- Over the June quarter, Argosy Minerals (AGY) continued to fast-track development at the Rincon lithium project in Argentina
- The company has completed 90 per cent of construction works at Rincon for a 2000 tonnes per annum lithium carbonate processing plant
- Argosy allocated almost $3 million for Puna Mining to fund the continued development works at Rincon
- The company finished in a strong position with cash reserves of around $36 million
- AGY shares are up 3.09 per cent to trade at 41.8 cents as of 12:20 pm AEST
Over the June quarter, Argosy Minerals (AGY) has continued to fast-track development at the Rincon lithium project in Argentina.
The company has completed 90 per cent of construction works at Rincon for a 2000 tonnes per annum lithium carbonate processing plant.
The construction phase includes the process plant, equipment, earthworks and site facilities and expansion of the brine systems.
Resource expansion and production well drilling works have commenced at Rincon, which aims to expand the current mineral resource, increase mine-life and future annual production capacity at the project.
Lithium prices maintained near record-highs and continued lithium sector corporate activity during the quarter, despite covid restrictions in China disrupting supply lines.
Additionally, Argosy has further progressed exploration at the Tonopah lithium project in Nevada. The company is currently undertaking a geophysical survey works.
During the quarter, total expenditure of around $2.99 million was provided to Puna Mining to fund the continued development works at Rincon. Exploration and evaluation expenditure conducted during the quarter was around $31,000.
At the end of the period, the company finished in a strong position with cash reserves of around $36 million.
AGY shares were up 3.09 per cent to trade at 41.8 cents as of 12:20 pm AEST.