REG - Alkemy Capital Invs. - Interim Results
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RNS Number : 3709D Alkemy Capital Investments PLC 15 October 2025
Alkemy Capital Investments Plc
Interim Results for the Six Month Ended 31 July 2025
Alkemy Capital Investments plc ("Alkemy" or the "Company") announces its
unaudited financial statements for the 6 months ended 31 July 2025 ("Financial
Statements").
Chairman's Statement
I am pleased to present Alkemy's interim results for the six months ended 31
July 2025.
This period has marked a pivotal phase in Alkemy's development as our wholly
owned subsidiary, Tees Valley Lithium (TVL), advances through the Front-End
Engineering Design (FEED) study for its flagship lithium hydroxide refinery in
Teesside. The FEED study is now fully funded and underway representing a major
step towards achieving Final Investment Decision (FID) in early 2026.
Early results from the FEED work have already delivered strong outcomes. The
updated design has increased Train 1 capacity and plant uptime both by 5%,
producing 25,000 tonnes per annum of battery-grade lithium hydroxide, whilst
reducing capital costs to US$245 million. This has further strengthened the
project's economics, with an NPV of US$475 million, establishing TVL as the
lowest capital intensity lithium refinery project in Europe.
During the period, TVL also strengthened its leadership team with the
appointment of Gemma Cooper as Chief Commercial Officer and Richard Rose as
Chief Operating Officer, both of whom bring deep operational and commercial
experience to support the transition from design to delivery. Our partnerships
with Veolia Water Technologies, Wave International, and Gardiner &
Theobald continue to ensure that the project is developed to the highest
technical, environmental, and safety standards.
Investor interest in TVL remains strong. We are engaged with several potential
strategic investors, including Ara Partners, while ABG Sundal Collier
continues to support the process of securing the debt financing package that
will underpin construction readiness and FID. This growing interest reflects
the quality of the project, its strategic relevance to Europe's battery-supply
chain, and its alignment with the UK's emerging critical-minerals and
industrial strategy.
Market fundamentals remain highly favourable. Independent market analysis
undertaken by SC Insights reinforces TVL's strong competitive positioning
within the European lithium-refining sector. Their research shows that while
global lithium markets remain in transition, demand for refined lithium
chemicals in Europe is expected to rise sharply through 2030, driven by more
than 700GWh of battery manufacturing capacity either operating or under
construction. Despite short-term pricing volatility, underlying demand
fundamentals remain robust.
Within this evolving landscape, SC Insights identified TVL as Europe's lowest
capital-intensity lithium refinery project and among the most competitive on
operating costs per tonne of lithium hydroxide produced. The project's modular
design, optimised utility integration, and efficient reagent use contribute to
a materially lower total cost of production compared to peer projects across
the region. These findings confirm TVL's strong strategic positioning to
supply the growing European electric vehicle and energy-storage markets with
secure, sustainable, and cost-competitive lithium chemicals.
Alkemy remains focused on advancing TVL through the FEED study to FID, while
continuing to evaluate future opportunities across the broader
battery-materials sector. The progress achieved over the past six months
reflects the exceptional work of our team and partners, and the continued
confidence of our shareholders.
On behalf of the Board, I would like to thank all our stakeholders for their
ongoing support as we deliver on our strategy to establish Tees Valley Lithium
as Europe's flagship lithium refining project and create lasting value for
shareholders.
Paul Atherley
Non-Executive Chairman
15 October 2025
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 31 July 2025
For six months ended For six months ended Year ended 31 January 2025 (audited)
31 July 2025 (unaudited) 31 July 2024 (unaudited
£ £ £
Note
Other income - - -
Administrative expenses (756,298) (563,812) (1,226,984)
Project Development costs (154,275) (91,845) (65,276)
Business Development costs - - -
Finance costs (210,638) (22,059) (135,073)
Foreign exchange gains / (losses) (10,895) 667 1,007
Loss before taxation (1,132,106) (677,049) (1,426,326)
Income tax - - -
Loss after taxation (1,132,106) (677,049) (1,426,326)
Other Comprehensive income
Exchange gains / (losses) on translation of foreign operations 14,508 (9,707) (12,976)
Total other comprehensive income 14,508 (9,707) (12,976)
(1,117,598) (686,756) (1,439,302)
Total comprehensive loss
for the year
Earnings per share 9
Basic and diluted (pence per share) (11.9p) (16.2p)
(7.7p)
The accompanying notes form an integral part of the financial information.
