Shares of Australian firm Black Rock Mining (ASX:BKT) saw a marked rise of 14.1% to reach A$0.097, marking a record peak since September 4.

The improvements in the graphite mining company’s shares followed advancements in the due diligence process from several possible lenders for a debt process.

Directly associated with funds for the Mahenge graphite project, the debt process came under planning.

It’s worth noting that debt providers on the short-list are now undergoing the process of providing term sheets to their credit committees internally.

Furthermore, approvals from the board of multiple lenders are anticipated to be notified to Black Rock Mining during the fourth quarter of 2023.

Stock of the company has plunged by 37% in this year up to the last closure.

Black Rock Mining (ASX:BKT) is an Australian company that focuses on graphite mining, specifically the development of its Mahenge graphite project.