Shares of Australia’s Brazilian Critical Minerals (ASX:BCM) experienced a significant upswing, rising as much as 17.4% to A$0.027, representing the highest level since January 15.

This resulted in the stock posting its most significant intraday percentage gain since the same period.

The surge was prompted by the mineral explorer’s reports that first pass leach results confirm the high recoveries of rare earth elements at their EMA Project in Apuí, Brazil.

The discovered elements include neodymium, praseodymium, dysprosium, and terbium.

By 2350 GMT, almost 12 million shares had changed hands, a considerable increase from the 30-day average volume of 864,805 shares.

Despite the positive developments, the stock is down by 11.5% in the year-to-date measure, as of the last close.

Brazilian Critical Minerals is an Australia-based company that specializes in the exploration and extraction of rare earth elements.