Alkemy Capital Investments (ALK) H2 2025 earnings summary

Executive summary

• Focused on developing critical minerals infrastructure, notably the Tees Valley Lithium (TVL) refinery in the UK, with full planning permission for up to 96,000 tonnes/year of battery-grade lithium production, supporting 2 million EVs annually.

• Advanced key partnerships and collaborations, including with Veolia Water Technologies, Geothermal Engineering Limited, and Weardale Lithium, to de-risk and progress the project and supply chain integration.

• Entered exclusivity agreements with Ara Partners for strategic investment and Touchstone Capital Partners for a long-term feedstock agreement post year-end.

Financial highlights

• Remains pre-revenue; no dividend recommended for the year.

• Loss after taxation for the year was £1,426,326, compared to £1,770,982 in the prior year.

• Basic and diluted loss per share was 16.2p, improved from 23.4p in the previous year.

• Administrative expenses decreased to £1,226,984 from £1,454,195 year-over-year.

• Cash and cash equivalents at year-end were £16,673, down from £45,458.

• Intangible assets (project development costs) increased to £506,184 from £317,089.

Outlook and guidance

• Short-term focus is on securing project-level funding to reach final investment decision for TVL's Train 1, with an estimated capital cost of £250m.

• Multiple funding options under consideration, including green bonds, debt, equity, and grant funding.

• Confident in securing necessary funding but acknowledges material uncertainty regarding going concern due to reliance on successful fundraising.