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

The Argosy Minerals (ASX: AGY) share price rocketed up more than 17% today. Let's take a look at what the company announced.

| More on:
ASX lithium shares record A line-up of green lithium batteries, indicating positive share price movement for clean ASX lithium miners

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will now cut interest rates

Will borrowers need to wait until the middle of next year for relief? Let's find out.

Read more »

Boys making faces and flexing.
Opinions

3 ASX 300 shares to buy and hold for the long run

I believe these stocks have loads of growth potential.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

Hands reaching high for a trophy with a sunset in the background.
Record Highs

The ASX 200 Index is on its way to another all-time high today. Here's why

These blue chip stocks are driving the index towards a new record today...

Read more »

Group of friends trading stocks on their phones. symbolising the 3 most traded ASX 200 shares today
Share Market News

3 ASX mining stocks topping the most-traded list in October

Chinese stimulus news and company announcements likely contributed to the higher trading activity.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

Two people tired and resting after sports race.
Broker Notes

Fundie rates 2 ASX 200 stocks in short-term pain but with long-term gain potential

Blackwattle Investment Partners sees these 2 ASX 200 stocks as worthy of a buy and hold strategy.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »