Astute Metals (ASX:ASE) observed a rise in shares as much as 29.3% to A$0.053, marking it as their highest since July 17.

The stock is up by 9.8%, predicting its best day since May 17, if the gains maintain.

The company disclosed that its major shareholder, Holdmark Property Group, intends to increase its stake to 19.9% through an infusion of A$2.063 million.

Astute Metals will issue Holdmark 41.2 million shares at A$0.05 per share.

In related news, Astute Metals reported that it intersected wide zones of lithium mineralisation in the first hole drilled at its Altair Project in Nevada.

However, the company’s stock has seen a sharp decline by 83% this year as of last close.

Astute Metals is a diversified explorer primarily engaged in the discovery and extraction of various minerals.