Perpetual Resources (ASX:PEC) shares experienced an impressive upswing, increasing by as much as 68.2% to A$0.037, the highest level recorded since September 12, 2022.

This significant surge followed the company’s acquisition of three exploration permits.

These permits cover 5,000 hectares of land within the Minas Gerais region in Brazil, an area known for its abundance of hard-rock lithium spodumene deposits.

In a parallel development, Perpetual Resources (ASX:PEC) also secured commitments to raise A$1.5 million through a share placement at A$0.022 per share, matching its last closing price.

This financial activity occurred alongside a surge in trading volumes, which reached seven times the 30-day average of 6.1 million shares.

The year-to-date rise of Perpetual Resources (ASX:PEC) shares stands at 22.2%, measured at the last close.

Perpetual Resources is a mineral exploration company focusing on the acquisition, exploration, and development of lithium and other mineral resource projects.