Shares of Australian mining explorer, Maximus Resources (ASX:MXR), experienced a significant rise, as steep as 17.9% to A$0.033.

This signifies their most significant intraday leap since the 18th of July.

Their stock is at its highest point since August 18.

Maximus Resources announced a Lithium farm-in agreement with Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) and a non-binding Memorandum of Understanding (MOU) with LG Energy Solution.

The agreement and MOU pertain to Maximus Resource’s Lefroy lithium project in Western Australia.

According to Maximus Resources, KOMIR has agreed to fund $3 million of lithium exploration and will earn a 30% interest in a lithium joint venture across Maximus Resource’s Lefroy project.

In addition, the non-binding MOU provides the global battery manufacturer, LG Energy Solution, with the option to acquire KOMIR’s 30% interest in the lithium joint venture.

Maximus Resources' stock has dropped 30% Year To Date (YTD) at the time of the last closing.

Maximus Resources is an Australian mining explorer primarily focused on exploring and mining lithium.