Shares of Meteoric Resources (ASX:MEI) have risen as much as 9.09% to A$0.235.

The company, a diversified miner, announced that they’ve signed a cooperation agreement with the government of Minas Gerais.

The company also stated that the agreement will aid in the development of the Caldeira project.

The cooperation will also explore further downstream processing options to manufacture magnet at the Caldeira project, according to Meteoric Resources.

The stock has been on an upward trend, showing an increase of 315.1% for this year until the last close.

Meteoric Resources is a diversified mining company that concentrates on mineral exploration and magnet production.