Shares of Mayur Resources (ASX:MRL) experienced a significant uplift of as much as 17% to A$0.310, marking their highest value since March 4, 2021.

This surge was triggered by the diversified mining firm revealing that it has entered into a term sheet with France-based Vision Blue Resources.

The agreement pertains to a substantial US$40 million investment from Vision Blue Resources in return for a 49% share in Mayur Resources’s Central Lime Project in Papua New Guinea.

Furthermore, the company projects that the first phase of this project could potentially generate annual revenues and Earnings Before Interest, Tax, Depreciation and Amortisation exceeding US$50 million and US$25 million, respectively.

Furthermore, if the shares retain their gains, it could be the best performance day since July 4.

As of the last closing, the stock had already increased by 51.4% this year.

Mayur Resources is a diversified mining company with operations based primarily in Papua New Guinea, focusing on the production and exploitation of local resources.