What’s boosting Argosy Minerals’ (ASX:AGY) share price today?

3 min read | September 20, 2022 10:49 PM EDT | By Bhawna Gupta

What’s boosting Argosy Minerals’ (ASX:AGY) share price today? — Image source: © Radius06 | Megapixl.com

Why are Argosy Minerals’ shares trading higher today?

Although there was no specific news shared by the company today, the share price has shown strength since the company released (on 1 September) an update on the progress of its Rincon Lithium Project in Salta Province, Argentina. The company's shares have grown almost 35% (share price tracked till 12.10 PM on 21 September) since the update.

Rincon Lithium Project update

According to an ASX filing on 1 September, 95% of the development work for the Rincon Lithium Project's 2,000 TPA lithium carbonate production plant has been finished. The company claimed it was still on budget and hoped to release its first lithium carbonate product in battery quality next month.

The key activities for the 2,000 TPA production operation are divided into three main phases: design, building, and commissioning. Construction phase work is 98% finished, design phase work is 100% finished, and plant commissioning work is 53% done.

Data Source- Company announcement dated 01 September 2022

Recent ongoing project development activities include the assembly and installation of plant equipment, with the vacuum belt and press filters nearing completion, the completion of on-site office and laboratory work, the completion of the camp's accommodation expansion, the ongoing recruitment of operational staff, and the delivery of first-fill process reagents in preparation for production operations.

Argosy further claimed that it was also moving on with dry and wet commissioning tests, and the boilers, cooling and water stations, and dryer have already been commissioned. Other important tasks include commissioning the mill and packing station and finishing the commissioning of all plant systems.

Image Source: © Porpeller | Megapixl.com

About Argosy

An Australian company, Argosy Minerals, has a 100% interest in the Tonopah Lithium Project in Nevada, USA, and a 77.5% holding (with potential final ownership of 90%) in the Rincon Lithium Project in Salta Province, Argentina.

The firm concentrates on its flagship Rincon Lithium Project. Argosy aims to create a viable lithium production business that is heavily reliant on the anticipated expansion of the lithium-ion battery market.

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