Shares of Metals Australia (ASX:MLS) have experienced a significant increase, ascending as high as 14.7% to A$0.039.

This marks the highest level recorded since September 11.

Currently, the stock is up 5.9%, which could make it the best performing day since August 25, provided the gains persist.

The diversified mining entity confirmed that large lithium pegmatite ores were identified and have been sent for sampling from an offshore mine in Canada.

Despite the recent gains, the stock has seen a dip of 23.6% this year up to the last close.

Metals Australia (ASX:MLS) is a diversified miner with operations in several countries.