Proactiveinvestors Australia Argosy Minerals Limited https://www.proactiveinvestors.com.au Proactiveinvestors Australia Argosy Minerals Limited RSS feed en Mon, 27 May 2019 01:43:50 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Argosy Minerals focuses on Rincon development to "buck the trend" of recent share price pressure ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13219/argosy-minerals-focuses-on-rincon-development-to--buck-the-trend--of-recent-share-price-pressure-13219.html Thu, 02 May 2019 20:19:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13219/argosy-minerals-focuses-on-rincon-development-to--buck-the-trend--of-recent-share-price-pressure-13219.html <![CDATA[News - Argosy Minerals looks to commercial vision for Rincon project in Lithium Triangle ]]> https://www.proactiveinvestors.com.au/companies/news/218182/argosy-minerals-looks-to-commercial-vision-for-rincon-project-in-lithium-triangle-218182.html Argosy Minerals Limited (ASX:AGY) specialises in lithium in Argentina within the prolific South American Lithium Triangle. It is run by Jerko Zuvela, a geologist and company director who has more than 23 years of experience in the resources industry.

The Argosy managing director of five years also serves as a director for Discovery Africa Limited, Sand Queen Gold Mines Pty Ltd and OZ Coal Pty Ltd.

Zuvela held chief geologist roles at a number of companies before taking on senior management and board roles after a stint as MD at Indicoal Mining Australia Pty Ltd.

He was previously an exploration geologist for Mercantile Investment Company (ASX:MVT) buy-up Murchison Metals Ltd (ASX:MMX) (FRA:32IA) and Anglo American plc (LON:AAL) (JSE:AGL) (ETR:NGLB) (OTCMKTS:NGLOY) subsidiary De Beers Sa.

What does Argosy Minerals own?

The key asset is the Rincon Lithium Project in Argentina.

Last week the company revealed a battery-grade standard high-purity lithium hydroxide (LiOH) product had been achieved during processing tests at the pilot plant and in-house laboratory in the South American nation.

The LiOH content value was 56.84%, a higher quality battery grading when compared to the standard grade of 56.5%.

This equates to a 99.61% lithium hydroxide monohydrate purity and could prompt the development of a complementary commercial lithium hydroxide production strategy for Argosy.

The Perth-based company’s processing tests results had been elicited after a Korean battery group requested samples.

Argosy’s LiOH is being prepared according to the customer’s request and will be despatched after completion.

Rincon lithium has already been demonstrated to produce high-quality lithium carbonate (LCE) processing results for the company keen on building a sustainable lithium business.

A preliminary economic assessment (PEA) for the project was released in November 2018, with the company holding potential offtake agreement discussions with a number of parties in the December quarter of 2018 and March quarter of 2019.

The discussion reaped returns, with Argosy signing a preliminary lithium carbonate sales agreement with Mitsubishi Corporation subsidiary Mitsubishi Corporation RtM Japan Ltd in March 2019.

Argosy’s offtake milestone is allowing the company to use its stage I industrial-scale pilot plant for small-scale commercial LCE production so it can make product sales to the international conglomerate.

The developer’s ore source is a series of lithium brine evaporation ponds that cover about 38 hectares.

Argosy’s current pond area is capable of generating concentrated lithium brine to support processing operations for annual plant capacity of around 1,500 to 2,000 tonnes of LCE.

The company is keen on lifting its annual rate of production at the plant from the 2,000 tonnes a year possible with its commercial operation module to 10,000 tonnes, already flagging the production expansion possibility with regulators at Salta Province Mines Department.

One option is to pursue immediate construction of a funded commercial-scale processing plant or take the modular or staged approach to commercial scale-up outlined in the company’s Rincon PEA.

Rincon is well-supported by investors who tipped in $9.2 million in support of the project in an oversubscribed renounceable rights offer which closed on March 28, 2019.

The company published its calendar year annual report to shareholders on April 1, 2019, and is expected to publish its latest quarterly reports later this month.

Argosy expected to spend $2 million in the March quarter of 2019 and earmarked $1 million for development, $200,000 for production and $150,000 for exploration and evaluation.

The company had $2.7 million cash at the end of 2018 before it banked the funds from its latest capital drive.

Inflection points

Korean battery manufacturer action on LiOH sample presentation

Revenues from preliminary Mitsubishi LCE production take agreement

Strategic partnerships, offtake or production take agreements and significant transactions

Commercialisation milestones

Financing successes

Lithium industry development and positive market sentiment

National government-level support for the critical mineral across the globe

Evolution of battery, chemicals and electric vehicle markets

Managing director Jerko Zuvela flags business opportunity with LiOH

“This initial lithium hydroxide result, together with the long-standing high-quality lithium carbonate processing results achieved highlights the pre-eminent chemical processing expertise within the company,” managing director Jerko Zuvela said last week.

“We are in the chemicals business and we continue to validate our capacity and credentials to operate in this industry.

“With our recent sales agreement with Mitsubishi RtM and upcoming commencement of customer production operations, Argosy is in a strong position to secure a key strategic relationship and interest for the potential full commercial-scale development of the Rincon Lithium Project.”

 

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Mon, 08 Apr 2019 22:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218182/argosy-minerals-looks-to-commercial-vision-for-rincon-project-in-lithium-triangle-218182.html
<![CDATA[News - Argosy Minerals chairman and managing director both increase stake ]]> https://www.proactiveinvestors.com.au/companies/news/218090/argosy-minerals-chairman-and-managing-director-both-increase-stake-218090.html Argosy Minerals Ltd (ASX:AGY) has had its chairman Alexander Molyneux and managing director Jerko Zuvela increase their holdings in the company.

Molyneux purchased 250,000 shares for $25,000 increasing his total holding to 25.25 million shares.

Zuvela purchased 500,000 shares for $50,000 increasing his total holding to 69.4 million shares representing 6.84% of the company.

READ: Argosy Minerals exceeds battery-grade standard for lithium hydroxide in tests

Last week Argosy provided an update on recent lithium hydroxide process works that have taken place at the stage 1 industrial-scale pilot plant and in-house laboratory at Rincon.

The Rincon operation aims to produce battery-grade lithium product and the recent analysis work showed the product is up to standard.

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Mon, 08 Apr 2019 08:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218090/argosy-minerals-chairman-and-managing-director-both-increase-stake-218090.html
<![CDATA[News - Argosy Minerals exceeds battery-grade standard for lithium hydroxide in tests ]]> https://www.proactiveinvestors.com.au/companies/news/217913/argosy-minerals-exceeds-battery-grade-standard-for-lithium-hydroxide-in-tests-217913.html Argosy Minerals Limited (ASX:AGY) has exceeded the standard battery-grade content value for high purity lithium hydroxide (LiOH) in processing tests at the pilot plant and in-house laboratory at Rincon Lithium Project in Argentina.

Laboratory analysis results have confirmed LiOH content value of 56.84% compared to the standard battery grade of 56.5%.

Potential for complementary production

This corresponds to a purity of 99.61% lithium hydroxide monohydrate and has the potential to represent a complementary commercial lithium hydroxide production strategy for Argosy.

The processing test work is in response to interest from a large Korean battery industry participant for high-purity lithium hydroxide samples.

“Pre-eminent chemical processing expertise”

Argosy managing director Jerko Zuvela said: “This initial lithium hydroxide result, together with the long-standing high-quality lithium carbonate processing results achieved highlights the pre-eminent chemical processing expertise within the company.

“We are in the chemicals business and we continue to validate our capacity and credentials to operate in this industry.”

READ: Argosy Minerals raises $9.16 million for lithium development strategy at Rincon

Ongoing chemical processing work at the stage I pilot plant has resulted in a build-up of lithium carbonate product.

With this product and utilising Argosy’s lithium processing expertise combined with the experience of its local partner, lithium hydroxide customer samples have been prepared from the in-house laboratory.

Using an industry standard indirect calculation method determined by ICP, gravimetric and titration analysis, this work resulted in a 56.84% LiOH content value.

Lithium hydroxide samples in the laboratory (left) and sample preparation.

READ: Argosy mulls lifting annual rate of planned lithium carbonate plant to 10,000 tonnes

Argosy believes this work may result in a potential complementary lithium hydroxide production pathway, in addition to the lithium carbonate strategy and chemical process solution achieved to date.

The company will continue processing works to prepare the specified customised LiOH samples for delivery to the Korean battery group.

Fast-track development strategy

This milestone further establishes that Argosy is delivering on its fast-track lithium development strategy.

It provides additional options to consider accelerating the scale-up development timeframe of the project.

READ: Argosy Minerals surges 65% after sealing offtake deal with Mitsubishi Corporation

Zuvela added: “With our recent sales agreement with Mitsubishi RtM and upcoming commencement of customer production operations, Argosy is in a strong position to secure a key strategic relationship and interest for the potential full commercial-scale development of the Rincon Lithium Project.”

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Thu, 04 Apr 2019 10:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217913/argosy-minerals-exceeds-battery-grade-standard-for-lithium-hydroxide-in-tests-217913.html
<![CDATA[News - Argosy Minerals raises $9.16 million for lithium development strategy at Rincon ]]> https://www.proactiveinvestors.com.au/companies/news/217703/argosy-minerals-raises-916-million-for-lithium-development-strategy-at-rincon-217703.html Argosy Minerals Limited (ASX:AGY) has raised more than $9.16 million in a well-supported, oversubscribed renounceable rights offer which closed on March 28, 2019, with funds to be used to progress development of the Rincon Lithium Project in Argentina.

These funds were raised from the entitlement offer, shortfall shares and oversubscriptions.

The company has received binding commitments to raise $9,160,558 and will issue more than 91.605 million new shares and 30.535 million new options.

READ: Argosy Minerals preliminary agreement is for 12-month supply of 100 tonnes of lithium carbonate

Argosy managing director Jerko Zuvela said: “We undertook the rights issue to give all shareholders the opportunity to participate in this capital raising initiative and we have welcomed the response to which we are extremely appreciative.

“It’s very exciting to see the breadth of support we have amongst investors in our pursuit to develop our Rincon Lithium Project.

“This puts Argosy in a strong financial position to progress the commercial development of Rincon and with some recent milestones being completed, we will progress toward realising further upcoming milestones and our ultimate aim of moving to full-scale operations.”

The company received applications from shareholders under the rights issue to subscribe for almost 42 million new shares representing 68.2% of all shares offered.

READ: Argosy Minerals surges 65% after sealing offtake deal with Mitsubishi Corporation

Eligible shareholders who applied for their full entitlement under the rights issue were also able to apply for new shares in excess of their entitlement through a shortfall offer.

Under the terms of the offer, and due to overwhelming interest, directors have resolved to meet investor demand and issue the maximum shortfall facility of more than 19.587 million ordinary shares.

Argosy directors have also agreed to issue a portion of oversubscriptions totalling commitments of about $3 million with additional funds spent on working capital in accordance with the company’s existing project development strategy.

CPS Securities Pty Ltd acted as lead manager and the partial underwriter.

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Tue, 02 Apr 2019 12:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217703/argosy-minerals-raises-916-million-for-lithium-development-strategy-at-rincon-217703.html
<![CDATA[News - Argosy Minerals preliminary agreement is for 12-month supply of 100 tonnes of lithium carbonate ]]> https://www.proactiveinvestors.com.au/companies/news/217482/argosy-minerals-preliminary-agreement-is-for-12-month-supply-of-100-tonnes-of-lithium-carbonate-217482.html Argosy Minerals Limited’s (ASX:AGY) preliminary sales agreement with Mitsubishi Corporation RtM Japan Ltd for offtake from the Rincon project in Argentina is for an initial 100 tonnes of lithium carbonate over a 12-month period.

In a clarification statement today, Argosy said that there was flexibility in the agreement to extend the terms of the contract by mutual agreement for additional deliveries.

This would follow preliminary customer integration of the initial lithium carbonate product delivered.

READ: Argosy Minerals surges 65% after sealing offtake deal with Mitsubishi Corporation

The strategic arrangement with the Mitsubishi Corporation subsidiary enables Argosy to utilise the stage I industrial-scale pilot plant for small-scale commercial lithium carbonate production and product sales.

This applies while the company continues to prioritise efforts to secure a strategic relationship or partnership to secure the capex funding solution for successful commercial development of the Rincon project.

Clarification provided

In the clarifying statement, Argosy also advised that there were no material conditions that needed to be satisfied prior to proceeding with the agreement, nor any other material information relevant to the agreement.

Argosy is targeting the start of operations for the Mitsubishi Corporation RtM agreement in mid-2019, after receiving chemical reagents and completing preparations to scale-up the operational workforce at the pilot-plant site near Salta, Argentina.

READ: Argosy mulls lifting annual rate of planned lithium carbonate plant to 10,000 tonnes

The plant was first commissioned in April 2018 with first battery grade 99.5% lithium carbonate confirmed in June 2018.

LCE product produced from the pilot plant.

Argosy’s shares jumped 65% yesterday afternoon to 16 cents after announcing the sales agreement.

