Shares of mineral exploration firm Kuniko experienced a rise of as much as 16.2%, reaching A$0.43.

This marks their largest intraday gain since July 3.

On revealing robust cobalt mineralization extensions at the Skuterud Cobalt project in Norway, the company has reported a surge.

Significant progress has been seen in the project following two successful drilling campaigns, which have affirmed its prospectivity and potential for high-grade cobalt mineralization.

In fact, the stock has hit its highest level since August 3 due to this new development.

Despite the recent surge, it should be noted that as of the last close, the stock had fallen by about 27.5% this year.

Kuniko (ASX:KNI) is a minerals exploration company engaged in the discovery and development of valuable minerals resources.