Shares of Mont Royal Resources (ASX:MRZ) surged as much as 2.56% to a peak of A$0.2, their loftiest since July 31.

The gold and copper mining firm announced it had raised A$2.2 million by way of advancing its James Bay Lithium Exploration Strategy.

The commitment for raising this capital came through a share placement directed at institutional and sophisticated investors, with each share priced at $0.16.

Mont Royal Resources (ASX:MRZ) added that the proceeds from the placement would enable the company to kick off a helicopter-supported lithium prospecting program.

As of its most recent closing, the company’s stock has seen a rise of over 11% this year.

Mont Royal Resources (ASX:MRZ) is a gold and copper mining company engaged in advancing its James Bay Lithium Exploration Strategy.