Managing director Jerko Zuvela said: “Argosy places considerable importance in working together with Mitsubishi RtM and the potential longer-term benefits this relationship may deliver.

“It is also a strong endorsement of Argosy, the Rincon Lithium Project and our fast-track development strategy towards commercial lithium carbonate equivalent (LCE) production.”

READ: Argosy Minerals outlines rights issue to raise up to $6.2 million for Rincon Lithium Project

Argosy has a 77.5% interest in the Rincon Lithium Project in Salta Province, Argentina, and is working towards an ultimate 90% interest.

Rincon is within the world-renowned Lithium Triangle, which is host to the world’s largest lithium resources.

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Fri, 29 Mar 2019 14:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217482/argosy-minerals-preliminary-agreement-is-for-12-month-supply-of-100-tonnes-of-lithium-carbonate-217482.html
<![CDATA[News - Argosy Minerals surges 65% after sealing offtake deal with Mitsubishi Corporation ]]> https://www.proactiveinvestors.com.au/companies/news/217382/argosy-minerals-surges-65-after-sealing-offtake-deal-with-mitsubishi-corporation-217382.html Argosy Minerals Limited (ASX:AGY) has surged 65% this afternoon to 16 cents after executing a sales agreement with a Mitsubishi Corporation subsidiary covering a preliminary arrangement for the supply of lithium carbonate from Rincon Lithium Project in Argentina.

The preliminary lithium carbonate sales agreement has been arranged with Mitsubishi Corporation RtM Japan Ltd.

It will enable Argosy to utilise a stage I industrial-scale pilot plant for small-scale commercial lithium carbonate production and product sales to a major international conglomerate.

READ: Argosy Minerals outlines rights issue to raise up to $6.2 million for Rincon Lithium Project

This will follow comprehensive processing and sample test-works carried out utilising Argosy's pilot plant and proven industrial-scale proprietary chemical process solution.

The company is targeting the start of operations for the sales agreement in mid-2019.\

"A strong endorsement"

Argosy managing director Jerko Zuvela said: “Argosy places considerable importance in working together with Mitsubishi RtM and the potential longer-term benefits this relationship may deliver.

“It is also a strong endorsement of Argosy, the Rincon Lithium Project and our fast-track development strategy towards commercial lithium carbonate equivalent (LCE) production.”

Reinforces Mitsubishi relationship

The sales agreement reinforces the relationship Argosy has established with Mitsubishi RtM following their first site visit in November 2017.

It also further strengthens the commitment for future potential commercial associations.

This agreement will generate revenue while the company progresses development works toward commercial sales operations.

The sales price for each cargo will be determined using a set formula agreed between the parties that references an industry standard benchmark index LCE price, netting off in country taxes for product specifications, all associated shipping costs and Mitsubishi RtM commission fees.

Resource to Market

Mitsubishi Corporation RtM Japan Ltd is a metals and mineral resources trading company that deals in a wide spectrum of general metal resources and materials, including ferrous raw materials and non-ferrous metals. The RtM of the name is an abbreviation of Resource to Market.

The agreement provides flexibility to amend the arrangement for the mutual benefit of both parties.

Argosy will continue prioritising efforts to secure a strategic relationship/partnership to secure a capex funding solution for commercial development of the Rincon project.

These efforts will include continued discussions with various interested parties.

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Thu, 28 Mar 2019 16:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217382/argosy-minerals-surges-65-after-sealing-offtake-deal-with-mitsubishi-corporation-217382.html
<![CDATA[News - Argosy Minerals outlines rights issue to raise up to $6.2 million for Rincon Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/216050/argosy-minerals-outlines-rights-issue-to-raise-up-to-62-million-for-rincon-lithium-project-216050.html Argosy Minerals Ltd (ASX:AGY) has outlined a partially-underwritten 1:15 renounceable rights issue to raise up to $6.2 million.

Funds will be used to progress next stage development works at Rincon Lithium Project in Argentina.

The offer shares will be priced at 10 cents and an attaching listed 20-cent option expiring March 2022 will be offered for every 3 new shares issued.

Funds will also put the company in a strong position to finalise a strategic relationship for the enlarged commercial development of the project

READ: Argosy mulls lifting annual rate of planned lithium carbonate plant to 10,000 tonnes

Argosy’s managing director Jerko Zuvela said: “The proceeds of the rights issue will allow the company to build on the excellent progress made in the past year and continue engagement with potential Asian strategic partners for the full commercial development of our Rincon Lithium Project.

“We believe the Rights Issue represents a good outcome for existing shareholders, providing them with the opportunity to participate in this important capital raising on very attractive terms."

Net proceeds of the offer, in conjunction with existing cash reserves, will be used to:

• Progress next stage development and approvals works at the Rincon Lithium Project;
• Payment for completion of recent tenement acquisitions – Mina San Jose & Jujuy (following completion of regulatory procedures); and
• Costs of the offer and working capital.

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Fri, 08 Mar 2019 10:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216050/argosy-minerals-outlines-rights-issue-to-raise-up-to-62-million-for-rincon-lithium-project-216050.html
<![CDATA[News - Argosy mulls lifting annual rate of planned lithium carbonate plant to 10,000 tonnes ]]> https://www.proactiveinvestors.com.au/companies/news/215468/argosy-mulls-lifting-annual-rate-of-planned-lithium-carbonate-plant-to-10000-tonnes-215468.html Argosy Minerals Limited (ASX:AGY) continues to progress towards commercial development of the Rincon Lithium Project in Argentina with next stage development permitting applications being submitted.

The company has advanced the approvals process by preparing necessary regulatory documents and permitting applications for authorities in the Salta Province Mines Department.

Seeking approvals for plant

These outline development of an initial 2,000 tonnes per annum commercial operation module lithium carbonate processing plant and associated operations at the project site in the country’s prolific ‘Lithium Triangle’.

In addition, company executives have discussed with regulatory officials the prospect of advancing the project direct to a 10,000-tonne scale development and the associated approvals requirements.

READ: Argosy Minerals provides lithium carbonate test samples to potential offtakers

Argosy is also progressing the process of product specification customer acceptance following product test samples being provided to preferred potential Asian customers.

The company’s development strategy enables direct engagement with potential customers owing to it being able to provide lithium carbonate (LCE) samples from the stage I industrial-scale pilot plant operations.

Initial LCE produced from the stage I pilot plant.

Strategic investment process takes priority

As such, Argosy has prioritised its attention to the strategic investment process and resulting potential capex finance solution for full commercial-scale development of the project.

Argosy is one of the first new LCE product suppliers to be able to follow this path, which reinforces the strong position the company is in to establish its credentials well before many other lithium companies.

Ongoing processing works at the stage I pilot plant continue to generate a build-up of LCE product for further customer sample verification and testing.

This will also result in preparation for production of LCE product for potential stage I offtake requirements.

LCE samples ready to be sent to potential end-users.

Potential complementary pathway

Due to this ongoing work, the company has also received interest from a large Korean battery manufacturer to prepare high-purity lithium hydroxide samples.

With some of the LCE produced from the pilot plant coupled with its processing expertise, Argosy can prepare lithium hydroxide customer samples from its in-house laboratory.

This also provides the company with a potential complementary production pathway.

Offtake discussions

Meetings have also been held with a consortium of South Korean groups to consider potential strategic partnership arrangements for commercial-scale long-term product off-take and accompanying capex funding solution.

Independently, the company is moving toward closing an offtake arrangement for stage I product with a Japanese group.

Argosy managing director Jerko Zuvela said: “The recent works progress and meetings in South Korea and Japan with well-credentialed and strategic groups confirms the very positive feedback the company has received on its Rincon development strategy and lithium processing works achieved to date.

“This has put Argosy in a strong position to secure a key strategic relationship and interest for the potential full commercial-scale development of the Rincon Lithium Project.”

READ: Argosy Minerals completes further evaporation ponds at Rincon Lithium Project

The company is continuing to pump lithium brine into the constructed evaporation ponds on site.

This allows the lithium brine concentration process to continue and build up the lithium brine concentrate feedstock for future lithium processing works.

Lining of the final evaporation ponds will be completed during the June quarter.

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Thu, 28 Feb 2019 13:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215468/argosy-mulls-lifting-annual-rate-of-planned-lithium-carbonate-plant-to-10000-tonnes-215468.html
<![CDATA[News - Argosy Minerals provides lithium carbonate test samples to potential offtakers ]]> https://www.proactiveinvestors.com.au/companies/news/211618/argosy-minerals-provides-lithium-carbonate-test-samples-to-potential-offtakers-211618.html Argosy Minerals Limited (ASX:AGY) has made further progress towards a preliminary offtake arrangement for lithium carbonate from its Argentine project by providing additional customised test samples.

The lithium carbonate (LCE) samples from industrial-scale pilot plant operations at the Rincon project in Argentina’s Lithium Triangle have been provided to potential customers.

These samples of stage I LCE product were prepared based on the requirements of the customers.

READ: Argosy Minerals completes further evaporation ponds at Rincon Lithium Project

Independent product sample testing by the Alex Stewart International laboratory in Argentina has confirmed results of 99.5% Li2CO3 content, as per customer specification.

Argosy managing director Jerko Zuvela said: “Argosy continues to achieve significant development milestones to further de-risk the project, including the delivery of these additional customer samples.”

He said the keenly sought independent testing has also validated the company’s in-house laboratory results.

Provided to potential Asian customers

The additional test samples have been provided to preferred potential customers in Asia as part of the ongoing customer testing and product customisation process.

This aims to ensure future customer sales are consistent quality and specification, and that any product impurities are systemised at the customer’s end, for their own product manufacturing requirements and meeting their own customers’ specifications.

Comparable results achieved

The independent verification testing achieved comparable results to those from Argosy’s in-house laboratory at the site of the company’s industrial-scale pilot plant.

Stage I industrial-scale pilot plant operations.

Potential customers will carry out their own in-house testing of the samples, which Argosy hopes will form the basis for potential stage I offtake arrangements.

The product qualification process Argosy is working to is an industry norm which all cathode and battery manufacturers must adhere to.

This process will ensure the company is placed in a strong position for future product sales.

READ: Argosy Minerals confirms strong economics for Rincon Lithium Project in Argentina

Argosy is one of the first new LCE product suppliers to conduct this process and reinforces the strong position it is in to establish its credentials well before many other lithium companies.

This milestone was achieved through the exclusive and proprietary successful chemical process solution developed by Argosy following an extensive processing test work phase over the past six months or so.

Zuvela added: “The company will continue progressing toward our next major milestone and continue toward the ultimate target of commercial-scale operations at our Rincon Lithium Project.”

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Fri, 21 Dec 2018 11:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211618/argosy-minerals-provides-lithium-carbonate-test-samples-to-potential-offtakers-211618.html
<![CDATA[News - Argosy Minerals completes further evaporation ponds at Rincon Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/210822/argosy-minerals-completes-further-evaporation-ponds-at-rincon-lithium-project-210822.html Argosy Minerals Limited (ASX:AGY) has completed the next stage of its Rincon Lithium Project in Argentina’s ‘Lithium Triangle’ with further lithium brine evaporation ponds constructed.

The company has completed a total of about 38 hectares of evaporation ponds and lithium brine is being pumped into the new ponds.

Capacity increased

Along with the existing ponds, these are expected to provide the capacity to cater for a modular/staged commercial operation.

The total pond area is capable of generating concentrated lithium brine at a scale that can support processing operations for annual plant capacity of around 1,500 to 2,000 tonnes of lithium carbonate (LCE).

Argosy managing director Jerko Zuvela said: “Argosy continues to accomplish significant development milestones as we continue our aggressive development strategy and progress toward becoming a commercial-scale LCE producer in the near-term.

“Together with the PEA outcomes recently announced and the completion of this scale of evaporation ponds, the company is targeting developing the commercial stage of operations as quickly as possible.”

READ: Argosy Minerals confirms strong economics for Rincon Lithium Project in Argentina

Lithium brine concentrated from previously constructed ponds is available for processing operations in the stage I industrial-scale pilot plant.

Argosy has filled one of the new large ponds with lithium brine and the other two larger ponds are expected to be filled this month.

The remaining smaller ponds to be utilised for storing concentrated brine from larger ponds in the latter stages of the lithium brine concentration period of about 12 months, are planned for lining next month.

Two stages completed

These new ponds increase the total brine volume capacity, joining the existing evaporation ponds that have been fully operational for solar evaporation and lithium concentration for the past 12 months.

This work completes pond construction development for stage I and the previously referred stage II works.

READ: Argosy Minerals upgrades lithium JORC resource at Rincon

Argosy will determine the next phase of evaporation pond construction work after deciding on a preferred production strategy.

This will be to pursue construction of a commercial scale processing plant (10,000tpa LCE) immediately, pending funding, or a modular/staged production strategy toward full commercial scale, as stated in the PEA.

Offtake discussions

The company is focusing on concluding a preliminary offtake arrangement for stage I product, subject to confirmation of customer testing and product customisation.

With PEA results being reviewed by potential offtake and/or strategic investor groups, Argosy will also pursue advanced discussions for full commercial or modular scale capex funding/investment.

