Walkabout Resources Limited Overview
Walkabout Resources was a Perth-headquartered, Africa-focused junior mining company. It took a single asset, the high-grade, large-flake Lindi Jumbo graphite deposit in south-east Tanzania, from its 2015 discovery through permitting, financing, construction and first production in June 2024. The deposit's resource base is rich in jumbo flake, which commands premium pricing in expandable-graphite and refractory markets. The project was positioned as one of the larger natural flake graphite operations outside China, at a time when Western supply-chain diversification policy and Chinese export controls on graphite (effective December 2023) raised the strategic value of non-Chinese supply. However, the company was chronically undercapitalised and funded construction through high-cost debt (SOFR + 14–16%), dilutive equity and bridge loans. When port congestion at Dar es Salaam delayed export receipts during ramp-up in late 2024, a liquidity crisis followed and the company entered administration. Under the creditor DOCA, the mine passed to its senior lender, Gemcorp. Shareholders were left holding a delisted and ultimately deregistered shell.
Company's own description (FY2024 Annual Report)
The FY2024 Annual Report described the Group's principal activities as the exploration and development of resources and energy assets in Tanzania, Scotland and Northern Ireland. Its stated focus was developing the fully permitted, 100%-owned, high-grade Lindi Jumbo Graphite Project in south-east Tanzania, while continuing exploration on base-metal and gold tenements in Tanzania, Scotland and Northern Ireland. The notes to the accounts listed operations in Australia, Botswana, Tanzania, Malawi, Northern Ireland, Scotland and Namibia.
Independent characterisation
In substance, Walkabout was a single-asset graphite developer turned early-stage producer. Its portfolio of gold and base-metal exploration options was immaterial; at 30 June 2024, these assets carried about A$1.65M of book value against A$70.4M in the graphite segment. The company never reported meaningful operating revenue in an audited period. FY2024 revenue was A$24 of interest income, because commissioning-phase sales were either capitalised or received after year-end.
Business and revenue model
| Element | Detail |
|---|---|
| Product | Natural flake graphite concentrate, 94–96% TGC (2025 production), sold in several flake-size fractions ("four different products destined to different end-use markets", FY2024 AR risk section) |
| Revenue model | 100% product sales (commodity), via an exclusive offtake/marketing intermediary. No service, subscription or licensing revenue |
| Offtake | Exclusive five-year sales, purchase and marketing agreement with Wogen Pacific covering all export production (amended agreement, July 2022, replacing the April 2019 agreement) |
| Payment terms | 80% of consignment value advanced on loading/shipping documents; balance (less Wogen commission) on final customer payment (2019 agreement terms; 80% on loading reaffirmed October 2024) |
| Operating model | Heavily outsourced: contract mining, logistics and laboratory; EPC by Yantai Jinpeng; process plant operations by Segment Earth (South Africa) for at least 2 years (FY2024 AR) |
| Value-chain position | Upstream: mining and concentration (beneficiation). No downstream spheronisation, purification or anode production |
| Customer types | Traders (Wogen) selling to expandable-graphite manufacturers, refractory producers, foundry/lubricant and specialty users, and battery-materials processors. First on-spec sale was destined for a European end customer; pilot shipments went to Asia (FY2024 AR) |
| End-markets | Expandable graphite (fire retardants, graphite foils), refractories, traditional industrial uses, and lithium-ion battery anode feedstock (fine flake) |
Successor operating model (2025–2026)
Under Gemcorp ownership, Lindi Jumbo Limited remains the licence holder and operator. Andrew Cunningham, the former Walkabout CEO, is now a Lindi Jumbo Limited director. In 2025 the mine processed about 170,000 dry tonnes of ore, produced 16,421 t of concentrate at 94–96% TGC, mined more than 500,000 t of material, and held confirmed sales orders above 27,800 t (director statement, May 2026). Gemcorp's sale listing stated that roughly 13 kt had been exported by end-June 2025 and that nameplate capacity of 40 ktpa was targeted for early 2026.
Strategy
Stated strategy themes (FY2024 AR, company website)
-
Ramp up Lindi Jumbo to nameplate. After operations began in FY2024, the focus was reaching nameplate capacity, with an option to expand beyond it in line with market and customer demand.
-
Outsourced, capital-light operations. Contract mining, logistics and laboratory services; Segment Earth as process operator; Jinpeng staff seconded after commissioning.
-
Premium product positioning. Large and jumbo flake for expandable graphite, which is less exposed to battery-grade price competition from China.
-
Diversified exploration pipeline. Discovering and developing diversified, feasible mineral deposits across Africa and globally (gold in Tanzania; base metals in the UK).
-
ESG and local content. Compliance with Tanzania's Mining (Local Content) Regulations, annual environmental audits, and community vaccination programmes.
