Harness the power of quantum instability in order to break minable ores down to an Unstable Isotope, then process this Isotope into other minable ores. The rules are as follows:

Dissolution/Reconstitution

A new machine is introduced - the Alchemical Furnace. This is effectively an Electric furnace which forms the cornerstone of Alchemistry.
All minable ores and fluids can be broken down in the Alchemical Furnace via Ore Dissolution. This produces Unstable Isotope fluid at a rate of 1-10 for ores and 10-10 for fluids.
Unstable Isotope can be reconstituted into basic ores basic ores (Iron/Copper/stone/coal) via Ore Reconstitution recipes. These cost 20 Unstable Isotope to generate 1 ore.
Due to the Isotope costs, Ore Reconstitution incurs a 50% loss.
Ore Dissolution and Reconstitution is available after researching the Alchemical Ore Conversion technology.

Generation

A new ore is introduced: Unstable Regolith. This is a junk ore, which is only good for smelting into Unstable Isotope in an Alchemical Furnace.
Basic ores can be generated via Basic Ore Generation. This produces a random spread of basic ores along with Unstable Regolith. I costs 2 Unstable Isotope and produces 1 of each result at 50% probability.
Non-basic ores can be generated via Advanced Ore Generation. This costs 4 Unstable Isotope and produces the specified primary ore at a probability of 80%, along with basic ores and Unstable Regolith at a probability of 10%.
Minable fluids can be generated via Advanced Fluid Generation. This costs 4 Unstable Isotope and produces 8 of the specified fluid, along with basic ores and Unstable Regolith at a probability of 10%.
Advanced Ore Generation of ores not native to the planet of Nauvis is restricted, and can be performed only on the planets from which the ores originate.
Ore Generation becomes available after researching the Basic Ore Generation and Advanced Ore Generation technologies, for their respective recipes.
Fluid Generation becomes available after researching the Advanced Fluid Generation technology.

Enrichment

A new machine is introduced - the Ore Compressor. This is effectively a burner furnace which uses Unstable Isotope as fuel. It has a native 50% Quality and 4 additional slots, but can only benefit from Quality Modules and effects.
All ores can be run through the Ore Compressor via Enrichment recipes. Enrichment recipes output the same ore as they consume, in the same quantity - effectively, doing nothing. However, the resultant ore has a chance to come out at a higher quality.
Ore not native to the planet of Nauvis can only be enriched on the planet from which they originate.
Ore enrichment becomes available after researching the Alchemical Ore Enrichment technology.

Customisation

Recipe stats can be tweaked. Ore, fluid and Isotope costs can be tweaked, as can crafting times and the loss from Reconstitution.
Restrictions can be toggled on and off. This includes the restriction on Reconstitution for non-basic ores, and planetary condition restrictions for non-Nauvis ores.
Ore Enrichment can be turned off entirely, and will be automatically disabled regardless of setting if the Quality mod is not active.

And remember - this isn't magic. You're not a wizard pouring coloured liquids between beakers. This is science! You're an engineer pumping coloured liquids between industrial facilities. There's a world of difference.

Credits:

As of 1.3.0, Alchemistry uses new graphics for the Alchemical Furnace, courtesy of Hurricane046. Specifically, the Research Center structure. Corpse is Space Age Electromagnetic Plant remnants, pipe connections are my hack job tweaking the Assembling Machine 2 pipe connections. All sprites were re-scaled to 50% resolution due to the much smaller size of the Alchemical Furnace (3x3, vs. the Research Centre's intended 9x9). Any jankiness in the final product were introduced by me. Hurricane's original assets are pristine.