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GENERAL INFORMATION Alkemy Capital Investments Plc is a company incorporated and domiciled in the United Kingdom. The Company is a public limited company, which is listed on the London Stock Exchange. The address of the registered office is 167-169 Great Portland Street, Fifth Floor, London, England W1W 5PF. The Company was initially f ormed to undertake an acquisition of a controlling interest in a company or business in the battery metals sector with the objective of operating the acquired business and implementing an operating strategy to generate value for its shareholders through operational improvements as well as potentially through additional complementary acquisitions following the Acquisition. On 25 February 2022, the Company announced that it had formed a subsidiary called Tees Valley Lithium Limited (\u201cTVL\u201d) that would aim to develop the UK\u2019s first Lithium Hydroxide processing f acility. This transaction and change of strategy constituted a reverse takeover transaction under the listing rules of the London Stock Exchange and resulted in Alkemy becoming an operating company. On 2 May 2022 the Company formed a subsidiary in Australia called Alkemy Capital Services Pty Ltd to act as a project services company for operations in Australia. On 22 September 2022 the Company formed a subsidiary in Australia called Port Headland Lithium Pty Ltd to act as a project holding company for spodumene enrichment operations in Australia. On 20 November 2023 the Company formed a subsidiary called Tees Valley Graphite Ltd to pursue the potential development of a natural graphite active anode material downstream processing facility in Teesside, UK. Group Subsidiaries as at 31 January 2026: Subsidiary Name Date of Incorporation Percentage Interest Registered office address Country of Incorporation Tees Valley Lithium Ltd25 February 2022 100% 167-169 Great Portland Street, London W1W 5PF United Kingdom Alkemy Capital Services Pty Ltd 4 May 2022100% Level 4, 46 Colin Street, West Perth WA 6005, Australia Australia Port Headland Lithium Pty Ltd 22 September 2022 100% Level 4, 46 Colin Street, West Perth WA 6005, Australia Australia Tees Valley Graphite Limited 20 November 2023 100% 167-169 Great Portland Street, London W1W 5PF United Kingdom The financial statements which cover the year to 31 January 2026 are presented in British Pounds Sterling, the currency of the primary economic environment in which the Company operates. The comparative financial statements cover the year to 31 January 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-193": { "value": "Alkemy Capital Investments Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-194": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-211": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-212": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-213": { "value": "167-169 Great Portland Street, Fifth Floor, London, England W1W 5PF. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-195": { "value": "167-169 Great Portland Street, Fifth Floor, London, England W1W 5PF. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-231": { "value": "2. SUMMARY OF MATERIAL ACCOUNTING POLICIES The material accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied throughout the year, unless otherwise stated. Basis of preparation The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u201cIAS\u201d or \u201cIFRS\u201d), which has been adopted by both the Company and the Group . The financial statements are presented in pounds sterling (\u201c\u00a3\u201d) which is also the functional currency of the Company. The Financial Statements have been prepared on the historical cost basis, except for certain f inancial instruments, which are carried as described in the respective sections in the policies below.
Going Concern
As part of their assessment of going concern, the Directors have prepared cash forecasts to determine the
funding requirements of the business over the 18 months from the reporting date. Cash requirements over this
period have been projected in the range of a \u00a33m minimum (decelerated project development case) to \u00a34.2m
+ (accelerated project development case) depending on the level of technical project development work being
undertaken, as determined by funding availability. These cashflows have been prepared on a \u201cpre \u2013 project
finance / FID\u201d basis and assumes the Company will continue to develop the project over this period without
moving to FID. Should the Company be in a position to secure project financing and undertak e FID in this
period then the f unding requirements will be substantially greater, as met by project finance and other f unding
availability forming part of the investment decision.
As at the date of this report, the Directors are considering a variety of f unding options from numerous parties to
consider the option best suited to balancing the immediate cash flow needs of the business and desire to
accelerate the project development timeframe against the need to avoid unnecessary dilution of the
shareholders during a period of depressed equity market prices. Options ranging from:
\u2022 project level debt or strategic equity which would provide suff icient funding to accelerate the project
development program over the period of consideration, including general working capital requirements;
\u2022 market equity placings to secure working capital f unding needs whilst project development funding
opportunities continue to be assessed;
\u2022 convertible and term loan lending facilities which may act as a hybrid of working capital and project
development funding, allowing progression of project development at a less accelerated rate that would
be the case under a more substantial project lending facility;
\u2022 any combination of the above.
The Board remains in detailed discussions on the above funding opportunities and anticipates concluding this
process in the medium term. The Directors are therefore reasonably confident that the necessary funding will
be secured, as and when required, by executing on one of the above options under consideration, such that the
Directors have a reasonable expectation that the Group will continue in operational existence for the next 12
months from the date of approval of the financial statements. However as successful execution of one of the
above fundraising options cannot be assured, a material uncertainty exists which may cast significant doubt on
the ability of the company and group to continue as a going concern and realise its assets and d ischarge its
liabilities in the normal course of business.
Accordingly, the Directors believe that as at the date of this report it is appropriate to continue to adopt the going
concern basis in preparing the financial statements.
Statement of compliance
The financial statements comply with UK adopted International Accounting Standards (\u201cIAS\u201d).
1. The company has adopted all relevant IASs which were in effect f rom incorporation when preparing these
financial statements.
2. Standards and Interpretations which are effective in the current year (Changes in accounting policies); None
of the standards which became effective during the year which are applicable to the Company have had a
material impact.
3. Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the
adoption of new Standards and Interpretations in f uture years will have no material impact on the financial
statements of the Company. The Company expects to adopt all relevant Standards and Interpretations as
and when they become effective.
Basis of Consolidation
The consolidated Financial Statements of the Group incorporate the Financial Statements of the Company and
entities controlled by the Company, its subsidiaries, made up to 31 January each year.
Subsidiaries
Subsidiaries are entities over which the Group has the power to govern the financial and operating policies so
as to obtain economic benef its from their activities. Subsidiaries are consolidated f rom the date on which control
is obtained, the acquisition date, until the date that control ceases. They are deconsolidated from the date on
which control ceases.
Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated on consolidation, except to the extent that intra-group losses indicate an impairment.
Foreign Currencies
Both the functional and presentational currency of the Company is Sterling (\u00a3). Each Group entity determines
its own functional currency and items included in the Financial Statements of each entity are measured using
that functional currency.
The functional currencies of the foreign subsidiaries are the Australian Dollar (\u201cAUD\u201d).
Transactions in currencies other than the f unctional currency of the relevant entity are initially recorded at the
exchange rate prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities
that are denominated in foreign currencies are retranslated at the exchange rate prevailing at the reporting date.
Gains and losses arising on retranslation are included in prof it or loss for the year, except for exchange
differences on non-monetary assets and liabilities, which are recognised directly in other comprehensive
income, when the changes in fair value are recognised directly in other comprehensive income.