Initiatives in the last 24 months of corporate life (Nov 2022 – Nov 2024)
| Initiative | Date | Detail | Outcome |
|---|---|---|---|
| A$16.6M entitlement issue | Nov 2022 | Completion funding at A$0.11 | Completed; raised half of the A$33.17M maximum |
| BMCG standby equity facility (US$10M) | Mar 2023 | Prepaid share subscription structure | Terminated in FY2024 |
| Optimised 3-year mine plan | May 2023 | Strip ratio cut 39%; waste 42.2% below the 2019 plan | Implemented |
| Gemcorp senior debt (US$20M + US$5M) | Jul 2023 | 3-year facility with free-cash-flow participation for the lender | Fully drawn; later enforced |
| Operational readiness and contractor tendering | FY2024 | Mining, logistics, lab, fuel, security, catering contracts | Mostly completed |
| Tanzanian bank working-capital line (US$3.6–4M) | Sep–Nov 2024 | Two offer letters received | Not completed before administration |
| Bridge funding and Gemcorp extension | Oct 2024 | A$600k bridge; 3% fee + 5% capitalised interest | Insufficient; administration followed |
Medium-term targets and guidance
The company published no formal financial guidance. Operational targets were 40 ktpa nameplate and a 24-year mine life (2019 enhanced DFS). The successor owner Gemcorp targeted nameplate by early 2026 (sale listing).
Successor strategy (2025–2026)
Gemcorp has run a process inviting parties to acquire 100% of Lindi Jumbo Limited, and has said a minority sale would also be considered. In May 2026 it formalised state participation through the Ndovu Graphite JV. The Tanzanian government has signalled interest in downstream processing and battery-materials industrialisation.
Products & Services
Graphite segment
| Asset / product | Description | Key specifications | Target customer | Status / year | Pricing |
|---|---|---|---|---|---|
| Lindi Jumbo Graphite Mine (flagship) | Open-pit truck-and-shovel mine with an integrated flotation plant, about 200 km from Mtwara port and about 460 km from Dar es Salaam port | Nameplate 40,000 tpa concentrate; reserve grade 17.9% TGC; 24-year life (2019 enhanced DFS); 28.3 ha TSF; grid power (TANESCO 33 kV) | Wogen Pacific (exclusive offtaker) and its end customers | First on-spec production June 2024; ~16.4 kt produced in CY2025 | Market prices via Wogen; European prices at a premium to Chinese quotes (FY2024 AR) |
| Jumbo / large flake concentrate (+50 mesh and coarser) | Premium coarse fraction | 94–96% TGC (2025) | Expandable graphite, foils, fire retardants | Producing | Premium; prices not disclosed |
| Medium flake concentrate | Mid-size fraction | 94–96% TGC | Refractories, crucibles | Producing | — |
| Fine flake concentrate (-100 mesh) | Fine fraction | 94–96% TGC | Battery anode feedstock (spherical graphite), lubricants | Producing | — |
| Off-spec / unscreened material | Commissioning-phase product | Below spec | Specialist processors | Sold during 2024 commissioning | Discounted; not disclosed |
| Kimoingan Graphite Project | Exploration prospect in Merelani ward, Manyara Region, NE Tanzania, known for large-flake occurrences | No resource disclosed | — | Exploration | — |
The FY2024 AR refers to "four different products"; individual product names and mesh splits are not publicly itemised.
Gold / Base Metals segment
| Asset | Location | Commodity | Status (latest disclosure) |
|---|---|---|---|
| Amani Hard Rock Gold Project | South-west Tanzania (orogenic vein/shear-hosted gold) | Gold | Exploration deferred; increased activity planned for CY2025 (FY2024 AR). Not pursued post-administration |
| Blackcraig | Dumfries and Galloway, Scotland | Pb-Zn-Ag | Maiden 1,676 m scout drilling (2022); best intercept 12.4% Zn and 3.7 g/t Ag over 0.8 m (ASX, 21 Jun 2022) |
| Glenhead | Scotland | Polymetallic | Drill-ready pending approvals (WKT website) |
| Tyrone Licence | Northern Ireland | Cu, Zn, Pb, Au, Ag | Drill-ready pending approvals |
| Eureka Lithium Project | Namibia (per Morningstar profile) | Lithium | No disclosed work programme in FY2023–24 ARs |
| Botswana interests (historic, coal/energy) | Botswana | Coal / energy | Legacy; company was a Botswana Chamber of Mines member |
Services
None. Walkabout offered no services, platforms or licensing.
Financial Narrative
Sources: FY2024 Annual Report (FY2023–FY2024 audited statements and 5-year key statistics table); FY2023 and FY2022 Annual Reports (net loss and net assets); Kalkine Media aggregation for FY2020–FY2022 total assets and net debt (flagged as aggregator data). No FY2025 financial report was lodged: administrators deferred reporting under ASIC Instrument 2015/251, and the company was later delisted and deregistered. FY2025 is therefore "not publicly disclosed" and omitted from the year columns.
