The company, which floated at 20c, peaked at 21c and plunged as low as 17.5c in midday trade.
It ended off 4.9% to at 19.5c with more than one million shares changing hands.
BlackEarth, a spin-out from Lithium Australia, began trading with managing director Tom Revy promising the company would kick off the next stage of exploration at its flagship Maniry project in Madagascar within weeks.
“We believe the graphite market is perfectly positioned to enter a period of significant growth as it looks to feed current and emerging technologies like electric vehicles,” Revy said.
“Graphite is a great commodity, we have a highly experienced team, we feel that we are in great locations, and believe we can deliver value to investors.”
The board comprises Revy, c...