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Argosy Minerals maiden trial cargo of high-quality lithium carbonate product ready for shipment

The initial shipment was delayed due to quarantine provisions as a result of the COVID-19 pandemic.

Argosy Minerals Ltd - Argosy Minerals maiden cargo of high-quality lithium carbonate product scheduled for shipment
The five-tonne cargo has been delivered to the port facility and is awaiting shipment

Argosy Minerals Limited (ASX:AGY) maiden five-tonne preliminary trial cargo of high-quality lithium carbonate product from the Rincon Lithium Project is scheduled for shipment next week.

The product with greater than 99.5% purity has been prepared at the industrial-scale pilot plant and delivered to port.

Argosy has received the regulatory and export approvals, ship booking confirmation, arranged the necessary shipping documents and provided these to Mitsubishi Corporation RtM Japan Ltd in preparation for the product delivery under the executed sales and purchase agreement.

The company has confirmed that the five pre-shipment samples delivered during December and January, representative for each tonne of product being delivered, were tested, and confirmed as all being greater than 99.5% lithium carbonate content.

“Significant milestone”

Argosy managing director Jerko Zuvela said “Following the inopportune timing for the initial delivery schedule, the company and the high-quality Puna operations team are very excited to join the exclusive list of international lithium carbonate product exporters.

“It is another significant development milestone for the company, becoming the first high-quality greater than 99.5% lithium carbonate product exporter from Salta Province, as we continue towards full development of our Rincon Lithium Project.”

Pilot plant operations suspended

The company has determined, that due to continued Argentine Government measures to limit the contact and movement of people (including general quarantine provisions), to keep pilot plant operations suspended at the Rincon Lithium Project until such time as it is deemed safe and responsible to resume.

Argosy's foremost priority is the health, safety and well-being of staff, partners and community during the COVID-19 pandemic.

However, Argosy’s focus and priority will continue being the around 2,000 tonnes per annum modular lithium carbonate processing plant operation and associated funding solution, as the next step in the scale-up development of the Rincon project, following receipt of regulatory approvals for construction of this scale operation.

The company has additional lithium carbonate product in stock in preparation for future delivery

Looking forwards

The company has advanced discussions with several potential capital providers for the operation capital requirements and is currently focused on its preferred funding structure.

Argosy is targeting a successful funding resolution, and to commence construction and associated development works for the lithium carbonate processing plant operation during quarter two or three this year.

Quick facts: Argosy Minerals Ltd

Price: 0.072 AUD

ASX:AGY
Market: ASX
Market Cap: $73.4 m
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