What Argosy Minerals does

Argosy Minerals Limited (ASX: AGY) is an Australian-listed lithium development company headquartered in Perth with its primary operational asset, the Rincon Lithium Project, located in Salta Province, Argentina within the Lithium Triangle. The company holds a 77.5% interest in Puna Mining S.A. (the project-holding entity) with contractual rights to increase its stake to 90%, and also owns 100% of the Tonopah Lithium Project in Nevada, USA, which is currently in exploration phase.

The company's core business is the extraction of lithium from brine resources and production of battery grade lithium carbonate (LCE). Argosy has completed Stage 1 (Industrial Scale Pilot Plant, producing over 30 tonnes of high purity LCE) and Stage 2 (Demonstration Scale Operation, producing approximately 150 tonnes) at the Rincon site, achieving 99% lithium purity in its 12ktpa pilot testworks. It is currently developing Stage 3, a 12,000 tonnes per annum commercial-scale operation supported by a JORC Mineral Resource Estimate of 731,801 tonnes Li2CO3 and a projected mine life of up to 45 years at that production rate. Stage 3 received Environmental Impact Assessment approval from the Salta Provincial Government in April 2024 and is progressing through detailed engineering toward construction-ready status, supported by a 40MW energy infrastructure project.

Argosy's revenue model is direct sales of lithium carbonate product to Asian-based customers under offtake arrangements, with current production at 2,000tpa. The company is publicly listed on the ASX with a market capitalization of approximately A$114 million (May 2026) and 1,543,420,934 ordinary shares on issue. Distribution channels include direct enterprise sales to Asian customers and capital raising via placements to sophisticated and institutional investors. The company has no disclosed revenue, remains pre-commercial at scale, and continues to invest in development of the Stage 3 expansion alongside exploration activities at Tonopah.

Name

Argosy Minerals

Legal name

Argosy Minerals Limited

Website

https://argosyminerals.com.au

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Argosy Minerals (ASX: AGY) is an Australian lithium development company operating the Rincon Lithium Project in Argentina's Lithium Triangle, producing battery grade lithium carbonate for Asian customers and progressing toward 12,000tpa commercial-scale production.

Ownership category

akta.pro rank

Product category

Lithium Mining & Battery-Grade LCE Production

NAICS

Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000)

akta.pro primary industry

Lithium Mining & Brine Extraction (IMAKAFAA)

akta.pro secondary industries

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Lithium carbonate production
• Lithium brine mining
• Battery grade LCE
• Lithium project development
• Critical minerals exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Lithium Carbonate Product Sales: The company sells battery quality LCE (lithium carbonate) product to Asian-based customers. Stage 1 pilot plant sold ~25 tonnes, Stage 2 demonstration scale sold ~150 tonnes to Asian customers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Argosy Minerals is a lithium production and development company that produces battery-grade lithium carbonate (LCE) from lithium brine resources at its flagship Rincon Lithium Project in Argentina's Lithium Triangle. The company currently operates 2,000tpa of LCE production and is progressing Stage 3 development toward 12,000tpa commercial-scale capacity, with battery-quality LCE sold to Asian-based customers under offtake agreements. The company also holds the Tonopah Lithium Project in Nevada, USA, currently in exploration phase.

Product overview

Argosy Minerals operates a multi-stage lithium production portfolio focused on battery grade lithium carbonate (LCE) from brine resources. The core offering is the Rincon Lithium Project in Argentina, which has completed Stage 1 (Industrial Scale Pilot Plant producing 30+ tonnes) and Stage 2 (Demonstration Scale producing ~150 tonnes), and is currently developing Stage 3 for 12,000tpa commercial operations. The company also holds the Tonopah Lithium Project in Nevada, USA (100% owned, in exploration phase). The company currently operates 2,000tpa production and is progressing toward 12,000tpa expansion.

