ASX 300 lithium share Argosy Minerals soars 6% on imminent production

S&P/ASX 300 Index (ASX: XKO) lithium share Argosy Minerals Ltd (ASX: AGY) is charging higher today.

Shares in the lithium stock are up 5.5% as we head into the lunch hour, currently trading for 67 cents apiece.

Here’s what’s spurring investor interest.

What did Argosy Minerals report?

The ASX 300 lithium share is leaping higher after reporting its Rincon Lithium Project – located in Salta Province, Argentina – is successfully nearing lithium carbonate production operations.

Argosy said 98% of the total works required to develop the 2,000 tonne per annum (tpa) lithium carbonate production operation are now complete.

Commissioning works are 91% complete, with Argosy having produced battery quality 99.76% lithium carbonate product (during single-run process works).

The full ramp-up phase is imminent, scheduled during the current quarter.

Steady-state production operations are forecast to commence by end of the second quarter of 2023. That will see Argosy emerge as only the second ASX listed commercial scale lithium carbonate producer.

Commenting on the progress sending the ASX 300 lithium share sharply higher today, Argosy managing director, Jerko Zuvela said, “The company is extremely excited as we prepare to commence lithium carbonate production operations at our Rincon Lithium Project 2,000tpa operation.”

Zuvela added:

We look forward to achieving many more significant milestones in 2023 as we transform into a cashflow generator, capitalising on lucrative lithium carbonate prices via upcoming product sales revenues, leading to a significant near-term growth phase for the company.

The company noted that lithium carbonate prices recently were quoted at US$76,000 per tonne on the Benchmark Mineral Intelligence lithium carbonate CIF Asia (spot) price.

How has the ASX 300 lithium share been tracking?

The Argosy Minerals share price is up 17% so far in 2023.

Over the past 12 months the ASX 300 lithium share, as shown below, has gained an impressive 91%.

The post ASX 300 lithium share Argosy Minerals soars 6% on imminent production appeared first on The Motley Fool Australia.

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More reading

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• 3 ASX lithium shares forecasting maiden production in 2023
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• Buy these 2 ASX mining shares with over 30% upside: brokers

Motley Fool contributor Bernd Struben 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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