StratMin Global (LON:STGR) has reported sustained grade and volume improvements over the past month at its Loharano graphite mine in Madagascar.
The plant has produced over 94% graphite concentrate, on demand and at volume for the first time, it said.
Sales, meanwhile, included repeat orders from India and first shipments to new buyers in Germany and Austria, while samples have been approved for further sales in Europe.
Stratmin said it is now onto a final stage of refurbishment that includes new milling and drying units and mining fleet.
A second tranche of funding totalling £1.5mln due from Bass Metals will pay for this and is due by the end of March.
Mining the adjacent Mahefedok area is also underway to bulk test ore for planned new plant.
Brett Boynton, chief executive, said it had been working through a methodical programme of operational improvement to maximise the value of every production hour.
“With the plant in an improved operational state, we decided to open up Mahefedok and bulk test the new ore zone on a commercial scale over an extended period ahead of finalising engineering on the new plant.”
“Everything we have accomplished has been without a break in production so we have utilised to the full extent the cash flow from operations to fund progress."
Shares rose 8% to 2.71p.