Argosy Minerals Limited is progressing the 2,000tpa facility commissioning works, which have advanced to successful 24-hour trials of continuous operations, on the path to achieving fully continuous production operations and leading to ramping up production operations during second half-calendar year 2023. This is an important milestone as the Company continues working through standard plant commissioning processes and acknowledges the additional timeframe to deliver the commercial scale lithium chemical production operation. The Company also notes the planned successful delivery of such will be extremely lucrative in the current lithium market.

The Company has produced ~20 tonnes of battery quality lithium carbonate product to date, achieving an average product quality of 99.79% (and up to 99.9%). 10,000tpa Environmental Impact Assessment Process: The 10,000tpa operation regulatory approval process is ongoing, however the Company is fully engaged with the Salta regulatory authority to expedite official approval receipt. The commitment of both parties to achieve this is reflected by the continued engagement to resolve the limited outstanding items, being clarification of hydrogeological queries related to the EIA submission, with a view to finalising and obtaining formal approval notice from the Mining Secretary.

The Company is maintaining regular and direct communication with the key regulatory authority officials and is mindful of the constraints encountered that have prolonged this process. However, it has not considerably impacted the project strategy, and in a period of increasing lithium market intensity and interest, this has resulted in improved strategic and long-term outcomes for the Company. Rincon Resource Expansion & Production Well Drilling: The Company has conducted production well rotary drilling and resource expansion exploration diamond drilling works.

Two production wells and up to six exploration drill sites have been planned. The production well rotary drilling program was completed, with two production wells drilled to depths of 350m. Pump testing and brine sampling works have been completed for both wells, with results awaited.

These works will facilitate the preparation of a brine Mineral Reserve estimate and subsequent completion of an upgraded feasibility study. The exploration diamond drilling program is progressing, with five drill sites completed to date. Current core and brine samples have been sent for laboratory analysis, with results awaited.

These results will facilitate the preparation of an upgraded brine Ore Resource estimate scheduled for completion by late-2023.