Alkemy Capital Investments plc
Annual Report
for the Year ended 31 January 2025
ALKEMY CAPITAL INVESTMENTS PLC
Annual Report for the period ended 31 January 2025
2
Table of contents
Company Information .............................................................................................................................. 3
Chairman’s Statement ............................................................................................................................. 4
Strategic Report ....................................................................................................................................... 5
Board of Directors .................................................................................................................................... 8
Directors’ Report ...................................................................................................................................... 9
Directors’ Remuneration Report ............................................................................................................ 12
Risk Management Report ...................................................................................................................... 17
Directors’ Responsibility Statement ....................................................................................................... 22
Independent Auditor's Report ................................................................................................................ 23
Consolidated Statement of Comprehensive Income ............................................................................. 28
Consolidated Statement of Financial Position ....................................................................................... 29
Consolidated Statement of Changes in Equity ...................................................................................... 30
Consolidated Statement of Cash Flows ................................................................................................ 31
Company Statement of Financial Position ............................................................................................ 32
Company Statement of Changes in Equity ........................................................................................... 33
Company Statement of Cash Flows ...................................................................................................... 34
Notes to the Financial Statements......................................................................................................... 35
3
Company Information
Directors
Paul Atherley Non-Executive Chairman
Sam Quinn Non-Executive Director
Helen Pein Non-Executive Director
Vikki Jeckell Non-Executive Director
Company Number
13149164
Company Secretary
Sam Quinn, Silvertree Partners LLP
Registered address
167-169 Great Portland Street
Fifth Floor
London
England
W1W 5PF
Independent auditors
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Company solicitors (UK)
Simmons & Simmons LLP
1 Ropemaker Street
London
EC2Y 9SS
Registrars
Neville Registrars
Neville House
Steelpark Road
Halesowen
B62 8HD
Company Website
www.alkemycapital.co.uk
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
4
Chairman’s Statement
I have great pleasure in presenting our Annual Report for the year ended 31 January 2025.
Alkemy Capital Investments plc (“Alkemy”) was formed to invest in the critical minerals sector. Our strategy is
to finance and develop projects at the asset level through a combination of project-related debt, institutional
equity, and strategic partnerships. As a holding company, our focus is on fostering the growth of our subsidiaries
while upholding high standards of operational excellence, sustainability, and innovation.
Our principal asset, Tees Valley Lithium Limited (“TVL”), continues to make strong progress in its ambition to
deliver the UK’s flagship lithium refinery in Teesside’s Freeport. The project has full planning permission to
produce up to 96,000 tonnes per annum of battery-grade lithium - a volume sufficient to support the manufacture
of approximately 2 million electric vehicles each year.
During the year, we advanced several critical workstreams to de-risk and deliver this strategic asset. In October
2024, TVL appointed ABG Sundal Collier as financial advisor to support project funding efforts and in January
2025 TVL announced a partnership with Veolia Water Technologies Inc., bringing best-in-class engineering,
validating testing, and equipment supply capability into our FEED study.
We continue to strengthen our feedstock and offtake strategy through commercial agreements with leading
global suppliers and end users. In parallel, TVL is progressing collaboration with Geothermal Engineering
Limited (GEL), a UK-based developer of geothermal energy and lithium extraction technologies, to explore
integrated domestic supply chains. We are also pleased to be advancing a joint, grant-funded R&D project with
Weardale Lithium to assess the feasibility of processing UK-sourced lithium chloride and carbonate feedstock
through the TVL facility. Together, these partnerships demonstrate the potential to establish a vertically
integrated and secure UK lithium supply chain, reducing reliance on overseas intermediaries.
The transition to electric vehicles across the UK and Europe is accelerating. Over 1.9 million EVs were sold
across the EU and UK in 2024 alone, representing over 15% of all new car sales. Forecasts suggest Europe
will require over 500,000 tonnes of battery-grade lithium annually by 2030 to supply its gigafactories. Today
over 90% of lithium refining takes place in China, leaving Western OEMs and battery manufacturers heavily
exposed to geopolitical risk and supply bottlenecks. Alkemy’s objective is to address this gap by building refining
capacity in the UK, starting with Train 1 of the Tees Valley Lithium project. This will not only reduce the UK and
Europe’s strategic dependence on Asia, but also contribute to a lower-carbon, more transparent lithium supply
chain aligned with evolving ESG and regulatory requirements.
We remain pre-revenue, but our focus is clear: to unlock value through the development of critical mineral
infrastructure that supports the energy transition. Our work during the 2025 financial year has laid the foundation
for the FEED study and future financing, and we are confident in our ability to move the project toward Final
Investment Decision in due course.
Following the year-end, we entered into an exclusivity agreement with Ara Partners, a respected private equity
firm, to negotiate a strategic investment in TVL. This is a strong vote of confidence in our vision and the project’s
future.
In closing, I would like to thank our shareholders for their continued support. 2025 is shaping to be a pivotal
year for Alkemy as we progress TVL’s FEED study, advance funding discussions, and further develop our critical
minerals platform. We look forward to working closely with Ara Partners over the coming months as we negotiate
the terms of their strategic investment. I look forward to updating you on our progress in the coming weeks and
months.
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
5
Strategic Report
The Directors present the Strategic Report of the Group for the year ended 31 January 2025.
Review of business and future developments
The Company was incorporated and registered in England and Wales on 21 January 2021 and on 27 September
2021 was admitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading
on the London Stock Exchange.
In 2022 the Company incorporated wholly-owned subsidiary TVL with an objective to design, finance and
construct a plant to produce lithium hydroxide monohydrate from lithium sulphate or carbonate feedstock,
becoming a key supplier to the UK and European battery cell manufacturers (the “Project”).
Key developments for the Group during the course of the financial year and following the year end included the
following:
In August 2024 the Company announced a collaboration between TVL and Geothermal Engineering
Limited (“GEL”) to explore opportunities to advance their respective lithium projects through the
exchange of information and the potential development of integrated supply chains within the UK. GEL
is a geothermal lithium resource owner and is currently developing a geothermal energy plant and a
lithium extraction facility in Cornwall.
In October 2024 the Company announced a partnership with ABG Sundal Collier to act as its financial
advisor in respect of TVL’s FEED Study.
In January 2025 TVL entered into an agreement with Veolia Water Technologies Inc., a world leader in
water technologies and circular economy, to provide technical support and key input into TVL’s FEED
study, to include process development, laboratory validation testing, engineering, and global equipment
supply capabilities.
In February 2025 the Company announced the appointment of Vikki Jeckell as CEO of TVL and the
commencement of the FEED study.
In March 2025 the Company announced that TVL had entered into an exclusive negotiation period with
Touchstone Capital Partners to finalise a long-term binding feedstock agreement for over 100,000
tonnes of lithium carbonate equivalent. This agreement, if secured, would provide the primary lithium
feedstock to fully support at least the first five years of production at TVL’s refinery, producing 24,000
tonnes per annum of battery-grade lithium hydroxide. Alongside this, TVL’s existing Heads of Terms
with Wogen Resources Ltd remains an important element of its supply strategy, providing additional
flexibility and continuity as TVL ramps up operations. Touchstone is fully financing the development of
a high-grade lithium brine project and this combination of supply sources will ensure that TVL has a
stable, long-term, and diversified feedstock position, reinforcing its ability to deliver a secure and
sustainable lithium hydroxide supply chain for Europe’s battery industry.
In May 2025 the Company announced that it had entered into an exclusivity agreement with Ara
Advisors LLC, a global private equity firm specialising in industrial decarbonisation, in connection with
a proposed strategic investment in TVL.
