Argosy Minerals Reports Strong Progress Across Lithium Operations
Argosy Minerals Limited has released its quarterly report covering June 2023, where it highlighted significant milestones achieved in the Tonopah Lithium Project in Nevada and the Rincon Lithium Project in Argentina, as it progresses toward commercial production of battery quality lithium carbonate.
Rincon Lithium Project Achievements
Argosy Minerals Limited has successfully completed 24-hour trials of continuous operations and generated approximately 20 tonnes of battery quality lithium carbonate product to date. The company continues to commission the 2,000tpa facility, finalising standard plant commissioning processes. The project is on target to achieve complete production operations during H2-CY2023, offering lucrative sales of product to international lithium markets.
Regulatory approval for the 10,000tpa expansion operation is undergoing the Environmental Impact Assessment process. The company has made significant progress in updating the EIA works process and expects formal approval notice from the Mining Secretary shortly. Pre-development works for the 10,000tpa operation, including engineering and design, procurement, and recruitment, are in progress.
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Strong Financial Position
Argosy Minerals Limited is prioritising the 2,000tpa operation, as it progresses towards battery quality lithium carbonate production and achieves uninterrupted production operations. The results are supported by a robust financial position, evidenced by cash reserves of approximately $23. 5 million at the end of Q2-2023.
Positive Outlook in the Lithium Market
Being only the 2nd ASX-listed battery quality lithium carbonate producer, Argosy Minerals Limited is drawing on the optimistic outlook of the lithium market. Strong international lithium carbonate prices underpin positive market sentiment, providing an opportunity to realise its ambitious lithium production development strategy.
Argosy Minerals Limited continues to make progress on securing funding and long-term off-take arrangements for its 10,000tpa expansion plan, aiming for a tier-1 counterparty in the EV supply chain. The progress indicates that Argosy is well-positioned to materially expand current JORC Indicated Resources, increase project mine-life, and boost future annual production capacity. With a sustainable expansion plan, Argosy is set to become one of the leading contenders in the lithium market.
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