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The Argosy Minerals (ASX:AGY) share price surged 17% higher today. Here’s why

A line-up of green lithium batteries, indicating positive share price movement for clean ASX lithium miners
Image source: Getty Images

The Argosy Minerals Limited (ASX: AGY) share price had a ripper trading day today, closing more than 17% higher at 13 cents.

This performance spike follows the company’s release this morning of its December 2020 quarterly activities report.

Lithium project pursuits

Argosy Minerals has interests in two lithium projects. The Rincon Lithium Project in Salta Province, Argentina and the Tonopah Lithium Project in Nevada, the United States.

The Rincon Lithium Project is the company’s flagship project. Argosy Minerals believes that this project is located within the world’s largest lithium resource.

In today’s announcement, the company noted that the JORC Exploration Target delineated for the Rincon Lithium Project has potential to increase the project’s mine life and production capacity in the future.

The announcement also referenced the current environmental impact assessment report, which is progressing toward final completion. 

International expansion

During the reported quarter, Argosy Minerals shipped 20 tonnes of product to Korean chemical company, YN Chemical Co Ltd. Analysis confirmed the delivery of a high purity, battery-quality product with low impurity levels. 

According to Argosy Minerals, the successful execution of the Korea deal opens the company up to a new set of market opportunities extending across Korea, Japan, Europe and North America.

The company also accepted membership to the European Raw Materials Alliance (ERMA) during the quarter. ERMA’s vision is to “secure access to critical and strategy raw materials, advanced materials, and processing know-how for European Union Industrial Ecosystems”. 

About the Argosy Minerals share price

Over the past 12-month period, Argosy Minerals has advanced around 45% higher. The Argosy Minerals share price roaring nearly 160% higher just in the past the past 6 months alone.

An investor who bought Argosy shares 5 years ago, would have gained around 6,600% on their investment today.

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Motley Fool contributor Gretchen Kennedy 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 Bruce Jackson.

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