Alkemy was formed to invest in the critical minerals sector. As a holding company its strategy is to foster the
growth and expansion of its subsidiaries, steering them towards operational excellence and sustainable
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
6
practices and to finance the development of these individual businesses at the asset level through project
related debt, and institutional equity or strategic partnerships.
TVL is currently in discussions with a number of leading financial institutions and potential strategic partners for
the financing of its Teesside refinery. The £250m approximate capital cost of train 1 is expected to be financed
largely through green bonds (for which TVL will seek accreditation) combined with a mix of debt, strategic equity
finance and grant funding, all at project level.
Having secured feedstock for its first train, a key component for these financing discussions, TVL’s primary
short term focus is to consummate discussions with leading financial institutions and strategic partners to obtain
project-level funding that will enable it to reach a final investment decision for the bond finance.
Key performance indicators
When the Group reaches a final investment decision for the bond finance, financial, operational, health, safety,
and environmental KPIs will become more relevant and reported upon as appropriate. As a result, the Directors
are of the opinion that analysis using KPI’s is not appropriate for an understanding of the business at this time.
Principal risks and uncertainties
The principal risks and uncertainties currently faced by the Group are set out further in the Risk Management
Report.
Gender analysis
A split of the Directors, senior managers and employees by gender at the end of the financial year is as follows:
Male – 2 (directors)
Female – 2 (directors)
The Group recognises the need to operate a gender diverse business. The Board will also ensure any future
employment takes into account the necessary diversity requirements and compliance with all employment law.
The Board has experience and sufficient training and qualifications in dealing with such issues to ensure they
would meet all requirements.
Corporate social responsibility
The Group aims to conduct its business with honesty, integrity and openness, respecting human rights and the
interests of shareholders and employees. The Group aims to provide timely, regular and reliable information on
the business to all its shareholders and conduct its operations to the highest standards.
The Group strives to create a safe and healthy working environment for the wellbeing of its staff and to create
a trusting and respectful environment, where all members of staff are encouraged to feel responsible for the
reputation and performance of the Group.
The Group aims to establish a diverse and dynamic workforce with team players who have the experience and
knowledge of the business operations and markets in which we operate. Through maintaining good
communications, members of staff are encouraged to realise the objectives of the Group and their own potential.
Corporate environmental responsibility
The Board contains personnel with a good history of running businesses that have been compliant with all
relevant laws and regulations and there have been no instances of non-compliance in respect of environment
matters.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
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The Group’s policy is to minimize the risk of any adverse effect on the environment associated with its activities
with a thoughtful consideration of key areas such as energy use, pollution, transport, renewable resources,
health and wellbeing. The Group also aims to ensure that its suppliers and advisors meet with their legislative
and regulatory requirements and that codes of best practice are met.
Section 172(1) Statement – Promotion of the Group for the benefit of the members as a whole
The Directors believe they have acted in the way most likely to promote the success of the Group for the benefit
of its members as a whole, as required by s172 of the Companies Act 2006.
The requirements of s172 are for the Directors to:
1. Consider the likely consequences of any decision in the long term,
2. Act fairly between the members of the Group,
3. Maintain a reputation for high standards of business conduct,
4. Consider the interests of the Group’s employees,
5. Foster the Group’s relationships with suppliers, customers and others, and
6. Consider the impact of the Group’s operations on the community and the environment.
The pre-revenue nature of the business is important to the understanding of the Group by its members,
employees and suppliers, and the Directors are as transparent about the cash position and funding
requirements as is allowed under LSE regulations.
The application of the s172 requirements can be demonstrated in relation to some of the key decisions made
during 2025 financial year and after the year end:
The collaboration between TVL and Geothermal Engineering Limited (“GEL”) to explore opportunities
to advance their respective lithium projects through the exchange of information and the potential
development of integrated supply chains within the UK. GEL is a geothermal lithium resource owner
and is currently developing a geothermal energy plant and a lithium extraction facility in Cornwall.
The partnership with ABG Sundal Collier to act as its financial advisor in respect of TVL’s FEED Study.
The agreement with Veolia Water Technologies Inc., a world leader in water technologies and circular
economy, to provide technical support and key input into TVL’s FEED study, to include process
development, laboratory validation testing, engineering, and global equipment supply capabilities.
The appointment of Vikki Jeckell as CEO of TVL and the commencement of the FEED study.
The entering into of an exclusive negotiation period with Touchstone Capital Partners to finalise a long-
term binding feedstock agreement for over 100,000 tonnes of lithium carbonate equivalent.
The entering into of an exclusivity agreement with private equity firm Ara Advisors LLC in connection
with a potential strategic investment in TVL.
The Board takes seriously its corporate social responsibilities to the environment in which it works which will
become more relevant once the Project has reached the appropriate stage of development.
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
8
Board of Directors
Paul Atherley – Non-Executive Chairman
Paul Atherley is a highly experienced senior resources executive with wide ranging international and capital
markets experience. He graduated as mining engineer from Imperial College London and has held a number of
senior executive and board positions. Paul is currently Chairman of LSE listed Pensana Plc.
Paul is based in London and has broad experience in raising debt and equity finance for resource companies.
He served as Executive Director of the investment banking arm of HSBC Australia where he undertook a range
of advisory roles in the resources sector. He has completed a number of acquisitions and financings of
resources projects in Europe, China, Australia and Asia.
Paul is a strong supporter of Women in STEM and has established a scholarship which provides funding for
young women to further their education in science and engineering.
Sam Quinn – Non-Executive Director
Sam Quinn is a corporate lawyer with over 20 years’ worth of experience in the natural resources sector, in both
legal counsel and management positions. Sam is a principal of Silvertree Partners, a London-based specialist
corporate services provider for the natural resources industry. In addition Sam holds various other Non-
Executive Directorships and company secretarial roles for listed and unlisted natural resources companies.
During time spent in these roles, Sam has gained significant experience in the administration, operation,
financing and promotion of natural resource companies.
Previously, Sam worked as the Director of Corporate Finance and Legal Counsel for the Dragon Group, a
London based natural resources venture capital firm and as a corporate lawyer for Jackson McDonald Barristers
& Solicitors in Perth, Western Australia and for Nabarro LLP in London.
Helen Pein – Non-Executive Director
Helen Pein has over 35 years’ experience in the natural resources sector and currently serves as a Director of
Pan Iberia Ltd, Trident Royalties Plc and Panex Resources Pty Ltd.
Helen is the current CEO of Goldrange Resources, a private company focused on gold exploration in Africa.
She was previously a Director at Pangea Exploration Pty Ltd, a company affiliated with Denham Capital, where
she was part of the team responsible for discovering several world-class gold and mineral sands deposits across
Africa. Helen has also served as a technical advisor to various listed and private resource companies, and as
a Non-Executive Director of a U.S.-based SPAC. She is a recipient of the Gencor Geology Award.
Vikki Jeckell – Non-Executive Director
Vikki Jeckell is a strategic procurement and supply chain expert with over 15 years’ worth of experience in the
sector and is the former Head of Supply Chain Strategy Development & Control for Battery Materials at Johnson
Matthey. In this role Vikki, led transformative initiatives, including the establishment of an industry-leading
responsible sourcing program and the formation of strategic partnerships, contributing substantially to the
company's global supply chain capabilities.
Vikki has also worked as Head of Supply Chain Development for hydrogen company LIFTE H2, held a senior
leadership role at Women in Green Hydrogen and in 2022 she founded Supply Tactics Limited, a consultancy
firm dedicated to enhancing supply chain management within the batteries and hydrogen sectors.
