Allup Silica (ASX:APS) witnessed a notable rise of 16.7% to A$0.056, setting the stage for its best-performing day since June 27, given the gains are maintained.

The sharp rise can be attributed to the firm’s confirmation of the presence of clay-hosted rare earth oxides at its Pink Bark project in Western Australia.

This discovery has caused its stock value to soar to the highest level since September 6.

However, the stock has experienced a downturn this year, registering a 46.7% decrease Year To Date based on the last closing figure.

Allup Silica is a company specializing in silica exploration.