READ: Argosy Minerals’ strategic acquisition expands scope of lithium operations in Argentina

Pending funding, the preferred production strategy would then be decided.

The company’s fast-track development strategy has put it in the position of producing LCE product from the stage 1 industrial-scale pilot plant.

Along with the confirmation of strong economics provided in the PEA, the company is also well placed to attract interest from leading battery and cathode industry participants.

Argosy is committed to building a sustainable lithium production company, highly leveraged to the forecast growth in the lithium-ion battery sector.

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Mon, 10 Dec 2018 11:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210822/argosy-minerals-completes-further-evaporation-ponds-at-rincon-lithium-project-210822.html
<![CDATA[Media files - Argosy Minerals' Rincon PEA shows low production costs for battery quality product ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11415/argosy-minerals-rincon-pea-shows-low-production-costs-for-battery-quality-product-11415.html Tue, 04 Dec 2018 11:37:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11415/argosy-minerals-rincon-pea-shows-low-production-costs-for-battery-quality-product-11415.html <![CDATA[News - Argosy Minerals confirms strong economics for Rincon Lithium Project in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/210083/argosy-minerals-confirms-strong-economics-for-rincon-lithium-project-in-argentina-210083.html Argosy Minerals Limited (ASX:AGY) has completed the preliminary economic assessment (PEA) for its Rincon Lithium Project in Argentina.

The PEA outlines a 16.5-year mine life producing about 10,000 tonnes per annum of battery-grade lithium carbonate, confirming the potential for long-life, sustainable commercial-scale production with strong project economics.

The company is now in stage I offtake discussions and will soon complete construction of the remaining stage II evaporation ponds.

Independent engineering firm Primero Group, supported by AQ2 Pty Ltd and Benchmark Mineral Intelligence, prepared the PEA.

 

Argosy managing director Jerko Zuvela said the company was delighted to deliver the Rincon project’s PEA.

He said: “[It] confirms that our project is one of the best new lithium development projects worldwide in terms of high investment returns, EBITDA margins and market significance.

“The PEA, together with our operational stage I plant, provides Argosy with a convincing investment proposition to secure additional project finance and strategic partnerships to continue our progress to commercial development.

“The results of the PEA further validate the company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.”

Project map with the newest tenement acquisitions labelled

  READ: Argosy Minerals upgrades lithium JORC resource at Rincon

Highlights of the PEA include a pre-tax net present value (NPV) of $554 million using a 10% discount rate, which provides an internal rate of return (IRR) of about 53% and an EBITDA margin of 61% for the base case scenario.

Two production scenarios were considered in the PEA, with the second being an accelerated development case of 15,000 tonnes per annum with an 11-year mine life.

Each case was assessed with two different forecast lithium carbonate prices: Benchmark Mineral Intelligence’s independently assessed long-term forecast price of US$13,000 a tonne and a price of US$15,500 a tonne, based on recent spot export prices for battery-grade lithium from South America.

Argosy selected as its base case scenario the 10,000-tonne production rate and forecast price of US$13,000 lithium price, which gives an initial capital cost of around US$140.9 million.

Global price forecast for lithium carbonate 2011-2040. Source: Benchmark Mineral Intelligence

  READ: Argosy Minerals’ strategic acquisition expands scope of lithium operations in Argentina

The company achieved a key milestone in the September quarter, producing a scalable chemical process solution that will turn Rincon’s brines into battery-grade quality lithium carbonate products.

Argosy believes the exclusive chemical process technology is effectively proven for utilisation of future development stages at the Rincon Lithium Project.

About 500 kilograms of lithium carbonate product has been produced to date.

Battery-quality LCE product from the Rincon project

  READ: Argosy Minerals has a busy December quarter planned

In his presentation at the Technology and Low Emission Minerals (TLEM) Conference in Perth, Zuvela told the audience that being in the lithium business necessitated being a chemical processing company.

He said: “Given that these South American salars have been in business and operations for the last 25-30 years, obviously there have been many companies that have tried to produce from those areas.

“Rather than being effectively mining … you’re really a chemical processing business when you’re in a lithium business – you’re producing chemicals and Argosy will become a chemical processing company rather than a mining company.

“If you don’t process the raw materials … to the battery-quality end product, which is the carbonate or hydroxide, you don’t have a saleable product.”

READ: Argosy Minerals meets with President of Argentina, receives support

As part of the PEA Argosy recently upgraded its lithium carbonate indicated JORC resource by 18% to 245,120 tonnes of lithium.

Because of its indicated category, the upgraded resource was fully utilised for life-of-mine and production modelling in the PEA.

The updated resource estimate exceeds Argosy’s expectation and forms the basis for sustainable commercial production targets and long-term life-of-mine modelling.

Potential by-product revenue from the production of potash and magnesium hydroxide at Rincon was excluded from the economic analysis.

Argosy's stage I industrial-scale pilot plant

  READ: Argosy Minerals demonstrates chemical process for battery-quality lithium production at Rincon

In the current December quarter, Argosy has a busy schedule of expected news flow.

Work will continue at the stage I industrial-scale pilot plant producing battery-quality LCE product including scaling up to increased production.

Construction works are expected to complete this quarter for the stage II evaporation ponds and commercial scale processing plant development works will continue.

Regulatory permitting for commercial-stage construction is ongoing, as well as discussions with potential customers and strategic partners.

Speaking to Proactive Investors on the sidelines of the TLEM conference, Zuvela said construction would begin as soon as funding comes in.

He said: “The product has been tested by Asian end-users to determine what sort of customisation we need to do to meet their specification requirements.

“We’ve shown we can produce a generic battery-quality product, and now it’s customising that processing of product to meet the exact requirements of potential offtake parties we want to deal with, and obviously those offtake parties we want to be strategic investors to help us fund the construction of the project.

“To build a full-scale commercial plant it might take about a year and a half, but we can do it in modular stages, so we could have something potentially constructed within 12 months and obviously start producing thereafter.”

Argentina's Lithium Triangle

 

Rincon comprises about 2,794.4 hectares of significant lithium and associated infrastructure services, as well as mining easement landholdings for future stage III development and commercial production.

Funding is in place to continue stage I industrial-scale pilot plant operations and complete stage II evaporation pond construction.

This includes cash in hand of $4.951 million as of the September quarterly report and the company is confident it will secure the necessary funding for full-scale commercial-stage development.

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Tue, 27 Nov 2018 23:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210083/argosy-minerals-confirms-strong-economics-for-rincon-lithium-project-in-argentina-210083.html
<![CDATA[Media files - Argosy Minerals publishing PEA on lithium carbonate project by next week ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11183/argosy-minerals-publishing-pea-on-lithium-carbonate-project-by-next-week-11183.html Wed, 14 Nov 2018 09:15:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11183/argosy-minerals-publishing-pea-on-lithium-carbonate-project-by-next-week-11183.html <![CDATA[News - Argosy Minerals upgrades lithium JORC resource at Rincon ]]> https://www.proactiveinvestors.com.au/companies/news/209048/argosy-minerals-upgrades-lithium-jorc-resource-at-rincon-209048.html Argosy Minerals Ltd (ASX:AGY) has upgraded its lithium carbonate resource by 18% at its Rincon Lithium Project in Argentina.

Notably, the upgraded resource of 245,120 tonnes lithium carbonate is also all in the higher Indicated JORC category.

Because it is in this category it can be fully utilised for life-of-mine and production modelling in the preliminary economic assessment (PEA) underway.

The updated resource estimate exceeds Argosy’s expectation, and forms basis for sustainable commercial production targets and long-term life of mine modelling to be outlined in the PEA.

READ: Argosy Minerals’ strategic acquisition expands scope of lithium operations in Argentina

Argosy’s managing director Jerko Zuvela said: “We are very pleased to deliver an upgraded JORC Mineral Resource estimate that is not only larger than our prior maiden Resource but the Resource has moved into the higher Indicated category.

“The new Indicated Resource will support our Project production targets and long-term mine life estimates, to be outlined further within our upcoming preliminary economic assessment.

“The Resource estimate upgrade further validates the company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.”

Resource has expansion potential

The resource was estimated to a vertical depth of 102.5 metres below ground level, calculated from results of 21 drill-holes.

The resource and brine aquifer remain open at depth – with good scope for resource expansion from additional deeper drilling and continued tenement acquisitions.

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Tue, 13 Nov 2018 11:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209048/argosy-minerals-upgrades-lithium-jorc-resource-at-rincon-209048.html
<![CDATA[News - Argosy Minerals’ strategic acquisition expands scope of lithium operations in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/208885/argosy-minerals-strategic-acquisition-expands-scope-of-lithium-operations-in-argentina-208885.html Argosy Minerals Ltd (ASX:AGY) is acquiring three additional tenements – Mina San Jose, Mina Jujuy and Mina San Marcos, comprising a total tenement area of 209.5 hectares for the Rincon Lithium Project in Salta Province, Argentina.

Argosy will pay a purchase fee of about US$538,702 following successful completion of due diligence works and associated regulatory requirements, for the outright purchase of the three mining titles.

Project map along with new acquisitions

Strategically, Mina Jujuy and San Marcos adjoin Argosy’s Mina Tincal tenement, allowing the company to apply to join these tenements into Mining Group status for the purposes of regulatory applications for exploitation permits.

Mining Group status will also be important for future potential commercial lithium brine pumping operations.

READ: Argosy Minerals has a busy December quarter planned

Argosy managing director Jerko Zuvela said: “These strategic and highly prospective tenements provide increased scale for future potential commercial operations, which will be highlighted by the long-term mine-life estimates currently being prepared as part of the PEA works.”

READ: Argosy Minerals demonstrates chemical process for battery-quality lithium production at Rincon

The Rincon Lithium Project now comprises up to 2,794.4 hectares of significant lithium and associated infrastructure services/mining easement landholdings for future stage III development and commercial production operations.

Now that the acquisition agreements have been concluded, Argosy will prepare to finalise the PEA taking into account the recently upgrade JORC resource.

READ: Argosy Minerals upgrades lithium JORC resource at Rincon

Argosy recently upgraded its lithium carbonate resource by 18% at its Rincon Lithium Project.

Notably, the upgraded resource of 245,120 tonnes lithium carbonate is also all in the higher Indicated JORC category.

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Fri, 09 Nov 2018 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208885/argosy-minerals-strategic-acquisition-expands-scope-of-lithium-operations-in-argentina-208885.html
<![CDATA[News - Argosy Minerals has a busy December quarter planned ]]> https://www.proactiveinvestors.com.au/companies/news/208175/argosy-minerals-has-a-busy-december-quarter-planned-208175.html Argosy Minerals Ltd (ASX:AGY) continues with its plan to fast-track the development of its flagship Rincon Lithium Project in Argentina.

The company achieved a key milestone in the September quarter in producing a successful and scalable chemical process solution to produce battery-grade quality lithium carbonate (LCE).

About 500 kilograms of LCE product has been produced to date.

Argosy believes the exclusive chemical process technology is effectively proven for utilisation of future development stages at the Rincon Lithium Project.

READ: Argosy Minerals meets with President of Argentina, receives support

In the current December quarter, Argosy has a busy schedule of expected news flow.

The company expects to release a JORC resource upgrade, release the preliminary economic assessment and reveal a stage I LCE off-take agreement.

Operationally, work will continue at the stage I industrial-scale pilot plant producing battery quality LCE product including scaling up to increased production.

Construction works are expected to complete this quarter for the stage II evaporation ponds and commercial scale processing plant development works will continue.

Supplying battery grade LCE to customers in 2019

Argosy is targeting ongoing, steady-state operations from the stage I pilot plant to produce battery-grade LCE product and supply to potential off-takers to commence in 2019.

Battery quality LCE product with up to 99.8% lithium carbonate content value has been produced and this is being sent to potential customers around the world.

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Wed, 31 Oct 2018 10:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208175/argosy-minerals-has-a-busy-december-quarter-planned-208175.html
<![CDATA[News - Argosy Minerals meets with President of Argentina, receives support ]]> https://www.proactiveinvestors.com.au/companies/news/205173/argosy-minerals-meets-with-president-of-argentina-receives-support-205173.html Argosy Minerals Ltd (ASX:AGY) executives have attended a meeting in Buenos Aires with the President of Argentina, Mr Mauricio Macri and Federal Mining Secretary, Ms Diana Carolina Sanchez.

The objective of the meeting was to inform President Macri and Ms Sanchez of the fast-track development strategy the company has implemented at the Rincon Lithium Project.

Argosy also informed Macri and Sanchez on the current status and plans to progress Rincon toward commercial-scale operations at the project.

Positively, all parties confirmed their commitment to support the development of the company’s Rincon Lithium Project.

READ: Argosy Minerals demonstrates chemical process for battery-quality lithium production at Rincon

Argosy’s managing director Jerko Zuvela said: “We are delighted to meet President Macri and Ms Sanchez, which confirms the significance of our Rincon Lithium Project by the Federal government, and shows the support to continue the rapid development works conducted by the company to date.