Vikki has provided expert testimony to House of Commons committees on several occasions, reflecting her
commitment to help shaping policies within energy transition. Vikki holds an LLB and an MBA.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
9
Directors’ Report
The Directors present their annual report together with the financial statements and Auditor’s Report for the
year ended 31 January 2025. The following information is not presented in the Directors’ report as it is presented
in the Strategic Report in accordance with s414C(11); Review of business, Key Performance Indicators,
Principal risks and uncertainties, Gender analysis, Corporate social responsibility, Corporate environmental
responsibility, Section 172(1) statement. Director’s remuneration is detailed in the Directors’ Remuneration
Report.
Results and dividends
The results of the Group for the year ended 31 January 2025 are set out in the Statement of Comprehensive
Income. The Directors do not recommend the payment of a dividend for the year.
Directors and Directors’ interests
The Directors who served during the year to date are as follows:
Paul Atherley
Sam Quinn
Helen Pein
Vikki Jeckell
The beneficial shareholdings of the Board in the Company as at 31 January 2025 were as follows:
Number of ordinary
shares
% of issued share
capital
Share options
P Atherley
3,400,559
38.58%
400,000
S Quinn
446,428
5.06%
365,000
H Pein
32,142
0.36%
100,000
V Jeckell
-
-
325,000
Director incentives
Details on Directors remuneration can be found in the Directors’ Remuneration Report.
Substantial shareholders
As at the date of this Report, the total number of issued Ordinary Shares with voting rights in the Company was
9,514,851. The Company has been notified of the following interests of 3 per cent or more in its issued share
capital as at the date of this report.
Shareholder
Number of ordinary shares
% of issued
share capital
Paul Atherley
3,520,559
37.00%
Sam Quinn
506,428
5.32%
Corporate governance
The Group has set out its full Corporate Governance Statement on page 20. The Corporate Governance
Statement forms part of this Directors’ Report and is incorporated into it by cross reference.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
10
Greenhouse gas disclosures
As the Group remains in the early stages of development without any current physical operations across its
portfolio of projects, it is not practical to obtain and analyse emissions data for the Group operations. However,
given the minor level of physical operations in the year, and the lack of any plant or office space, the carbon
footprint and climate change impact of the Group’s operations are considered to be negligible, and in any event
below the 40 MWh threshold prescribed for detailed emissions disclosures.
As such, the Group does not consider it relevant to provide climate related disclosures under TCFD guidelines,
nor would determination of the relevant emissions data be practical. Once the Group has commenced the
construction of physical premises across any of its projects, and hence transitioned into an operating company,
it will revisit its position on climate disclosures accordingly.
Supplier payment policy
The Group’s current policy concerning the payment of trade payables is to follow the CBI’s Prompt Payers Code
(copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The Group’s current policy concerning the payment of trade payables is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in
contracts; and
pay in accordance with the Group’s contractual and other legal obligations.
Financial instruments and risk management
The Group is exposed to a variety of financial risks and the impact on the Group’s financial instruments are
summarised in the Risk Management Report. Details of the Group’s financial instruments are disclosed in notes
to the financial statements.
Directors’ insurance
The Group has implemented Directors and Officers Liability Indemnity Insurance.
Events after the reporting year
On 17 February 2025 the Company announced that it had raised £0.75m in a subscription of 600,000 new
ordinary shares at £1.25 per share.
On 18 February 2025 the Company announced the appointment of Vikki Jeckell as CEO of TVL and the
commencement of TVL’s FEED study.
On 18 March 2025 the Company announced that TVL had entered into an exclusive negotiation period with
Touchstone Capital Partners to finalise a long-term binding feedstock agreement.
On 12 May 2025 the Company announced that it had entered into an exclusivity agreement with Ara Advisors
LLC, a global private equity firm specialising in industrial decarbonisation, in connection with a proposed
strategic investment in TVL.
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. Cash requirements over this
period have been projected in the range of a £2m minimum (decelerated project development case) to £6.5m
maximum (accelerated project development case) depending on the level of technical project development work
being undertaken, as determined by funding availability.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
11
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 during a period of depressed equity market prices. Options ranging from:
project level debt or strategic equity which would provide sufficient funding to accelerate the project
development program over the period of consideration, including the FEED study 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 and term loan 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.
The Board remains in detailed discussions on the above funding opportunities and anticipates concluding this
process in the medium term. The Directors are therefore reasonably confident that the necessary funding will
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 Group will continue in operational existence for the next 12
months. However 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.
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.
Disclosure of information to Auditor
The Directors confirm that:
So far as each Director is aware, there is no relevant audit information of which the company’s auditor is
unaware; and
The Directors have taken all steps that they ought to have taken as Directors in order to make themselves
aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditor
A resolution proposing the re-appointment of Crowe U.K. LLP as auditor will be put to shareholders at the
Annual General Meeting.
This Directors’ Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
12
Directors’ Remuneration Report
The Board periodically reviews the quantum of Directors’ fees, taking into account the interests of shareholders
and the performance of the Company and the Directors.
The Directors who held office at 31 January 2025 are summarised as follows:
Name of Director
Position
P Atherley
Non-Executive Chairman
S Quinn
Non-Executive Director
H Pein
Non-Executive Director
V Jeckell
Non-Executive Director
Directors’ Letters of appointment
Letter of Appointment – Paul Atherley
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Mr Atherley, Mr
Atherley is engaged as Chairman with fees of £24,000 per annum. The appointment can be terminated by either
party on three months written notice.
Letter of Appointment – Sam Quinn
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Sam Quinn, Mr Quinn
is engaged as a Non-Executive Director with fees of £18,000 per annum. In addition Sam Quinn will be
remunerated for additional work performed for the Company which is outside the scope of his service
agreements, including consultancy and management services, at a rate of £1,000 per day subject to a maximum
of 3 days per calendar month. The appointment can be terminated by either party on three months written
notice.
Letter of Appointment – Helen Pein
Pursuant to a letter of appointment dated 21 September 2021 between the Company and Helen Pein, Helen is
engaged as a Non-Executive Director with fees of £18,000 per annum. In addition Helen Pein will be
remunerated for additional work performed for the Company which is outside the scope of her service
agreements, including project due diligence, consultancy and management services at a rate of £1,000 per day
subject to a maximum of 3 days per calendar month. The appointment can be terminated by either party on
three months written notice.
Letter of Appointment – Vikki Jeckell
Pursuant to a letter of appointment dated 20 November 2023 between the Company and Vikki Jeckell, Vikki is
engaged as a Non-Executive Director with fees of £18,000 per annum. The appointment can be terminated by
either party on three months written notice.
Consultancies
Pursuant to a consultancy agreement between the Group and Selection Capital Investments Limited, Paul
Atherley is engaged as Key Personnel (as defined under the consultancy agreement) contracted to provide
services to the Group in consideration of payment of £7,000 per month.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
13
Pursuant to a consultancy agreement dated 1 October 2021 between the Company and Lionshead Consultants
Limited (“Lionshead”), a company of which Sam Quinn is a director and sole shareholder, Lionshead is
contracted to provide services to the Company in consideration of payment of £5,000 per month.
Pursuant to a consultancy agreement dated 22 September 2022 between Tees Valley Lithium Limited and
Supply Tactics Limited (“Supply Tactics”), a company of which Vikki Jeckell is a director and 50% shareholder,
Supply Tactics is contracted to provide services to TVL in consideration of payment of £20,000 per month.
Terms of appointment
The services of the Directors are provided under the terms of letters of appointments, as follows:
Director
Year of appointment
Number of periods
completed
Date of current
engagement letter
P Atherley
2021
4
21 September 2021
S Quinn
2021
4
21 September 2021
H Pein
2021
4
21 September 2021
V Jeckell
2023
2
20 November 2023
Consideration of shareholder views
The Board considers shareholder feedback received. This feedback, plus any additional feedback received from
time to time, is considered as part of the Group’s annual policy on remuneration.
