Lightning Minerals (ASX:L1M) experienced a 9.1% increase in their shares, which were valued at A$0.18, positioning the company for its best day since July 13, assuming the gains are maintained.

The mineral exploration company announced that it has entered into a definitive letter of intent for a purchase agreement with Lithium Rabbit Quebec.

The agreement focuses on acquiring the Dalmas and Hiver projects within the lithium-rich region of James Bay, Quebec, Canada.

This development has propelled the stock to levels not seen since August 4.

Additionally, the company’s stock has experienced a 6% increase year to date, as recorded from the last closing.

Lightning Minerals (ASX:L1M) is a mineral exploration company focused on acquiring and developing mining projects.