“The meeting highlighted the importance of developing the Rincon Project, the shared responsibility and mutual benefits of investment, and support required for development execution.

“Argosy is firmly committed to the advancement and success of the project.”

Shares up since August

Shares in Argosy spiked off their monthly low of 16 cents in August 2018 after the company confirmed the production of 99.6% lithium carbonate.

Recently, Argosy demonstrated that the chemical process developed to produce battery-quality lithium carbonate (LCE) from its Rincon project in Argentina was successful and scalable.

Processing works at the stage I plant achieved battery-quality LCE product with a 99.8% lithium carbonate content value.

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Wed, 19 Sep 2018 09:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205173/argosy-minerals-meets-with-president-of-argentina-receives-support-205173.html
<![CDATA[News - Argosy Minerals demonstrates chemical process for battery-quality lithium production at Rincon ]]> https://www.proactiveinvestors.com.au/companies/news/204789/argosy-minerals-demonstrates-chemical-process-for-battery-quality-lithium-production-at-rincon-204789.html Argosy Minerals Limited (ASX:AGY) has demonstrated that the chemical process developed to produce battery-quality lithium carbonate (LCE) from its Rincon project in Argentina is successful and scalable.

Processing works at the stage I plant have achieved battery-quality LCE product with a 99.8% Li2CO3 content value.

READ: Argosy Minerals produces battery-grade lithium carbonate from Argentine project, shares surge

The company and its JV partner consider that this result is a key strategic component of the principal stage I milestone of producing consistent ongoing battery-quality LCE product.

Investors also responded with shares increasing almost 27% to an intra-day high of 26 cents.

Argosy managing director Jerko Zuvela said, “We are delighted at this significant milestone – proof of concept achieved via a successful and scalable chemical process solution.

“This ultimately sets up the company for progress towards the development of stage III at the Rincon Lithium Project.”

Battery-quality LCE product from the Rincon project.

Fast-track development strategy

The results further establish that Argosy is delivering on its fast-track lithium development strategy.

They provide additional options for Argosy to consider accelerating the scale-up development timeframe of the project.

Zuvela said, “We look forward to delivering our upcoming major upcoming milestones to shareholders to show the long-term sustainability of our project.”

READ: Argosy Minerals expands stage II lithium evaporation ponds at Rincon project

The milestone has been achieved through a lengthy process test work phase, which continued after production of the initial battery-quality LCE product.

Process works have produced around 1.2 tonnes of primary/raw lithium carbonate material that has been used for test works and product refinement.

It resulted in the production of about 175 kilograms of battery-quality LCE, which when tested in-house, recorded the 99.8% Li2CO3 content value.

The stage I plant has produced battery-quality lithium carbonate

READ: Argosy Minerals reveals maiden lithium resource at Rincon

Argosy’s intention was to produce a better specification LCE product to provide customer samples to its preferred potential offtake party.

The company is preparing representative samples totalling about 70 kilograms with an average specification of 99.7% Li2CO3 content value.

Site visit and inspection

These will be provided to the preferred offtaker, which recently conducted a project visit and inspection, for their own quality confirmation and verification.

Pending customer acceptance of product specification, Argosy will look to finalise the preliminary offtake agreement for stage I product.

The company is continuing process works to ensure plant equipment efficiencies are optimised to complete the final stage I milestone - to produce consistent ongoing battery-quality LCE product.

Complementary equipment identified

Argosy has identified complementary plant equipment to assist in gaining more efficient product output and will be implementing this as necessary over coming months.

The company remains confident of achieving key upcoming milestones to further demonstrate the long-term sustainability of the Rincon project.

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Thu, 13 Sep 2018 15:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204789/argosy-minerals-demonstrates-chemical-process-for-battery-quality-lithium-production-at-rincon-204789.html
<![CDATA[News - Argosy Minerals expands stage II lithium evaporation ponds at Rincon project ]]> https://www.proactiveinvestors.com.au/companies/news/203739/argosy-minerals-expands-stage-ii-lithium-evaporation-ponds-at-rincon-project-203739.html Argosy Minerals Limited (ASX:AGY) continues to scale-up its Rincon Lithium Project in Argentina towards commercial status with the construction of an additional 9-hectare evaporation pond.

As part of stage II development, the additional pond has been constructed and lined.

Pumping of lithium brine into the new pond is underway coinciding with the start of the peak summer solar evaporation season.

READ: Argosy Minerals produces battery-grade lithium carbonate from Argentine project, shares surge

The pond complements the existing operational stage II ponds which occupy around 10 hectares.

Argosy now has about 19 hectares of stage II ponds in operation for concentrating lithium brine.

Lithium brine pumping into the new evaporation pond.

The company’s managing director Jerko Zuvela said, “Argosy continues its rapid progress and

aggressive development strategy, confirming the commitment to scaling the project to the next commercial stages.

“Our early-mover proof of concept and fast-track production strategy is realising enormous interest and potential long-term benefits for the company given the strong demand in the international marketplace.

“This comes as we continue building a sustainable battery-grade lithium production company.”

Further pond work

In addition, evaporation pond construction works are continuing for another evaporation pond of around 9-hectares, which is targeted for completion in mid to late September.

Following this a number of smaller evaporation ponds, totalling around 8-hectares, will be constructed.

These will be utilised for filtering the concentrating lithium brine.

Brine for use in pilot plant

Upon completion of the full stage II pond construction works, a combined total of around 36 hectares of lithium brine evaporation ponds are planned to be operational.

These will provide concentrated lithium brine for use in the company’s working stage I pilot plant and planned stage II processing plant to produce lithium carbonate product.

READ: Argosy Minerals reveals maiden lithium resource at Rincon

The Rincon project is within the world-renowned ‘Lithium Triangle’ in Argentina’s  Salta Province, host to the world’s largest lithium resources.

An initial JORC-compliant resource of 207,957 tonnes of lithium carbonate equivalent (LCE) has been estimated within the brine aquifers of the Rincon project.

Argosy is committed to building a sustainable lithium production company, highly leveraged to the forecast growth in the lithium-ion battery sector.

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Wed, 29 Aug 2018 10:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203739/argosy-minerals-expands-stage-ii-lithium-evaporation-ponds-at-rincon-project-203739.html
<![CDATA[News - Argosy Minerals produces battery-grade lithium carbonate from Argentine project, shares surge ]]> https://www.proactiveinvestors.com.au/companies/news/202246/argosy-minerals-produces-battery-grade-lithium-carbonate-from-argentine-project-shares-surge-202246.html Argosy Minerals Limited (ASX:AGY) has produced battery-grade lithium carbonate (LCE) product from its Rincon Lithium Project in the Lithium Triangle of Argentina’s Salta Province.

This milestone was achieved from the stage I pilot plant which produced LCE with a content value of 99.6%, prompting shares to jump 50% at opening to 27 cents.

This product is representative of Argosy’s initial battery-grade specification and can be sent to international cathode and battery-makers for their own quality confirmation and testing.

READ: Argosy Minerals reveals maiden lithium resource at Rincon

Argosy managing director Jerko Zuvela said: “We are delighted at this significant milestone – to achieve such a result from our 500-tonne per annum capacity plant is a remarkable success.

“We believe our chemical process pathway is efficient and scalable, and this success bodes well for the continued development of stages II and III at the Rincon project.”

Plant works have progressed to the stage where efficient production of 30 kilograms of LCE product has been completed.

The LCE product will be prepared for customer samples and sent to end-users.

The stage I industrial-scale pilot plant.

READ: Argosy Minerals produces first batch of lithium carbonate at Rincon Lithium Project

This initial product, pending customer verification, will form the basis for Argosy progressing towards finalising a preliminary offtake agreement for stage I Rincon production.

The company’s prime focus and principal stage I milestone remains to produce consistent battery-grade product, whilst also confirming the chemical process is efficient, cost-effective and scalable for all development stages.

Argosy is confident that the process test-works phase will form the basis to further improve and optimise the production process for subsequent commercial sales and substantiate commercial plant designs for stages II and III.

Lithium market remains strong

In recent months, the company’s most relevant pricing reference – the Battery Grade Li2CO3, FOB South America average price - has been around US$15,000 per tonne.

This aligns with reports from key South American suppliers, who have guided toward strong pricing for the remainder of 2018, citing robust demand, particularly from cathode customers.

It comes amidst a shortfall of battery-grade lithium chemical products in carbonate and hydroxide form.

Supply/demand balance is tight

The market was expecting increasing supply during 2018 from Chinese lithium chemical conversion plants processing spodumene concentrate from Australian hard rock projects.

However, the overall supply/demand balance for lithium chemicals continues to be tight as these plants have reported significant technical difficulties commissioning new capacity and converting new supply.

READ: Argosy Minerals switches on gas at lithium pilot plant

Argosy’s feedback through direct discussions with end-use customers and analyst commentary indicate an increasingly tight lithium market for late-2018 and the next few years ahead.

The company considers it is in a much stronger and unique position for its engagement with potential customers.

This is due to it being the only new participant able to offer potentially high value, premium battery-quality LCE product directly via the spot market or potential offtake arrangements.

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Mon, 06 Aug 2018 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202246/argosy-minerals-produces-battery-grade-lithium-carbonate-from-argentine-project-shares-surge-202246.html
<![CDATA[News - Argosy Minerals reveals maiden lithium resource at Rincon ]]> https://www.proactiveinvestors.com.au/companies/news/199085/argosy-minerals-reveals-maiden-lithium-resource-at-rincon-199085.html Argosy Minerals Ltd (ASX:AGY) has estimated a maiden JORC resource of 207,957 tonnes of lithium carbonate equivalent (LCE) within the brine aquifers of its Rincon Lithium Project.

READ: Argosy Minerals switches on gas at lithium pilot plant

Argosy’s managing director Jerko Zuvela said: “We are very confident the resource estimate will support our project production targets that we expect to report within our preliminary economic assessment, and together with additional drilling works will also enable future upgrades to the maiden JORC mineral resource.

“The resource estimate further validates the company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.

“We are committed to building a sustainable lithium production company.”


  Resource exceeded expectations

The resource estimate has exceeded the company’s expectations and forms a solid basis to advance the preliminary economic assessment (PEA) for Rincon.

The lateral extent of the resource is limited to areas within project tenements and to a depth of 102.5 metres, with resource and brine aquifer remaining open at depth.

There is good potential for resource expansion from additional drilling and continued tenement acquisitions.

Hydrogeological work in progress

The following hydrogeological works are planned and/or in progress with respect to brine aquifer investigations in association with the PEA works currently in progress:

• Deep bore pumping tests to determine the dynamic hydrogeological properties of the brine aquifer; and
• Shallow exploration and test bores with pumping tests, to provide more information on geological and hydrogeological properties of the fractured halite aquifer.

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Tue, 19 Jun 2018 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199085/argosy-minerals-reveals-maiden-lithium-resource-at-rincon-199085.html
<![CDATA[News - Argosy Minerals switches on gas at lithium pilot plant ]]> https://www.proactiveinvestors.com.au/companies/news/198984/argosy-minerals-switches-on-gas-at-lithium-pilot-plant-198984.html Argosy Minerals Ltd (ASX:AGY) has had its mains gas supply authorised and is now in use at its stage I industrial-scale pilot plant for the Rincon Lithium Project in Argentina.

After recently producing its first batch of lithium carbonate at Rincon, Argosy is progressing its stage I milestone of producing battery-grade lithium carbonate equivalent (LCE).

READ: Argosy Minerals produces first batch of lithium carbonate at Rincon Lithium Project

Progressing to the stage I milestone will also comprise processing works to produce a consistent quality product to meet potential customer requirements of battery grade LCE product specs.

Argosy will also prepare customer samples for their own quality confirmation and testing, and then for subsequent initial commercial sales.

JORC resource estimation work nearing completion

Argosy is nearing completion of the resource estimation works for the Rincon Lithium Project and is progressing on preparing the preliminary economic assessment.

Located in the lithium triangle

Argosy has a 77.5% interest in the Rincon Lithium Project in Salta Province of Argentina which is within the world-renowned Lithium Triangle.

The Lithium Triangle area is the world’s dominant source of lithium production.

About 49% of global lithium production comes from the Lithium Triangle which holds about 70% of world’s lithium reserves.

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Mon, 18 Jun 2018 10:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198984/argosy-minerals-switches-on-gas-at-lithium-pilot-plant-198984.html
<![CDATA[News - Argosy Minerals produces first batch of lithium carbonate at Rincon Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/198228/argosy-minerals-produces-first-batch-of-lithium-carbonate-at-rincon-lithium-project-198228.html Argosy Minerals Limited (ASX:AGY) has achieved a significant milestone for its Rincon Lithium Project in Argentina by producing the first batch of lithium carbonate (LCE) from the stage 1 industrial scale pilot plant.

A sample of the first one-kilogram production batch was tested in Argosy’ lab and was determined to be a good quality industrial grade LCE.

Progressing stage 1 LCE product off-take agreements

Argosy is progressing with a major international group on the stage 1 LCE product off-take agreement.

