The Province Resources Ltd (ASX: PRL) share price is gaining ground on Thursday following a positive company update.
At the time of writing, the minerals producer's shares are up 12.50% to 13.5 cents apiece.
Let's take a look at what the company announced to the ASX earlier today.
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Why are Province Resources shares surging today?
Investors are rallying up the Province Resources share price as the company announced it has secured additional land.
According to the release, Province Resources advised it has been issued another section 91 licence from the Western Australian government.
This will see over 2,217 square kilometres of additional land granted to develop the Green Hydrogen project.
Province Resources and its joint development partner, Total Eren are pursuing to conduct studies to support feasibility activities.
In total, the area under licence now amounts to more than 3,000 square kilometres of land in the region.
Province Resources stated that negotiations are underway with the state government for enduring tenure over the project area.
Province CEO and managing director, David Frances commented:
The issue of these licences was only possible with the support of the Gascoyne community and we are delighted with the way stakeholders have embraced the HyEnergy Project.
Securing land tenure is a critical element of this project and it is pleasing to have the support of Traditional Owners, pastoralists and the Local and State Government in this process.
We are excited to pursue the next steps of the HyEnergy Project together with our partner Total Eren, a global renewable energy leader with whom we share a strong commitment to take part in Australia's green hydrogen strategy.
Province Resources share price recap
The Province Resources share price hit a 52-week low of 5 cents in June before rocketing thereafter.
Despite the strong gains made today, its shares are down 8.6% in 2022.
Province Resources commands a market capitalisation of approximately $129.83 million.
