Shares of Allkem saw a notable increase, picking up as much as 3.7% to A$15.03, marking its best day since July 26 if the upward trend holds.

This surge in the lithium mining company’s stock has been prompted by an impressive increase in the mineral resources estimate for its James Bay lithium project situated in Quebec, Canada.

The company reports a substantial jump of 173% to 110.2 million tonnes.

Allkem’s stock value reached its peak for the first time since August 1.

As of the last close, the stock has experienced a year-to-date rise of 29%.

Allkem is a lithium mining company with operations primarily focused in Quebec, Canada.