TVL Appoints Wates group

Alkemy Capital Investments plc ("Alkemy") (LSE: ALK) (JV2:FRA), announces that its wholly owned subsidiary Tees Valley Lithium ("TVL"), has agreed Heads of Terms with Wates Construction Limited ("Wates") for a Pre-Construction Services Agreement.

Further to the recently completed FEED study, a preferred project site in Teesside is being acquired. All core workstreams remain aligned to the previously announced timelines.

TVL's construction partner, Wates is one of the leading family-owned development, building and property maintenance companies. Over recent months, TVL and Wates have worked closely to align on delivery strategy, programme and execution approach.

Wates' appointment to progress pre-construction activities brings in relevant local industrial, construction and MEP experience from its Construction and SES divisions and strengthens the project's readiness as it transitions into execution.

HIGHLIGHTS

• FEED complete; timeline to FID, financing and development unchanged.
• Heads of Terms agreed with Wates for pre-construction activities.
• 17.2-acre (7 hectare) site at New Road, Billingham, Teesside being acquired; large enough to accommodate expansion up to 100ktpa production capacity.
• Pre-construction activities expected to commence early March 2026.

Alkemy Chairman Paul Atherley commented:

"We are pleased to be working with Wates as our construction partner, a highly experienced contractor with local connections. This agreement puts us in a strong position to draw on the many benefits of the Teesside region in the development of this world-class project."

TVL CEO Vikki Jeckell commented:

"Working with Wates, an experienced Tier 1 contractor, represents a significant step forward for the project. Over recent months we have aligned on execution strategy, programme integration and delivery approach.

"We are now transitioning into pre-construction execution. As we enter this phase, the project will be managed through a disciplined delivery framework focused on construction progression, procurement readiness and cost control.

"Alkemy will continue to update the market at appropriate project milestones as delivery progresses."

Wates Advanced Manufacturing MD Eddie Tribe commented:

"This is a positive milestone in the delivery of TVL's facility. We look forward to bringing our extensive experience in both construction and mechanical and electrical engineering to the project, to enable TVL to bring their vision to life."

Construction Progress

Under the Pre-Construction Services Agreement, which is expected to commence in March, Wates will work closely with the TVL team to progress the detailed engineering, construction planning, programme development and cost alignment required to prepare the project for construction.

Early contractor involvement at this stage enhances delivery readiness and provides greater certainty over scope, sequencing and procurement strategy.

Site Selection

The recently completed FEED studies evaluated a number of site options and compared leasing and purchasing structures. As a result, Alkemy has selected the 17.2-acre (7 hectare) New Road, Billingham, Teesside site for purchase as the preferred location.

Due to the site's location within an existing chemical park, which benefits from interconnecting services and utilities, no changes are necessary to the original plant design.

Wates Group: Established in 1897, Wates are one of the UK's leading family-owned development, building and property maintenance companies. In 2024, Wates generated underlying group profit before tax of £31.4m from a turnover of £2.40bn, working with a wide range of public and private-sector customers and partners. With 6,000 employees and now in their fourth generation of family ownership, they are committed to the long-term sustainability of the built environment and to making their industry more inclusive and representative of the communities they work in. Wates are an Investors in People Gold accredited company, driven by their purpose of reimagining places for people to thrive. Wates.co.uk