 2025 £	31 January 2026 £
Trade payables	1,611,507	906,077	1,809,127
Other payables	270,339	135,753	201,866
Accrued expenses	494,736	562,159	697,936
Total trade and other payables	2,376,582	1,603,989	2,708,929

12. BORROWINGS

	31 July 2026 £	31 July 2025 £	31 January 2026 £
Current borrowings	1,623,198	1,206,087	904,877
Non-current borrowings	773,842	-	1,145,720
	2,397,040	1,206,087	2,050,597

The current borrowings balance of £1.62m includes the following related party balances: £5k owed to Paul Atherley (2025: £5k) which is unsecured, repayable on demand and does not accrue interest.

Included in current and non-current borrowings is the amount of £2.39m payable to Riverfort Global Opportunities PCC Limited.  The loan accrues interest on an annual basis at 15% of outstanding principle, is subject to an implementation fee of either 5% of each relevant drawdown paid in cash and deducted from gross proceeds or 7% of each relevant drawdown issued in shares (at the discretion of the company) and is subject to monthly cash repayments of interest and amortised principal up to maturity in 2Q2028.

Reconciliation of movements in borrowings			31 July 2026 £	31 July 2025 £	31 January 2026 £
Opening position			2,050,597	599,391	599,391
Additions			1,500,000	682,895	2,182,896
Additions – non cash			-	72,000	72,000
Interest accrued			150,961	51,800	162,292
Cash repayments (including interest)			(347,293)	(200,000)	(424,926)
Principle converted into equity			(957,225)	-	(541,056)
Closing position			2,397,040	1,206,087	2,050,597

13. POST BALANCE SHEET EVENTS

On 17 September 2026 the Company announced that its 100% owned subsidiary Tees Valley Lithium has received an offer in principle for capital grant funding of up to £18.3 million under the Government’s DRIVE35 Automotive Transformation Fund programme.

14. ULTIMATE CONTROLLING PARTY

As at 31 July 2026, the company has no ultimate controlling party.

 

END