Four ASX penny metal stocks with impressive performance in 2022

Highlights

• Argosy Minerals has completed 98% work in the development of the Rincon Lithium Project
• Carnaby Resources recently revealed exceptional drill results from Mt. Hope at the Greater Duchess Copper Gold Project
• Sayona Mining expects the first production from North American Lithium in 2023

The stocks which trade at low prices and have a low market capitalisation are called penny stocks. However, the specific definition may vary from country to country. Today, in this article, we will look at some ASX-listed dark horse metal stocks which have delivered an impressive performance so far this year.

Argosy Minerals Ltd. (ASX:AGY)
Argosy Minerals is an Australian company with interests in the Rincon Lithium Project in Argentina and the Tonopah Lithium Project in the USA. The company aims to become sustainable in lithium production and contribute to the growth of the lithium-ion battery sector.

The company completed 98% work in the development of lithium carbonate production at the Ricon Lithium Project in November 2022. The capacity of the plant is 2,000 tonnes per year. Argosy is moving ahead with commissioning and production test works. The company has finished 100% design works and 93% raw material procurement.

Argosy Minerals has also released its September quarterly results. The company deposited an Environmental Impact Assessment to the Department of the Salta Province Secretary of Mining for expanding the production of lithium carbonate by an additional 10,000 tpa.

The company is continuously moving forward with its exploration work at the Tonopah Lithium Project through geophysical processing, analysis, and interpretation. These will help in defining lithium brine targets and selecting drill sites.

Carnaby Resources Ltd. (ASX:CNB)
An Australian exploration and development company, Carnaby Resources, is focused on copper and gold projects in Queensland and Western Australia. The Mount Isa Inlier copper and gold projects consist of the Tick Hill Gold project and the Greater Duchess Copper Gold project.

The Malmac and Throssel projects of the firm are located in Yilgarn Margin, Western Australia. They have high prospects of orogenic gold, volcanogenic sulphide base metals, nickel, and platinum group elements.

The company announced excellent drill results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project on 16 November 2022. It discovered a plus-3% copper zone, which is dominated by chalcolite. This represents a new style of hypogene mineralisation hosted in the intrusion.

Carnaby also revealed excellent results of metallurgical test work from the Nil Desperandum and Lady Fanny copper gold discoveries at the Great Duchess Project. The copper recoveries varied in the range of 98-99%, and the gold recovery varied from 80% to 89%.

Sayona Mining Ltd. (ASX:SYA)

Image source: © Theob | Megapixl.com

Sayona Mining is a lithium-producing company with projects in Quebec and Western Australia. The company obtained a leading lithium resource base in North America and wishes to play a key role in lithium supply for electrification. Sayona holds large gold and lithium prospects in the Pilbara region.

The company recently announced that its North American Lithium (NAL) operation is on track for first production in the first quarter of 2023. It had finalised 98% procurement and 96% permits by the end of October. Sayona is also trying to expand NAL’s production capacity against the backdrop of a recent acquisition of 48 new claims located adjacent to the site.  

Sayona is also expanding the northern lithium hub in Quebec after signing an agreement with Troilus Gold Corp. It will acquire 100% interest in 1,824 claims located near the Moblan project. The pre-feasibility study of the lithium mine and concentrator at Moblan is scheduled to be completed by May 2023.

Ardea Resources Ltd. (ASX:ARL)
Ardea Resources is an Australia-based company dealing with battery minerals. The company is advancing its flagship Kalgoorlie Nickel Project (KNP). It claims the project has the largest nickel cobalt resource in the developed world. Ardea has discovered massive copper-nickel-platinum group element (PGE) sulphides in the Kurnalpi terrane.

Ardea was pleased to announce that its Kalgoorlie Nickel Project had received an overall Environmental, Social and Governance (ESG) rating of BBB from an independent panel of experts from Digbee ESG. The company believes it to be a great platform to target a rating of the AAA grade in the future.

The company recently provided an update on the KNP, Perrinvale, and Bedonia projects. The company’s portfolio has prospective for Lithium-Cesium-Tantalum (TCT) elements and Rare Earth Elements (RRE) that are being evaluated for exploration. Multiple pegmatites have been mapped in the Perrinvale project. The company is waiting for the assay results of Perrinvale chip samples. The Bedonia project’s local lacustrine basins will be assessed for ionic clay REE deposits.

Data source: ASX as on 15 December 2022