from the ASX...2,000tpa lithium carbonate process plant development works progressing on schedule.
10% of scheduled total construction works completed to date.
First commercial production of battery quality Li2CO3 product targeted by mid-2022.
JORC Exploration Target delineated for Rincon Lithium Project demonstrates significant potential to materially expand current JORC Indicated Resource estimate and increase Project mine life & future production capacity.
Preparation works have commenced to conduct Resource development drilling at Rincon
2,000tpa lithium carbonate process plant development works progressing on schedule.
First commercial production of battery quality Li2CO3 targeted from late-Q2, 2022.
Fully modular design to accommodate planned expansion to 10,000tpa operation
Salta Province plans to develop a mining logistics node for mining and energy activities in the Puna region, with planned location adjacent to Argosy’s Rincon Lithium Project.
Provincial state company Recursos Energéticos y Mineros de Salta SA (Remsa) granted land parcel to assist development of mining and energy projects.
Plans for the mining services infrastructure site to include airport, industrial area, accommodation, service station, commercial premises, health centre.
Site locality close to large photovoltaic plant facility.
Argosy has received firm commitments to raise $30 million through a significantly oversubscribed Placement supported by high quality institutional investors.
Rincon Lithium Project now fully funded through to 2,000tpa lithium carbonate production and cash-flow generation.
Argosy’s exclusive and proprietary environmentally clean chemical process technology is producing high purity battery quality lithium carbonate acceptable for high-specification international markets.
Funding enhances planned next stage 10,000tpa scale development of Rincon Lithium Project.
Proceeds from the Placement also applied to:
Independently prepared assessment of long-term pumping data at Rincon Lithium Project confirms positive results exceed previous results used in PEA.
Aquifer transmissivity at Rincon production bore PRP1 is estimated to be 7,500m2/day after 120 days of pumping - permeability may be >2.5 times higher than assumed for the PEA.
Assumptions adopted in PEA found to be conservative - bore has performed better than expected.
Results increase confidence that overall aquifer performance will outperform PEA modelled pumping data.
Scope to refine the design to have fewer production bores or increase production.
Results provide further support for planned long term commercial scale development of Rincon Lithium Project.
20 tonne cargo of high-quality >99.5% lithium carbonate product from Argosy’s industrial scale pilot plant being shipped to Korean customer.
Shipping documents delivered and payment via Letter of Credit being processed.
Further distinguishes Argosy from other junior lithium peers still at laboratory testing stage.
20 metric tonne high purity Li2CO3 product Sales Contract executed with Korean customer and product cargo currently being shipped.
JORC Exploration Target1 delineated for Rincon Lithium Project - demonstrates significant potential to materially increase Project mine life and production capacity in due course.
The Company has an exclusive and proprietary environmentally clean/green chemical process technology with very low energy and raw water requirements to produce high purity battery quality lithium carbonate product acceptable for high-specification international markets.
Commercial 10,000tpa Environmental Impact Assessment report progressing to final completion, with completed baseline and supporting sections submitted.
Progressing pre-development works for ~2,000tpa modular lithium carbonate processing plant operation.
Salta government providing strong support for full development of Rincon Lithium Project.
Argosy accepted as a member of the European Raw Materials Alliance (ERMA).
Argosy has the lithium processing expertise and knowledge to pursue a complementary commercial lithium carbonate and hydroxide production strategy.
Existing Rincon Lithium Project JORC (2012) Indicated Mineral Resource estimate of 245,120 tonnes of contained Li2CO3 (with weighted mean average lithium concentration of 325mg/L) to a vertical depth of 102.5m, calculated from results of 21 drillholes.
Independently prepared JORC (2012) Exploration Target estimate in addition to the overlying existing JORC Indicated Mineral Resource estimate.
Additional Exploration Target of 262,000 tonnes to 479,000 tonnes of contained Li2CO3 based on a weighted average grade of between 315 mg/L and 327 mg/L, with depth interval between 102.5m to 300m below ground level.
Combined JORC Indicated Mineral Resource and Exploration Target estimates outline potential for a range of 507,000 tonnes to 724,000 tonnes of contained Li2CO3 at the Rincon Lithium Project to a depth of 300m.
