The Argosy Minerals Limited share price is up 130% in a month

Credit: iStock

On Wednesday the Argosy Minerals Limited (ASX: AGY) share price continued its strong run and reached a new all-time high of 19 cents.

This means that the mineral exploration company’s shares have now gained over 130% since this time last month.

Why have its shares gone gangbusters?

The main catalyst for this gain was a company-transforming announcement in August which revealed that Argosy had signed a binding investment and off-take agreement with Qingdao Qianyun.

Qingdao Qianyun, one of China’s fastest growing battery materials companies, took a 19.9% stake in Argosy via a $16.9 million placement.

On top of this it made a $9.5 million upfront prepayment for an agreed quantity of battery grade lithium carbonate equivalent product during the first year of production at its Rincon Lithium Project.

Pleasingly, the money raised will more than cover the Stage 2 development expenditure budget for the Rincon Lithium Project.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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