Policy for salary reviews
The Group may from time to time seek to review salary levels of Directors, taking into account performance,
time spent in the role and market data for the relevant role. It is intended that there will be a salary review during
the next year as the Company achieves key milestones.
Policy for new appointments
It is not intended that there will be any new appointments to the Board in the near term. It is intended however
that a review of the Board will take place on the achievement of key milestones including funding and project
development.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
14
Directors’ emoluments and compensation (audited)
Remuneration attributed to the Directors’ during the year ended 31 January 2025 was as follows (all figures are
stated in GBP):
Year Ended 31 January 2025:
Director
Directors fees
Salary/Consulting fees
Total remuneration
P Atherley
57,274
108,500
165,774
S Quinn
45,274
60,000
105,274
H Pein
18,000
-
18,000
V Jeckell
36,000
240,000
276,000
Total
156,548
408,500
565,048
Year Ended 31 January 2024:
Director
Directors fees
Salary/Consulting fees
Total remuneration
P Atherley
59,765
84,000
143,765
S Quinn
44,824
60,000
104,824
H Pein
18,000
-
18,000
V Jeckell
6,000
40,000
46,000
Total
128,589
184,000
312,589
Director incentives
In the year ended 31 January 2025, 475,000 options were granted to Directors (2024: 325,000). As at 31
January 2025, 1,190,000 (2024: 715,000) options issued to Directors were outstanding.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
15
Directors’ Remuneration Policy
Pursuant to the Directors’ letters of appointment, as described above, the Directors receive fees, all payable
monthly in arrears. There is currently a long-term incentive plan in operation for the Directors by way of share
incentive options.
Based on the foregoing, the remuneration policy of the Group can be summarised as follows:
How the element
supports our
strategic objectives
Operation of
the element
Maximum
potential
payout and
payment at
threshold
Performance measures used, weighting
and time period applicable
Base Pay
Recognises the role
and the responsibility
for the delivery of
strategy and results
Paid in 12
monthly
instalments
Contractual sum
None
Pensions
None
n/a
n/a
n/a
Short term incentives
None
n/a
n/a
n/a
Long term incentives
Aligns directors and
shareholders in share
price and project
development
Share options
issued
TBC
Vesting conditions include:
completion of fund raising to fund the
FEED study;
completion of the fund raising to fund
construction of the first 24,000 tpa
capacity at the Project;
following commissioning of the first
24,000 tpa capacity at the Project.
A remuneration committee is expected to be appointed in due course to consider an appropriate level of
Directors’ remuneration.
Although there is no formal Director shareholding policy in place, the Board believe that share ownership by
Directors strengthens the link between their personal interests and those of shareholders.
No views were expressed by shareholders during the year on the remuneration policy of the Group.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
16
Other matters
The Group does not currently have any short-term incentive schemes in place for any of the Directors.
The Group does not have any pension plans for any of the Directors and does not pay pension amounts in
relation to their remuneration.
This Directors’ Remuneration Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
17
Risk Management Report
The Group has undertaken an evaluation of the risks it is exposed to which are summarised as follows:
There is no assurance that the Group will determine that the Project is economically viable
The success of the Group’s business strategy is dependent on its ability to identify sufficient suitable acquisition
opportunities. Whist the Group believes that the Project presents a good opportunity, it is still in the process of
evaluating such opportunity. If the Group fails to complete the development of the Project it may be left with
substantial unrecovered transaction costs, potentially including fees, legal costs, accounting costs, due
diligence or other expenses. Furthermore, even if an agreement is reached relating to the Project, the Group
may fail to complete the Project for reasons beyond its control. Any such event will result in a loss to the Group
of the related costs incurred, which could materially adversely affect subsequent attempts to identify and acquire
another target business.
Development and production activities are capital intensive and inherently uncertain in their outcome
and the Group may not make a return on its investments, recover its costs or generate cash flows
The construction of industrial facilities are capital intensive. In addition, environmental damage could greatly
increase the cost of operations, and various operating conditions may adversely and materially affect the levels
of production. These conditions include delays in obtaining governmental approvals or consents, insufficient
storage or transportation capacity or a change in demand for the product. While diligent supervision and
effective maintenance operations can contribute to maximising production rates over time, production delays
and declines from normal operations cannot be eliminated and may adversely and materially affect the
revenues, cash flow, business, results of operations and financial resources and condition of the Company and
its subsidiary undertakings from time to time (the “Group”).
Currently the Group has insufficient capital to meet the funding requirements for the development of
the Project
As the Group is still evaluating the Project, it is still considering the associated costs with the development of
the Project and the amount of additional capital that may be required.
The Group will need to raise additional funding in the near term to meet its working capital requirements for the
next twelve months. In addition to working capital needs, the Group is of the opinion that if it decides to proceed
with the Project, the Group does not have sufficient capital in order to complete the construction of the Project
and hence will be required to raise additional funds in support of project development expenditure requirements.
Based on a high-level preliminary review of expected costs the Directors anticipate that a total of approximately
£250 - 300 million (excluding financing costs) of additional equity and / or debt financing will be required and
subject to the outcome of the feasibility and engineering studies the Group’s confirmation to proceed with the
Project to fund the evaluation, development and construction of the Project. The Group intends to raise the
development costs of the Project by:
(a) Debt finance - Any debt finance in respect of the Group for the purposes of developing and completing the
Project, is likely to be subject to customary conditions precedent. As of the date of this document, the
Group has not yet begun the formal process of seeking third party debt financing in respect of the Project,
however the Group expects to carry out this process immediately following completion of the feasibility
studies and the Group’s confirmation to proceed with the Project.
(b) Equity finance - In relation to any equity financing, the Group expects to engage advisors to assist the
Group with its equity funding requirements. The Group has not yet begun the formal process of seeking
formal engagement with advisors for equity financing in respect of the Project, however the Group expects
to carry out this process in due course following completion of the feasibility and engineering studies.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
18
Based on the Group’s informal discussions with potential debt and equity providers to date, the Directors are
confident that within the period of twelve months following the date of this document the Group will be able to
secure all the necessary finance required to develop and complete the Project.
The failure to secure additional financing or to secure such additional financing on terms acceptable to the
Group could have a material adverse effect on the continued development or growth of the acquired business,
prospects, and the financial condition and results and operations of the Group and could, ultimately lead to the
insolvency of the Company or Group.
The price of lithium hydroxide is affected by factors beyond the Group’s control
If the Group proceeds with the Project, and the market price of lithium hydroxide decreases significantly for an
extended period of time, the ability for the Group to attract finance and ultimately generate profits could be
adversely affected. Numerous external factors and industry factors that are beyond the control of the Group that
affect the price of lithium hydroxide include:
industrial demand;
levels of production;
rapid short term changes in supply and demand because of speculative or hedging activities; and
global or regional political or economic events.
The price at which the Group can sell any lithium hydroxide it may produce in the future will therefore be relevant
to the future revenues that can be generated by the Group and its ability to finance the Company going forward
and any adverse effects on such price could have a material adverse effect on the Group’s business, financial
performance, results of operations and prospects.
The Group may be unable to hire or retain personnel required to support the Group going forward
The Group’s ability to compete depends upon its ability to retain and attract highly qualified management and
technical personnel. Following completion of the Project, the Group will evaluate the personnel of the acquired
business and may determine that it requires increased support to operate and manage the acquired business
in accordance with the Group’s overall business strategy. There can be no assurance that existing personnel
of the acquired business will be adequate or qualified to carry out the Group’s strategy, or that the Group will
be able to hire or retain experienced, qualified employees to carry out the Group’s strategy.