The product quality and process test-works completed to date provides confirmation for Argosy to produce a consistent product that meets customer requirements.

The company will continue processing works to prepare these customer samples for their own quality confirmation and testing, and then for subsequent initial commercial sales.

READ: Argosy Minerals purchases mining tenements for future lithium brine operation

Argosy managing director Jerko Zuvela said: “We are delighted at this significant milestone, noting the historical magnitude of this achievement and the fast-track strategy the company deployed to attain this landmark development.

“The momentous effort, technical expertise and knowledge required to achieve this initial milestone is extraordinary, and I thank the whole Puna and Argosy team for their commitment and dedication.”

Upgrading the LCE to battery-grade

Importantly, key deleterious elements for battery grade in the test batch such as magnesium, sulphate and metallic impurities were within acceptable specification ranges.

The key issue determining the tested batch to be industrial grade vs. battery grade was the presence of certain soluble impurities.

These would usually be removed by the ‘washing’ stage but that stage is not yet fully functional in the plant because the stage prior requires a high heat, and Argosy is still awaiting a natural gas supply for the plant to provide such temperature.

The plant is physically connected to the local mains gas network but the company is waiting for local bureaucratic approval to switch on the supply, to then continue full processing works to produce the battery grade material.

JORC resource estimation work nearing completion

Argosy is nearing completion of the resource estimation works for the Rincon Lithium Project and is progressing on preparing the Preliminary Economic Assessment.

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Tue, 05 Jun 2018 12:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198228/argosy-minerals-produces-first-batch-of-lithium-carbonate-at-rincon-lithium-project-198228.html
<![CDATA[News - Argosy Minerals enters trading halt ahead of first lithium carbonate production ]]> https://www.proactiveinvestors.com.au/companies/news/198058/argosy-minerals-enters-trading-halt-ahead-of-first-lithium-carbonate-production-198058.html Argosy Minerals Ltd (ASX:AGY) has been granted a trading halt by the ASX pending the release of details regarding the first lithium carbonate production from its Rincon Lithium Project, Argentina.

Shares will remain halted until the earlier of the release of relevant information or the commencement of trading next Tuesday.

READ: Argosy Minerals purchases mining tenements for future lithium brine operation

Last month, Argosy outlined that it expected to produce its first battery-grade lithium carbonate by the end of May from an industrial-scale pilot plant at the Rincon Lithium Project in Argentina.

Last week, this was followed up by the company executing purchase agreements for mining titles that make up the 2,572-hectare Rincon Lithium Project.

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Fri, 01 Jun 2018 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198058/argosy-minerals-enters-trading-halt-ahead-of-first-lithium-carbonate-production-198058.html
<![CDATA[News - Argosy Minerals purchases mining tenements for future lithium brine operation ]]> https://www.proactiveinvestors.com.au/companies/news/197755/argosy-minerals-purchases-mining-tenements-for-future-lithium-brine-operation-197755.html Argosy Minerals Ltd (ASX:AGY) has executed purchase agreements for mining titles that make up the 2,572-hectare Rincon Lithium Project in Argentina.

The tenements, namely the Salonix properties, Mina Reina and Mina Tincal, were secured through exclusive option rights.

They will complement the existing mining titles and mining easement rights, warehouse, plant and equipment that is all currently owned 100% by Puna Mining S.A.

Argosy has a 77.5% interest in Puna Mining.

READ: Argosy Minerals expects first battery-grade lithium carbonate from pilot plant by end of May

Argosy’s managing director Jerko Zuvela said: “The outright purchase of these Rincon mining properties demonstrates Argosy’s intent, ambition, strategy and its absolute confidence to fully develop the Rincon Lithium Project and continue our strategy toward commercial production.

“We are committed to building a sustainable lithium production company.”

Argosy will now pay the final outstanding purchase amount of ~US$2.64 million to the tenement vendors as a final payment.

READ: Argosy Minerals fast tracks Rincon Lithium Project to take advantage of lithium carbonate pricing

Argosy expects to produce its first battery-grade lithium carbonate by the end of May from an industrial-scale pilot plant at the Rincon Lithium Project in Argentina.

Stage I processing test work is continuing following the commissioning of the plant near the project in the Lithium Triangle in Salta province.

This intricate work involves a number of complex chemical reaction stages within the plant that require tweaking at each stage to ensure the chemical pathway is accurate.

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Mon, 28 May 2018 10:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197755/argosy-minerals-purchases-mining-tenements-for-future-lithium-brine-operation-197755.html
<![CDATA[News - Argosy Minerals expects first battery-grade lithium carbonate from pilot plant by end of May ]]> https://www.proactiveinvestors.com.au/companies/news/196459/argosy-minerals-expects-first-battery-grade-lithium-carbonate-from-pilot-plant-by-end-of-may-196459.html Argosy Minerals Limited (ASX:AGY) expects to produce its first battery-grade lithium carbonate by the end of May from an industrial-scale pilot plant at the Rincon Lithium Project in Argentina.

Stage I processing test work is continuing following commissioning of the plant near the project in the Lithium Triangle in Salta province.

This intricate work involves a number of complex chemical reaction stages within the plant that require tweaking at each stage to ensure the chemical pathway is accurate.

READ: Argosy Minerals starts operations at lithium pilot plant in Argentina

It also ensures the removal of appropriate deleterious elements to be able to produce the final battery-grade lithium carbonate (LCE) product.

Managing director Jerko Zuvela said: “The company is hastened to deliver on our key stage I objective of producing battery-grade LCE product, and recognise the minor delay in achieving this significant milestone.

“Considering the industrial scale and transformational nature of such an achievement, I feel it is imperative to ensure these works are conducted in a methodical and meticulous process.”

READ: Argosy Minerals fast tracks Rincon Lithium Project to take advantage of lithium carbonate pricing

The aim of the test work is to produce consistent battery-grade LCE product for all development stages as well as to provide customer samples for subsequent initial commercial sales and future sales agreements.

Zuvela added: “The processing works are highly technical and critical to ensure ultimate success, as the stage I flow sheet will be ‘scaled up’ for later stages.

“Therefore, it is imperative that we demonstrate the right product quality on a scalable and cost competitive basis.

“As such, we are targeting completion of stage I processing test-works and LCE product delivery by the end of May, and become the next ASX-listed LCE producer.”

 

 

Argosy also expects to deliver a maiden JORC resource estimate for the Rincon project by the end of May.

An eight-hole resource exploration drilling program has been completed and outstanding laboratory analysis results are expected this week.

After conducting a final review, resource estimate and modelling works will be carried out to deliver the maiden resource.

Additional diamond drill holes

Argosy has started three additional exploration diamond drill holes as part of work for a preliminary economic assessment (PEA) with the first hole completed to a depth of 100.5 metres.

The aim of the extra holes is to include more material in the indicated category for an updated resource estimate in conjunction with the PEA.

Completing title acquisitions

In addition, the company has started the legal process to purchase mining titles secured via binding and exclusive option rights.

If the purchase options over the Salonix properties, Mina Reina and Mina Tincal are secured, the Rincon project’s land area would comprise 2,572.9 hectares.

Argosy is also progressing preliminary offtake arrangements for stage I product as well as working towards arranging potential medium and long-term offtake agreements.

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Mon, 07 May 2018 10:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196459/argosy-minerals-expects-first-battery-grade-lithium-carbonate-from-pilot-plant-by-end-of-may-196459.html
<![CDATA[News - Argosy Minerals fast tracks Rincon Lithium Project to take advantage of lithium carbonate pricing ]]> https://www.proactiveinvestors.com.au/companies/news/196192/argosy-minerals-fast-tracks-rincon-lithium-project-to-take-advantage-of-lithium-carbonate-pricing-196192.html Argosy Mineral Limited’s (ASX:AGY) near-term objective is successfully proving a chemical process solution for the production of battery-grade lithium carbonate equivalent (LCE).

The Rincon Lithium Project, which is focused on developing brine projects with potentially low capital and operating costs, is central to Argosy’s lithium production strategy.

The project is within the Salar del Rincon in Salta Province, Argentina, part of the renowned Lithium Triangle.

The region accounts for about half of global lithium production and holds around 70% of global lithium reserves.

It hosts major projects operated by leading US chemical groups such as FMC Corporation (NYSE:FMC) and Albemarle Corporation (NYSE:ALB), as well as Australia’s Orocobre (ASX:ORE).

Alluralde has a proven track record

The Rincon project comprises about 2,600 hectares of mining concessions and easement rights landholdings.

The ownership structure is a joint venture partnership with lithium processing group Puna Mining, which is headed by Pablo Alurralde.

He has 15 years’ experience in producing lithium carbonate and 30 years’ experience in designing chemical processes.

Argosy has the exclusive right to earn a 90% interest in Puna Mining on the attainment of certain milestones.

Argosy interest in Puna moves to 77.5%

The company has executed a binding second earn-in joint venture agreement with Pablo Alurralde and Francisco Menendez, confirming Argosy has a 77.5% interest in Puna.

This was a crucial development for Argosy as it was an endorsement of the company’s performance in the early stage development of the project.

Argosy managing director Jerko Zuvela said: “Completing the move to 77.5% early demonstrates Argosy’s intent, ambition, strategy and its absolute confidence to fully develop the Rincon Lithium Project.”

 

 

Management is confident that the project has a clear conceptual pathway to lithium production.

This is supported by historical results and Alurralde’s previous operating and production experience in the project area as well as over the broader Salar del Rincon.

On this basis, there is a clear case for fast-tracking the project’s development.

Argosy delivers on March quarter production

As an emerging company, it is important to deliver on promised outcomes.

Having set itself a fairly demanding timeline of achieving stage I plant capacity of up to 500 tonnes per annum LCE by the March quarter there was little room for error.

Consequently, it was a notable achievement to deliver the stage I pilot plant by April 3.

Following the start of pilot plant operations, commissioning and lithium brine concentrate processing test works have progressed throughout April.

The first batch of lithium brine concentrate for processing test works is anticipated to produce between one and two tonnes of LCE.

In running the ruler across neighbouring producer, Orocobre, Canaccord Genuity analyst Reg Spencer has projected June quarter LCE pricing of US$15,000 per tonne.

Consequently, even at stage I production levels, there is the potential for Argosy to generate annual revenues of US$7.5 million (AUD$10 million) based on these forecasts.

LCE samples to potential offtake partners

Argosy has made arrangements with a number of international cathode and battery industry participants to provide them with samples of battery grade LCE material.

This will provide the opportunity for potential clients to assess the quality of the product prior to committing to offtake agreements.

Argosy is working to progress a preliminary offtake arrangement for stage I product.

Funding and offtake agreements under consideration

In conjunction with the battery grade LCE product samples Asian end-users have requested, Argosy has held several meetings to discuss broader strategic alliances.

Discussions with groups from Japan, Korea, China and the Middle East have focused on various propositions for the Rincon project.

These have included the potential to consider strategic investment funding, offtake or other value-adding commercial agreements in consideration for stage III development.

Stage II up and running

While relationships with prominent end-users and/or financiers will be important in terms of progressing to expanded commercial targets in stage III, the focus is on stage II.

On this note, Argosy has commenced site works for the construction of about 24 hectares of additional lithium brine evaporation ponds.

In terms of share price catalysts, it pays to reflect on movements that occurred in December.

When the company announced that it had commenced pumping from the first production well into the stage II evaporation ponds, it triggered a sustained rerating.

As can be seen below, from the time the news was announced on December 20, the company’s shares doubled from 24 cents to 48 cents over a four-week period.

As these works will result in an additional eight evaporation ponds to complement the nine stage II ponds in operation, completion could trigger a share price rerating.

Argosy is targeting evaporation ponds completion for peak solar evaporation and lithium concentration by the start of the upcoming summer season.

Progressing towards resource estimate

In tandem with these developments is a staged drilling campaign.

Argosy is undertaking resource exploration drilling aimed at identifying areas of expansion as well as production well drilling.

The latter will be instrumental in the construction of wells for pumping of lithium brine into the stage II evaporation ponds.

Argosy is awaiting final laboratory analysis results of the drill cores for porosity assessment and brine analysis.

It will then be in a position to release a resource estimate, a development that could well be market moving even though much of the focus is on stage II production progress.

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Wed, 02 May 2018 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196192/argosy-minerals-fast-tracks-rincon-lithium-project-to-take-advantage-of-lithium-carbonate-pricing-196192.html
<![CDATA[Media files - Argosy Minerals on pathway to production of battery grade lithium ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9115/argosy-minerals-on-pathway-to-production-of-battery-grade-lithium-9115.html Fri, 20 Apr 2018 18:01:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9115/argosy-minerals-on-pathway-to-production-of-battery-grade-lithium-9115.html <![CDATA[News - Argosy Minerals starts operations at lithium pilot plant in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/194092/argosy-minerals-starts-operations-at-lithium-pilot-plant-in-argentina-194092.html Argosy Minerals Limited (ASX:AGY) has started operations at the stage I pilot plant in Argentina with the first batch of lithium brine concentrate expected to produce 1 to 2 tonnes of lithium carbonate (LCE).

