EcoGraf (ASX:EGR) shares have risen by as much as 10.8% to A$0.205, their highest level since November 21, 2023.

This positive development comes after the Australia-based graphite producer reported an increase in the mineral resource estimate for its Epanko Graphite Project located in Tanzania.

Furthermore, approximately 427,077 shares changed hands, surpassing the 30-day average volume of 236,248 shares.

The company’s stock has also shown a 32.1% surge year-to-date, as of the last close.

EcoGraf is a renowned graphite producer with a special focus on the production of high purity graphite for the lithium-ion battery market.