Shares of Australian company Heavy Minerals (ASX:HVY) soared by up to 35.8% to A$0.11, marking the most significant intraday percentage gain since October 3rd.

The stock reached its highest point since December 12.

The industrial mineral explorer signed a non-binding Memorandum of Understanding (MoU) with Abrasive Blasting Service & Supplies, a private Australian manufacturer.

The MoU is set for the sale of 15,000 tonnes per annum (tpa) of Garnet in Australia and New Zealand.

This arrangement will account for approximately 10% of Heavy Minerals' anticipated annual Garnet production from its Port Gregory project in Western Australia.

As of 0015 GMT, around 514,570 shares had changed hands, vastly outdoing the 30-day average volume of 74,625 shares.

The value of the stock has declined 14.7% year-to-date, as of its last close.

Heavy Minerals is a company that specialises in the exploration of industrial minerals.