Commissioning and processing test work for lithium brine concentrate from the Rincon Lithium Project in the world-renowned Lithium Triangle of Salta province will progress throughout April.

During this phase, Argosy will fine-tune the process until production of in-specification quality battery-grade LCE product is consistent and satisfactory for customer samples and initial commercial sales.

READ: Argosy Minerals to begin processing lithium brine concentrate from Argentine project

Managing director Jerko Zuvela said: “Argosy continues its fast-tracked development strategy, with another major step taken toward building a sustainable battery-grade lithium production company.

"I would like to congratulate the operations team at this key milestone, and we will continue to progress to deliver on our near-term objectives of producing battery-grade LCE product.”

Ensuring consistent product

The commissioning and test phase includes refining the chemical balances, formulations and equipment settings to ensure product quality consistency.

This will also ensure the plant is operating in the most effective and efficient manner to deliver into future sales agreements.

The Rincon project is in the world-renowned Lithium Triangle region.

Argosy’s Rincon personnel, including joint venture partner Pablo Alurralde, are focused on realising the principal milestone – a scalable, cost-effective chemical process solution to produce battery-grade LCE product.

This will position Argosy for all development stages at Rincon.

READ: Argosy Minerals secures approval for more lithium evaporation ponds in Argentina

Argosy is confident that the project has a clear conceptual pathway to production of lithium and has adopted a fast-track strategy.

This is supported by historical results and Pablo Alurralde’s previous operating and production experience from the project area and over the broader Salar del Rincon.

The company is committed to building a sustainable lithium production company, leveraged to forecast growth in the lithium-ion battery sector.

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Tue, 03 Apr 2018 08:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194092/argosy-minerals-starts-operations-at-lithium-pilot-plant-in-argentina-194092.html
<![CDATA[News - Argosy Minerals to begin processing lithium brine concentrate from Argentine project ]]> https://www.proactiveinvestors.com.au/companies/news/193750/argosy-minerals-to-begin-processing-lithium-brine-concentrate-from-argentine-project-193750.html Argosy Minerals Limited (ASX:AGY) expects to start processing lithium brine concentrate this week from its Rincon Lithium Project in Argentina through a stage I pilot plant.

The company expects this will result in the first production of lithium carbonate (LCE) in the next few weeks.

Preparation for processing test work is almost complete and pending final checks and transportation of brine concentrate to the plant site, tests will start later this week.

READ: Argosy Minerals increases its stake in the Rincon Lithium Project

Managing director Jerko Zuvela said: “Argosy continues its fast-tracked development strategy and we are excited about the lithium processing test works and becoming an LCE producer.”

Initial lithium brine concentrate from Rincon’s stage I evaporation ponds will be delivered to the pilot plant at the industrial warehouse site.

Commissioning during April

Processing test works and pilot plant commissioning are expected to be carried out throughout April.

The works include fine-tuning the chemical balances, formulations and equipment settings to ensure consistent production of high-quality battery-grade LCE product.

Argosy’s Rincon personnel, headed by joint venture partner Pablo Alurralde, are working with maximum effort to achieve this milestone.

Samples for quality testing

Arrangements have been made with international cathode and battery industry participants to provide samples of battery-grade Rincon LCE for quality confirmation and testing.

These samples are expected to be delivered to Japan, Korea and China during April and May.

The Rincon project is in the Lithium Triangle of northern Argentina.

Argosy believes it will be able to execute potential medium and long-term offtake agreements with major industry participants after proving the project’s quality.

The company is finalising arrangements to sell surplus LCE produced during the test works.

“Our early-mover proof of concept and production strategy is realising enormous interest and potential long-term benefits given the insatiable demand in the international marketplace,” Zuvela said.

READ: Argosy Minerals secures approval for more lithium evaporation ponds in Argentina

The company has also started site works for the construction of about 24 hectares of extra stage II lithium brine evaporation ponds.

This will result in eight additional evaporation ponds to complement the nine operating stage II ponds.

Argosy will then have a combined total of about 34 hectares of stage II evaporation ponds.

The budget and timeframe for this work have been agreed with the contractor who completed the previous ponds.

Extra ponds for peak evaporation season

Argosy aims to have the extra ponds operational for peak solar evaporation and lithium concentration by the start of the upcoming summer season.

Independent consultants have been engaged to prepare a preliminary economic assessment (PEA) for the Rincon project and is encouraged by work to date.

As part of the PEA, Argosy has consulted with its independent consulting hydrogeologists and decided to conduct an additional two or three exploration diamond drill holes.

The aim of the extra holes is to include more material in the indicated category of the mineral resource estimate for the PEA.

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Mon, 26 Mar 2018 13:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193750/argosy-minerals-to-begin-processing-lithium-brine-concentrate-from-argentine-project-193750.html
<![CDATA[News - Argosy Minerals secures approval for more lithium evaporation ponds in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/193199/argosy-minerals-secures-approval-for-more-lithium-evaporation-ponds-in-argentina-193199.html Argosy Minerals Limited (ASX:AGY) has received formal regulatory approval to construct the remaining stage II lithium evaporation ponds at its Rincon Lithium Project in Argentina’s Lithium Triangle.

READ: Argosy Minerals increases its stake in the Rincon Lithium Project

Argosy managing director Jerko Zuvela said: “Argosy continues its rapid progress and aggressive development strategy toward becoming an LCE producer in the near-term and conducting the remaining stage II evaporation ponds work now shows the company’s commitment to scaling the project to the next stage and providing battery grade LCE product into the insatiable demand in the market place.”

Targeting 34 hectares of stage II lithium brine evaporation ponds

The regulatory approval allows Argosy to fast-track the progress of its stage II development works program.

The company will now commence preparation to conduct the pond construction works – comprising an additional eight evaporation ponds to complement the nine ponds already in operation.

Following construction of the additional ponds, a combined total of about 34 hectares of completed stage II lithium brine evaporation ponds are expected to be operable.

Clear conceptual pathway to lithium production

Argosy’s stage I evaporation ponds have been concentrating lithium brine since April 2017 and are at a suitable lithium concentration level to provide the first feedstock for stage I plant initial operations.

Moreover, the company’s recent drilling revealed better than expected lithium content over thicker brine-bearing zones at the Rincon project.

READ: Argosy Minerals drilling delivers better than expected lithium grades

The drilling has also confirmed a thick sequence of black sand in the project area, which is positive for future brine extraction requirements.

A further positive outcome of the drilling is better average magnesium/lithium (MG/LI) ratios than historical reference data.

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Thu, 15 Mar 2018 13:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193199/argosy-minerals-secures-approval-for-more-lithium-evaporation-ponds-in-argentina-193199.html
<![CDATA[News - Argosy Minerals increases its stake in the Rincon Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/192223/argosy-minerals-increases-its-stake-in-the-rincon-lithium-project-192223.html Argosy Minerals Limited (ASX:AGY) has executed an agreement to increase its stake in the Rincon Lithium Project in Argentina’s Lithium Triangle to 77.5%.

READ: Argosy Minerals rides high on lithium wave

Argosy continues to have the right to ultimately earn a 90% interest in Puna Mining (the entity that owns the project) upon completing stage III development of Rincon.

Fast-tracking lithium carbonate production

Stage II development at Rincon is progressing while production of lithium carbonate from stage I is expected within months.

Jerko Zuvela, managing director, said: “Completing the move to 77.5% early demonstrates Argosy’s intent, ambition, strategy and its absolute confidence to fully develop the Rincon Lithium Project.

“We are extremely fortunate to be working with our JV Partners – with their significant experience in LCE production and the Rincon Solar – and to arrive at this position.

“We are committed to building a sustainable lithium production company and become the next ASX-listed LCE producer.”

READ: Argosy Minerals drilling delivers better than expected lithium grades

The company’s recent drilling revealed better than expected lithium content over thicker brine-bearing zones at the Rincon project.

Drilling has also confirmed a thick sequence of black sand in the project area, which is positive for future brine extraction requirements.

Lithium concentrate processing test work planned

Argosy is building a pilot plant at its nearby industrial warehouse site in preparation for lithium concentrate processing test work.

The tests are expected to take place this quarter with the production of targeted battery grade lithium carbonate product shortly after.

Stage I evaporation ponds have been concentrating lithium brine since April 2017 and are progressing to a suitable lithium concentrate for processing through the plant.

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Tue, 27 Feb 2018 12:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192223/argosy-minerals-increases-its-stake-in-the-rincon-lithium-project-192223.html
<![CDATA[News - Argosy Minerals drilling delivers better than expected lithium grades ]]> https://www.proactiveinvestors.com.au/companies/news/191541/argosy-minerals-drilling-delivers-better-than-expected-lithium-grades-191541.html Argosy Minerals Limited (ASX:AGY) drilling is revealing better than expected lithium content over thicker brine-bearing zones at the Rincon project in Argentina’s Lithium Triangle.

Drilling has also confirmed a thick sequence of black sand in the project area, which is positive for future brine extraction requirements.

A further positive outcome of the drilling is better average magnesium/lithium (MG/LI) ratios than historical reference data.

“Positive for resource estimate”

Jerko Zuvela, managing director, said: “Resource drilling has intersected very significant thicknesses of black sand beneath the surface halite layer.

“This is very positive for our upcoming JORC resource estimate and planned preliminary economic assessment.

“Confirmation of higher average lithium brine grades in the area closest to the stage II evaporation ponds is also positive for our fast-track production strategy as we continue to progress stage II development works.”

READ: Argosy Minerals rides high on lithium wave

Shares increased almost 8% to $0.365 in early trade.

Argosy has been conducting two concurrent phases of drilling operations – resource exploration drilling and production well drilling.

The former is utilising a diamond drill rig to collect drill cores for porosity assessment and to obtain brine samples for resource estimation.

Production well drilling

For production well drilling a rotary drill rig is being used for the construction of wells for pumping of lithium brine into the stage II evaporation ponds.

Seven of eight planned exploration diamond drill-holes have been completed with the eighth in progress.

The holes have been drilled to a depth of 102.5 metres, to intersect a sequence of halite, clay and black sand.

The new results include an average of 446mg/l lithium in eight brine samples from 3-78 metres in one hole, with an average Mg/Li ratio of 8.2.

Another hole returned an average of 343mg/l lithium over the upper part of the hole in samples from 42 to 54 metres, with an Mg/Li ratio of 5.8.

Black sand open at depth

Drilling intersected thicknesses up to 36 metres for the upper porous halite unit and thicknesses of up to 66 metres for the deeper black sand unit, which remains open at depth.

A black sand unit in core from the Rincon project.

The black sand has relatively high drainable porosity, based on initial laboratory data, and is expected to have relatively high permeability.

Once completed, porosity data from the eight holes will be used together with the systematic brine analyses from the drilling samples to produce a JORC-compliant resource estimate.

Argosy has completed two rotary drill-holes to be used as production wells.

READ: Argosy Minerals begins stage II lithium brine concentration

The first production well is at the same site as the R2 diamond drill-hole and acts as a monitoring well at this site.

This well has been operational since December 2017 and is supplying lithium brine to the stage II evaporation ponds.

The second rotary well was drilled to a depth of 36 metres, while a third production well is planned in the northern area around the R4 drill site with greater lithium brine grades.

These wells will be connected to piping to pump lithium brine into the stage II evaporation ponds.

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Tue, 13 Feb 2018 12:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191541/argosy-minerals-drilling-delivers-better-than-expected-lithium-grades-191541.html
<![CDATA[News - Argosy Minerals rides high on lithium wave ]]> https://www.proactiveinvestors.com.au/companies/news/190060/argosy-minerals-rides-high-on-lithium-wave-190060.html Argosy Minerals Limited (ASX:AGY) is riding high on the back of ongoing lithium news flow from its Rincon Project in Argentina’s Lithium Triangle.

A 12 month high of $0.48 was reached in early trade, almost 22 times higher than a year earlier and almost 20 times higher than on 21 December 2017.

Stage II development at Rincon is progressing while production of lithium carbonate from stage I is expected within months.

Jerko Zuvela, managing director, said: “Argosy continues its rapid progress and aggressive development strategy toward becoming a lithium carbonate producer in the near-term.

“The company’s joint venture partner and lithium processing expert Pablo Alurralde has made significant progress and the company is confident of achieving its first major milestone target.”

READ: Argosy Minerals Limited continues to accomplish lithium project development milestones

Argosy is building a pilot plant at its nearby industrial warehouse site in preparation for lithium concentrate processing test work.

The tests will take place this quarter with production of targeted battery grade lithium carbonate product shortly after.

The pilot plant will have annual capacity of up to 500 tonnes.

Stage I evaporation ponds have been concentrating lithium brine since April 2017 and are progressing to a suitable lithium concentrate for processing through the plant.

READ: Argosy Minerals begins stage II lithium brine concentration

Argosy has now filled the initial stage II evaporation ponds with lithium brine.

These ponds are fully operational for solar evaporation and lithium concentration during the peak summer season.

With initial lithium brine pumping works completed, the company plans additional pumping tests to start this week on the completed two production wells.

