Argosy Minerals Limited (ASX: AGY)
Continued its fast-track development strategy at the Rincon Lithium Project in Argentina, and progressed exploration works at the Tonopah Lithium Project in Nevada, USA, achieving significant milestones during the Quarter.
The 2,000 tpa lithium carbonate process plant development works progressing, with 90% of construction works completed, and production due to commence later this year.
|Argosy Minerals||ASX: AGY|
|Metals||Lithium (77.5% of the project)|
|Market cap||A$542 @ 40 c|
|Location||Salta, Argentina, Nevada, USA|
Argosy Minerals Quarterly activities Update
QUARTERLY ACTIVITIES REPORT – JUNE 2022
Argosy Minerals Limited (ASX: AGY) (“Argosy” or the “Company”) continued its fast-track development strategy at the Rincon Lithium Project in Argentina, and progressed exploration works at the Tonopah Lithium Project in Nevada, USA, achieving significant milestones during the Quarter, including -:
2,000 tpa lithium carbonate process plant development works progressing, with 90%
of construction works completed. The Company remains on budget and schedule to
achieve first battery quality lithium carbonate product over coming months.
Robust lithium market fundamentals supporting the formal negotiation process
ongoing with several strategic groups for lithium carbonate off-take arrangements
and related strategic capital funding proposals for the 10,000 tpa operation
expansion at Rincon.
Resource expansion and production well drilling works have commenced at Rincon
targeting potential to materially expand the current JORC Indicated Mineral
Resource, delineate a brine Ore Reserve, increase project mine-life and future
annual production capacity.
On-going exploration works targeting lithium brine prospectivity, and progress
toward drilling to determine lithium brine potential at Tonopah Project – with passive
seismic survey data processing and interpretation currently being conducted.
International lithium carbonate prices supporting very positive lithium market
sentiment, further enabling potential to realise Argosy’s multi-project lithium
production development strategy.
Rincon 2,000tpa Li2CO3 operation development – 90% of total construction works
complete & first production of battery quality Li2CO3 product targeted over coming
months Environmental Impact Assessment approval process in progress – to develop an additional 10,000tpa Li2CO3 operation, supplementing the 2,000tpa operation
currently in construction.
Continued strong interest from top-tier groups for strategic investment for next stage
10,000 tpa capex funding solution – with associated 2,000 tpa and 10,000 tpa off-take
Resource expansion & production well drilling works commenced – targeting
potential to materially expand current JORC Indicated Resource, and increase
project mine-life & future annual production capacity.
Exploration geophysical survey works progressing to test lithium brine targets at
Tonopah Lithium Project in Nevada, USA.
Continued positive lithium market sentiment supporting Argosy’s multi-project
development and production strategy.
Strong financial position with cash reserves of ~$36 million at 30 June 2022
KEY OBJECTIVES FOR SEPTEMBER 2022 QUARTER
Complete construction works and continue commissioning works for the 2,000tpa
high purity battery quality Li2CO3 operation.
Resolve strategic investment for 10,000tpa expansion capex funding and Li2CO3
Progress resource expansion and feasibility works at Rincon, and exploration works
at Tonopah Lithium Project.
Our foremost priority is the health, safety and wellbeing of our staff, partners and
community during the Covid‐19 pandemic.
Rincon Lithium Project – Argentina (77.5% JV interest, earning up to 90%)
The Rincon Lithium Project is the flagship asset in Argosy’s lithium development strategy, located within the Salar del Rincon in Salta Province, Argentina, in the world renowned “lithium triangle”.
The Project is a JV partnership with pre-eminent lithium processing expert
Pablo Alurralde. His extensive historical works within the Project area and the Salar, together with successful works completed to date have established a well-defined pathway to target commercial production of battery quality LCE product.
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