New Risk • May 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended July 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£1.2m). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported July 2025 fiscal period end). Market cap is less than US$100m (UK£37.0m market cap, or US$50.2m). Announcement • Feb 12
Alkemy Capital Investments plc Advances On-Site Lithium Recovery and Strengthens Domestic Recycled Supply Alkemy Capital Investments plc announced further progress in the development of TVL's lithium refinery through agreements with Watercycle Technologies and Circulor UK Limited and Circulor UK Limited. The agreements advance the integration of on-site lithium recovery using deployed UK technology, with the potential to unlock up to USD 16 million per annum of otherwise lost lithium value. They also establish a framework for up to 50,000 tonnes of additional recycled lithium feedstock and embed digital tracking capability at a batch level. Together these measures strengthen project economics, increase access to recycled feedstock and ensure future UK and EU Battery Regulatory compliance as TVL progresses toward construction. Highlights: MoU agreed with Watercycle to integrate on-site lithium recovery using their deployed UK modular technology, unlocking up to USD 16 million per Annum of additional value through improved lithium recovery. Recovery solution is intended to be developed under a Build, Own and Operate (BOO) model by Watercycle. Non-binding Heads of Terms agreed for the future supply of up to 50,000 tons of locally produced recycled lithium feedstock from 2028 for a over a Five-year period, Recycled feedstock framework supports TVL achieving its target of a minimum of 20% recycled content in every tonne of LHM produced from first production; Partnership with Circulor enables digital tracking at batch-level of feedstock origin and recycled content, ensuring full compliance with the EU Battery Regulation requirements for batteries placed on the EU market; On-Site Lithium Recovery TVL and Watercycle have entered into a MoU to integrated on-site lithium recovery into the TVL refinery using Watercycle's deployed modular recovery technology. Based on wastewater specifications and volume, the proposed recovery route is expected to enable the recovery of up to approximately 800 tonnes per annum of LCE, materially improving overall lithium yield and reducing losses typically associated with conventional refining. unlocking up to c. USD 16 million per annum the additional value through improved lithium recovery, based on long-term lithium index price of USD 20,000 per tonne. The modular recovery solution is expected to be delivered under a build, own and operate model which seeks to improve resource efficiency and project economics. Recycled Feedstock Supply: Separately, TVL has agreed non-binding Heads of Terms with Watercycle covering the future supply of locally produced recycled lithium carbonate feedstock. modular extraction technology, which is already deployed and operating within the parameters to meet TVL's requirements, will support both feedstock supply and onsite process waste recovery, maximising resource efficiency and strengthening the development of a resilient, low carbon battery materials supply chain. New Risk • Dec 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-UK£1.2m). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-UK£798k). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£35.6m market cap, or US$47.5m). 