STATEMENT OF FINANCIAL POSITION
As at 31 July 2025
Note At 31 July 2025 (unaudited) At 31 July 2024 (unaudited) At 31 January 2025 (audited)
£ £ £
ASSETS
Non current assets
Intangibles - Project development costs 830,122 317,089 506,184
Total Non current assets 830,122 317,089 506,184
Current assets
Trade and other receivables 8 79,548 97,749 47,808
Cash and cash equivalents 723,117 51,114 16,673
Total current assets 802,665 148,863 64,481
Total assets 1,632,787 465,952 570,665
EQUITY
Equity Attributable to Owners of the company
Share capital 10 196,964 176,297 176,297
Share premium 5,615,961 4,261,626 4,261,626
Share based payments 785,028 377,791 689,029
Foreign exchange reserve (3,419) (14,658) (17,927)
Retained earnings (7,771,823) (5,890,440) (6,639,717)
Total equity (1,177,289) (1,089,384) (1,530,692)
LIABILITIES
Current liabilities
Trade and other payables 11 1,603,989 1,101,997 1,501,966
Borrowings 1,206,087 453,339 599,391
Total current liabilities 2,810,076 1,555,336 2,101,357
TOTAL EQUITY AND LIABILITIES 1,632,787 465,952 570,665
This report was approved by the board and authorised for issue on 15 October
2025 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 year ended 31 July 2025
Share capital Share Premium Share Based Payments Foreign Exchange Reserve Retained Earnings Total
£ £ £ £ £ £
As at 1 February 2024 176,297 4,261,626 259,771 (4,951) (5,213,391) (520,648)
Loss for the year - - - - (677,049) (677,049)
Foreign exchange losses on translation of overseas subsidiaries - - - (9,707) - (9,707)
Total Comprehensive income - - - (9,707) (677,049) (686,756)
Transactions with owners:
Issue of options - - 118,020 - - 118,020
Total transactions with owners - - 118,020 - - 118,020
Balance at 31 July 2024 176,297 4,261,626 377,791 (14,658) (5,890,440) (1,089,384)
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 year - - - - (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) (1,126,540)
The accompanying notes form an integral part of the financial information.
STATEMENT OF CASHFLOWS
for the period ended 31 July 2025
Six months Six months Year ended 31 January 2025 (audited)
ended ended
31 July 2025 (unaudited) 31 July 2024 (unaudited)
£ £ £
Loss before tax (1,132,106) (677,049) (1,426,326)
Adjusted for:
Share based payments 95,999 118,020 359,858
Finance costs 210,638 22,059 135,073
(Increase)/decrease in receivables (31,740) 28,554 78,495
(Decrease)/Increase in trade creditors 479,238 206,788 483,781
Net cash used in operating activities (377,971) (301,628) (369,119)
Investing activities
Payments for intangible assets (323,938) - (28,119)
Net cash outflow from investigating activities (323,938) - (28,119)
Financing activities
Repayment of Borrowings - - -
Cash from issue of Ordinary shares 710,949 - -
Proceeds from short term borrowings 682,896 318,900 370,850
Interest paid - (1,909) -
Net cash from financing activities 1,393,845 316,991 370,850
Net (decrease)/increase in cash and cash equivalents 691,936 (26,388)
15,363
Cash and cash equivalents at beginning of the year 45,458
16,673 45,458
Effects of foreign exchange on cash balances 14,508 (9,707) (2,397)
Cash and cash equivalents at end of the year 723,117 51,114 16,673
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 no employees.
The Directors who served during the period were Sam Quinn, Paul Atherley,
Helen Pein and Vikki Jeckell.
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 2025.
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 2025 Directors' Consultancy Social Security Total
fees fees £'000 £'000
£'000 £'000
P Atherley 24,000 69,000 5,652 98,652
S Quinn 22,415 40,000 5,278 67,694
V Jeckel 72,279 130,000 17,021 219,300
H Pein 9,000 - 2,119 11,119
Total 127,694 239,000 30,070 396,764
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 31 July
2025 2024
£ £
Prepayments 7,935 29,982
VAT receivable 70,764 65,193
Other receivables 849 2,574
Total trade and other receivables 79,548 97,749
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 year. There were no potentially dilutive ordinary
shares at the year end.
31 July 31 July
2025 2024
£ £
Loss for the period attributable to equity holders of the Company
(1,132,106) (1,066,646)
Weighted average number of ordinary shares (number of shares)
9,479,124 7,199,998
Loss per share (pence per share)
(11.9) (14.8)
10. SHARE CAPITAL & RESERVES
Number of ordinary shares of 2p Share Capital Share premium Share based payments
£ £ £
At 31 January 2024 8,814,851 176,297 4,261,627 259,771
Issue of Options and Warrants - - - 118,020
At 31 July 2024 8,814,851 176,297 4,261,627 337,791
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
On 24 February 2025 the Company issued 600,000 new ordinary shares to
subscribers at a price of £1.25 per share. Additionally, 100,000 new
ordinary shares were issued to advisors in settlement of fees.
On 30 June 2025 the Company issued 333,334 new ordinary shares to subscribers
at a price of £1.50 per share.
11. TRADE AND OTHER PAYABLES
31 July 2025 31 July
£ 2024
£
Trade payables 906,077 697,574
Other payables 135,753 72,521
Accrued expenses 562,159 331,902
Total trade and other payables 1,603,989 1,101,997
12. POST BALANCE SHEET EVENTS
On 6 August 2025 the Company issued 33,680 new ordinary shares in settlement
of the exercise of warrants issued on 18 December 2023 at a price of £1 per
share.
On 29 August 2025 the Company announced the appointment of Gemma Cooper as
Chief Commercial Officer of Tees Valley Lithium Limited alongside the
appointment of Gardiner & Theobald LLP for the provision of project
management services and the role of Principal designer under Construction,
Design & Management Regulations 2015.
On 6 October 2025 the Company announced that the preliminary FEED work had
resulted in the projected reduction in CAPEX requirements for the first train
of the refinery to $245m, an increase of 5% in plant availability without
additional cost and an NPV of $475m.
On 9 October 2025 the Company announced the appointment of Richard Rose as
Chief Operating Officer of Tees Valley Lithium limited.
13. ULTIMATE CONTROLLING PARTY
As at 31 July 2025, the company has no ultimate controlling party.
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