Haranga Resources (ASX:HAR) shares have surged by 60% to A$0.24, set for their best performance day, assuming current gains maintain.

The mineral explorer has announced it has received firm commitments to raise A$2.86 million through a placement at 11 AU cents per share.

Haranga Resources stated the raised funds will be applied towards drilling at its Saraya uranium project in Senegal, as the company focuses on extending the maiden mineral resource at this project.

There was a significant increase in traded shares — approximately 5.4 million shares were exchanged, surpassing the 30-day average volume of 2,797.

The company’s stock is currently at its highest level since April 2022, and Haranga’s stock has risen 25% year to date, based on the last closing price.

Haranga Resources is a mineral exploration company with strategic projects in various stages of advancement, notably the Ulaan Ovoo Coal Project.