These will measure flow rates among other testing for future analytical/study works.

From field observations and the positive effect of pumping into the stage II ponds, Argosy considers these wells will provide ample volumes for consistent pumping operations.

Seeking approvals for remaining ponds

The company continues to expedite stage II development progress by submitting the necessary regulatory application documents to construct the remaining ponds.

Upon approvals and permitting, this work will begin resulting in a combined total of circa 34 hectares of stage 2 lithium brine evaporation ponds.

Drilling program will resume this week

Exploration diamond drilling to delineate a JORC-compliant resource estimate is resuming this week.

Six holes have been completed to a depth of 102.5 metres and the remaining two drill holes are planned to be completed during January.

Once all drilling and sample testing is completed, all the data will be used to produce a resource estimate later this quarter.

Move to 77.5% interest in Rincon

Argosy has reached in-principle agreement with its project partners for an early move to a 77.5% interest in Puna Mining S.A., the joint venture entity that owns the Rincon project.

The company is formalising the agreement and will complete the bureaucratic requirements.

Asian negotiations continue

Negotiations are continuing with several companies in the Asian lithium battery sector to discuss Argosy’s development strategy and potential propositions for the project.

These include the potential to consider investment funding, offtake or other value-adding commercial agreements in consideration for stage III development.

Zuvela said: “The continued interest from potential Asian lithium carbonate product end-users provides confidence for Argosy to continue its fast-track development of the Rincon project.”

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Tue, 16 Jan 2018 14:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190060/argosy-minerals-rides-high-on-lithium-wave-190060.html
<![CDATA[News - Argosy Minerals’ shares ride higher as lithium brine pumping progresses ]]> https://www.proactiveinvestors.com.au/companies/news/189667/argosy-minerals-shares-ride-higher-as-lithium-brine-pumping-progresses-189667.html Argosy Minerals Ltd’s (ASX:AGY) shares closed circa 17% higher on Monday as it continues to progress stage II lithium brine pumping and concentration at its Rincon Lithium Project in Argentina.

READ: Argosy Minerals begins stage II lithium brine concentration

Rincon is in the Lithium Triangle in Salta Province, which hosts the world’s largest lithium resources.

Argosy now has circa 11 hectares of evaporation ponds, including circa 10 hectares from stage II.

Lithium concentrate processing test work will be carried out at the plant during the first quarter of 2018 resulting in the production of battery grade lithium carbonate.

READ: Argosy Minerals continues to accomplish lithium project development milestones

Argosy is also undertaking resource exploration diamond drilling with six diamond drill holes already completed, each to a depth of 102.5 metres.

The third production well and the final diamond drill holes are scheduled for January 2018.

Argosy has held key meetings with several significant companies in the Chinese lithium battery sector to discuss its development strategy for the Rincon Lithium Project.

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Tue, 09 Jan 2018 08:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189667/argosy-minerals-shares-ride-higher-as-lithium-brine-pumping-progresses-189667.html
<![CDATA[News - Argosy Minerals begins stage II lithium brine concentration ]]> https://www.proactiveinvestors.com.au/companies/news/189055/argosy-minerals-begins-stage-ii-lithium-brine-concentration-189055.html Argosy Minerals Ltd (ASX:AGY) is pumping lithium brine into stage II evaporation ponds at its Rincon Lithium Project in Argentina.

Evaporation during the summer will instigate the lithium brine concentration process.

Brine is being pumped from the first production well with a second well recently completed to a depth of 100 metres.

READ: Argosy Minerals Limited continues to accomplish lithium project development milestones

Rincon is in the Lithium Triangle in Salta Province, which hosts the world’s largest lithium resources.

Argosy now has circa 11 hectares of evaporation ponds, including circa 10 hectares from stage II.

The company is also constructing the stage I pilot plant at its nearby industrial warehouse site.

First production expected soon

Lithium concentrate processing test work will be carried out at the plant during the first quarter of 2018 resulting in production of battery grade lithium carbonate.

Argosy is also undertaking resource exploration diamond drilling.

Six diamond drill holes have been completed, each to a depth of 102.5 metres.

The third production well and the final diamond drill holes are scheduled for January 2018.

READ: Argosy Minerals earns right to expand lithium project

The company has recently decided to purchase the adjoining Mina Tincal tenement.

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Wed, 20 Dec 2017 13:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189055/argosy-minerals-begins-stage-ii-lithium-brine-concentration-189055.html
<![CDATA[News - Argosy Minerals Limited continues to accomplish lithium project development milestones ]]> https://www.proactiveinvestors.com.au/companies/news/188325/argosy-minerals-limited-continues-to-accomplish-lithium-project-development-milestones-188325.html Argosy Minerals Limited (ASX:AGY) has completed Stage 2 evaporation pond construction works at its Rincon Lithium Project in Argentina to coincide with the completion of the first production well.

The production well is currently undergoing pump testing in preparation for lithium brine pumping into the Stage 2 evaporation ponds.

READ: Argosy Minerals earns right to expand lithium project

Jerko Zuvela, managing director, said: “Argosy continues to accomplish significant development milestones to continue our aggressive development strategy to fast-track toward production of LCE product.”

Argosy’s shares were last trading circa 6% higher intra-day, at $0.25.

Stage 2 development works progressing

The fully constructed initial Stage 2 evaporation ponds cover an area of circa 10 hectares, which increases the company’s capacity for traditional solar evaporation processing of lithium brine.

Combined with the Stage 1 evaporation ponds already constructed – that have been continuously concentrating lithium brine since April – Argosy now has circa 11 hectares of fully constructed ponds.

The company is aiming for maximum capacity during the 2017/18 summer peak solar evaporation season to produce lithium brine concentrate for further processing.

The first lithium brine concentrate produced is expected to be available for processing through the Stage 1 plant, and targeted to produce first product by the end of the March 2018 Quarter.

Two concurrent phases of drilling operations

Argosy is conducting two concurrent phases of drilling operations: production well drilling with a rotary drill rig for pumping of lithium brine into the Stage 2 evaporation ponds, and resource exploration drilling with a diamond drill rig.

The first production well was recently completed to a depth of 108 metres, with a pump installed and is now undergoing pump test-works to determine flow rates for on-going lithium brine pumping.

Importantly, preliminary flow rate testing has indicated very positive results, which the company will further validate.

Argosy is aiming to commence lithium brine pumping from the production well into the initial Stage 2 evaporation ponds imminently, with the company currently installing piping for this.

Diamond drilling results awaited

Resource exploration diamond drilling works are continuing, with a total of eight diamond drill-holes planned.

READ: Argosy Minerals confirms initial positive lithium drill results in Argentina

Four diamond drill-holes have been completed, with the company awaiting results for the two most recent drill-holes.

Argosy’s aim is to delineate a JORC-compliant resource in early 2018.

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Wed, 06 Dec 2017 15:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188325/argosy-minerals-limited-continues-to-accomplish-lithium-project-development-milestones-188325.html
<![CDATA[News - Argosy Minerals earns right to expand lithium project ]]> https://www.proactiveinvestors.com.au/companies/news/187728/argosy-minerals-earns-right-to-expand-lithium-project-187728.html Argosy Minerals Limited (ASX:AGY) has completed satisfactory due diligence to purchase the Mina Tincal tenement, which will expand its flagship Rincon Lithium Project located in Argentina.

Earlier this month, Argosy entered a binding option agreement giving it the exclusive right for six months to purchase the strategic 196-hectare Mina Tincal mining title.

READ: Argosy Minerals secures option to expand lithium project

Argosy has now elected to pay the US$400,000 option fee to the vendor.

By exercising the purchase option via a final additional payment of US$400,000, Argosy’s Rincon Lithium Project land area would increase to a total of up to 2,572.9 hectares.

Jerko Zuvela, managing director, said: “This strategic and highly prospective acquisition further confirms Argosy’s intent, ambition, and increasing scale to continue our aggressive development strategy to fast-track toward production of LCE product.

“The 31 hectare mining easement right becomes a significant benefit for Stage 2 operations.”

The additional tenement fills in previous land gaps

Strategically, Mina Tincal adjoins Argosy’s northern tenements into one combined collective group, allowing the company to apply for “Mining Group” status.

Having no land gaps is beneficial during lithium brine pumping operations and piping layout into the Stage 2 evaporation ponds currently under construction.

Significantly, it increases the overall scale of potential lithium brine pumping capacity.

Argosy’s immediate strategy to advance works on Mina Tincal will involve obtaining any necessary regulatory permits and approvals for future expansion of development works at the project.

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Fri, 24 Nov 2017 09:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187728/argosy-minerals-earns-right-to-expand-lithium-project-187728.html
<![CDATA[News - Argosy Minerals confirms initial positive lithium drill results in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/187617/argosy-minerals-confirms-initial-positive-lithium-drill-results-in-argentina-187617.html Argosy Minerals Limited (ASX:AGY) has received positive preliminary analytical results from drilling at its Rincon Lithium Project in the “Lithium Triangle” in Salta Province, Argentina.

The company is conducting two concurrent phases of drilling - production well drilling for pumping of lithium brine into the stage 2 evaporation ponds and resource exploration drilling.

Three exploration diamond drill-holes have been completed to a depth of 102.5 metres to date:

- Results from the first drill-hole averaged 487 milligram/litre lithium in three samples from 82- 100 metres, with average magnesium/lithium ratio of 4.3;

- the second drill-hole averaged 385 milligram/litre lithium over the length of the hole, with average magnesium/lithium ratio of 7.6; and

- the third drill-hole was recently completed and samples are en-route to the laboratory for analysis.

Jerko Zuvela, managing director, commented “The exploration diamond drilling program is exceeding our expectations with deeper drilling confirming greater brine bearing thickness than previously assumed.

“Initial analytical results to date confirm lithium brine grade varies in the general range of 400 to near 500 milligram/litre lithium, with a magnesium/lithium ratio lower than historical reference data.

“Confirmation of a thick sequence of black sand in the project area is also very good news for future brine extraction.

“These initial results further validate Argosy’s aggressive development strategy to fast-track toward production of LCE (lithium carbonate equivalent) product.”

It is expected that the lithium brine from the pumping tests will be pumped directly into the Stage 2 evaporation ponds, taking advantage of the 2017/18 summer peak evaporation season to produce lithium brine concentrate.

Stage 2 evaporation pond construction works are nearing completion.

Argosy’s objective is to drill circa three production wells for pumping of lithium brine into the evaporation ponds and complete the exploration diamond drilling works to delineate a resource.

READ NEXT: Argosy to resume trading after closing $15 million placement for lithium in Argentina ]]>
Wed, 22 Nov 2017 13:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187617/argosy-minerals-confirms-initial-positive-lithium-drill-results-in-argentina-187617.html
<![CDATA[News - Argosy Minerals secures option to expand lithium project ]]> https://www.proactiveinvestors.com.au/companies/news/187193/argosy-minerals-secures-option-to-expand-lithium-project-187193.html Argosy Minerals (ASX:AGY) has entered a binding option agreement giving it the exclusive right for six months to purchase the strategic Mina Tincal mining title at its Rincon Lithium Project in Argentina.

The 196-hectare mining title also includes an additional 20-hectare mining easement at the nearby industrial site where Argosy plans to construct its Stage 2 pilot plant.

Argosy is fully funded at Rincon through to first production of targeted battery grade lithium carbonate equivalent (LCE) product, currently anticipated during the March 2018 quarter.

Jerko Zuvela, managing director, commented: “This strategic and highly prospective acquisition further confirms Argosy’s intent, ambition, and increasing scale to continue our aggressive development strategy to fast-track toward production of LCE product.

“We are committed to building a sustainable lithium production company.”

Option agreement details

Strategically, Mina Tincal adjoins Argosy’s northern tenements into one combined collective group, allowing the company to apply for ‘Mining Group’ status for regulatory purposes.

This is especially important during lithium brine pumping operations and piping layout into the Stage 2 evaporation ponds currently under construction, and most significantly, increases the overall scale of potential lithium brine pumping capacity.

Argosy will pay an option fee totalling US$400,000 by 22 November 2017 and will conduct due diligence works during that time.

Argosy can then elect, at any time during the binding and exclusive option period, to purchase the mining title and associated mining easement right for an additional fee of US$400,000 to the vendor by 15 May 2018.

Funded and on-track for lithium production

Argosy remains on track at Rincon where initial Stage 2 evaporation pond construction works are nearing completion including earth moving works and the installation of pond lining material.

When Stage 2 is combined with the Stage 1 evaporation ponds already constructed, Argosy will have over 11 hectares of evaporation ponds concentrating lithium brine.

Argosy recently raised $17 million from a combined placement and share purchase plan.

READ NOW: Argosy Minerals closes capital raising early due to demand ]]>
Tue, 14 Nov 2017 15:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187193/argosy-minerals-secures-option-to-expand-lithium-project-187193.html
<![CDATA[News - Argosy Minerals on track to produce lithium from Rincon ]]> https://www.proactiveinvestors.com.au/companies/news/186922/argosy-minerals-on-track-to-produce-lithium-from-rincon-186922.html Argosy Minerals (ASX:AGY) remains on track at its Rincon Lithium JV Project located in the Lithium Triangle area within the Salta Province, Argentina.

