City analyst Oliver O'Donnell from VSA Capital has published an updated research note on Alkemy, following recent announcements from the company. Alkemy has made advancements in feedstock negotiations for its Tees Valley Lithium's lithium hydroxide refinery in Teesside and has completed a class 4 feasibility study for its Port Hedland Lithium's lithium sulphate refinery in Western Australia. VSA Capital commented that the progress is positive and has not yet been priced into the market. They believe that Alkemy's strategy positions it to achieve major milestones that would unlock significant value and expedite the project financing process. VSA Capital has reiterated its Speculative Buy recommendation and increased its target price to 15.30/sh.