Shares in the mineral explorer company, Magmatic Resources (ASX:MAG), experienced a surge, reaching as much as 77.8% to A$0.08.

This marks the largest intraday percentage gain since August 23, 2022.

Concurrently, the company’s stock attained its highest level since July 24, 2023.

Magmatic Resources announced the execution of a farm-in and joint venture agreement with a unit of Fortescue.

Fortescue is expected to spend up to A$14 million over the next six years for a potential share of up to 75% in a joint venture interest in Magmatic’s Myall Project located in New South Wales.

There was a significant shift in shares as well, with about 7.1 million changing hands in contrast to the 30-day average volume of 224,436.

Despite the encouraging events, the company’s stock is currently down by 8.2% year-to-date, based on the last closure.

Magmatic Resources is a mineral exploration company.