Shares of Australian Strategic Materials (ASX:ASM) have seen an increase of as much as 12.4%, reaching a height of A$1.820, the highest since February 24.

This marks the stock’s third straight session of gain.

The mining company announced they have signed a five-year agreement to supply neodymium iron boron (NdFeB) alloy to USA Rare Earth LLC.

Furthermore, the company noted it expects to begin supplying NdFeB alloy to USA Rare Earth in 2024.

So far this year, the stock has seen a rise of 12.9% up until the last close.Australian Strategic Materials is a mining company that specialises in the supply of neodymium iron boron (NdFeB) alloy, a key component in various industrial applications.