Argosy Minerals Limited (ASX: AGY) ('Argosy' or 'Company') is pleased to advise the signing of a Spot Sales Contract with a Korean chemical company for the sale of 20 metric tonnes of battery quality lithium carbonate product produced from the Company's operations at the Rincon Lithium Project.
The Spot Sales Contract agreed fixed price was referenced from Fastmarkets 99.5% Li2CO3 min, battery grade, spot prices CIF China, Japan and Korea - an industry standard benchmark index reference, with payment terms being an irrevocable letter of credit at sight (Incoterms) and payment immediately on receipt of original shipping documents.
The Company is now working through product export logistics, with the cargo expected to commence transport upon completion of the freight and export protocols. Argosy Managing Director, Jerko Zuvela said 'We are pleased to achieve the sale of our battery quality lithium carbonate product, with the aim to realise a premium sales price given current lithium market conditions. We received strong interest for our high quality Li2CO3 product and we'll review our sales strategy for our current available product.
This milestone further confirms Argosy's ambitions and near-term growth phase to fully develop our Rincon Lithium Project.' The Company advises there are no material conditions that need to be satisfied prior to proceeding with, nor any other material information relevant to, the Spot Sales Contract.
Contact:
Jerko Zuvela
Managing Director
Tel: +61 8 6188 8181
Email: admin@argosyminerals.com.au
Forward Looking Statements
Statements regarding plans with respect to the Company's mineral properties are forward looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties.
Cautionary Statements: Argosy confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Argosy confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
ABOUT ARGOSY MINERALS LIMITED
Argosy Minerals Limited (ASX: AGY) is an Australian company with a current 77.5% (and ultimate 90%) interest in the Rincon Lithium Project in Salta Province, Argentina and a 100% interest in the Tonopah Lithium Project in Nevada, USA. The Company is focused on its flagship Rincon Lithium Project - potentially a game-changing proposition given its location within the world renowned 'Lithium Triangle' - host to the world's largest lithium resources, and its fast-track development strategy toward production of LCE product. Argosy is committed to building a sustainable lithium production company, highly leveraged to the forecast growth in the lithium-ion battery sector.
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