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s
presentational currency at exchange rates prevailing at the reporting date. Income and expense items are
translated at the average exchange rates for the year unless exchange rates have fluctuated significantly during
the year, in which case, the exchange rate at the date of the transaction is used. All exchange dif ferences
arising, if any, are recognised as other comprehensive income and are transferred to the Group\u2019s foreign
currency translation reserve. On disposal of any such overseas subsidiaries, cumulative foreign exchange
losses or gains recognised in equity via Other Comprehensive Income become realised and are recognised
through the profit and loss account on disposal.
Taxation
Current taxation is the taxation currently payable on taxable profit f or the year.
Current tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted by the
reporting date.
Deferred tax is the tax expected to be payable or recoverable on diff erences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit and is accounted f or using the balance sheet liability method. Deferred tax liabilities are generally
recognised for all taxable temporary dif ferences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible temporary dif ferences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other as sets and liabilities in a
transaction that affects neither the tax profit nor the accounting profit, save for where initial recognition would
give rise to equal amounts of taxable and deductible temporary dif ferences .
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or
the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to
items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred
tax assets and liabilities are off set when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the
Company intends to settle its current tax assets and liabilities on a net basis.
The Company may be eligible for tax credits in relation to qualifying expenditure on research and development
(R&D) activities, as permitted by the relevant government tax authority. These credits are designed to reduce
the overall tax burden and are treated as part of the income tax calculation in accordance with IAS 12 \u2013 Income
Taxes.
R&D tax credits are recognized in the period in which the eligible R&D expenditure is incurred and it becomes
probable that the credit will be received. The Company assesses the probability of recovery based on historical
experience, correspondence with the tax authority, and professional advice where applicable.
The tax credit is recognized in the income statement as part of the income tax charge (or credit) for the period.
The credit is presented as a reduction to the total tax expense in the statement of profit or loss.
Intangible assets \u2013 project development costs
Intangible assets comprise project development costs, incurred on the Group\u2019s Project in Teesside, UK. These
costs include the cost of obtaining planning permission f or the development of the f acility, design and planning
costs and all technical and administrative overheads directly associated with this project. These costs are
carried forward in the Statement of Financial Position as non-current intangible assets less provision f or
identif ied impairments. Costs associated with development activity will only be capitalised if they meet the
criteria as set out in IAS 38.
Upon any disposal, the diff erence between the fair value of consideration receivable f or development assets
and the relevant cost within non-current assets is recognised in the Income Statement.
Financial assets
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and current and deposit balances at banks, together with
other short-term, highly liquid investments that are readily convertible into known amounts of cash within a
period of 3 months at inception of the instrument/investment and which are subject to an insignificant risk of
changes in value.
Financial Assets held at amortised costs
The Group classif ies its f inancial assets as held at amortised costs and consists of trade and other receivables
and loans to subsidiaries (for Company only financial statements).
These assets comprise the types of f inancial assets, where the objective is to hold these assets in order to
collect contractual cash f lows and the contractual cash flows are solely payments of principal and interest. They
are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or
issue and are subsequently carried at amortised cost, using the eff ective interest rate method, less provision
for impairment. Impairment provisions for current and non-current trade receivables are recognised, based on
the simplified approach within IFRS 9, using a provision matrix in the determination of the lifetime expected
credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This
probability is then multiplied by the amount of the expected loss arising f rom default to determine the lifetime
expected credit loss for the trade receivables. For the receivables, which are reported net, such provisions are
recorded in a separate provision account, with the loss being recognised in the consolidated statement of
comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of
the asset is written off against the associated provision.
Impairment provisions, for receivables from related parties and loans to related parties, are recognised based
on a forward-looking expected credit loss model. The methodology used to determine the amount of the
provision is based on whether there has been a significant increase in credit risk since initial recognition of the
financial asset. For those, where the credit risk has not increased significantly since initial recognition of the
financial asset, twelve month expected credit losses along with gross interest income are recognised. For those
for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest
income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.
The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and
cash equivalents in the Consolidated Statement of Financial Position. Cash and cash equivalents include cash
in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of
three months or less, and \u2013 for the purpose of the statement of cash flows \u2013 bank overdrafts..
Financial liabilities
Financial liabilities are recognised in the statement of financial position when the Group and Company becomes
a party to the contractual provisions of the instrument.
The Company's financial liabilities comprise trade and other payables and short term borrowings.
Trade payables are recognised initially at their fair value and subsequently measured at amortised cost.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received
net of direct issue costs.
Ordinary shares are classified as equity.
Share capital account represents the nominal value of the shares issued.
The share premium account represents premiums received on the initial issuing of the share capital. Any
transaction costs associated with the issuing of shares are deducted from share premium, net of any related
income tax benefits.
Retained earnings include all current year results as disclosed in the Statement of Comprehensive Income.
Share-Based Payments
Share Options
The Group operates equity-settled share-based payment arrangements, whereby the fair value of services
provided is determined indirectly by reference to the fair value of the instrument granted.
The fair value of options granted to Directors and others, in respect of services provided, is recognised as an
expense in the Income Statement with a corresponding increase in equity reserves \u2013 the share-based payment
reserve.
The fair value is measured at grant date and charged over the vesting period during which the option becomes
unconditional.
The f air value of options is calculated using the Black-Scholes model, taking into account the terms and
conditions upon which the options were granted. The exercise price is fixed at the date of grant.
Non-market conditions are performance conditions that are not related to the market price of the entity\u2019s equity
instruments. They are not considered, when estimating the fair value of a share-based payment. Where the
vesting period is linked to a non-market perf ormance condition, the Group recognises the goods and services
it has acquired during the vesting period, based on the best available estimate of the number of equity
instruments expected to vest. The estimate is reconsidered at each reporting date, based on factors such as a
shortened vesting period, and the cumulative expense is \u201ctrued up\u201d for both the change in the number expected
to vest and any change in the expected vesting period.
