Southern Palladium (ASX:SPD) shares escalated as much as 6.1% to A$0.435, marking their major intraday percentage leap since September 13.

The stock achieved its highest level since September 27.

The company announced it has submitted the mining rights application for its 70%-owned Bengwenyama Platinum-Group Metal project in South Africa.

This development comes after their confidence to proceed with the application rose following a recent 34% increase in resource.

Nevertheless, Southern Palladium (ASX:SPD) is still down by 49.4% this year, as of the latest closing.

Southern Palladium (ASX:SPD) is a company engaged in mining activities with a majority stake in the Bengwenyama Platinum-Group Metal project in South Africa.