Initial Stage 2 evaporation pond construction works are nearing completion including earth moving works and the installation of pond lining material.

The initial production of the first battery grade lithium carbonate equivalent (LCE) remains on schedule for the end of the March 2018 quarter

Jerko Zuvela, managing director, commented: “We are delighted with the progress of initial Stage 2 development works and preliminary exploration drilling results supporting our fast-track development strategy of targeting LCE production.

“We are committed to building a sustainable lithium production company.”

11 hectares of evaporation ponds

When Stage 2 is combined with the Stage 1 evaporation ponds already constructed, Argosy will have over 11 hectares of evaporation ponds concentrating lithium brine.

The Stage 1 ponds have been concentrating lithium brine since April.

Importantly, the combined ponds will be operating during the upcoming summer peak solar evaporation season.

The lithium brine concentrate is expected to be available for processing through the Stage 1 plant, and targeted to produce first battery grade LCE product by the end of the March 2018 quarter.

READ NOW: Argosy Minerals closes capital raising early due to demand ]]>
Wed, 08 Nov 2017 17:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186922/argosy-minerals-on-track-to-produce-lithium-from-rincon-186922.html
<![CDATA[News - Argosy Minerals' shares in trading pause ]]> https://www.proactiveinvestors.com.au/companies/news/186694/argosy-minerals-shares-in-trading-pause-186694.html Argosy Minerals Ltd (ASX:AGY) has been granted a voluntary suspension from trading of its securities, effective immediately.

The reason for the suspension is that the company intends to shortly apply for orders to be made by the Federal Court of Australia for the retrospective curing of a procedural issue in the quotation of shares issued under the recent share purchase plan prospectus.

The orders will be sought under sections 1322 and/or 254E of the Corporations Act as a result of the timing of lodgement of the Appendix 3B by the company.

Background

The Rincon Lithium Project in Argentina is located in the world-class Lithium Triangle, the world’s dominant source of lithium production.

Argosy can earn up to 90% in the project by completing three stages of development milestones.

Stages 1 and 2 development works are currently in progress concurrently.

The aim of Stage 1 is to produce LCE from a pilot plant with up to 500 tonnes per annum capacity, currently on track for completion in the March quarter of 2018.

Stage 2 involves completing development works to expand plant capacity up to between 1,000 and1,500 tonnes per annum LCE.

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Fri, 03 Nov 2017 08:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186694/argosy-minerals-shares-in-trading-pause-186694.html
<![CDATA[News - Argosy Minerals closes capital raising early due to demand ]]> https://www.proactiveinvestors.com.au/companies/news/186298/argosy-minerals-closes-capital-raising-early-due-to-demand-186298.html Argosy Minerals (ASX:AGY) has been inundated with demand from shareholders for its share purchase plan (SPP) which has consequently raised the maximum of $2 million.

The SPP, priced at $0.18, only opened last Friday and was forced to be closed early yesterday, after being heavily oversubscribed.

The funds raised from the SPP and the recently completed $15 million placement will be used to continue Stage 2 development of the Rincon Lithium Project located in Argentina.

READ NOW: Argosy to resume trading after closing $15 million placement for lithium in Argentina

Stage 2 development at Rincon includes pond construction works and drilling operations.

Furthermore, Argosy confirms that the funds raised under the placement and SPP are sufficient to fully fund Rincon to first production of targeted battery grade lithium carbonate equivalent (LCE) product.

This is currently anticipated during the March 2018 quarter.

Argosy Managing Director, Jerko Zuvela, commented

“We undertook the SPP to give existing shareholders the opportunity to buy shares on the same terms as the recent $15 million placement to institutions and sophisticated investors, but we have been quickly inundated and had set a firm limit of $2 million, which led to our decision to close early.

“It’s very exciting to see the breadth of support we have among investors for our pursuit of fast-track development of the Rincon Lithium Project and the additional funds raised, together with the recent $15 million Placement, put Argosy in a strong financial position to progress the Stage 2 development at Rincon to exploit the insatiable demand growth of the battery grade LCE market.”

Background

The Rincon Lithium Project in Argentina is located in the world-class Lithium Triangle, the world’s dominant source of lithium production.

Argosy can earn up to 90% in the project by completing three stages of development milestones.

Stages 1 and 2 development works are currently in progress concurrently.

The aim of Stage 1 is to produce LCE from a pilot plant with up to 500 tonnes per annum capacity, currently on track for completion in the March quarter of 2018.

Stage 2 involves completing development works to expand plant capacity up to between 1,000 and1,500 tonnes per annum LCE.

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Fri, 27 Oct 2017 07:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186298/argosy-minerals-closes-capital-raising-early-due-to-demand-186298.html
<![CDATA[News - Argosy to resume trading after closing $15 million placement for lithium in Argentina ]]> https://www.proactiveinvestors.com.au/companies/news/185543/argosy-to-resume-trading-after-closing-15-million-placement-for-lithium-in-argentina-185543.html Argosy Minerals Ltd (ASX:AGY) is back trading on the ASX after successfully raising $15 million at a revised price of $0.18 from institutional and sophisticated investors.

The company confirms that the $15 million placement, less costs, will be used to continue Stage 2 development at the Rincon Lithium Project in Argentina, including pond construction works and drilling operations.

Argosy added that funds raised under the placement are sufficient to fully fund the company's proposed operations at Rincon to first production of targeted battery grade LCE product, which is currently anticipated during the March quarter 2018.

Jerko Zuvela, managing director, commented:

"The development capital secures the continued progress of Stage 2 development works at the Rincon Lithium Project as we advance toward our intended objective of near-term battery grade lithium carbonate production.

"We confirmed strong institutional and sophisticated investor interest on terms substantially better than those under the previously proposed Qianyun placement ensuring less dilution and maximum optionality for shareholders.

"I’m very pleased with this outcome and we carry on business as usual – for fast-tracked development of Rincon to exploit the insatiable demand growth of the battery grade LCE market."

Share purchase plan

Argosy will also undertake a Share Purchase Plan (SPP) capped at raising $2 million.

The SPP will be at the same price as the placement.

Lithium market

The spot lithium carbonate price has increased by more than 50% year to date, with the bulk of that rise happening over the last three months.

Argosy noted that analyst commentary and feedback through direct discussions with customers indicates an increasingly tight lithium market.

The company continues to be in active engagement with several industry leading participants in the lithium-ion battery sector to advance the marketing of its targeted battery grade LCE production.

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Fri, 13 Oct 2017 11:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185543/argosy-to-resume-trading-after-closing-15-million-placement-for-lithium-in-argentina-185543.html
<![CDATA[News - Argosy Minerals granted an ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/185458/argosy-minerals-granted-an-asx-trading-halt-185458.html Argosy Minerals Ltd (ASX:AGY) has entered a trading halt, with its shares place in pre-open.

The company is preparing an update from its Rincon project.

The halt will remain in place until the opening of trade on Friday 13th October 2017, or earlier if an announcement is made to the market.

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Thu, 12 Oct 2017 08:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185458/argosy-minerals-granted-an-asx-trading-halt-185458.html
<![CDATA[News - Argosy Minerals shares surging as capital raising outlined ]]> https://www.proactiveinvestors.com.au/companies/news/185087/argosy-minerals-shares-surging-as-capital-raising-outlined-185087.html Argosy Minerals (ASX:AGY) has received commitments to raise $15 million through the placement of shares to institutional and sophisticated investors priced at $0.22.

The heavily oversubscribed placement will be followed by a share purchase plan (SPP) targeting a further $2 million.

The fast-tracked development of Rincon Lithium Project remains on-track with the first battery grade lithium carbonate equivalent product on schedule for March 2018 quarter.

Jerko Zuvela, managing director, commented: “We took the opportunity provided by strong institutional and sophisticated investor interest in Argosy to raise development capital on terms substantially better than those under the previously proposed Qianyun placement and without being subject to complex and time consuming Chinese regulatory approvals.

“At the same time, our acceleration of Stage 2 development at Rincon earlier than previously anticipated has been recognised by our partners, with their in-principle agreement to accelerate the Company’s move to 77.5% ownership of the Rincon Lithium Project.”

Moving to 77.5% ownership

In recognition of the accelerated commencement of Stage 2 development at Rincon, Argosy has reached an in-principle agreement for an early move to a 77.5% interest in Puna Mining S.A. – the JV entity that owns the Rincon Lithium Project.

This confirms the strong working relationship between Argosy and its joint venture partners, namely lithium processing expert Pablo Alurralde.

The company expects to formalise the in-principle agreement in the near future.

Placement replaces original Qianyun placement

The placement is being undertaken in place of the proposed August placement to Qingdao Qianyun High-tech New Material Co. Ltd.

As it became clear that certain conditions precedent to the Qianyun placement would not be satisfied by their relevant expiry date, Argosy determined that the placement to institutional and sophisticated investors was preferred.

Preliminary and long-term off-take agreements with Qianyun remain in place.

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Thu, 05 Oct 2017 13:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185087/argosy-minerals-shares-surging-as-capital-raising-outlined-185087.html
<![CDATA[News - Argosy Minerals calls for halt pending agreement update ]]> https://www.proactiveinvestors.com.au/companies/news/184873/argosy-minerals-calls-for-halt-pending-agreement-update-184873.html Argosy Minerals Ltd (ASX:AGY) has been a star performer on the ASX during 2017, and in a blink and you will miss it move, the stock has jumped 1000%.

The company last traded at $0.31, and started the year at $0.029.

Argosy has mapped out a timeline to lithium production plan from the Rincon Project, located in the “Lithium Triangle” in Salta Province, Argentina.

READ NOW: Argosy is a seven-bagger with a lithium production plan

The company has this morning been granted a trading halt by the ASX, pending an update on the Qianyun Subscription Agreement and other corporate matters.

The halt will remain in place until the opening of trade on Wednesday 4th October 2017, or earlier if an announcement is made to the market.

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Mon, 02 Oct 2017 09:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/184873/argosy-minerals-calls-for-halt-pending-agreement-update-184873.html
<![CDATA[News - Argosy Minerals updates on off-take progress with Qingdao ]]> https://www.proactiveinvestors.com.au/companies/news/184167/argosy-minerals-updates-on-off-take-progress-with-qingdao-184167.html Argosy Minerals Ltd (ASX:AGY) has provided an update in relation to the binding placement and off-take agreements between the company and Qingdao Qianyun High-tech New Material Co. Ltd.

Argosy advises that Qianyun has requested an extension to the confirmatory due diligence period due to time being taken for receipt (and in some cases translation, etc) of certain documents by their lawyers.

READ NOW: Argosy enters transformational binding off-take with Chinese battery company

Taking into consideration the progress that has been made so far and Qianyun’s reaffirmed commitment to the company, Argosy has agreed to extend Qianyun’s limited confirmatory due diligence period up to 1 October 2017.

READ NOW: Argosy Minerals is a seven-bagger with a lithium production plan ]]>
Tue, 19 Sep 2017 08:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184167/argosy-minerals-updates-on-off-take-progress-with-qingdao-184167.html
<![CDATA[News - Argosy Minerals is a seven-bagger with a lithium production plan ]]> https://www.proactiveinvestors.com.au/companies/news/184104/argosy-minerals-is-a-seven-bagger-with-a-lithium-production-plan-184104.html Argosy Minerals Ltd (ASX:AGY) has been one of the best performing stocks on the ASX recently.

Shares in the company last traded at $0.215, which is seven times its value at the start of 2017, with the positive re-rating stemming from the company consistently delivering on milestones as it moves towards fulfilling its lithium production strategy.

The company is focused on the Rincon Lithium Project, located in the “Lithium Triangle” in Salta Province, Argentina.

Next steps

Argosy recently commenced drilling operations and it continues progress on the construction of the Stage 2 evaporation ponds.

The primary objective of the drilling is to drill several production wells for pumping of lithium brine into the Stage 2 evaporation ponds currently under construction.

Goals are also to complete exploration diamond drilling works to delineate a JORC Resource in the December quarter 2017, and conduct brine test-works within the project area.

Jerko Zuvela, managing director, commented:

"Argosy is delighted with the progress of initial Stage 2 development works, including production and exploration drilling works, to ultimately fast-track toward production of LCE product.

"We are committed to building a sustainable lithium production company."

Evaporation ponds

The Stage 1 evaporation ponds have been concentrating lithium brine since April, with the Stage 2 ponds under construction and on-track to be completed in October.

Argosy will then have over 11 hectares of evaporation ponds concentrating lithium brine during the upcoming peak solar evaporation season.

At this scale of evaporation ponds, the company will be able to increase the Stage 1 lab pilot plant capacity up to 500tpa, with first LCE product scheduled during the March quarter 2018.

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Mon, 18 Sep 2017 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184104/argosy-minerals-is-a-seven-bagger-with-a-lithium-production-plan-184104.html