Shares of Premier1 Lithium (ASX:PLC), once known as SensOre, saw an increase as high as 2.7% to A$0.038, marking their biggest intraday percentage gain since March 7.

The rise came after the lithium exploratory company announced that drilling had begun at the Moonera project located in Western Australia.

Despite this increase, the company’s stock is down by roughly 35% for this year, as of its last close.

This news was originally reported by Neha Soni in Bengaluru.

Premier1 Lithium is a company focused on lithium exploration, specifically in Western Australia.