Shares in Argosy Minerals Limited (ASX: AGY) have gone absolutely gangbusters over 2017 from 2.7 cents apiece to 8.1 cents today to deliver some early investors spectacular returns.
Argosy is a lithium prospector and miner that has ownership interests in three mining projects named Rincon, Mina Tesresa and Pocitos in Argentina's "Lithium Triangle". Like other junior miners it is hoping to leverage forecasts for surging demand in lithium-ion batteries thanks to the rise of electric cars and other machines requiring lithium-ion batteries.
The company is actively seeking institutional funding for its projects and has a 2018 production target of battery grade lithium carbonate.
As yet it has not produced any battery grade lithium and posted a cash outflow of $895,000 for the quarter ending June 30,2017, with cash on hand of $3.9 million. At 8.1 cents per share the company is ascribing it a market value around $63 million.
