EV Resources (ASX:EVR) expects to benefit from increased demand for molybdenum concentrates amid an export control from Beijing that will likely weigh on supply from its Chinese competitors, according to a Tuesday filing with the Australian bourse.

The company said its 70%-owned Parag copper-molybdenum porphyry project in Peru is "well positioned to become a significant supplier" of the crucial mineral to meet demand from the US.

China, which produced 45% of the world's molybdenum in 2023, placed export restrictions on five metals, including molybdenum products, in response to further tariffs from the US. Those metals play a key role in the defense and petroleum industries.

The company's shares surged 134% in recent trade.