The shares of Core Lithium (ASX:CXO) saw an increase as high as 20.6% to A$0.370, reaching their highest levels since Sept 5.

The stock is on track for its best day since Oct 14, 2021, if the gains continue.

The diversified mining company reported a Maiden FY23 profit of A$10.8 million ($6.94 million).

The company also announced a first FY revenue of A$50.6 million in FY2023.

Core Lithium (ASX:CXO) sees a production forecast of 90,000 metric tons to 100,000 tons of spodumene concentrate sales for FY24.

The company’s stock was the biggest percentage gainer in the S&P/ASX 200 index.

Despite this, the stock is down 66.8% this year, as of the last close, compared to a 0.2% decline in the S&P/ASX 200 index.

Core Lithium (ASX:CXO) is a diversified mining company focused on lithium production.