Shares of Balkan Mining and Minerals (ASX:BMM) experienced a sharp increase of as much as 31.4% to A$0.230, hitting a level unseen since July 10.

This impressive rise represents its largest intraday percentage gain since September 2022.

Balkan Mining was granted an exploration permit for the Gorge Lithium Project by the Ontario ministry of mines.

The three-year permit paves the way for Balkan Mining to initiate its maiden drill program.

The stock, while still down by around 39% for the year, has notably recovered from a previous loss of approximately 47%.

Balkan Mining and Minerals is a mining company focused on lithium exploration.