Differentiator

Problem solved

Functional benefit

Products and services

• Rincon Lithium Project Flagship lithium brine project in Salta Province, Argentina within the world-renowned Lithium Triangle, comprising up to 8,606 hectares of mining concessions and mining easement rights. Includes Stage 1 (Industrial Scale Pilot Plant, producing 30+ tonnes of battery grade LCE), Stage 2 (Demonstration Scale Operation, producing ~150 tonnes), and Stage 3 (12,000tpa Lithium Operations currently in development with EIA approval received April 2024). JORC Mineral Resource Estimate of 731,801 tonnes Li2CO3 with projected mine life of up to 45 years at 12,000tpa production.
• Tonopah Lithium Project 100%-owned lithium brine project in Nevada, USA, comprising 425 claims covering approximately 34.25km² in the Big Smokey Valley region. Located approximately 4km from Albemarle's Silver Peak lithium brine operation and ~300km from Tesla Gigafactory. Currently in exploration phase with geophysical processing and analysis to define priority lithium brine targets for planned exploration drilling.
• Industrial Scale Pilot Plant (Stage 1) Stage 1 of the Rincon Lithium Project: completed industrial scale pilot plant operations producing over 30 tonnes of high purity battery grade lithium carbonate product, of which approximately 25 tonnes was sold to Asian-based customers.
• Demonstration Scale Operation (Stage 2) Stage 2 of the Rincon Lithium Project: completed demonstration scale operations producing high purity battery grade lithium carbonate product, with approximately 150 tonnes sold to Asian-based customers.
• 12,000tpa Lithium Operations (Stage 3) Stage 3 development of the Rincon Lithium Project targeting 12,000 tonnes per annum of battery grade lithium carbonate production. Environmental Impact Assessment regulatory approval received April 2024, with detailed engineering and feasibility works progressing toward construction-ready stage. JORC Mineral Resource Estimate of 731,801 tonnes Li2CO3.

Quantifiable outcome

• 99% lithium purity achieved in 12ktpa Rincon Pilot Testworks
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Puna Mining S.A.coreStrategic or Co-development PartnerPuna Mining S.A. is the entity that owns the Rincon Lithium Project. Argosy has a current 77.5% interest with the right to move to 90% ownership in consideration for funding the development of the commercial scale operation. The partnership includes pre-eminent lithium processing expert Pablo Alurralde.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Vulcan Energy Resources: ASX/European-listed developer of integrated geothermal-lithium brine projects targeting battery-grade LCE. Comparable as a junior commercializing proprietary brine processing technology into the European/EV battery market.
• Pilbara Minerals: ASX-listed lithium producer (hard rock spodumene) at a similar junior-mid-cap stage, supplying lithium feedstock into the global battery supply chain. Closely comparable in market cap scale and listed jurisdiction, with comparable transition dynamics from developer to commercial producer.
• Lake Resources: ASX-listed lithium brine developer advancing the Kachi project in Argentina's Lithium Triangle. Directly comparable in lithium brine focus, Argentine operational footprint, and ASX-listed small-cap development status.
• Liontown Resources: ASX-listed lithium developer advancing the Kathleen Valley project toward commercial production. Comparable in development-stage status, Australian listing, and focus on supplying lithium into the battery materials supply chain.
• Sigma Lithium: Brazil-based lithium producer (hard rock spodumene to battery-grade LCE) listed in North America. Comparable as a battery-grade lithium producer commercializing a resource project targeting the EV/battery supply chain.
• Allkem (Arcadium Lithium): ASX-listed integrated lithium chemicals producer (now part of Arcadium Lithium) operating brine-based projects including Olaroz in Argentina. Directly comparable as a Lithium Triangle operator with production assets and a focus on battery-grade LCE.
• Standard Lithium: North America-focused lithium brine developer pursuing battery-grade LCE production in Arkansas. Comparable as a development-stage brine processor targeting the battery materials supply chain with proprietary extraction technology.

Broad incumbents

• Albemarle Corporation: World's largest dedicated lithium producer with operations across Chile, Australia, and the US, including the Silver Peak brine operation ~4km from Argosy's Tonopah project. Broad incumbent benchmark for the lithium industry with materially greater scale and capital access.
• SQM: Chilean-based global lithium incumbent operating in the Lithium Triangle with multi-decade production history and integrated specialty chemicals business. Broad incumbent peer with overlapping geographic footprint and lithium product portfolio.

Emerging players

• IGO Limited: ASX-listed diversified mining and battery materials company with lithium interests (formerly Greenbushes joint venture exposure) and downstream processing investments. Comparable as an ASX-listed player positioning across the battery materials value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Argosy Minerals