Interim report
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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 forthe 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
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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 sixmonths ended31 July 2026(unaudited) For sixmonths ended31 July 2025(unaudited) Year ended31 January2026(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
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Note At 31 July2026(unaudited) At 31 July2025(unaudited) At 31 January2026(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 Exchange gains / (losses) ontranslation of foreign operations (2,077) 14,508 (13) Total other comprehensiveincome (2,077) 14,508 (13) Total comprehensive lossfor 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 POSITIONAs at 31 July 2026 This report was approved by the board and authorised for issue on 14 October 2026 and signed on its behalf by:
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Paul AtherleyNon-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 176,2974,261,626 689,029 (17,927) (6,639,717)(1,530,692) Loss for the period - - - - (1,132,106)(1,132,106) Foreign exchange losses ontranslation of overseassubsidiaries - - - 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 withowners 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 7,173,2081,051,652 (17,940) (9,127,565) (707,394) Loss for the period - - - - (1,313,428)(1,313,428) Foreign exchange losses ontranslation of overseassubsidiaries - - - (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 withowners 9,450 1,427,936 143,800 - - 1,581,186 Balance at 31 July 2026222,702 8,601,1441,195,452 (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 monthsended31 July 2026(unaudited) Six monthsended31 July 2025(unaudited) Year ended31 January2026(audited) £ £ £ Loss before tax (1,313,428) (1,132,106) (2,487,848) Adjusted for: Share based payments - 95,999 151,210Finance costs 482,594 210,638 532,710
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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 cashequivalents (4,587) 691,936 136,626 Cash and cash equivalents at beginning ofthe 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 theperiod 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 byshares and with Registered Number 13149164 under the Companies Act 2006. On incorporation, theCompany’s name was Alkemy Capital Plc. On 4 February 2021, the Company’s name was changed toAlkemy 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 subsidiarycalled 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 FinancialInformation 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 interpretationsmade by the International Financial Reporting Interpretations Committee issued by the International
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Accounting Standards Board. The standards have been applied consistently. The historical cost basis ofpreparation has been used. The preparation of the financial statements in conformity with IFRS requires the use of certain criticalaccounting estimates. It also requires the Directors to exercise their judgment in the process of applying theCompany’s accounting policies. In the opinion of the management, the interim unaudited financial information includes all adjustmentsconsidered necessary for fair and consistent presentation of this financial information. The interim unauditedfinancial information should be read in conjunction with the Company’s audited financial statements andnotes 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 notyet effective and, in some cases, have not yet been adopted by the UKEU. The Directors do not expect thatthe 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 thefunding requirements of the business over the 18 months from the reporting date, based on various scenariosof 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 numerousparties to consider the option best suited to balancing the immediate cash flow needs of the business anddesire to accelerate the project development timeframe against the need to avoid unnecessary dilution of theshareholders. 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 uncertaintyexists which may cast significant doubt on the ability of the Company and Group to continue as a goingconcern 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 constantdiscussions with finance providers and as such the Board is reasonably confident that necessary funding willcontinue 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 operationalexistence for the next 12 months. Accordingly, the Directors believe that as at the date of this report it is appropriate to continue to adopt thegoing concern basis in preparing the financial statements. Financial assets Financial assets and financial liabilities are recognised when the Company becomes a party to thecontractual provisions of a financial instrument. Financial assets and financial liabilities are offset if there isa legally enforceable right to set off the recognised amounts and interests and it is intended to settle on a netbasis. Cash comprises cash in hand and on demand deposits. Cash equivalents are short-term, highly liquidinvestments that are readily convertible to known amounts of cash and that are subject to an insignificantrisk 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 aresubsequently measured at amortised cost. The Company recognises an equity instrument on any contractthat evidences a residual interest in the assets of the Company. In this period Ordinary Shares were the onlyequity 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 perOrdinary Share is calculated by dividing the profit or loss attributable to Shareholders by the weightedaverage number of Ordinary Shares outstanding during the period. Diluted earnings per Ordinary Share iscalculated by adjusting the earnings and number of Ordinary Shares for the effects of dilutive potentialOrdinary Shares.
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3. USE OF ASSUMPTIONS AND ESTIMATES In preparing the Company Financial Information, the Directors have to make judgments on how to apply theCompany’s accounting policies and make estimates about the future. The Directors do not consider there tobe any critical judgments that have been made in arriving at the amounts recognised in the CompanyFinancial Information. 4. DIRECTORS’ EMOLUMENTS 31 July 2026 Directors’fees£’000 Consultancyfees£’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 Consultancyfees£’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 PersonDischarging Managerial Responsibilities (PDMR) due to her managerial capacity over the Group’s principaloperations. 5. FINANCIAL RISK MANAGEMENTThe Company uses a limited number of financial instruments, comprising cash and various items such astrade payables, which arise directly from operations. The Company does not trade in financial instruments.Financial risk factorsThe Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk. TheCompany’s overall risk management programme focuses on the unpredictability of financial markets andseeks to minimise potential adverse effects on the Company’s financial performance.(a) Credit riskThe Company does not have any major concentrations of credit risk related to any individual customer orcounterparty.(b) Liquidity riskPrudent liquidity risk management implies maintaining sufficient cash, the Company ensures it has adequateresource to discharge all its liabilities. The directors have considered the liquidity risk as part of their goingconcern assessment.Fair valuesManagement assessed that the fair values of other receivables approximate their carrying amounts largelydue to the short-term maturities of these instruments. 6. CAPITAL MANAGEMENT POLICYThe Company's objectives when managing capital are to safeguard the Company's ability to continue as agoing concern in order to provide returns for shareholders and benefits for other stakeholders and tomaintain an optimal capital structure to reduce the cost of capital. The capital structure of the Companyconsists of equity attributable to equity holders of the Company, comprising issued share capital andreserves. 7. FINANCIAL INSTRUMENTSThe Company’s principal financial instruments comprise other receivables. The Company’s accountingpolicy and method adopted, including the criteria for recognition, the basis on which income and expensesare recognised in respect of this financial asset. The Company does not use financial instruments forspeculative 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 £ £ £
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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 ofordinary shares entitled to dividend rights which were outstanding during the period. There were nopotentially 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 priceof £3.48 per share. On 27 February 2026 the Company announced the conversion of £500,000 of debt into 143,587 newordinary 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 WaveInternational at a price of £3.97 per share in connection with engineering and project development servicesprovided to the Company, while at the same time issuing 61,004 warrants for new shares with an exerciseprice of £6.15 per share and exercisability period of 48 months.
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On 15 June 2026 the Company announced the allotment of 49,316 new ordinary shares to WaveInternational and Green Wave Procurement at a price of £2.90 per share in connection with engineering andproject 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 andexercisability period of 48 months. 11. TRADE AND OTHER PAYABLES 31 July 2026 £ 31 July 2025 £ 31 January2026 £ 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 1,206,087 904,877Non-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 hasreceived an offer in principle for capital grant funding of up to £18.3 million under the Government’sDRIVE35 Automotive Transformation Fund programme. 14. ULTIMATE CONTROLLING PARTY As at 31 July 2026, the company has no ultimate controlling party.
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