The share price of lithium hopeful Argosy Minerals Limited (ASX: AGY) has had a lightning run over the last 30 days, gaining nearly 23% in that time.
Thatâs a far better performance than both the broader market and the companyâs home sector.
The S&P/ASX 300 Metals and Mining Index (ASX: XMM) has gained just 2.4% in that time while the broader S&P/ASX 300 Index (ASX: XKO) has listed 4.3%.
Right now, the Argosy share price is 59 cents, 22.92% higher than it was this time last month.
So, whatâs been going so right for the ASX 300 minerals developer? Letâs take a look.
Why has the Argosy share price surged 23% in a month?
The Argosy share price has been outperforming both the market and many of its peers lately despite the market reacting poorly to the only news released over the last month.
The first word from the company over the past month was its quarterly report, released on 28 October.
Then, it noted its Rincon operationâs development was 97% complete with drilling works continuing well amid positive sentiment in lithium markets.
The company ended the September quarter with around $34 million of cash, having spent close to $1 million on operating activities during the period.
Sadly, the market was unimpressed. It bid the Argosy share price nearly 8% lower on the day of the release. And it wasnât much happier about the companyâs next update.
The lithium developer revealed that 98% of Rinconâs development was completed on 1 November.
It also confirmed that commissioning and production testing activities were progressing well, with a primary lithium product having been produced.Â
The Argosy share price slumped 1.9% on the back of the release. Fortunately, however, it regained all that and then some the following day, wherein it soared 6.9%.
Perhaps positive sentiment for ASX lithium shares in general has helped bolster the stock over the last 30 days. Other lithium favourites such as Core Lithium Ltd (ASX: CXO), Lake Resources N.L. (ASX: LKE), and Sayona Mining Ltd (ASX: SYA) have also posted notable gains in that time.
Recent gains included, the Argosy share price is currently 79% higher than it was at the start of 2022. Meanwhile, the ASX 300 has fallen 7% year to date.
The post Why has the Argosy Minerals share price rocketed 23% in a month? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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