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- Argosy Minerals (AGY) has released a quarterly activities report, for the financial quarter which ended in December 2020
- The company executed sales contracts, conducted pre-development works on a lithium carbonate processing plant, and joined the European Raw Materials Alliance
- As of December 31, 2020, Argosy Minerals had strong cash reserves of roughly $2.9 million
- In 2021’s first quarter, the company plans to progress towards constructing its high-purity lithium carbonate processing plant
- Argosy Minerals closed 17.39 per cent higher to trade for 13.5 cents per share
Argosy Minerals (AGY) has released a quarterly activities report, for the financial quarter which ended in December 2020.
During the quarter, the company executed a sales contract with Korean chemical company, Y. N Chemical Company. The spot sales contract was for 20 metric tonnes of high-purity lithium carbonate product from Argosy’s industrial-scale pilot plant, which is currently being shipped.
In the last months of 2020, the company continued to fast-track development of the Rincon Lithium Project in Argentina. During this time, Argosy delineated a JORC Exploration Target of 262,000 tonnes to 479,000 tonnes of lithium carbonate.
While the company’s project operations faced some delays due to the COVID-19 pandemic in North and South America, Argosy was able to safely continue working at the Rincon Project.
During the quarter, Argosy achieved some significant milestones, including joining the European Raw Materials Alliance (ERMA). The company was accepted as a member of ERMA as a primary raw material partner.
Argosy Minerals also conducted pre-development works on a lithium carbonate processing plant, which will produce approximately 2,000 tonnes per annum.
During the quarter, Argosy Minerals provided approximately $360,000 of expenditure to Puna Mining, in order to fund continued development works at the Rincon Lithium Project. No expenditure was spent on exploration and evaluation.
As of December 31, 2020, Argosy had cash reserves of roughly $2.9 million, putting the company in a strong financial position for the new year.
Looking to the future, Argosy Minerals has already laid out its main objectives for the 2021 March quarter. In particular, the company plans to progress towards constructing its high-purity battery-quality lithium carbonate processing plant.
Argosy Minerals closed 17.39 per cent higher to trade for 13.5 cents per share.
