14th Oct 2026 12:04
(Alliance News) - Alkemy Capital Investments PLC on Wednesday reported a widened interim loss as its Tees Valley Lithium subsidiary progressed plans for its first lithium refinery in Teesside.
The London-based critical minerals and energy transition-focused investment company said its pretax loss for the six months ended July 31 widened to GBP1.3 million from GBP1.1 million a year earlier.
Administrative expenses rose 15% to GBP872,856 from GBP756,298, while finance costs more than doubled to GBP482,594 from GBP210,638. This was partially offset by foreign exchange gains of GBP47,918, compared with a loss of GBP10,895 a year earlier.
Chair Paul Atherley said the company's wholly owned subsidiary, Tees Valley Lithium, had completed engineering for its first refinery train, designed to produce 25,000 tonnes of battery-grade lithium hydroxide annually, and relocated the project to Billingham, Teesside.
After the period end, TVL received an offer in principle for up to GBP18.3 million in UK government capital grant funding, subject to due diligence and a final grant agreement.
"Taken together, these steps take TVL from a well-engineered project towards one of national significance," Atherley said.
The company said it is working to complete the remaining elements of the project's funding package ahead of a final investment decision, which has been delayed from its previously anticipated first-quarter 2026 timetable.
Alkemy also intends to advance battery-grade graphite processing through Tees Valley Graphite and assess a potential manganese processing opportunity, while keeping the lithium refinery as its first priority, it said.
Shares in Alkemy were down 5.1% at 260.00 pence per share on Wednesday afternoon in London.
By Niall Holden, Alliance News reporter
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