Shares of the Australian explorer, ENRG Elements (ASX:EEL), have risen sharply, gaining as much as 16.7% to reach A$0.0070.

This dramatic increase came after the company announced that its unit had finalized a binding agreement with Kavango Resources PLC to sell a 90% stake in its Ghanzi-West Copper-Silver project located in Botswana.

The all-inclusive selling price for the stake is set at A$2.5 million.

This strategic move is expected to aid ENRG Elements in its overarching goal to monetise non-core assets.

Stock markets reacted to this news with increased trading activity around ENRG Elements, leading to around 5.6 million of their shares being exchanged, a significant surge compared to the 30-day average volume of 1.8 million.

Despite today’s substantial rise, ENRG Elements' shares are still down by approximately 79% this year, as of the last closing.

For context, this performance contrasts with a 0.43% increase experienced by the benchmark S&P/ASX 200 index.

ENRG Elements is an Australian exploration company primarily involved in identifying, acquiring and developing mineral resources.