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Alkemy Capital Investments PLC on Wednesday said it continued to make ‘significant progress’ in a challenging macro environment. The London-based investment vehicle reported a pretax loss of £677,049 for the six months ended July 31, narrowed from £1.2 million a year prior. Notably, administrative costs fell by 40% to £563,812 from £947,423. The company reported no revenue in either half-year. However, it said directors are currently considering a variety of funding options to balance the immediate cash flow needs of the business, and to accelerate the project development timeframe. It added that as successful execution of these fundraising options cannot be assured, a ‘material uncertainty exists’ which may cast significant doubt on the ability of the group to continue as a going concern. Alkemy Capital said directors nevertheless ‘have a reasonable expectation’ that the company will continue in operational existence for the next 12 months. Looking ahead, Chair Paul Atherley said: ‘Having secured feedstock for its first train, TVL is now focussed on obtaining initial mezzanine funding which will enable it to complete Front End Engineering Design and commence the purchase of key long lead items for the refinery. TVL is currently making good progress in these discussions and expects to make further announcements on this front in the short term.’ He added: ‘The support received from third parties including major original equipment manufacturers provides validation of our proposed lithium refining strategy. The rapid completion of due diligence to the satisfaction of certain OEMs is testament to the quality of the work undertaken by our commercial and technical teams and confirms our wider business case.’ Alkemy Capital shares fell 5.0% to 38.00 pence each on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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