Shares of Volt Resources (ASX:VRC) experienced a rise of up to 12.5%, hitting A$0.009 and marking the busiest trading day since October 4, provided the gains are maintained.

The graphite anode developer announced it has inked a Letter of Intent with U.S.-based M2i Global, Inc.

to supply graphite for the U.S.

Department of Defense.

The contract specifies procurement for up to 20,000 tonnes of graphite annually for a duration of three years.

This investor excitement comes after the shares reached their highest point since October 6.

Despite this recent momentum, the stock has seen an overall drop of approximately 46.7% this year, as of the last close.

Volt Resources (ASX:VRC) is a graphite anode developer that specializes in the supply of graphite for various applications.