Shares of Australian Strategic Materials (ASX:ASM) escalated as much as 8.5% to A$1.855 and marked their highest level since February 22, stretching their increase for the fourth consecutive session.

Last Thursday, the company announced that they have inked a five-year agreement to supply neodymium iron boron (NdFeB) alloy to USA Rare Earth LLC.

The company anticipates the commencement of the supply of NdFeB alloy, a vital component in constructing permanent magnets for electric vehicles and wind turbines, to USA Rare Earth in 2024.

Australian Strategic Materials closed up 5.6% on Thursday and has seen the shares surge by about 21% in the current week.

On Friday, approximately 815,000 shares exchanged hands, significantly over the 30-day average volume of 501,000 shares.

According to the latest closure, the stock has ascended by 19.2% YTD.

Australian Strategic Materials is a mining company that involves in the production and supply of various strategic materials.