The ruby market has continued to grow from strength to strength over the last eight years with prices increasing more than 60%.

This has opened the door for the likes of Mustang Resources (ASX:MUS) an ASX-listed junior explorer looking to capitalise on the rising value of rubies and other in-demand metals.

MUS has a sizeable ruby inventory totalling 333,184 carats and remains the only ASX-listed ruby stock and revenue generating listed ruby developer in the world.

The company has focused on developing its Montepuez Ruby Project, situated in the heart of the globally significant Montepuez gem-field, where it recently uncovered a new ruby-bearing deposit.

MUS has worked hard in 2018 to diversify its interests and has developed a promising portfolio of vanadium and graphite via its high grade Caula Graphite and Vanadium Project in Mozambique.

The Caula Project has a JORC Mineral Resource and has recently returned impressive assay results with grades as high as 1.02% V2O5.

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MUS plans to begin initial vanadium and graphite production by mid-2019. This is supported a vanadium price of US$35/kg (up from US$15/kg two years ago) and rising demand for graphite from the growing EV and expandable markets.

2018 looks very promising for this junior explorer with a number of growth catalysts now on the table.