London, July 3, 2026, 14:11 BST
- Alkemy Capital traded at 239p at 13:54 BST, rising 12.7%. FTSE 100 slipped 0.12%.
- Shares are still down roughly 20.5% from the June 15 close, even with Friday’s bounce.
- Alkemy trades at 239p, putting its market cap near £26.6 million. TVL plans to spend £185 million on Billingham.
Alkemy Capital Investments Plc (LON:ALK) jumped 12.7% to 239p in London trading Friday, as action picked up in the small critical minerals name on the day of its annual meeting. ADVFN data showed 84,362 shares changing hands by 13:54 BST, with a 230p bid and 235p offer. The FTSE 100 traded at 10,640.15, off 0.12%.
Alkemy’s gain stands out on the index, though it only recoups some of the late-June drop. Trading 212 daily data has the stock finishing at 237p on June 29, 224.5p June 30, then sliding to 216p July 1 and 212p July 2. The latest 239p quote is still 20.5% under the 300.5p close on June 15.
| Market check | Latest/close | Change | Read |
|---|---|---|---|
| Alkemy Capital | 239p at 13:54 BST | +12.74% | Intraday quote |
| FTSE 100 | 10,640.15 | -0.12% | Index quote |
| Alkemy July 2 close | 212p | -0.85% | Prior close |
| Alkemy June 15 close | 300.5p | +2.13% | Post-RNS base |
Alkemy’s RNS had nothing from the company after Tees Valley Lithium released its impact report and a new shares notice on June 15. The last updates were a June 10 AGM notice and the May 28 annual report.
The big number for investors is the difference between the quoted Alkemy equity and the size of the planned Billingham refinery. With Alkemy’s post-issue share count at 11,135,080 and a share price of 239p, market cap works out to around £26.6 million. TVL’s report sees planned private investment near US$243 million (£185 million), with potential UK GVA over 25 years at £2.1 billion.
| Comparison | Value | Read-across at 239p |
|---|---|---|
| Implied equity value | £26.6 mln | Used as basis for dilution calculation |
| Planned Billingham capital | £185 mln | 6.95x equity value |
| Nominal 25-year GVA | £2.1 bln | 78.9x versus equity value |
| New shares from June 15 issue | 158,455 | 1.42% of total shares after issue |
The gap is key here since the company said the impact report isn’t a profit forecast and depends on future financing deals and a final investment decision that still needs to go through. For shareholders, the question is how much fresh equity or debt will be required to convert the plant from a plan into a funded asset.
TVL CEO Vikki Jeckell called the report the “clearest picture yet” and said it showed “over £11 of economic value for every £1 invested.” Jeckell also noted around 1,700 jobs in construction, operations and the supply chain, the RNS said. Ticker
June 15’s cap-table update put another price level in play. Alkemy is set to issue 30,838 shares to Wave International and 18,478 shares to Green Wave Procurement at £2.90 each. It’s also issuing 109,139 shares after a lender swapped £167,379 in principal and £55,084 of interest at £2.04 per share. Friday’s close is 17.6% under the supplier price, but 17.2% above the conversion price.
Alkemy posted a net loss of £2.49 million for the year to Jan. 31, 2026, wider than the £1.43 million loss from the prior year. Basic loss per share came in at 25.27p compared to 16.18p. Alkemy is still early-stage and not yet profitable.
The AGM notice called shareholders to Simmons & Simmons in London for an 11:00 a.m. BST start on July 3. On June 10, the company’s circulars page put up both the 2026 AGM notice and a proxy form.
