The company is well positioned to continue its completion of the Definitive Feasibility Study (DFS) and continue discussions with potential offtake partners.
Trevor Benson, chairman, commented:
"We are very pleased with the support the company has received during the recent capital raising and shortfall offer subscription.
"The release of the definitive feasibility study in February will trigger project funding activities leading to the fast tracked development of the exciting Lindi Jumbo Project."
The DFS will build on the recently published scoping study, which forecast a pre-tax net present value ranging from US$169 million to $US304 million from the proposed open pit mine.
Background
Walkabout most recently increased its high grade JORC graphite resource tonnage at Lindi by 165% to 29.6 million tonnes at 11.0% total graphitic content (TGC).
Lindi has confirmed the highest ratio of super jumbo (+500µm) and jumbo (+300µm) graphite flake size distributions in its East African peer group.
The project also has resource grades in the Measured category of up to three times that of other projects.
The company holds 70% of the project with an option to acquire 100% of the project for $1 million.