Nordic Mines AB, a Swedish gold explorer, climbed the most in three weeks in Stockholm trading after saying ore reserves at the Laiva mine in Finland are larger than previously estimated.
It rose as much as 8.8 percent, the biggest advance since April 18. It said proven and probable reserves were an estimated 16.9 million metric tons, up 4 million tons on the prior figure, with an average gold content of 1.60 grams (0.06 ounces) a ton.
“This indicates that the Laiva mine, located outside Raahe in central Finland, is one of the largest gold deposits in the Nordic region,” the explorer said in a statement. The estimates suggest it holds 27,000 kilos of gold, the Uppsala-based company said, adding it will investigate the mine and nearby areas.
Nordic Mines rose 4.1 percent to 35.40 kronor by 1:07 p.m. local time, the biggest gainer in the Stockholm All Share index.