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Argosy Minerals (ASX:AGY) makes ground towards lithium carbonate production over quarter

Materials
ASX:AGY      MCAP $168.5M
27 April 2021 13:30 (AEST)
Argosy Minerals (ASX:AGY) - Non Executive Chairman, Alex Molyneux

Source: Mining News

Argosy Minerals (AGY) looks to be well-funded following the March quarter after raising $30 million to upscale its lithium production operations.

The minerals explorer has spruiked a myriad of successes for the period ended March 31, including boosting its cash balance to $29.9 million following a successful capital raise.

Argosy said it is now fully funded to maintain its flagship Rincon Lithium Project in Argentina through to production, with ther 2000-tonne-per-annum plant said to be on schedule for start-up in mid-2022.

During the three months, the ASX-lister also completed and received full payment for a 20-tonne, battery-quality lithium carbonate product from its pilot plant operations to Korean chemical company, Y.N Chemical.

The company said the arrangement opens up a wide range of market options for future larger offtake agreements into Korean, Japanese, European and North American markets.

Argosy said it also prepared a JORC compliant exploration target estimate for the Rincon Lithium Project that delineated 262,000 tonnes to 479,000 tonnes of
lithium carbonate.

More broadly, AGY affirms this could materially expand the current JORC indicated resource estimate and increase the project’s mine life and future production capacity.

Plans for a drill programme to investigate this exploration target estimate are said to be in the works.

Argosy Minerals shares are up 3.09 per cent following the news, trading at 10 cents at 12:37 pm AEST.

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