Shares of Latin Resources (ASX:LRS) have encountered a significant incline, soaring as much as 7.8% to A$0.313, hitting a peak not seen since September 19.

This diversified mining company has announced that it has entered into a binding Heads of Agreement with Maverick Minerals to facilitate the sale of its unit, Lotus Minerals.

Latin Resources views this sale as a strategic move that will allow the company to channel more focus towards its flagship project, the Salinas Lithium Project located in Brazil.

In the context of this transaction, Maverick Minerals has agreed to issue six million shares of its capital valued at A$0.20 per share.

Reflecting on the year-to-date basis, shares of Latin Resources have nearly tripled in value this year, up until the latest closure.

Latin Resources is a diversified mining company that operates multiple projects, including the Salinas Lithium project in Brazil.