• Progressing 12,000tpa project development engineering and feasibility works
• Hydrogeological dynamic model updated, indicating increased pumping periods
• Spot sales contract executed for 20 metric tonnes of lithium carbonate

Argosy Minerals Limited continued development works at the Rincon Lithium Project in Argentina, and owns the Tonopah Lithium Project in Nevada, USA, achieving significant milestones at Rincon during the Quarter. The Company is conducting the 12,000tpa project engineering and feasibility works to achieve a final investment decision, support the strategic partner and funding process, and to ultimately develop and successfully commercialise the Rincon Lithium Project. The Company updated its hydrogeological dynamic model, with the results indicating that lithium brine can be pumped for an increased period of up to 45 years to operate at up to 12,000tpa of lithium carbonate, or up to 23 years to operate at up to 24,000tpa of lithium carbonate. The Company executed a Spot Sales Contract for the sale of 20 metric tonnes of battery quality lithium carbonate product produced from the Rincon Lithium Project. The Company is working to identify the most appropriate pathway to secure a strategic group from western and non-western markets that can provide direct and/or indirect financing support for the 12ktpa project development. The Company's demonstration facility operations remain suspended, with plant and equipment preservation works conducted during the quarter. The Company's highly prospective Tonopah Lithium Project in Nevada, USA, will be considered for exploration strategy determination.

The long-term growth outlook for the lithium market remains robust, driven by continued growth in electric vehicles, advancements in energy storage systems, and supportive government policies. However, in the near term, fears of a global economic slowdown could derail hopes for battery demand recovery, posing ongoing challenges for lithium producers.