Alkemy Capital Investments plc announced its wholly owned subsidiary, Tees Valley Graphite Limited ("TVG"), has entered into a non-binding memorandum of understanding ("MOU") with Syrah Resources Limited ("Syrah") for the establishment of a joint venture to develop a commercial-scale natural graphite active anode material ("AAM") processing facility ("Wilton AAM facility") located at the 'plug-and-play' Wilton International Chemicals Park ("Wilton") within the Teesside Freeport, to supply AAM to the European market. The Wilton AAM facility will leverage the successful planning and approvals and local knowledge gained by Alkemy portfolio company Tees Valley Lithium and will aim to lower construction costs, project delivery timeframes and bring forward first production by replicating and upscaling the technology and design used at Syrah's Vidalia AAM facility in Louisiana, United States. The Wilton AMM facility will use natural graphite feedstock from Syrah's Balama graphite project in Mozambique, the world's largest integrated graphite operation.

Syrah and Alkemy intend to enter into a binding joint venture agreement in the near-term, which will govern feasibility and permitting workplans and schedules, budget and relevant milestones associated with the Wilton AAM Facility. Ultimately, development of the Wilton AAM facility is planned to be subject to a final investment decision being unanimously approved by Syrah and TVG following the completion of further technical studies, receipt of approvals, entry into a shareholders' agreement, incorporation of a project company, and financing and offtake commitments. Syrah and TVG will each initially have a 50% interest in the joint venture.