Market conditions are performance conditions that relate to the market price of the entity\u2019s equity instruments. These conditions are included in the estimate of the f air value of a share-based payment. They are not taken into account f or the purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than estimated, the charge is to be accelerated in the period that the entity delivers the cash or equity instruments to the counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period. For other equity instruments, granted during the year (i.e. other than share options), f air value is measured on the basis of an observable market price. Critical accounting judgments and estimations The preparation of the f inancial statements in conformity with IFRS requires the use of estimates and assumptions that aff ect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and exp enses during the reporting year. Although these estimates are based on management\u2019s best knowledge of the amounts, events or actions, actual results ultimately may dif fer from these estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of f uture events that are believed to be reasonable under the circumstances. The Directors consider the areas of critical accounting judgements in these f inancial statements to be the capitalisation of development expenditure on the Project and the application of the going concern principle. The significant estimates and assumptions are considered to be the impairment of loans to subsidiaries and the vesting periods for share options in these financial statements. On 24 November 2022 the Company received planning permission for the construction of its planned refinery in Teesside f rom the Redcar & Cleveland Borough Council. The Directors have determined that this event triggers the eligibility for the capitalisation of development expenditure. Under IAS 38 as the Company now has the commercial and legal rights to construct and exploit the plant for future economic benef it and, in the judgement of the Directors, the Group retains adequate technical resources and future availability of necessary financial resources necessary to complete the development of the project . As such, the costs of obtaining planning permission and all development costs incurred post receipt of planning permission are recognised as intangible assets in these f inancial statements. In the event that f uture events give rise to circumstances in which the Group no longer holds the commercial rights to develop and exploit this asset, no longer intends to develop this asset or, in the opinion of the directors, the Group is no longer considered likely to have access to the funding necessary to develop the asset in the future, a material impairment of this asset would be recognised. During the prior period the Company issued a number of share options with non-market based vesting conditions, notably when suff icient finance has been raised to f und the Company\u2019s planned FEED study for the Project. In order to determine the fair value of options as required under IFRS 2, the Directors have had to make judgements on when these vesting conditions are likely to be met and the options consequently vest and become exercisable. The judgements have been formed f ollowing determination of management\u2019s best assessment of the likely conclusion to funding discussions underway at the time of f inalisation of this report . See above for further details on the Directors\u2019 assessment that the Company is a going concern. Impairment of loans to Subsidiaries The carrying amount of investments in and loans made to subsidiaries is tested for impairment annually and this process is considered to be key judgement along with determining whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. When assessing the recovery of these balances, the directors consider the likelihood that the subsidiaries will be able to settle amounts owing, either out of future cashflows or though the recovery of balances receivable or divestment of assets. Where recovery of these balances is driven by receivable balances within the subsidiary, assessment of the likelihood of recovery and present value of f uture cashflows from their future operations is undertaken to ensure the amounts support the subsidiary loan carrying values in full. Loans to subsidiaries are subject to an expected credit loss assessment as required by IFRS 9, with a provision for such losses being recognised where any expected credit losses are determined to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-182": { "value": "Basis of preparation The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u201cIAS\u201d or \u201cIFRS\u201d), which has been adopted by both the Company and the Group . The financial statements are presented in pounds sterling (\u201c\u00a3\u201d) which is also the functional currency of the Company. The Financial Statements have been prepared on the historical cost basis, except for certain f inancial instruments, which are carried as described in the respective sections in the policies below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-183": { "value": "Going Concern As part of their assessment of going concern, the Directors have prepared cash forecasts to determine the funding requirements of the business over the 18 months from the reporting date. Cash requirements over this period have been projected in the range of a \u00a33m minimum (decelerated project development case) to \u00a34.2m + (accelerated project development case) depending on the level of technical project development work being undertaken, as determined by funding availability. These cashflows have been prepared on a \u201cpre \u2013 project finance / FID\u201d basis and assumes the Company will continue to develop the project over this period without moving to FID. Should the Company be in a position to secure project financing and undertak e FID in this period then the f unding requirements will be substantially greater, as met by project finance and other f unding availability forming part of the investment decision. As at the date of this report, the Directors are considering a variety of f unding options from numerous parties to consider the option best suited to balancing the immediate cash flow needs of the business and desire to accelerate the project development timeframe against the need to avoid unnecessary dilution of the shareholders during a period of depressed equity market prices. Options ranging from: \u2022 project level debt or strategic equity which would provide suff icient funding to accelerate the project development program over the period of consideration, including general working capital requirements; \u2022 market equity placings to secure working capital f unding needs whilst project development funding opportunities continue to be assessed; \u2022 convertible and term loan lending facilities which may act as a hybrid of working capital and project development funding, allowing progression of project development at a less accelerated rate that would be the case under a more substantial project lending facility; \u2022 any combination of the above. The Board remains in detailed discussions on the above funding opportunities and anticipates concluding this process in the medium term. The Directors are therefore reasonably confident that the necessary funding will be secured, as and when required, by executing on one of the above options under consideration, such that the Directors have a reasonable expectation that the Group will continue in operational existence for the next 12 months from the date of approval of the financial statements. However as successful execution of one of the above fundraising options cannot be assured, a material uncertainty exists which may cast significant doubt on the ability of the company and group to continue as a going concern and realise its assets and d ischarge its liabilities in the normal course of business. Accordingly, the Directors believe that as at the date of this report it is appropriate to continue to adopt the going concern basis in preparing the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-184": { "value": "Statement of compliance The financial statements comply with UK adopted International Accounting Standards (\u201cIAS\u201d). 1. The company has adopted all relevant IASs which were in effect f rom incorporation when preparing these financial statements. 2. Standards and Interpretations which are effective in the current year (Changes in accounting policies); None of the standards which became effective during the year which are applicable to the Company have had a material impact. 3. Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the adoption of new Standards and Interpretations in f uture years will have no material impact on the financial statements of the Company. The Company expects to adopt all relevant Standards and Interpretations as and when they become effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-196": { "value": "2. Standards and Interpretations which are effective in the current year (Changes in accounting policies); None of the standards which became effective during the year which are applicable to the Company have had a material impact. 3. Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the adoption of new Standards and Interpretations in f uture years will have no material impact on the financial statements of the Company. The Company expects to adopt all relevant Standards and Interpretations as and when they become effective.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-185": { "value": "Basis of Consolidation The consolidated Financial Statements of the Group incorporate the Financial Statements of the Company and entities controlled by the Company, its subsidiaries, made up to 31 January each year. Subsidiaries Subsidiaries are entities over which the Group has the power to govern the financial and operating policies so as to obtain economic benef its from their activities. Subsidiaries are consolidated f rom the date on which control is obtained, the acquisition date, until the date that control ceases. They are deconsolidated from the date on which control ceases. Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated on consolidation, except to the extent that intra-group losses indicate an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-186": { "value": "Foreign Currencies Both the functional and presentational currency of the Company is Sterling (\u00a3). Each Group entity determines its own functional currency and items included in the Financial Statements of each entity are measured using that functional currency. The functional currencies of the foreign subsidiaries are the Australian Dollar (\u201cAUD\u201d). Transactions in currencies other than the f unctional currency of the relevant entity are initially recorded at the exchange rate prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the exchange rate prevailing at the reporting date. Gains and losses arising on retranslation are included in prof it or loss for the year, except for exchange differences on non-monetary assets and liabilities, which are recognised directly in other comprehensive income, when the changes in fair value are recognised directly in other comprehensive income. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s presentational currency at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the year unless exchange rates have fluctuated significantly during the year, in which case, the exchange rate at the date of the transaction is used. All exchange dif ferences arising, if any, are recognised as other comprehensive income and are transferred to the Group\u2019s foreign currency translation reserve. On disposal of any such overseas subsidiaries, cumulative foreign exchange losses or gains recognised in equity via Other Comprehensive Income become realised and are recognised through the profit and loss account on disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-198": { "value": "Both the functional and presentational currency of the Company is Sterling (\u00a3). Each Group entity determines its own functional currency and items included in the Financial Statements of each entity are measured using that functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-187": { "value": "Taxation Current taxation is the taxation currently payable on taxable profit f or the year. Current tax is calculated at the tax rates (and laws) that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on diff erences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted f or using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary dif ferences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary dif ferences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other as sets and liabilities in a transaction that affects neither the tax profit nor the accounting profit, save for where initial recognition would give rise to equal amounts of taxable and deductible temporary dif ferences . Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are off set when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. The Company may be eligible for tax credits in relation to qualifying expenditure on research and development (R&D) activities, as permitted by the relevant government tax authority. These credits are designed to reduce the overall tax burden and are treated as part of the income tax calculation in accordance with IAS 12 \u2013 Income Taxes. R&D tax credits are recognized in the period in which the eligible R&D expenditure is incurred and it becomes probable that the credit will be received. The Company assesses the probability of recovery based on historical experience, correspondence with the tax authority, and professional advice where applicable. The tax credit is recognized in the income statement as part of the income tax charge (or credit) for the period. The credit is presented as a reduction to the total tax expense in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-197": { "value": "Deferred tax is the tax expected to be payable or recoverable on diff erences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted f or using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary dif ferences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary dif ferences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other as sets and liabilities in a transaction that affects neither the tax profit nor the accounting profit, save for where initial recognition would give rise to equal amounts of taxable and deductible temporary dif ferences . Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are off set when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-188": { "value": "Intangible assets \u2013 project development costs Intangible assets comprise project development costs, incurred on the Group\u2019s Project in Teesside, UK. These costs include the cost of obtaining planning permission f or the development of the f acility, design and planning costs and all technical and administrative overheads directly associated with this project. These costs are carried forward in the Statement of Financial Position as non-current intangible assets less provision f or identif ied impairments. Costs associated with development activity will only be capitalised if they meet the criteria as set out in IAS 38. Upon any disposal, the diff erence between the fair value of consideration receivable f or development assets and the relevant cost within non-current assets is recognised in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-189": { "value": "Financial assets Cash and cash equivalents Cash and cash equivalents comprise cash at hand and current and deposit balances at banks, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash within a period of 3 months at inception of the instrument/investment and which are subject to an insignificant risk of changes in value. Financial Assets held at amortised costs The Group classif ies its f inancial assets as held at amortised costs and consists of trade and other receivables and loans to subsidiaries (for Company only financial statements). These assets comprise the types of f inancial assets, where the objective is to hold these assets in order to collect contractual cash f lows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost, using the eff ective interest rate method, less provision for impairment. Impairment provisions for current and non-current trade receivables are recognised, based on the simplified approach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising f rom default to determine the lifetime expected credit loss for the trade receivables. For the receivables, which are reported net, such provisions are recorded in a separate provision account, with the loss being recognised in the consolidated statement of comprehensive income. On confirmation that the receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions, for receivables from related parties and loans to related parties, are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those, where the credit risk has not increased significantly since initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and \u2013 for the purpose of the statement of cash flows \u2013 bank overdrafts..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-199": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at hand and current and deposit balances at banks, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash within a period of 3 months at inception of the instrument/investment and which are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-190": { "value": "Financial liabilities Financial liabilities are recognised in the statement of financial position when the Group and Company becomes a party to the contractual provisions of the instrument. The Company's financial liabilities comprise trade and other payables and short term borrowings. Trade payables are recognised initially at their fair value and subsequently measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-191": { "value": "Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs. Ordinary shares are classified as equity. Share capital account represents the nominal value of the shares issued. The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. Retained earnings include all current year results as disclosed in the Statement of Comprehensive Income.", "dimensions": { "concept": "alk:DescriptionOfAccountingPolicyForEquityInstruments", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-201": { "value": "Ordinary shares are classified as equity. Share capital account represents the nominal value of the shares issued. The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. Retained earnings include all current year results as disclosed in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-200": { "value": "Share-Based Payments Share Options The Group operates equity-settled share-based payment arrangements, whereby the fair value of services provided is determined indirectly by reference to the fair value of the instrument granted. The fair value of options granted to Directors and others, in respect of services provided, is recognised as an expense in the Income Statement with a corresponding increase in equity reserves \u2013 the share-based payment reserve. The fair value is measured at grant date and charged over the vesting period during which the option becomes unconditional. The f air value of options is calculated using the Black-Scholes model, taking into account the terms and conditions upon which the options were granted. The exercise price is fixed at the date of grant. Non-market conditions are performance conditions that are not related to the market price of the entity\u2019s equity instruments. They are not considered, when estimating the fair value of a share-based payment. Where the vesting period is linked to a non-market perf ormance condition, the Group recognises the goods and services it has acquired during the vesting period, based on the best available estimate of the number of equity instruments expected to vest. The estimate is reconsidered at each reporting date, based on factors such as a shortened vesting period, and the cumulative expense is \u201ctrued up\u201d for both the change in the number expected to vest and any change in the expected vesting period. Market conditions are performance conditions that relate to the market price of the entity\u2019s equity instruments. These conditions are included in the estimate of the f air value of a share-based payment. They are not taken into account f or the purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than estimated, the charge is to be accelerated in the period that the entity delivers the cash or equity instruments to the counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period. For other equity instruments, granted during the year (i.e. other than share options), f air value is measured on the basis of an observable market price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-202": { "value": "Critical accounting judgments and estimations The preparation of the f inancial statements in conformity with IFRS requires the use of estimates and assumptions that aff ect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and exp enses during the reporting year. Although these estimates are based on management\u2019s best knowledge of the amounts, events or actions, actual results ultimately may dif fer from these estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of f uture events that are believed to be reasonable under the circumstances. The Directors consider the areas of critical accounting judgements in these f inancial statements to be the capitalisation of development expenditure on the Project and the application of the going concern principle. The significant estimates and assumptions are considered to be the impairment of loans to subsidiaries and the vesting periods for share options in these financial statements. On 24 November 2022 the Company received planning permission for the construction of its planned refinery in Teesside f rom the Redcar & Cleveland Borough Council. The Directors have determined that this event triggers the eligibility for the capitalisation of development expenditure. Under IAS 38 as the Company now has the commercial and legal rights to construct and exploit the plant for future economic benef it and, in the judgement of the Directors, the Group retains adequate technical resources and future availability of necessary financial resources necessary to complete the development of the project . As such, the costs of obtaining planning permission and all development costs incurred post receipt of planning permission are recognised as intangible assets in these f inancial statements. In the event that f uture events give rise to circumstances in which the Group no longer holds the commercial rights to develop and exploit this asset, no longer intends to develop this asset or, in the opinion of the directors, the Group is no longer considered likely to have access to the funding necessary to develop the asset in the future, a material impairment of this asset would be recognised. During the prior period the Company issued a number of share options with non-market based vesting conditions, notably when suff icient finance has been raised to f und the Company\u2019s planned FEED study for the Project. In order to determine the fair value of options as required under IFRS 2, the Directors have had to make judgements on when these vesting conditions are likely to be met and the options consequently vest and become exercisable. The judgements have been formed f ollowing determination of management\u2019s best assessment of the likely conclusion to funding discussions underway at the time of f inalisation of this report . See above for further details on the Directors\u2019 assessment that the Company is a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-192": { "value": "Impairment of loans to Subsidiaries The carrying amount of investments in and loans made to subsidiaries is tested for impairment annually and this process is considered to be key judgement along with determining whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. When assessing the recovery of these balances, the directors consider the likelihood that the subsidiaries will be able to settle amounts owing, either out of future cashflows or though the recovery of balances receivable or divestment of assets. Where recovery of these balances is driven by receivable balances within the subsidiary, assessment of the likelihood of recovery and present value of f uture cashflows from their future operations is undertaken to ensure the amounts support the subsidiary loan carrying values in full. Loans to subsidiaries are subject to an expected credit loss assessment as required by IFRS 9, with a provision for such losses being recognised where any expected credit losses are determined to be material.", "dimensions": { "concept": "alk:DescriptionOfAccountingPolicyForImpairmentofloanstoSubsidiaries", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-232": { "value": "3. BUSINESS AND GEOGRAPHICAL REPORTING The accounting policy for identif ying segments is based on internal management reporting information that is regularly reviewed by the chief operating decision maker, which is identified as the Board of Directors. The Board of Directors consider the Group to have two identifiable operating segments ; (a) the construction and operation of the Project in Teesside, UK and (b) the construction of a Lithium ore enrichment facility in Port Hedland, Australia.
