Shares of Galan Lithium (ASX:GLN) surged by as much as 7.3% to A$0.440, marking their most significant rise since March 4.

This upturn in value comes as the lithium explorer announced it has received a grant for an additional key tenement.

The focus of this tenement is lithium-bearing pegmatites.

The company also declared that the exploration license has been awarded for a five-year period, lasting until February 2029.

Despite today’s positive movement, Galan Lithium’s stock is still down by approximately 41% year-to-date.

Galan Lithium is a company that explores for lithium, particularly in key lithium-bearing tenements.