LONDON, July 5, 2026, 15:08 (BST)
- Alkemy Capital Investments Plc (LON:ALK) ended Friday at 238.5p, gaining 12.5% for the session. For the week, the stock edged just 0.63% higher.
- About 156,447 shares traded Friday, close to 2.7 times the average of 57,070. The most recent RNS just noted that all AGM resolutions passed.
- The funding question is next. Alkemy’s annual report estimated pre-FID cash needs at £3 million to more than £4.2 million for the next 18 months.
Alkemy Capital Investments Plc (LON:ALK) closed at 238.5p on Friday in London, rising 12.5%. That capped a week that saw a steep drop midweek, but the stock recovered by the close. London trading was closed for the weekend Sunday, with the London Stock Exchange open weekdays from 8:00 a.m. to 4:30 p.m. BST.
Shares fell from Monday to Thursday, then bounced on Friday. For the week, the stock ended up just 1.5 pence, or 0.63%, over last Friday’s close.
| Session | Close | Volume | Day move |
|---|---|---|---|
| June 29 | 237.0p | 16,769 | — |
| June 30 | 224.5p | 52,992 | -5.3% |
| July 1 | 216.0p | 241,271 | -3.8% |
| July 2 | 212.0p | 2,743 | -1.9% |
| July 3 | 238.5p | 156,447 | +12.5% |
Trading picked up Friday, but volume didn’t top the week. That came on July 1, with 241,271 shares traded. Friday saw 156,447 change hands. The liquidity picture is still unclear for a stock at about £26.6 million market cap.
Alkemy sent out a standard RNS at 2:11 p.m. on July 3, saying shareholders approved all resolutions at the AGM. There were no new financing details or project updates in the statement.
The main question this week is the gap between Alkemy’s market cap and the funding the company needs to push Tees Valley Lithium to a final investment decision. Alkemy’s own June impact report put planned private capital for Billingham at around US$243 million, or £185 million. That’s about seven times what Alkemy is worth as of Friday.
| Financing marker | Disclosed figure | Market read-through |
|---|---|---|
| Alkemy market cap | £26.56 mln | Friday’s equity price |
| TVL planned private investment | US$243 mln / £185 mln | Roughly 7x market cap |
| Train 1 capex in annual report | US$245 mln / about £178 mln | Project-level financing planned |
| Pre-FID cash need over 18 months | £3 mln to £4.2 mln-plus | Short-term raise needed |
The audited annual report put Train 1’s expected capital costs as coming from debt, strategic equity, and grants at the project level. TVL is also holding discussions with banks and strategic partners for the Teesside refinery, the report said.
Alkemy posted a loss after tax of £2.49 million for the year ended Jan. 31, deeper than the £1.43 million loss it recorded last year. The company ended the period with £153,286 in cash and cash equivalents. Total liabilities were at £4.76 million, with borrowings of £2.05 million.
Crowe U.K. LLP’s audit flagged a material uncertainty around access to funds for commercial projects, saying this “may cast significant doubt” on Alkemy’s ability to keep going as a business. The board said it was reasonably confident about securing funding, but execution was not certain. Investegate
The project case is still big next to its quoted parent. TVL’s impact report put UK gross value added at £2.1 billion over 25 years and estimated around 1,700 jobs including construction, operations, and supply chain. TVL CEO Vikki Jeckell called it “the clearest picture yet” and pointed to “over £11 of economic value for every £1 invested.” Investegate
The stock is now trading between two recent deal prices. Alkemy earlier this month agreed to issue new shares to Wave International and Green Wave Procurement at £2.90 apiece. Another lender converted £222,463 of debt at £2.04 a share. Shares closed Friday at 238.5p, leaving them down about 18% from the supplier issue price and up roughly 17% on the loan conversion level.
The company’s latest RNS on the feed is the AGM result. Looking ahead to next week, there’s no update since then. Right now, funding is the focus. According to the annual report, the board is still in talks about funding options. They mention project debt, strategic equity, market placings, convertible loans, term loans, or combining these.
Alkemy said the impact report’s projections aren’t profit guidance, and depend on both financing and a green light at FID. That puts the focus back on financing details, potential dilution, and who owns what at the project for what moves the shares next.