Year to January 2026
UK
Australia
Total
\u00a3
\u00a3
\u00a3
Other income
235
-
235
Project Development
(175,241)
-
(175,241)
Administration expenses
(1,543,630)
(165,211)
(1,708,841)
Foreign exchange
(20,973)
(50,318)
(71,291)
Finance costs
(532,710)
-
(532,710)
Loss before tax
(2,272,319)
(215,529)
(2,487,848)
Year to January 2025
UK
Australia
Total
\u00a3
\u00a3
\u00a3
Other income
-
-
-
Project Development
(133,686)
68,410
(65,276)
Administration expenses
(1,079,659)
(147,325)
(1,226,984)
Foreign exchange
1,007
-
1,007
Finance costs
(135,073)
-
(135,073)
Loss before tax
(1,347,411)
(78,915)
(1,426,326)
", "dimensions": { "concept": "alk:DisclsoreOfBusinessAndGeographicalReporting", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-203": { "value": "4. EXPENSES BY NATURE
2026
2025
\u00a3
\u00a3
Employee benefit expense (note 6)
505,448
214,895
Employee benefit \u2013 share based payments
151,210
305,637
Advertising and marketing
59,032
46,065
Regulatory compliance expense
90,318
33,751
Share based payments \u2013 advisors
28,114
54,221
Travel and accommodation
1,649
9,593
Other professional f ees
815,873
503,302
Other operating expenses
57,197
59,520
Total administrative expenses 1,708,841 1,226,984 Project development costs of \u00a3175,241 (2025: \u00a365,276) in the year comprise the costs incurred in progressing the Company\u2019s Project in Teesside, U.K and Port Hedland, Australia, that do not meet the criteria for capitalisation into intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-233": { "value": "4. EXPENSES BY NATURE
2026
2025
\u00a3
\u00a3
Employee benefit expense (note 6)
505,448
214,895
Employee benefit \u2013 share based payments
151,210
305,637
Advertising and marketing
59,032
46,065
Regulatory compliance expense
90,318
33,751
Share based payments \u2013 advisors
28,114
54,221
Travel and accommodation
1,649
9,593
Other professional f ees
815,873
503,302
Other operating expenses
57,197
59,520
Total administrative expenses 1,708,841 1,226,984 Project development costs of \u00a3175,241 (2025: \u00a365,276) in the year comprise the costs incurred in progressing the Company\u2019s Project in Teesside, U.K and Port Hedland, Australia, that do not meet the criteria for capitalisation into intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-214": { "value": "Total administrative expenses 1,708,841 1,226,984 Project development costs of \u00a3175,241 (2025: \u00a365,276) in the year comprise the costs incurred in progressing the Company\u2019s Project in Teesside, U.K and Port Hedland, Australia, that do not meet the criteria for capitalisation into intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-215": { "value": "5. AUDITOR REMUNERATION During the year the Company obtained the following services from the auditor:
2026
2025
\u00a3
\u00a3
Fees payable to the auditor f or the audit of the Company
53,500
50,500
Total auditor\u2019s remuneration
53,500
50,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-216": { "value": "6. EMPLOYEE BENEFIT EXPENSE
2026
2025
\u00a3
\u00a3
Directors\u2019 salaries
304,279
156,547
Share based payments
151,210
305,637
Staff salaries
146,217
32,552
Recruitment and other staff costs
384
3,808
Social security
54,568
21,988
Total employee benefit expense
656,658
520,532
On average, there was one employee in the year other than the Directors (2025: one). Further disclosures in respect of Directors\u2019 remuneration are included within the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-217": { "value": "7. INCOME TAX
2026
2025
\u00a3
\u00a3
Loss on ordinary activities before taxation
(2,487,848)
(1,426,326)
Tax calculated at domestic rate applicable to UK standard rate for small
companies of 25% (2025:19%)
(621,962)
(271,002)
Ef fects of:
Expenses not deductible f or tax purposes
2,342
69,434
2026
2025
\u00a3
\u00a3
Current tax
-
-
Total
-
-
Tax losses carried forward on which no deferred tax asset is recognised
619,620
201,568
Income tax credit
-
-
Tax credits in the prior year arose from research and development tax credits received f rom HMRC under its research and development support programme. Tax losses totalling approximately \u00a37,791,879 (2025: \u00a35,304,031) have been carried forward f or use against future taxable profits. No deferred tax asset has been recognised in respect of these tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-218": { "value": "8. EARNINGS PER SHARE (a) Basic Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 2026 2025 \u00a3 \u00a3 Loss from continuing operations attributable to equity holders of the company (2,487,848) (1,426,326) Weighted average number of ordinary shares in issue 9,846,289 8,814,851 Pence Pence Basic and fully diluted loss per share from continuing operations (25.27) (16.18) As at 31 January 2026 and 2025 there were no potentially dilutive instruments in issue for consideration in arriving at the fully diluted loss per share as the impacts of all such instruments as at the year end are anti- dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-219": { "value": "9. DIVIDENDS There were no dividends paid or proposed by the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-220": { "value": "10. INTANGIBLE ASSETS \u2013 PROJECT DEVELOPMENT COSTS
2026
2025
\u00a3
\u00a3
At the beginning of the year
506,184
317,089
Additions in the year
3,251,385
189,095
At the end of the year
3,757,569
506,184
On 24 November 2022 the Group was awarded planning permission by the Redcar & Cleveland Borough Council for the construction of its planned Project in Teesside. In the view of the directors, this milestone event represents the point when the criteria for capitalisation of project development costs as outlined in IAS 38 has been met as from this point the Group has a legal entitlement to develop the project to the point of generating economic inflows sufficient to recover the carrying value of the asset as it is developed . As a consequence, the Group has commenced the policy of capitalising all qualifying expenditure from this date. All costs incurred in the year in which planning permission was granted that are directly associated with the application for and receipt of planning approval have been capitalised, including expenditure incurred prior to receipt of planning permission but directly relating to the granting of planning permission, in accordance with the provisions of IAS 38 for capitalisation of development costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-221": { "value": "11. INVESTMENT IN AND LOANS TO SUBSIDIARIES (COMPANY)
2026
2025
\u00a3
\u00a3
Investment in Subsidiaries
5
5
Loans to Subsidiaries
6,599,299
3,265,993
Total
6,599,304
3,265,998
Loans to subsidiaries have been included within the investment balance due to the long term nature of these receivables. The loans are interest f ree and repayable on demand when the subsidiary projects have yielded economic returns suff icient to settle the value of the loans.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-222": { "value": "12. TRADE AND OTHER RECEIVABLES