During the development of the Project, the Group may be unable to acquire or renew necessary
concessions, licenses, permits and other authorisations
The Project will require certain concessions, licences, permits and other authorisations to carry out its
operations. Any delay in obtaining or renewing a license, permit or other authorisation may result in a delay in
investment or development of a resource and may have a materially adverse effect on the acquired business’
results of operations, cash flows and financial condition. In addition, any concessions, licences, permits and
other authorisations of the Project may be suspended, terminated or revoked if it fails to comply with the relevant
requirements.
Failure to obtain (and shortages and disruptions in lead times to deliver) certain key inputs may
adversely affect the Group’s operations during the development of the Project
During the development of the Project, the Group’s inability to timely acquire feedstock, strategic consumables,
raw materials, and processing equipment could have an adverse impact on any results of operations and
financial condition. Periods of high demand for supplies can arise when availability of supplies is limited. This
can cause costs to increase above normal inflation rates. Interruption to supplies or increase in costs could
adversely affect the operating results and cash flows of the Group during the development of the Project.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
19
This Risk Management Report has been approved by the Board and signed on its behalf by:
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
20
Corporate Governance Statement
The Group observes the requirements of the Quoted Company Alliance corporate governance code (the “QCA
Code”) and is in compliance with the QCA Code, save as set out below:
1. Given the composition of the Board, certain provisions of the QCA Code are considered by the Board to be
inapplicable to the Company. Specifically, the Company does not consider it necessary to have a senior
independent Director and the Board will, at the outset, consist of three non-executive Directors and one non-
executive chairman.
2. The QCA Code also recommends the submission of Directors for re-election at annual intervals. The
Company Articles of Association require all directors to retire by rotation and seek reappointment by the
shareholders at a general meeting every two years.
The Group does not have nomination, remuneration, audit or risk committees. The Board as a whole will instead
review its size, structure and composition, the scale and structure of the Directors’ fees (taking into account the
interests of shareholders and the performance of the Group), take responsibility for the appointment of auditors
and payment of their audit fee, monitor and review the integrity of the Group’s financial statements and take
responsibility for any formal announcements on the Group’s financial performance. The Board intends to put in
place nomination, remuneration, audit and risk committees in due course.
The Board has a share dealing code that complies with the requirements of the Market Abuse Regulations. All
persons discharging management responsibilities (comprising only the Directors) comply with the share dealing
code.
Carbon emissions
The Group currently has no trade, and no employees other than the Directors and has no office. Therefore, the
Group has minimal carbon emissions and it is not practical to obtain emissions data at this stage.
Board of Directors
The Group has a Board it believes is well suited for the purposes of implementing its business strategy,
combining skill sets for the assessment of investment and acquisition of royalties and streams in the mining
sector.
The Directors are responsible for carrying out the Group’s objectives, implementing its business strategy and
conducting its overall supervision. Acquisition, divestment and other strategic decisions will all be considered
and determined by the Board.
The Board will provide leadership within a framework of prudent and effective controls. The Board will establish
the corporate governance values of the Group and will have overall responsibility for setting the Group’s
strategic aims, defining the business plan and strategy and managing the financial and operational resources
of the Group.
The Board aims to hold meetings on a quarterly basis and is regularly in contact to discuss prospective
acquisition opportunities.
The Articles of the Company contain express provisions relating to conflicts of interest in line with the Companies
Act 2006.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
21
Shareholder communications
The Group uses its corporate website (www.alkemycapital.co.uk) to ensure that the latest announcements,
press releases and published financial information are available to all shareholders and other interested parties.
The AGM is used to communicate with both institutional shareholders and private investors and all shareholders
are encouraged to participate. Separate resolutions are proposed on each issue so that they can be given
proper consideration and there is a resolution to approve the Annual Report and Accounts. Notice of the AGM
is sent to shareholders at least 21 days before the meeting and the results are announced to the London Stock
Exchange and are published on the Company’s website.
Paul Atherley
Non-Executive Chairman
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
22
Directors’ Responsibility Statement
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the
Directors have elected to prepare the financial statements in accordance with UK Adopted International
Accounting Standards (“IAS”). Under company law the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of the profit
or loss for that period.
In preparing these financial statements, the Directors are required to:
1. select suitable accounting policies and then apply them consistently;
2. make judgements and accounting estimates that are reasonable and prudent;
3. state whether applicable UK-adopted IAS have been followed, subject to any material departures
disclosed and explained in the financial statements; and
4. prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the Company and Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the Company and Group’s transactions and disclose with reasonable accuracy at any time the financial position
of the Company and Group and enable them to ensure that the Financial Statements and the Directors
Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the Company and Group, and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
They are also responsible to make a statement that they consider that the Annual Report and Financial
Statements, taken as a whole, is fair, balanced, and understandable and provides the information necessary
for the shareholders to assess the Group’s position and performance, business model and strategy.
The Directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Company’s website. Legislation in the United Kingdom. governing the preparation and
dissemination of the Financial Statements may differ from legislation in other jurisdictions.
Directors’ responsibility statement pursuant to disclosure and Transparency Rule
Each of the Directors, whose names and functions are listed within the Board of Directors confirm that, to the
best of their knowledge:
1. the financial statements are prepared in accordance with UK-adopted IAS give a true and fair view of
the assets, liabilities, financial position and loss of the Company and Group; and
2. the Annual Report and financial statements, including the Strategic Report, includes a fair review of the
development and performance of the business and the position of the Company and Group, together
with a description of the principal risks and uncertainties that they face.
Approved by the Board on 21 May 2025
Paul Atherley
Non-Executive Chairman
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
23
Independent auditor’s report to the members of Alkemy Capital Investments Plc
Opinion
We have audited the financial statements of Alkemy Capital Investments Plc (the “company”) and its
subsidiaries (the ‘group’) for the year ended 31 January 2025 which comprise the consolidated statement of
comprehensive income, the consolidated and company statement of financial position, the consolidation and
company statement of changes in equity, the consolidated and company statement of cash flows, and notes
to the financial statements, including material accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and UK-adopted international accounting standards.
In our opinion, the financial statements:
give a true and fair view of the state of the group’s and of the company’s affairs as at 31 January 2025
and of the group’s loss for the year then ended;
have been properly prepared in accordance with UK-adopted international accounting standards; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We are independent of the group
and the company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to the section headed ‘Going Concern’ in note 2 to the financial statements, which details
the factors the group has considered when assessing its going concern position. As stated in note 2, the
uncertainty surrounding the availability of funds to finance the commercial development of the group’s projects
indicates that a material uncertainty exists that may cast significant doubt on the group’s and company’s
ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’
assessment of the group’s and company’s ability to continue to adopt the going concern basis of accounting
included:
discussions with management in relation to the future plans of the group and company;
checking activity after the year end to the date of signing of the financial statements;
challenging the directors’ going concern assessment including the worst-case scenario cashflow forecasts
that covers at least 12 months from the date of approval of the financial statements;
evaluating the reliability of the data underpinning the cashflow forecasts, including checking the numerical
accuracy of the model and agreeing opening positions used;
assessing the cashflow requirements of the group based on forecasted capital and administrative
expenditures;
checking what forecast expenditure is committed and what could be discretionary;
considering the options available to management for further fundraising or additional sources of finance;
assessing the likelihood of receipt of fundraising;
challenging potential downside scenarios and the resulting impact on funding requirements and the group’s
ability to raise such funds; and
assessing the completeness and accuracy of the disclosures made on going concern in the annual report
and financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
24
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
Overview of our audit approach
Materiality
In planning and performing our audit we applied the concept of materiality. An item is considered material if it
could reasonably be expected to change the economic decisions of a user of the financial statements. We
used the concept of materiality to both focus our testing and to evaluate the impact of misstatements
identified.
