BlackEarth Minerals says it has shown the naysayers that it can achieve its “ambitious” targets after it reported more high-grade graphite from its project in Madagascar.

The small cap explorer (ASX:BEM) reported grades of up to 19.43 per cent graphite from trenching on the northwest extension of the Razafy prospect.

Typical graphite grades average around 10-15 per cent.

>>READ: ASX graphite stocks right now: here’s everything you need to know

But they’re not the highest grades BlackEarth has found at Maniry. In October last year, the company revealed it had uncovered grades of up to 48 per cent graphite from rock samples.

“Bottom line is that we set ourselves some very ambitious targets in our first 12 months, targets that many thought were too much of a stretch, but we met them and the results we achieved certainly exceeded even our expectations and today’s release is no exception,” boss Tom Revy told investors.

“As the company officially moves from explorer to developer, the potential of the Maniry graphite project is extraordinary — the size of the district, the work completed to date and the value that lies before us.

“The more we look, the more we find, the better the project looks.”

The news gave BlackEarth’s share price a nice 8.6 per cent bump up to an intra-day high of 8.8c on Tuesday morning.

However, the company hasn’t been feeling the investor love over the past year, with shares now worth 60 per cent less. Shares were trading at a 52-week high of 22c around this time last year.

BlackEarth was spun out of Lithium Australia (ASX:LIT) and listed on the ASX in January last year.

BlackEarth Minerals (ASX:BEM) shares over the past year.
BlackEarth Minerals (ASX:BEM) shares over the past year.