2026
2025
Group
\u00a3
\u00a3
Prepayments
20,983
20,089
VAT and GST recoverable
53,992
26,894
Other receivables
66,302
825
Total
141,277
47,808
2026
2025
Company
\u00a3
\u00a3
Prepayments
19,642
20,089
VAT and GST recoverable
4,421
18,587
Other receivables
65,502
-
Total
89,565
38,676
Other receivables in the year include share issuance placing f unds due to the Company of \u00a365,502 which has been received post year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-223": { "value": "13. CASH AND CASH EQUIVALENTS
2026
2025
Group
\u00a3
\u00a3
Cash at bank and on hand
153,286
16,673
153,286 16,67 2026 202 Company \u00a3 Cash at bank and on hand 145,252 38 145,252 38 All of the Group\u2019s and Company\u2019s cash and cash equivalents are held in accounts which bear interest at floatin ates and the Directors consider their carrying amount approximates to their fair value. Details of the credit ris associated with cash and cash equivalents is set out in note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-224": { "value": "14. TRADE AND OTHER PAYABLES
2026
2025
Group
\u00a3
\u00a3
Trade payables
1,809,127
858,538
Other payables
201,866
85,671
Accrued expenses
697,936
557,757
Total trade and other payables
2,708,929
1,501,966
2026
2025
Company
\u00a3
\u00a3
Trade payables
226,957
471,471
Other payables
5,806
4,503
Accrued expenses
347,875
324,567
Total trade and other payables
580,638
800,541
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider that the carrying amount of trade payables approximates to their f air value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-225": { "value": "15. FINANCE COSTS, NET
2026
2025
Group
\u00a3
\u00a3
Interest expense
162,292
44,102
Non interest finance costs
370,418
90,971
Total trade and other payables
532,710
135,073
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-226": { "value": "
16. BORROWINGS
2026
2025
2026
2025
Group
Group
Company
Company
\u00a3
\u00a3
\u00a3
\u00a3
Current borrowings
904,877
599,391
904,877
549,391
Non-current borrowings
1,145,720
-
1,145,720
-
2,050,597
599,391
2,050,597
549,391
The current borrowings balance of \u00a3905k includes the following related party balances: \u00a35k owed to Paul Atherley (2025: \u00a3155k) which is unsecured, repayable on demand and does not accrue interest. Included in current and non-current borrowings is the amount of \u00a32,045,307 payable to Riverfort Global Opportunities PCC Limited. The loan accrues interest on a annual basis at 15% of outstanding principle, is subject to an implementation f ee of either 5% of each relevant drawdown paid in cash and deducted from gross proceeds or 7% of each relevant drawdown issued in shares (at the discretion of the company) and is subject to monthly cash repayments of interest and amortised principal up to maturity in 1Q2028.
Reconciliation of movements in
borrowings
Year to 2026
Year to 2025
\u00a3
\u00a3
Opening position
599,391
102,289
Additions
2,182,896
420,850
Additions \u2013 non cash
72,000
32,150
Interest accrued
162,292
44,102
Cash repayments (including interest)
(424,926)
-
Principle converted into equity
(541,056)
-
Closing position
2,050,597
599,391
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-227": { "value": "17. SHARE CAPITAL, SHARE PREMIUM & SHARE BASED PAYMENTS
Number of
Share premium
Share based
ordinary shares of
Share Capital
\u00a3
payments
2p
\u00a3
\u00a3
At 31 January 2024
8,814,851
176,297
4,261,626
259,771
Issue of Options and
Warrants
-
-
-
429,258
At 31 January 2025
8,814,851
176,297
4,261,626
689,029
Issue of Ordinary shares
1,847,741
36,955
2,911,581
-
Issue of Warrants in the year
-
-
-
194,800
IFRS 2 charge on staff
options
-
-
-
167,823
At 31 January 2026
10,662,592
213,252
7,173,207
1,051,652
Share issues in year and prior year: On 24 February 2025 the Company issued 700,000 ordinary shares of 2p for cash at a price of \u00a31.25 per share. On 30 June 2025 the Company issued 333,334 ordinary shares of 2p for cash at a price of \u00a31.50 per share. On 6 August 2025 the Company issued 33,680 ordinary shares of 2p through an exercise of warrants at a price of \u00a31.00 per share. On 29 October 2025 the Company issued 65,000 ordinary shares of 2p through an exercise of warrants at a price of \u00a30.886 per share. On 3 November 2025 the Company issued 20,000 ordinary shares of 2p through an exercise of warrants at a price of \u00a32.00 per share. On 27 November 2025 the Company issued 605,155 ordinary shares of 2p through an exercise of warrants at a price of \u00a31.00 - \u00a32.25 per share. Included in this is a loan conversion through the issue of 92,169 ordinary shares of 2p at a price of \u00a32.77 per share. On 9 December 2025 the Company issued 90,572 ordinary shares of 2p through conversion of debt at a price of \u00a32.77 per share. During the year, the Company issued a total of 1,847,741 ordinary shares (2025: nil) resulting in total additions to share capital and share premium of \u00a32,948,536 (2025: nil). The total cash proceeds from the issue of shares during the year are \u00a31,864,904 (2025: nil) and the total equity settled transactions in the year are \u00a31,083,632 (2025: nil). Equity settled transactions relate to shares issued which have been settled via the conversion of debt and creditor settlement. The below table provides details on the assumptions used in arriving at the calculation of Fair Value for each of the above tranches of share options issued in the year and prior year, using the Black Scholes method. Date of grantTrancheNumber of Options Assumed Exercise date Risk free rate (%) Volatility (%)FV 6 June 2023 A 143,335 6 June 2028 4.39 40.50 \u00a395,150 6 June 2023 B 143,334 6 June 2028 4.39 40.50 \u00a395,149 6 June 2023 C 143,331 6 June 2028 4.39 40.50 \u00a395,147 5 August 2024- 500,000 5 August 20263.62 45.54 \u00a3253,200
2026
2025
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
Company and Group
Number
Pence
Number
Pence
Outstanding at the beginning of the period
1,620,000
89.66
1,220,000
130.53
Granted during the year
-
500,000
2
Lapsed during the period
-
(100,000)
(150)
Outstanding at the end of the period
1,620,000
89.66
1,620,000
98.92
