TVL Project Development Update

24 April 2026

Alkemy Capital Investments Plc

TVL Project Development Update

Alkemy Capital Investments plc (LSE: ALK), through its wholly owned subsidiary, Tees Valley Lithium ("TVL"), is pleased to provide an update on key areas of project development as it progresses the UK's flagship lithium refining facility in Teesside.

The update highlights continued advancement across engineering definition, cost validation, supply chain development, site integration and environmental workstreams, supporting the project's progression toward execution.

Highlights

·    Independent cost validation completed: Third-party review confirms a robust and credible capital cost position following completion of FEED.

·    Cost competitiveness reinforced: Prior benchmarking by SC Insights identified TVL as one of the most cost-effective lithium projects globally.

·    Critical reagent supply: MOU signed with Buxton Lime to support long-term quicklime supply and processing support

·    Industrial integration advancing: Discussions advancing with neighbouring industrial operator regarding site facilities and utilities

·    Environmental Workstreams progressed: Ecology studies for the Billingham site were completed with no adverse findings

Independent Capital Cost Validation Completed

Following completion of the FEED study work, and building on prior benchmarking by SC Insights, which identified TVL as one of the most cost-effective lithium refinery projects globally, TVL has undertaken an independent capital cost assurance review through Logic-i Ltd, a specialist project controls and cost consultancy.

The review assessed the capital cost estimate for Train 1 of the lithium hydroxide refinery, including cost structure, pricing levels and benchmarking against comparable industrial process facilities.

Key conclusions include:

·    The capital cost estimate reflects a level of definition consistent with completion of FEED and detailed engineering development

·    Cost distribution across major disciplines is coherent and proportionate to the modular facility

·    Unit rates across key disciplines are aligned with recognised global, national, and regional industry benchmarks

·    The estimate represents a credible and consistent view of Total Installed Cost.

This independent validation reinforces the robustness of the project's cost position and supports the previously reported SC Insights benchmarking analysis.

Logic‑i Ltd is an independent UK‑based project controls, cost and commercial advisory consultancy supporting the delivery and assurance of complex industrial and energy projects. The firm provides objective capital cost, schedule and commercial assurance to project owners, investors and lenders, drawing on extensive industry experience across engineering, construction and process facilities.

Framework Established for Long-Term Supply of Critical Reagent

TVL has entered into a non-binding Memorandum of Understanding with Buxton Lime Limited, part of SigmaRoc PLC, one of the UK's leading producers of lime products.

Quicklime is a critical reagent in the lithium refining process, enabling conversion of lithium carbonate into battery-grade lithium hydroxide.

The MOU established a framework for potential long-term supply and collaboration, including:

·    Supply of quicklime to support refinery operations

·    Optimisation of lime handling and slaking systems

·    Development of a secure and efficient domestic reagent supply chain

·    Exploration of future opportunities for closed-loop reagent recovery

TVL is committed to supporting the development of UK-based supply chains where possible, recognising the importance of domestic capability in critical materials and industrial processes.

This represents a step toward securing key inputs required for continuous refinery operations while aligning with broader UK industrial strategy objectives.

Site, Infrastructure and Environmental Progress

The newly acquired site in Billingham is located within an established chemical and industrial hub, providing access to existing infrastructure and enabling engagement with neighbouring operators to support project development.

In this context, TVL is advancing discussions with a neighbouring industrial operator regarding potential collaboration across sites and infrastructure, including ease of warehousing, engineering workshops and office facilities, and the potential long-term supply of key utilities such as electricity, steam and water.

These arrangements are expected to support early site mobilisation as the project progresses.

In parallel, site-based environmental and ecology studies have been completed, with no adverse findings identified.

TVL CEO Vikki Jeckell commented:

"This update reflects continued progress across the core elements required to deliver the project. Independent validation of our cost position following FEED, alongside earlier benchmarking, which positioned TVL as one of the most cost-effective refinery projects, providing a strong foundation as we move forward.

At the same time, progress on securing critical reagents and advancing site and infrastructure workstreams demonstrates the level of preparation required to deliver a project of this scale.

Together, these steps reinforce TVL's role as a key part of the UK and European battery materials supply chain."

Stephen Priestley, Director of Logic‑i Ltd, commented:

"We were pleased to work with Tees Valley Lithium to independently validate the capital cost estimate developed through the FEED study. Drawing on our experience of supporting complex industrial projects, our role was to apply objective cost, benchmarking and project controls expertise to confirm that the estimate is appropriately defined for this stage of development. Projects such as TVL are an important part of strengthening the UK's industrial and energy transition capability, and we welcome the opportunity to support their progression."

Michal Roddy, Regional MD, Sigma Roc commented:  

"This Memorandum of Understanding recognises lime as a critical reagent in lithium refining, supporting impurity removal, pH control, and the production of battery-grade materials. The parties acknowledge the strategic role of the Teesside industrial cluster in the UK lithium supply chain and the benefits of integrating a reliable, locally sourced lime supply. This approach will improve efficiency, enhance security of supply, and reduce logistics. Accordingly, lime is recognised not only as an essential input, but as a key enabler of a competitive, resilient, and sustainable UK lithium value chain." 

Further information

For further information, please visit Alkemy's website: www.alkemycapital.co.uk or TVL's website www.teesvalleylithium.co.uk).

-Ends-

ABOUT US

Alkemy Capital Investments plc: Alkemy is focused on the development of critical mineral infrastructure to support the global energy transition. Through its wholly owned subsidiary, TVL, Alkemy is leading the way in establishing Europe's first independent lithium hydroxide refinery.

Tees Valley Lithium Limited: TVL is dedicated to providing battery-grade lithium chemicals to meet the growing demand of the electric vehicle supply chain in Europe. Strategically located at in Teesside, TVL is committed to sustainable, efficient, and world-class operations.

Forward Looking Statements

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Alkemy provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Alkemy believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Alkemy will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.