Raiden Resources (ASX:RDN) saw a significant increase in its shares, rising by as much as 25% to A$0.015, a peak unseen since April 27, 2022.

The gold exploration company revealed that it has entered into a farm-in agreement with Arrow Minerals to earn up to 85% of the Arrow lithium project, which is based in Pilbara.

Raiden Resources stated that it holds the option to purchase up to 100% of the rights for the project, comprised of two licences - E47/3476 and E47/3478.

The company has the ability to pick up 100% of the lithium rights to the licenses if it provides Arrow with A$500,000 in cash within the next three months - half in cash proper, and half in Raiden shares.

As of the most recent closure, the company’s stock value had more than doubled year-to-date.

Raiden Resources is an Australian-based company involved in the exploration of gold.