Shares of Azure Minerals (ASX:AZS), an Australian lithium developer, have made an impressive leap of up to 12.4% to A$2.63, positioning to record the most significant gain since August 4.

The shares also soared to their highest point since August 8.

Azure Minerals announced that it had turned down a A$901.4 million ($584.11 million) takeover bid from Sociedad Química y Minera de Chile (SQM).

Azure Minerals concluded to dismiss the offer considering the rising potential of its Andover lithium project stationed in Pilbara.

Azure adds that the offer price of A$2.31 per share put forward by the world’s second-largest lithium chemicals manufacturer was below its August 8 intraday peak of A$2.96.

Looking back, the company’s share has ballooned 940% this year up until the last close.

Azure Minerals (ASX:AZS) is a key developer of lithium resources in Australia.