Based on our professional judgement, we determined overall materiality for the financial statements as a
whole to be £60,000 (2024: £100,000), based on 5% of loss before taxation. Materiality for the parent
company financial statements as a whole was set at £35,000 (2024: £46,000) based on 5% of loss before
taxation.
We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the
audit of the financial statements. Performance materiality is set based on the audit materiality as adjusted for
the judgements made as to the entity risk and our evaluation of the specific risk of each audit area having
regard to the internal control environment. Performance materiality was set at 70% of materiality for the
financial statements as a whole, which equates to £42,000 (2024: £70,000) for the group and £24,500 (2024:
£32,200) for the parent.
Where considered appropriate performance materiality may be reduced to a lower level, such as, for related
party transactions and directors’ remuneration.
We agreed with the Board to report to it all identified errors in excess of £3,000 (2024: £5,000). Errors below
that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative
grounds.
Overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the group and its environment, including the group’s
system of internal control, and assessing the risks of material misstatement in the financial statements. We
also addressed the risk of management override of internal controls, including assessing whether there was
evidence of bias by the directors that may have represented a risk of material misstatement.
In establishing our overall approach to the group audit, we determined the type of work that needed to be
undertaken at each of the components. The base of operations is in the United Kingdom, which is where the
head office is. The parent company and its principal operating subsidiary, Tees Valley Lithium Limited, were
subject to full scope audit. The consolidation was also subject to a full scope audit. This, together with the
additional procedures performed at the group level, such as performing limited scope procedures for non-UK
components, gave us appropriate and sufficient audit evident to support our opinion on the group financial
statements. All audit work were undertaken by the group audit team.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on the
overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement
team. These matters were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
We set out below, together with the material uncertainty related to going concern above, those matters we
considered to be key audit matters. This is not a complete list of all risks identified by our audit.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
25
Key audit matter
How our scope addressed the key audit matter
Capitalisation of intangible assets
The group continues to invest in the
planned construction of its lithium
hydroxide processing facility in
Teesside, UK.
Determining whether the cost of
development meets the capitalisation
criteria requires management to make
significant judgement based on the
requirements of IAS 38.
We therefore consider the inappropriate
capitalisation of development costs to
be a key audit matter. Refer to notes 2
and 10.
We performed the following procedures as part of our audit:
Obtained an understanding of the process and key
controls relating to the capitalisation of development
costs.
Reviewed the accounting policy adopted by management
and whether the capitalisation criteria are consistent with
the requirements set out in IAS 38.
Tested, on a sample basis, capitalised development costs
to source documentation such as third party invoices and
assessed whether these meet the criteria for
capitalisation.
Challenged management on the reasonableness of the
key judgements in the capitalisation of development costs
including assessment of technical feasibility of the project,
funding to complete the development and expectation of
future economic benefits.
Assessed the completeness and accuracy of the
disclosures included in the financial statements.
Based on the work performed, we concluded that the
development costs capitalised is reasonable.
Our audit procedures in relation to these matters were designed in the context of our audit opinion as a whole.
They were not designed to enable us to express an opinion on these matters individually and we express no
such opinion.
Other information
The other information comprises the information included in the annual report other than the financial
statements and our auditor’s report thereon. The directors are responsible for the other information contained
within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in
accordance with the Companies Act 2006.
In our opinion based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
the strategic report and directors’ report have been prepared in accordance with applicable legal
requirements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
26
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report or the
directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the company, or returns adequate for our audit have
not been received from branches not visited by us; or
the company financial statements and the part of the directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit
Responsibilities of the directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 22, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the group or the
parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and
company and the procedures in place for ensuring compliance in the jurisdiction where the group and
company operate, focusing on those laws and regulations that have a direct effect on the determination of
material amounts and disclosures in the financial statements. The laws and regulations we considered in this
context were the Companies Act 2006 and relevant tax legislation.
We assessed the nature of the group’s business, the control environment and performance to date when
evaluating the incentives and opportunities to commit fraud.
We identified the greatest risk of material impact on the financial statements from irregularities, including
fraud, to be the override of controls by management to manipulate financial reporting and misappropriate
funds. Our procedures to address the risk of management override included:
enquiries of management about their own identification and assessment of the risks of irregularities,
including any non-compliance with laws or regulations, or any potential claims of fraud;
reviewing minutes of board meetings throughout the period;
reviewing the system for the generation, authorisation and posting of journal entries;
obtaining supporting evidence for a risk-based sample of journals, derived using a data analytics tool;
considering significant estimates and judgements made by management for evidence of bias, and
performing retrospective reviews where applicable;
considering audit adjustments identified from our audit work for evidence of bias in reporting;
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
27
audit of significant transactions outside the normal course of business, or those that appear to be unusual;
and
reviewing the other information presented in the annual report for fair presentation and consistency with
the audited financial statements and the information available to us as the auditors.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of
the financial statements may not be detected, even though the audit is properly planned and performed in
accordance with the ISAs (UK). The potential effects of inherent limitations are particularly significant in the
case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized
schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional
misrepresentations being made to us.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters which we are required to address
We were appointed by the Board on 27 March 2022 to audit the financial statements for the period ending 31
January 2022. Our total uninterrupted period of engagement is four years, covering the periods ending 31
January 2022 to 31 January 2025.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the
company and we remain independent of the group and the company in conducting our audit.
Our audit opinion is consistent with the additional report to the Board.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
members those matters we are required to state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Matthew Stallabrass
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
21 May 2025
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
28
Consolidated Statement of Comprehensive Income
for the year ended 31 January 2025
Year ended | Year ended | ||
Notes | 31 January | 31 January | |
2025 | 2024 | ||
£ | £ | ||
Continuing operations | |||
Other income | |||
Administrative expenses | 4 | ( | ( |
Project development expenses | 4 | ( | ( |
Business development costs | ( | ||
Finance costs | ( | ( | |
Foreign exchange gains (losses) | ( | ||
Loss before taxation | ( | ( | |
Taxation | 7 | ||
Loss after taxation | ( | ( | |
Other Comprehensive Income | |||
Foreign exchange differences on translation of overseas subsidiaries | ( | ( | |
Total Comprehensive loss for the year | ( | ( | |
Earnings per share: | |||
Basic and diluted earnings per share (pence) | 8 | ( | ( |
The notes on pages 35 to 53 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
29
Consolidated Statement of Financial Position
As at 31 January 2025
Notes | 31 January | 31 January | |
2025 | 2024 | ||
£ | £ | ||
Non Current Assets | |||
Intangibles – Project development costs | 10 | ||
Total Non Current Assets | |||
Current assets | |||
Trade and other receivables | 12 | ||
Cash and cash equivalents | 13 | ||
Total Current Assets | |||
Total Assets | |||
Equity | |||
Share Capital | 15 | ||
Share Premium | 15 | ||
Share Based Payments | 15 | ||
Foreign Exchange Reserve | ( | ( | |
Retained Earnings | ( | ( | |
Total Equity | ( | ( | |
Current Liabilities | |||
Trade and other payables | 14 | ||
Short term borrowings | 17 | ||
Current and Total Liabilities | |||
Total Equity and Liabilities |
The notes on pages 35 to 53 are an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 21 May 2025.
