01:54 PM EST, 11/12/2024 (MT Newswires) -- Lara Exploration ( LRAXF ) shares were last seen up 4% after the company on Tuesday said mining and processing has resumed at the Celesta Copper Project in Brazil,

The company said royalty partner Tessarema Resource reported an additional 3,545 meters of resource definition drilling was completed on the Osmar and Galpao targets while work was carried out to reinstate permits and bring the processing plant out of care and maintenance. According to the statement, Tessarema resumed mining and processing ore from stockpiles and the Osmar pit in October, with a gradual ramp-up expected in the coming months.

Lara owns a 5% net profits interest in the project, via preferred shares of Celesta, without the obligation to contribute to the re-start costs, and a 2% Net Smelter Returns Royalty on production.

The company's shares were last seen up $0.06 to $1.53 on the TSX Venture Exchange.

Price: 1.53, Change: +0.06, Percent Change: +4.08