Share Capital The share capital account represents the par or nominal value received for ordinary shares issued by the Company. Share Premium The share premium account represents the excess of consideration received for ordinary shares issued above their nominal value net of transaction costs. Share-Based Payment Reserve The share-based payment reserve represents the cumulative fair value charge f or options and warrants granted by the Company over ordinary shares. Foreign Exchange Reserve The translation reserve represents the exchange gains and losses that have arisen on the retranslation of overseas operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-204": { "value": "Share Capital The share capital account represents the par or nominal value received for ordinary shares issued by the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-205": { "value": "18. RISK MANAGEMENT OBJECTIVES AND POLICIES The Group and Company is exposed to a variety of f inancial risks which result from both its operating and investing activities. The Group and Company\u2019s risk management is coordinated by the Board of Directors and focused on actively securing the Group and Company\u2019s short to medium term cash flows by minimising the exposure to financial markets. The main risk the Group and Company is exposed to through its financial instruments is credit risk. Capital risk management The Group and Company\u2019s objectives when managing capital are: (a) to safeguard the Group and Company\u2019s ability to continue as a going concern, so that it continues to provide returns and benef its f or shareholders; (b) to support the Group and Company\u2019s growth; and (c) to provide capital for the purpose of strengthening the Group and Company\u2019s risk management capability. The Group and Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the f uture capital requirements of the Group and Company and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes. The Group and Company is not subject to externally imposed capital requirements. Credit risk The Group and Company\u2019s financial instruments that are subject to credit risk are cash and cash equivalents. The credit risk f or cash and cash equivalents is considered negligible since the counterparties are reputable financial institutions. The Group and Company defines a default by a counterparty to be an event in which a balance receivable remains unsettled after a period of 90 days from the date on which the balance was due for settlement. The Group\u2019s maximum exposure to credit risk is \u00a3273,580 comprising \u00a3120,294 of Trade and other receivables less prepayments and \u00a3153,286 in cash and cash equivalents. The Company\u2019s maximum exposure to credit risk is \u00a36,814,475 comprising \u00a36,599,300 of intercompany receivables, \u00a369,923 of Trade and other receivables less prepayments and \u00a3145,252 in cash and cash equivalents. Liquidity Risk The Group and Company monitors its rolling cashflow forecasts and liquidity requirements to ensure it has sufficient cash to meet its operational needs. As the Group and Company maintains its cash reserves in instant access current accounts liquidity risk to operations is deemed to be minimal. Short term borrowings at the year end represent a loan provided by Chairman Paul Atherley and Directors, which is interest free and repayable when the Group and Company has raised sufficient additional f inance to effect settlement, and a short term loan from Riverfort Capital bearing interest at a rate of 15% per annum. Foreign Exchange Risk The Group\u2019s transactions are carried out in a variety of currencies, including Australian Dollars, United Stated Dollars and UK Sterling. To mitigate the Group\u2019s exposure to foreign currency risk, non-Sterling cash f lows are monitored. Fluctuation of +/- 10% in currencies, other than UK Sterling, would not have a significant impact on the Group\u2019s net assets or annual results. The Group does not enter forward exchange contracts to mitigate the exposure to foreign currency risk as amounts paid and received in specific currencies are expected to largely offset one another. These assets and liabilities are denominated in the following currencies as shown in the table below:
Group
GBP
AUD
Total
31 January 2026
\u00a3
\u00a3
\u00a3
Trade and other receivables
135,464
5,813
141,277
Cash and cash equivalents
150,223
3,063
153,286
Trade and other payables
2,267,853
441,076
2,708,929
Short-term borrowings
659,570
-
659,570
Long-term borrowings
1,145,719
-
1,145,719
Group
GBP
AUD
Total
31 January 2025
\u00a3
\u00a3
\u00a3
Trade and other receivables
43,197
4,611
47,808
Cash and cash equivalents
1,092
15,581
16,673
Trade and other payables
1,333,565
168,401
1,501,966
Short-term borrowings
599,391
-
599,391
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-228": { "value": "Capital risk management The Group and Company\u2019s objectives when managing capital are: (a) to safeguard the Group and Company\u2019s ability to continue as a going concern, so that it continues to provide returns and benef its f or shareholders; (b) to support the Group and Company\u2019s growth; and (c) to provide capital for the purpose of strengthening the Group and Company\u2019s risk management capability. The Group and Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the f uture capital requirements of the Group and Company and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes. The Group and Company is not subject to externally imposed capital requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-229": { "value": "Credit risk The Group and Company\u2019s financial instruments that are subject to credit risk are cash and cash equivalents. The credit risk f or cash and cash equivalents is considered negligible since the counterparties are reputable financial institutions. The Group and Company defines a default by a counterparty to be an event in which a balance receivable remains unsettled after a period of 90 days from the date on which the balance was due for settlement. The Group\u2019s maximum exposure to credit risk is \u00a3273,580 comprising \u00a3120,294 of Trade and other receivables less prepayments and \u00a3153,286 in cash and cash equivalents. The Company\u2019s maximum exposure to credit risk is \u00a36,814,475 comprising \u00a36,599,300 of intercompany receivables, \u00a369,923 of Trade and other receivables less prepayments and \u00a3145,252 in cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-230": { "value": "Liquidity Risk The Group and Company monitors its rolling cashflow forecasts and liquidity requirements to ensure it has sufficient cash to meet its operational needs. As the Group and Company maintains its cash reserves in instant access current accounts liquidity risk to operations is deemed to be minimal. Short term borrowings at the year end represent a loan provided by Chairman Paul Atherley and Directors, which is interest free and repayable when the Group and Company has raised sufficient additional f inance to effect settlement, and a short term loan from Riverfort Capital bearing interest at a rate of 15% per annum. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-206": { "value": "19. FINANCIAL INSTRUMENTS
Categories of financial instruments:
2026
2025
Group
\u00a3
\u00a3
FINANCIAL ASSETS AT AMORTISED COST:
Cash and cash equivalents
153,286
16,673
Trade and other receivables (excluding prepayments)
141,277
27,719
Total financial Assets at amortised cost
294,563
44,392
FINANCIAL LIABILITIES
AT AMORTISED COST:
Trade and other payables
2,010,993
1,501,966
Short term borrowings
904,877
599,391
Long term borrowings
1,145,719
-
Total financial liabilities at amortised cost
4,061,589
2,101,357
2026
2025
Company
\u00a3
\u00a3
FINANCIAL ASSETS AT AMORTISED COST:
Cash and cash equivalents
145,252
382
