Ortac Resources Plc (LON:OTC) shot up around 35% on Monday after the exploration group won a legal challenge in Slovakia.
In a brief statement to the stock market Ortac revealed a positive conclusion to a judicial proceeding brought against the District Environmental Office (DEO) in Ziar nad Hronom, a town in Slovakia’s Banská Bystrica region.
The ruling relates to a 2014 application for underground mining, which was approved by the DEO but was subsequently the subject of appeals.
"It is sometimes necessary for exploration and development companies to navigate local opposition to new projects,” said Vassilios Carellas, Ortac chief executive.
“With such a backdrop, it is extremely promising to see the regional court rule in favour of the environmental office, but it is even more encouraging to see that the application submitted by the company has passed such rigorous scrutiny by both the environmental office and the regional courts."
The company added that further judicial proceedings – relating to a decision made by the Central Mining Bureau for the same application – are ongoing and a decision is expected in due course.
Ortac also told investors that it has been advised by its lawyers that it has been cleared to proceed with an application for surface mining, a process which it said had been held up due to actions of local opposition groups.
On AIM, Ortac shares gained 0.01p, 34.9%, to trade at 0.04p each.