Argosy Minerals Limited announced further progress at the Rincon Lithium Project, located in Salta Province, Argentina, with 98% of the total works completed for the development of the 2,000tpa lithium carbonate production operation, including current commissioning works at 90% completion, during which the Company has produced battery quality 99.76% lithium carbonate product, towards commencing lithium carbonate production operations. The current commissioning and production test-works phase is scheduled to be completed over coming weeks, leading to then commencing the production ramp-up phase during the current quarter. The Company is targeting to complete the ramp-up phase and achieve steady-state production operations by end of Second quarter of current year 2023.

The 2,000tpa production operation major works comprised three main phases ­ being design, construction and commissioning ­ with the design and construction phases being effectively completed. The plant commissioning works are 90% complete, have produced 1 tonne of battery quality lithium carbonate product, and have advanced toward full integration of plant and systems commissioning, and progressing toward the production ramp-up phase, with; 100% raw materials procurement/acquisition achieved; 100% of operations personnel recruitment and development completed; and 85% plant and equipment commissioning tests performed. Argosy is well positioned to take advantage of current and near-term lithium prices via the 2,000tpa production operations, with the S&P Platts lithium carbonate price CIF North Asia recently trading at USD 75,000/t.