Trade and other receivables (excluding prepayments)
69,923
18,587
Total financial Assets at amortised cost
215,175
18,969
2026
2025
\u00a3
\u00a3
FINANCIAL LIABILITIES
AT AMORTISED COST:
Trade and other payables
580,639
800,541
Short term borrowings
904,877
549,391
Long term borrowings
1,145,719
-
Total financial liabilities at amortised cost
2,631,235
1,349,932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-207": { "value": "20. RELATED PARTY TRANSACTIONS The compensation payable to Key Management personnel comprised \u00a3656,299 (2025: \u00a3565,048) paid and accrued by the Group to the Directors in respect of services to the Group. Full details of the compensation for each Director are provided in the Directors\u2019 Remuneration Report. Sam Quinn is a partner in Silvertree Partners LLP who received \u00a366,945 (2025: \u00a365,157) during the year for the provision of accounting and finance, administration, bookkeeping and secretarial services. At the year end, an amount of \u00a313,680 (2025: \u00a378,701) was due to Silvertree Partners LLP. Sam Quinn is a director and shareholder of Lionshead Consultants Ltd who received \u00a360,000 (2025: \u00a360,000). At the year end, an amount of \u00a3\u00a336,000 (2025: \u00a378,000) was due to Lionshead Consultants Ltd. Paul Atherley is a director and shareholder of Selection Capital Ltd who received \u00a3138,000 during the year for the provision of advisory services (2025: \u00a3115,500). At the year end, an amount of \u00a3323,500 (2025: \u00a3196,607) was due to Selection Capital Ltd. During the year, Paul Atherley provided a short term working capital loan to the Company, with the balance outstanding at the reporting date being \u00a315,294 (2025: \u00a3205,289). The loan is interest free and repayable when the Company has raised suff icient additional finance to effect settlement. During the year, the Group incurred \u00a3238 (2025: \u00a3nil) in travel related costs with Pensana plc, a company in which Paul Atherley is a director and shareholder. As at the reporting date, \u00a317,175 remained outstanding for settlement (2025: \u00a316,890). During the year, Paul Atherley, a director and shareholder of the Company, provided a personal guarantee in respect to the Company\u2019s borrowing to Riverf ort. The guarantee is secured by 3.7m shares held in Pensana in which Paul Atherley is also a director and shareholder. No fees were paid or are payable by the Company in connection with this guarantee. Vikki Jeckel is a director and shareholder of Supply Tactics Ltd who received \u00a3145,000 during the year f or the provision of advisory services (2025: \u00a3240,000). \u00a316,421 was received during the year for reimbursement of expenses (2025: nil). At the year end, an amount of \u00a325,000 (2025: \u00a3243,200) was due to Supply Tactics Ltd. During the year, the Company provided loans to its four subsidiaries, Tees Valley Lithium Limited (\u201cTVL\u201d), Alkemy Capital Services Pty Ltd (\u201cACSL\"), Port Hedland Lithium Pty Ltd (\u201cPHL\u201d) and Tees Valley Graphite Limited (\u201cTVG\u201d) by way of f unds provided to meet their ongoing cash needs and the recharging of expenditure met by the Company on behalf of the subsidiaries. Loans provided during the period totalled \u00a33,583,517 (2025: \u00a3260,583) for TVL, \u00a350,000 (2025: \u00a338,911) f or PHL and \u00a328,724 (2025: \u00a319,441) f or ACSL and \u00a34,720 (2025: \u00a33,110 for TVG respectively. Balances remaining owing from subsidiaries to the Company as at 31 January 2026 were \u00a35,953,676 (2025: \u00a32,639,177) for TVL, \u00a3340,344 (2025: \u00a3190,610) for PHL, \u00a37,830 (2025: \u00a33,110) for TVG and \u00a3297,753 (2025: \u00a3268,729) for ACSL respectively. During the year, amounts totalling \u00a311,056 (2025: \u00a336,210) were paid to Alex Della Bosca, daughter of Paul Atherley, f or her employment by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-208": { "value": "21. POST YEAR-END EVENTS On 3 February 2026 the Company announced the completion of its FEED study for the lithium processing plant in Teesside, England. The FEED study included a revision to the assessed project economics including total capex estimate of US$244m and post completion EBITDA estimates of US$66m per annum based on 25,000 tpa of production. On 4 February 2026 the Company issued 70,446 ordinary shares of 2p through conversion of debt at a price of \u00a33.48 per share. On 5 February 2026 the Company announced the allotment of 685,000 long term incentivisation share awards to directors and senior management of the Co0mpany and its subsidiary TVL. Pricing of the share awards based on a 30 day VWAP was \u00a33.59 per share with the awards being as f ollows: Director/Senior Management Position Number of New Share Awards Granted Paul Atherley Chairman 175,000 Sam Quinn Director 175,000 Helen Pein Director 30,000 Vikki Jeckell CEO, TVL 175,000 TVL Senior Management 130,000 On 12 February 2026 the Company announced it had entered into an agreement with Watercycle Technologies and Circulor UK Limited to advance the integration of on-site lithium recovery using deployed UK technology, with the potential to unlock up to c.US$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. On 24 February 2026 the Company announced it had entered into a heads of terms with Wates Construction Limited for Pre Construction Services to progress pre-construction activities, bringing in relevant local industrial, construction and MEP experience from its Construction and SES divisions and strengthens the project's readiness as it transitions into execution. On 27 February 2026 the Company announced the conversion of \u00a3500,000 of debt into 143,587 new ordinary shares at a conversion price of \u00a33.48 per share. On 19 March 2026 the Company announced the allotment of 100,000 new ordinary shares to Wave International at a price of \u00a33.97 per share in connection with engineering and project development services provided to the Company, while at the same time issuing 61,004 warrants for new shares with an exercise price of \u00a36.15 per share and exercisability period of 48 months. On 24 April 2026 the Company provided an update on its Teesside project progress, including the entering into of an MOU with Buxton Lime for the provision of long term quicklime supply and the completion of ecological studies at its Billingham site where no adverse findings were reported.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-209": { "value": "22. ULTIMATE CONTROLLING PARTY The Directors consider that the Company has no ultimate controlling party, as no individual member holds more than 50% of the issued shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "fact-210": { "value": "23. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS There were no contingent liabilities or capital commitments as at 31 January 2026 (2025: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NW5GVIRMXSRL48", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } } } }