Up 250% in a year, why the Argosy Minerals (ASX:AGY) share price is charging higher today

Global lithium prices are at historic highs.

Key points
  • Argosy share price charges higher
  • Critical equipment now on site at Rincon Lithium Project
  • Production operations to commence this year

The Argosy Minerals Limited (ASX: AGY) share price is up 3.2% in early trade.

Argosy shares closed yesterday at 32 cents and are currently trading for 33 cents.

Below we look at the ASX lithium share's latest progress update at its Rincon project.

A woman charges up a steep hill in the mountain ranges.

Image source: Getty Images

What progress was reported at the Rincon Lithium Project?

The Argosy Minerals share price is gaining after the company reported plant and equipment manufacturing, procurement and delivery works were all progressing at its Rincon Lithium Project in Argentina.

On completion, the project will be able to produce 2,000 tonnes per annum (tpa) of lithium carbonate.

Among the newly-delivered gear were dryer/evaporator and vibrator equipment, all manufactured in Germany.

Argosy reported it has also received its first batch of process tanks and reactors at the site, while the required chillers and coolers have been delivered and installed.

The company is still awaiting delivery of some core components, including press and belt filters. These are coming from Asia and are expected to arrive on site in April, subject to potential shipping delays.

Laboratory equipment, filters, valves and instrumentation are also scheduled for delivery next month.

Argosy managing director Jerko Zuvela commented on the progress:

Each phase of completed works gets us closer to becoming only the second ASX-listed battery quality lithium carbonate producer and cashflow generator during a period of record-high lithium prices, whilst also progressing toward the next stage 12,000tpa scale operations and beyond.

We look forward to achieving our upcoming targets and commencing production operations this year at our Rincon Lithium Project.

Argosy Minerals share price snapshot

The Argosy Minerals share price has gained a whopping 250% over the past 12 months, dwarfing the 4% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.

So far 2022 has been choppier for Argosy, with shares down 1.5% year to date. Though that's still well ahead of the All Ords' 8.6% losses.

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 Bruce Jackson.

More on Resources Shares

Three miners looking at a tablet.
Resources Shares

Regis Resources vs Fortescue: Which ASX miner is the better buy?

Regis Resources or Fortescue? I compare value, yield, and share price momentum to pick my preferred ASX mining stock now.

Read more »

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Resources Shares

Which junior ASX mining stock has surged 50% on big news?

A takeover deal has put a rocket under this company's shares.

Read more »

A miner shakes hands with a businessman or banker inside an underground mine setting.
Resources Shares

Yancoal Australia share price in focus as Kestrel Coal Mine deal closes

Yancoal Australia shares are in the spotlight after finalising its acquisition of an 80% interest in the Kestrel Coal Mine.

Read more »

Woman shaking the hand of a man on a deal.
Resources Shares

Lynas to acquire Meteoric Resources in major rare earths deal

Lynas Rare Earths will acquire Meteoric Resources in an all-share deal, strengthening its rare earths portfolio and expanding its global…

Read more »

a man with a hard hat and high visibility vest stands with a clipboard and pen in front of a large pile of rock at a mining site.
Resources Shares

Yancoal shares in focus after Hunter Valley mine approval

Yancoal Australia gains NSW approval to extend Hunter Valley Operations mining until 2045, supporting jobs and regional growth.

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Liontown Resources approves $389m Kathleen Valley lithium expansion

Liontown Resources approved a $389 million expansion at Kathleen Valley, aiming to boost production by 56% and further cement its…

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Expert names Woodside and BHP shares as top buys today

A leading expert forecasts more outperformance from BHP and Woodside shares.

Read more »

Woman and man worker in quarry on excavation machine looking at a clipboard.
Resources Shares

Should I buy BHP shares in October?

Are the mining shares a buy, sell or hold now?

Read more »