Paul Atherley
Director
Alkemy Capital Investments plc
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
30
Consolidated Statement of Changes in Equity | ||||||
For the year ended 31 January 2025 | ||||||
Share | Foreign | |||||
Share | Share | Based | Exchange | Retained | ||
capital | Premium | Payments | Reserve | Earnings | Total | |
£ | £ | £ | £ | £ | £ | |
As at 1 February 2023 | ( | ( | ( | |||
Loss for the year | ( | ( | ||||
Foreign exchange losses on translation of overseas | ||||||
subsidiaries | ( | ( | ||||
Total Comprehensive income | ( | ( | ( | |||
Transactions with owners: | ||||||
Issue of shares | ||||||
Issue of options | ||||||
Issue of warrants | ||||||
Total transactions with owners | ||||||
Balance at 31 January 2024 | ( | ( | ( | |||
Share | Foreign | |||||
Share | Share | Based | Exchange | Retained | ||
capital | Premium | Payments | Reserve | Earnings | Total | |
£ | £ | £ | £ | £ | £ | |
As at 1 February 2024 | ( | ( | ( | |||
Loss for the year | ( | ( | ||||
Foreign exchange losses on translation of overseas | ||||||
subsidiaries | ( | ( | ||||
Total Comprehensive income | ( | ( | ( | |||
Transactions with owners: | ||||||
Share based payments | ||||||
Total transactions with owners | ||||||
Balance at 31 January 2025 | ( | ( | ( |
The notes on pages 35 to 53 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
31
Consolidated Statement of Cash Flows
for the year ended 31 January 2025
Year ended | Year ended | ||
Notes | 31 January | 31 January | |
2025 | 2024 | ||
£ | |||
£ | |||
Cash flows from Operating Activities | |||
Loss for the year after tax | ( | ( | |
Share based payments | |||
Financing costs | |||
Decrease in receivables | 12 | ||
Increase/(Decrease) in payables | 14 | ( | |
Net cash outflow from operating activities | ( | ( | |
Cashflows from Investing Activities | |||
Payments for intangible assets | 10 | ( | |
Net cash outflow from investing activities | ( | ||
Cash flows from financing activities | |||
Proceeds of borrowing | |||
Repayment of borrowings | ( | ||
Issue of shares (net of share issue expenses) | 15 | ||
Net cash inflow from financing activities | |||
Net (Decrease)/Increase in cash and cash | |||
equivalents during the year | ( | ||
Cash at the beginning of year | |||
Effect of foreign exchange on currency holdings | ( | ( | |
Cash and cash equivalents at the end of the year | 13 |
During the prior year £330,000 was settled directly by Paul Atherley on behalf of the company against the loan
provided by him. As such these amounts represent a material non cash transaction.
The notes on pages 35 to 53 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
32
Company Statement of Financial Position
As at 31 January 2025
Notes
31 January
2025
31 January
2024
£
£
Non Current Assets
Investments in and loans to subsidiaries
11
3,265,998
2,943,953
Total Non Current Assets
3,265,998
2,943,953
Current assets
Trade and other receivables
12
38,676
73,710
Cash and cash equivalents
13
382
27,961
Total Current Assets
39,058
101,671
Total Assets
3,305,056
3,045,624
Equity
Share Capital
15
176,297
176,297
Share Premium
15
4,261,626
4,261,626
Share Based Payments
15
689,028
259,771
Retained Earnings
(3,171,827)
(2,263,777)
Total Equity
1,955,124
2,433,917
Current Liabilities
Trade and other payables
14
800,541
509,418
Short Term Borrowings
549,391
102,289
Current and Total Liabilities
1,349,932
611,707
Total Equity and Liabilities
3,305,056
3,045,624
Company Statement of Comprehensive Income
As permitted by Section 408 Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income. The
Company’s loss for the financial year was £908,050 (2024: loss of £891,764).
The notes on pages 35 to 53 are an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 21 May 2025.
Paul Atherley
Director
Alkemy Capital Investments plc
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
33
Company Statement of Changes in Equity
For the year ended 31 January 2025
Share
capital
Share
Premium
Share
Based
Payments
Retained
Earnings
Total
£
£
£
£
£
As at 1 February 2023
144,000
2,413,243
63,221
(1,372,013)
1,248,451
Loss for the year
-
-
-
(891,764)
(891,764)
Total Comprehensive
income
-
-
-
(891,764)
(891,764)
Transactions with owners:
Issue of shares
32,297
1,848,383
-
-
1,880,680
Issue of options
-
-
182,150
-
182,150
Issue of warrants
-
-
14,400
-
14,400
Total transactions with
owners
32,297
1,848,383
196,550
-
2,077,230
Balance at 31 January 2024
176,297
4,261,626
259,771
(2,263,777)
2,433,917
Share
capital
Share
Premium
Share
Based
Payments
Retained
Earnings
Total
£
£
£
£
£
As at 1 February 2024
176,297
4,261,626
259,771
(2,263,777)
2,433,917
Loss for the year
-
-
-
(908,050)
(908,050)
Total Comprehensive
income
-
-
-
(908,050)
(908,050)
Transactions with owners:
Share based payments
-
-
429,257
-
429,257
Total transactions with
owners
-
-
429,257
-
429,257
Balance at 31 January 2025
176,297
4,261,626
689,028
(3,171,827)
1,955,124
The notes on pages 35 to 53 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
34
Company Statement of Cash Flows
for the year ended 31 January 2025
Notes
Year ended
31 January
2025
Year ended
31 January
2024
£
£
Cash flows from Operating Activities
Loss for the year after tax
(908,050)
(891,764)
Share based payments
359,857
196,550
Finance costs
135,073
-
Decrease in receivables
12
35,034
9,448
Increase in payables
14
301,701
116,740
Net cash outflow from operating activities
(76,385)
(569,026)
Cashflows from Investing Activities
Investments in subsidiaries
11
(1)
(2)
Loans provided to subsidiaries
11
(322,043)
(1,065,047)
Net cash outflow from investing activities
(322,044)
(1,065,049)
Cash flows from financing activities
Proceeds of borrowing
370,850
-
Repayment of borrowings
-
(224,000)
Issue of shares (net of share issue expenses)
15
-
1,880,680
Net cash inflow from financing activities
370,850
1,656,680
Net increase/(decrease) in cash and cash
equivalents during the year
(27,579)
22,605
Cash at the beginning of year
27,961
5,356
Cash and cash equivalents at the end of the
year
13
382
27,961
The notes on pages 35 to 53 are an integral part of these financial statements.
