Ramelius Resources (ASX:RMS) witnessed a spike in its shares, rising as much as 3.2% to A$1.595.

The firm’s stocks are projected to observe a 7.6% increase this week, saturating it as the most profitable week for the company since December 1.

The growth in the shares has reportedly been spurred by the company’s confirmation of its ongoing discussion with Canadian mine operator, Karora Resources, for a possible transaction.

The valuation for the acquisition of Karora Resources is still being negotiated and deliberated upon.

However, it’s essential to highlight that despite the recent surge, the company’s stock has seen an overall dip of 8.31% this year up till the last closing.

The report was brought forward by Sneha Kumar in Bengaluru.

Ramelius Resources is a success-driven gold mining company that is engaged in the exploration, extraction and sale of the same.