Argosy Minerals (AGY) Q2 2024 TU earnings summary

Executive summary

• Secured EIA regulatory approval for 10,000tpa LCE expansion at Rincon Lithium Project, significantly de-risking development.

• Completed US$5 million strategic investment from Amperex Technology Limited, enhancing technical and financial support.

• Added 5,812ha of tenements, increasing Rincon landholding to 8,606ha, supporting future expansion and resource upgrades.

• Executed spot sales contract for 20t of battery-quality lithium carbonate at a premium price; ~80t stockpiled for strategic sale.

• Maintained strong cash reserves of ~$11.3 million at quarter-end, supporting ongoing development.

Financial highlights

• Cash reserves of ~$11.3 million and US$589,000 in Puna Mining S.A. at 30 June 2024.

• Quarterly expenditure included $4.66 million to Puna Mining and $463,000 for Rincon development.

• Exploration and evaluation expenditure for the quarter was approximately $70,000.

• Payments to related parties and associates totaled ~$203,000 for the quarter.

Outlook and guidance

• Focused on completing pre-development engineering for 10,000tpa project to reach construction-ready status.

• Optionality to resume 2,000tpa operations if lithium prices recover; maintaining facility for strategic advantage.

• Ongoing engagement with potential strategic partners for long-term off-take and investment in 10,000tpa project.