Brine aquifer still open at depth based on previous Argosy drilling, with potential for further expansion and increasing mine life.
Results provide further support for planned long term commercial scale development of Rincon Lithium Project.
Exploration Target may materially increase Project mine life and production capacity.
20 metric tonne cargo comprises battery quality >99.5% lithium carbonate product from Argosy’s industrial scale pilot plant, scheduled for shipment this month.
Korean customer specialises in various end-use chemical supply applications, including LiPF6 battery electrolyte and other battery applications, where ultra-high purity lithium carbonate product is necessary.
20 metric tonne Sales Contract executed with international benchmark fixed sales price agreed - based on S&P Global Platts’ assessed battery-grade quality lithium carbonate CIF North Asia price.
Further validation of the Company’s exclusive and proprietary environmentally clean chemical process technology to produce high purity battery quality lithium carbonate product acceptable for high-specification international markets.
Korean battery quality lithium carbonate market targeted by Argosy for potential larger oft-take arrangements.
Continued progress with LCE product end-users for potential commercial scale product offtake
Argosy joins EBA250 network - the industrial development program of the European Battery Alliance.
Rincon industrial scale pilot plant and site operations continuing, producing high purity >99.5% Li2C03 product.
Argosy progressing on preferred funding solution for the development capital requirement.
Regulatory approval/permit applications works continuing for enlarged ~l0,000tpa commercial scale project development.
Clean technology validated with green credentials confirming very low energy and raw water requirements.
Argosy has the lithium processing expertise and knowledge to pursue a complementary commercial lithium carbonate and hydroxide production strategy
Product sample testing forms the basis and is required for supplier qualification process, and potential Stage 2 off-take arrangements. Further validation of the Company’s exclusive and proprietary environmentally clean chemical process technology. Japanese battery cathode market targeted by Argosy for potential larger off-take arrangements.
HIGHLIGHTS First export shipment of high quality >99.5% Li2CO3 product delivered to Mitsubishi Corporation RtM Japan Ltd - joining exclusive list of international lithium carbonate product exporters. Continued progress with ICE product end-users for potential commercial scale product offtake. Rincon product samples customer tested by Japanese cathode manufacturer achieve 99.88% Li2CO3 purity, whilst 99.94% Li2CO3 purity achieved by Korean cathode manufacturer. Rincon industrial scale pilot plant and site operations recommence (post Covid-19 suspension), producing high purity >99.5% Li2CO3 product. Argosy progressing on preferred funding solution for the development capital requirement. Regulatory approval/permit applications works continuing for enlarged ~10,000tpa commercial scale project development. Clean technology validated with green credentials confirming very low energy and raw water requirements. Argosy has the lithium processing expertise and knowledge to pursue a complementary commercial lithium carbonate and hydroxide production strategy. CSR program initiatives continued and adapted to suit Covid-19 conditions.
Two separate lithium carbonate product test samples provided to Korean battery cathode manufacturer analysed, with results of 99.94% & 99.93% Li2CO3 purity; Product sample testing forms the basis and is required for supplier qualification process, and potential Stage 2 off-take arrangements; Korean and Japanese product qualification process achieving outstanding product results — main potential customer markets targeted by Argosy; Further validation of the Company’s exclusive and proprietary environmentally clean chemical process technology.
Original shipping documents delivered to Mitsubishi Corporation RtM Japan Ltd; As per Sales and Purchase Agreement, Mitsubishi RtM now take ownership of the five tonne product cargo of high-quality >99.5% lithium carbonate product and will settle the payment terms immediately; Argosy now part of exclusive group of international producers and exporters of high-quality >99.5% lithium carbonate product.
Argosy Minerals Limited is pleased to advise the recent recommencement of industrial scale pilot plant and site operations, and production of high-quality >99.5% lithium carbonate product at the Company’s Rincon Lithium Project in Salta Province, Argentina. The Company has put in place all necessary health, safety and bio—security protocols in consultation with the Salta Province government and Secretary of Mining and Energy requirements for the safe resumption of our operations.
