The company has become only the second company on the Australian Securities Exchange to produce lithium carbonate after Allkem.

 

While Argosy had hoped to make the leap from explorer to processor last year, COVID-19 caused some slight delays. 

 

It is now focused on conducting production throughput/scaling trials at its 2000 tonne per annum facility.

 

So far it has produced 5.1t of 99.76% lithium carbonate that, based on recent trading prices of US$72,000t, would be worth almost $330,000.

 

Argosy expects to achieve steady state processing by mid-year.

 

With the plant humming along, Argosy hopes to finalise offtake and financing for an expansion to 12,000tpa.

 

Early stage works are already underway to support stage two, while drilling to increase resources from 245,120t and expand the mine life is ongoing. 

 

It is working up upgrade a 262,000-479,000t exploration target for the brines between 103-300m.

 

The company owns 77.5% of Rincon and is earning up to 90%. 

 

It also has the Tonopah brine project in the US, which is adjacent to Albemarle's Silver Peak lithium operation.

 

Argosy ended December with A$37 million cash.

 

Shares in the junior were last traded at 72c valuing it at $1 billion. 

 

The stock was below 5c in 2020, and has traded as high as 80c in recent times.