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
35
Notes to the Financial Statements
Subsidiary Name | Date | of | Percentage | Registered office address | Country | of | ||||
Incorporation | Interest | Incorporation | ||||||||
Tees Valley Lithium Ltd | 25 | February | 100% | 167-169 Great Portland Street, | United | |||||
2022 | London W1W 5PF | Kingdom | ||||||||
Alkemy Capital Services | 4 May 2022 | 100% | Level 4, 46 Colin Street, West | Australia | ||||||
Pty Ltd | Perth WA 6005, Australia | |||||||||
Port | Headland | Lithium | 22 September | 100% | Level 4, 46 Colin Street, West | Australia | ||||
Pty Ltd | 2022 | Perth WA 6005, Australia | ||||||||
Tees | Valley | Graphite | 20 | November | 100% | 167-169 Great Portland Street, | United | |||
Limited | 2023 | London W1W 5PF | Kingdom | |||||||
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
36
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
37
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
38
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
39
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
40
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
41
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
42
Year to January 2025 | UK | Australia | Total |
£ | £ | £ | |
Other Revenue | - | - | - |
Project Development | (133,686) | 68,410 | (65,276) |
Administration expenses | (1,079,659) | (147,325) | (1,226,984) |
Foreign exchange | 1,007 | - | 1,007 |
Finance costs | (135,073) | - | (135,073) |
Loss before tax | (1,347,411) | (78,915) | (1,426,326) |
Year to January 2024 | UK | Australia | Total |
£ | £ | £ | |
Other Revenue | 1,247 | - | 1,247 |
Business development | (1,852) | - | (1,852) |
Project Development | (349,836) | (284,452) | (634,288) |
Administration expenses | (1,295,137) | (159,058) | (1,454,195) |
Foreign exchange | (5,215) | - | (5,215) |
Finance costs | (1,697) | - | (1,697) |
Loss before tax | (1,652,490) | (443,510) | (2,096,000) |
2025 | 2024 | |
£ | £ | |
Employee benefit expense (note 6) | 214,895 | 302,733 |
Employee benefit – share based payments | 305,637 | 66,802 |
Advertising and marketing | 46,065 | 122,426 |
Regulatory compliance expense | 33,751 | 67,481 |
Share based payments – advisors | 54,221 | 115,348 |
Travel and accommodation | 9,593 | 37,704 |
Other professional fees | 503,302 | 696,744 |
Other operating expenses | 59,520 | 44,957 |
Total administrative expenses | 1,226,984 | 1,454,195 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
43
2025 | 2024 | |
£ | £ | |
Fees payable to the auditor for the audit of the Company | 50,500 | 47,350 |
Total auditor’s remuneration | 50,500 | 47,350 |
2025 | 2024 | |
£ | £ | |
Directors’ salaries | 156,547 | 128,589 |
Share based payments | 305,637 | 66,802 |
Staff salaries | 32,552 | 145,403 |
Recruitment and other staff costs | 3,808 | 920 |
Social security | 21,988 | 27,821 |
Total employee benefit expense | 520,532 | 369,535 |
2025 | 2024 | |
£ | £ | |
Current tax | - | 325,018 |
Total | - | 325,018 |
2025 | 2024 | |
£ | ||
£ | ||
Loss on ordinary activities before taxation | (1,426,326) | (2,096,000) |
Tax calculated at domestic rate applicable to UK standard rate for small | ||
companies of 19% | (271,002) | (398,240) |
Effects of: | ||
Expenses not deductible for tax purposes | 69,434 | 35,844 |
Tax losses carried forward on which no deferred tax asset is recognised | 201,568 | 37,378 |
Income tax credit | - | 325,018 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
44
2025 | 2024 | |
£ | £ | |
At the beginning of the year | 317,089 | 298,813 |
Additions in the year | 189,095 | 18,276 |
At the end of the year | 506,184 | 317,089 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
45
2025 | 2024 | |
£ | £ | |
Investment in Subsidiaries | 5 | 4 |
Loans to Subsidiaries | 3,265,993 | 2,943,949 |
Total | 3,265,998 | 2,943,953 |
2025 | 2024 | |
Group | £ | £ |
Prepayments | 20,089 | 47,537 |
VAT and GST recoverable | 26,894 | 73,660 |
Other receivables | 825 | 5,106 |
Total | 47,808 | 126,303 |
2025 | 2024 | |
Company | £ | £ |
Prepayments | 20,089 | 45,490 |
VAT and GST recoverable | 18,587 | 25,720 |
Other receivables | - | 2,500 |
Total | 38,676 | 73,710 |
2025 | 2024 | |
Group | £ | £ |
Cash at bank and on hand | 16,673 | 45,458 |
16,673 | 45,458 | |
2025 | 2024 | |
Company | £ | £ |
Cash at bank and on hand | 382 | 27,961 |
382 | 27,961 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
46
2025 | 2024 | |
Group | £ | £ |
Trade payables | 858,538 | 673,199 |
Other payables | 85,671 | 53,965 |
Accrued expenses | 557,757 | 180,045 |
Total trade and other payables | 1,501,966 | 907,209 |
2025 | 2024 | |
Company | £ | £ |
Trade payables | 471,471 | 364,948 |
Other payables | 4,503 | 7,365 |
Accrued expenses | 324,567 | 137,105 |
Total trade and other payables | 800,541 | 509,418 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
47
Number of | Share premium | Share based | ||
ordinary shares of | Share Capital | £ | payments | |
2p | £ | £ | ||
At 31 January 2023 | 7,199,998 | 144,000 | 2,413,243 | 63,221 |
Share issues | 1,614,853 | 32,297 | 1,968,497 | - |
Share issue expenses | - | - | (105,714) | - |
Issue of Options and Warrants | - | - | (14,400) | 196,550 |
At 31 January 2024 | 8,814,851 | 176,297 | 4,261,626 | 259,771 |
Issue of Options and Warrants | - | - | - | 429,258 |
At 31 January 2025 | 8,814,851 | 176,297 | 4,261,626 | 689,029 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
48
Date of grant | Tranche | Number of | Assumed | Risk free | Volatility (%) | FV |
Options | Exercise date | rate (%) | ||||
6 June 2023 | A | 143,335 | 6 June 2028 | 4.39 | 40.50 | £95,150 |
6 June 2023 | B | 143,334 | 6 June 2028 | 4.39 | 40.50 | £95,149 |
6 June 2023 | C | 143,331 | 6 June 2028 | 4.39 | 40.50 | £95,147 |
5 August 2024 | - | 500,000 | 5 August 2026 | 3.62 | 45.54 | £253,200 |
2025 | 2024 | |||
Weighted | Weighted | |||
average | average | |||
Number of | exercise | Number of | exercise | |
options | price | options | price | |
Company and Group | Number | Pence | Number | Pence |
Outstanding at the beginning of the period | 1,220,000 | 130.53 | 790,000 | 106.33 |
Granted during the year | 500,000 | 2 | 430,000 | 175 |
Lapsed during the period | (100,000) | (150) | - | - |
Outstanding at the end of the period | 1,620,000 | 98.92 | 1,220,000 | 130.53 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
49
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
50
Group | GBP | AUD | Total |
31 January 2025 | £ | £ | £ |
Trade and other receivables | 43,197 | 4,611 | 47,808 |
Cash and cash equivalents | 1,092 | 15,581 | 16,673 |
Trade and other payables | 1,333,565 | 168,401 | 1,501,966 |
Short-term borrowings | 599,391 | - | 599,391 |
Group | GBP | AUD | Total |
31 January 2024 | £ | £ | £ |
Trade and other receivables | 42,736 | 36,030 | 78,766 |
Cash and cash equivalents | 34,387 | 11,071 | 45,458 |
Trade and other payables | 697,889 | 209,320 | 907,209 |
Short-term borrowings | 102,289 | - | 102,289 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
51
Categories of financial instruments: | ||
2025 | 2024 | |
Group | £ | £ |
FINANCIAL ASSETS AT AMORTISED COST: | ||
Cash and cash equivalents | 16,673 | 45,458 |
Trade and other receivables (excluding prepayments) | 27,719 | 78,766 |
Total financial Assets at amortised cost | 44,392 | 124,224 |
FINANCIAL LIABILITIES AT AMORTISED COST: | ||
Trade and other payables | 1,501,966 | 907,209 |
Short term borrowings | 599,391 | 102,289 |
Total financial liabilities at amortised cost | 2,101,357 | 1,009,498 |
2025 | 2024 | |
Company | £ | £ |
FINANCIAL ASSETS AT AMORTISED COST: | ||
Cash and cash equivalents | 382 | 27,961 |
Trade and other receivables (excluding prepayments) | 18,587 | 28,221 |
Total financial Assets at amortised cost | 18,969 | 56,182 |
2025 | 2024 | |
£ | £ | |
FINANCIAL LIABILITIES AT AMORTISED COST: | ||
Trade and other payables | 800,541 | 509,418 |
Short term borrowings | 549,391 | 102,289 |
Total financial liabilities at amortised cost | 1,349,932 | 611,707 |
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
52
ALKEMY CAPITAL INVESTMENTS PLC (Company number: 13149164)
Financial Report for the year ended 31 January 2025
53