Tees Valley Lithium Financing and Project Delivery

Alkemy Capital Investments plc ("Alkemy") (LSE: ALK) (FRA: JV2) is pleased to provide an update on the continued progress of Tees Valley Lithium Limited ("TVL") as it advances its Front-End Engineering Design ("FEED") study and gears up for project-level financing for the construction of Train 1 of its lithium hydroxide refinery at Teesside Freeport.

Following the recent appointment of ABG Sundal Collier ASA ("ABGSC") as exclusive manager, bookrunner and financial advisor for TVL's proposed US$245 million bond and equity financing, TVL is now progressing at speed with the financing phase of the project.

To support this next stage, Vikki Jeckell will step down as a Director of Alkemy, effective immediately, to dedicate her full focus to her role as Chief Executive Officer of TVL, overseeing governance and project delivery as the company targets a Final Investment Decision (FID) in Q1 2026.

Front-End Engineering Design (FEED) Progress

The FEED study led by Veolia and Wave International, continues to progress at pace with several key workstreams advancing:

• Process design optimisation to validate process flows and material balances for multi-feedstock flexibility.
• Layout and modularisation design refined to enhance constructability, safety, and operational efficiency.
• Earthworks, concrete, and structural steelwork disciplines now at an advanced stage of capital cost estimation, each demonstrating a downward trend against current CAPEX estimates.
• Operational cost improvement, with an expected reduction in OPEX following the UK Government's announcement on 31 October 2025 of an increased British Industry Supercharger Scheme discount from 60% to 90%.
• Ongoing operational readiness and supply chain engagement, including the forthcoming TVL Supply Chain Briefing Event in Redcar, to connect UK suppliers with opportunities during construction and operation.

Chairman of Alkemy, Paul Atherley, commented:

"With ABG Sundal Collier leading project-level financing and the FEED study progressing on schedule, Tees Valley Lithium continues to build the foundations for construction and operation of a new UK lithium refinery at Teesside Freeport."

Tees Valley Lithium CEO, Vikki Jeckell, added:

"We are maintaining strong progress across all technical and cost workstreams. The move towards project-level financing marks the next step in bringing the refinery to life and positioning TVL as a cornerstone of the UK's battery materials supply chain. The upcoming supply chain event will also ensure UK industry benefits from the opportunities created by the project"