Shares of Syrah Resources (ASX:SYR) witnessed a rise of as much as 13.7% to A$0.580, reaching their highest level since eighteen September.

The stock was last recorded up 11.8%.

The diversified miner clarified a media article dated October 1 that stated they continue to mine and stockpile, rather than sell output.

The company further clarified that the production campaign has been carried out at its Balama Graphite Operation at a southern African offshore mine.

Syrah Resources added that the sales and shipments of natural graphite were completed during the September 2023 quarter.

Despite the current rise, the stock has witnessed a fall of 75.2% this year, as per the latest data.

Syrah Resources is a materials company that specializes in mining and producing graphite.