Amur Minerals' shares soared over 20% on Tuesday after the mineral exploration and development company said its mineral resource estimate (MRE) for the Kun-Manie project expanded by 50%.
The project, located in the far east of Russia, now contains a total nickel equivalent content of more than 1.58m tonnes averaging 1.02% Ni equivalent, compared to 1.04m tonnes averaging 1.03% Ni equivalent estimated in 2017.

Robin Young, chief executive of Amur Minerals, said: "Having surpassed key institutional bench marks of 1.0 million contained nickel tonnes and maintaining a plus 1.0% nickel equivalent grade, we shall be positioning the Company as a ready source for EV battery market participation."

Based on a 0.4% cutoff grade, the Kun-Manie project now ranks third among the world's greenfield nickel sulphide deposits and is favourably located as neighbouring nations China, South Korea and Japan are the planets three largest consumers of nickel.

"The significant resource increase will allow for us to identify institutional investors to work with and we will be undertaking an aggressive Asian marketing programme focused on China, Korea and Japan," said Young.

The company added in a statement that the Kun-Manie project still has "substantial exploration potential" as significant portions of the project remain untested.

As of 0831 GMT, Amur Minerals' shares were up 23.24% at 5.70p.

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