Argosy Minerals Limited announced further progress at the Rincon Lithium Project, located in Salta Province, Argentina, with the commencement of lithium carbonate batch production works, where 5.1 tonnes of battery quality product has currently been produced. The Company is nearing completion of the commissioning phase works and is now conducting production throughput/scaling trials at the 2,000tpa operations facility, whilst progressing preliminary ramp-up phase works and moving toward the integrated continuous production ramp-up phase. The Company is targeting to complete the full systems ramp-up phase works and achieve steady-state continuous production operations by end of second quarter of calendar year 2023.

Overall, 98% of the total works are completed for the development of the 2,000tpa lithium carbonate production operation, during which the Company has produced battery quality 99.76% lithium carbonate product. Argosy is well positioned to take advantage of current and near-term lithium prices via the 2,000tpa production operations, with the Benchmark Mineral Intelligence lithium carbonate CIF Asia (spot) price recently quoted at USD 72,000/t.