02:57 PM EDT, 03/12/2026 (MT Newswires) -- Medaro Mining ( MEDAF ) was at last look up more than 8% late Thursday afternoon after saying that exploration permits have been granted for the Bastnas permit areas located in Skinnskatteberg Municipality, Vastmanland County, Sweden.

The company said that the permits were issued by the Swedish Mining Inspectorate under Sweden's Minerals Act and grant the permit holder an exclusive right to investigate the permitted areas.

In a statement the company said the permits cover two permit areas which are Bastnas 100 (approximately 263.68 hectares) and Bastnas 200 (approximately 866.60 hectares), for a combined area of approximately 1,130.28 hectares. Each permit is valid for a three-year term expiring February 2029, added the company. It added the permits apply to a range of concession minerals referenced in the permit applications, including gold, silver, copper, lead, zinc, cobalt, scandium, yttrium, and lanthanum and lanthanides.

"With the Permits now in place, and further to the Company's closing of its non-brokered private placement for aggregate gross proceeds of $976,100 (see Company news release dated February 27, 2026), the Company will proceed with detailed planning for future exploration activities as regulatory, seasonal, and logistical considerations allow," said Medaro's Chief Executive Officer Mark Ireton. "The Company will provide further updates on the Project as exploration plans are finalized."

Shares of the company were last seen up $0.05 at $0.65 on the Canadian Securities Exchange.

Price: 0.65, Change: +0.05, Percent Change: +8.33