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American Lithium (NASDAQ:AMLI) said Wednesday it received authorization from authorities in Peru to carry out additional explorations near its current lithium project.
The company said the new exploration will allow it to expand its existing resources in the southern Puno region bordering Bolivia.
The chief executive of American Lithium’s Peruvian subsidiary told an industry event that the company received authorization last Friday to develop exploration activities in the Quelcaya area, located a few kilometers from the current Falchani project.
American Lithium (AMLI) shares closed +6.2% in Wednesday’s trading at $2.21, the best close in three weeks.
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