Income statement
Margins: Gross, operating, EBITDA and net margins are not meaningful because revenue was nil. The revenue CAGR is likewise not meaningful.
FY2024 vs FY2023 expense detail (A$)
Commentary. The FY2024 loss nearly doubled to A$8.53M. Higher expensed finance costs explain about 60% of the increase: the Gemcorp facility was fully drawn by March 2024 and carried SOFR + 14% on Tranche A and SOFR + 16% on Tranche B. The effective capitalisation rate was 18.8% (FY2024 AR Note 7). Once construction was substantially complete on 31 May 2024, a growing share of interest could no longer be capitalised. That structural step-up in the cost of carry, against a plant still in ramp-up, was the core financial vulnerability. In addition, total comprehensive loss was A$13.21M after an A$4.68M negative FX translation movement on the Tanzanian assets.
Balance sheet
Notes: FY2020–FY2021 cash is derived from Kalkine net-debt data for years with no borrowings; treat it as indicative. FY2023 "debt" comprises prepaid share placements (A$1.66M) and bridging loans (A$1.40M). Kalkine shows FY2023 net debt at −A$0.074M because it excludes these items; the dossier figure includes them, so the two sources differ. Mine property and exploration opening balances for FY2022 come from FY2024 AR Notes 7–8 (opening FY2023 balances).
Commentary. Total assets grew 3.7x over FY2020–FY2024, almost entirely from capitalised mine construction. Equity peaked at A$49.95M in FY2023 after the A$16.6M entitlement issue, then fell 20% in FY2024 as losses and FX translation eroded it. Gearing moved from net cash in FY2020–FY2022 to net debt of A$31.0M in FY2024 (78% of equity). Liquidity was critically thin: cash was A$0.38M at 30 June 2024 and A$0.20M at 30 September 2024, and current liabilities exceeded current assets by A$4.35M. Auditors EY flagged a material uncertainty over going concern.
Cash flow
Commentary. Over FY2023–FY2024 the company burned A$48.5M of free cash. It funded this with A$13.5M of equity and A$36.6M of gross borrowings. FY2024 marked the pivot from equity-funded to debt-funded development; equity raised in FY2024 was effectively nil.
Ratios
Method: Ratios use average balances. FY2022 ROE uses (22.052 + 34.479) / 2. FY2024 ROIC = EBIT / (equity + debt) averaged ≈ −5.825 / 78.6. Net debt / EBITDA is not meaningful because EBITDA is negative. The cash conversion cycle is not meaningful because there was no revenue.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Products / activities |
|---|---|---|
Graphite | Lindi Jumbo mining licence and plant (Tanzania), adjacent prospecting licences, and Kimoingan graphite prospect (Manyara Region) | Flake graphite concentrate (commissioning/ramp-up) |
Gold / Base Metals (combined in FY2024 disclosure) | Amani hard-rock gold (SW Tanzania); Scotland projects (Blackcraig Pb-Zn-Ag, Glenhead) under three Crown Estate Scotland Mines Royal options covering 744 km² in Dumfries and Galloway; Tyrone licence, Northern Ireland (Cu-Zn-Pb-Au-Ag) | Exploration only |
Corporate | Treasury, listed-entity compliance, head office (Perth) | Holds cash |
Segment revenue (AUD Mn)
| Segment revenue (AUD Mn) | FY2023 | FY2024 |
|---|---|---|
Graphite | 0 | 0 |
Gold / Base Metals | 0 | 0 |
Corporate (interest income) | 0.0067 | 0.00002 |
Revenue by Segment
| Segment result (AUD Mn) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Corporate | — | -3.722 | -5.580 |
Graphite | — | -0.651 | -2.449 |
Gold / Base Metals | — | -0.097 | -0.500 |
Total Group | -5.207 | -4.470 | -8.529 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansSegment assets (AUD Mn)
| Segment assets (AUD Mn) | FY2023 | FY2024 |
|---|---|---|
Corporate | 0.962 | 1.296 |
Graphite | 52.504 | 70.405 |
Gold / Base Metals | 2.612 | 1.650 |
Non-current asset additions (AUD Mn)
| Non-current asset additions (AUD Mn) | FY2023 | FY2024 |
|---|---|---|
Graphite | 6.417 | 23.436 |
Gold / Base Metals | 0.358 | 0 |
Group Entities
| Entity | Jurisdiction | Role |
|---|---|---|
Walkabout Resources Ltd | Australia | Listed parent (deregistered 2026) |
Walkabout Australia (Pty Ltd) | Australia | Intermediate holding; placed in administration with parent, Nov 2024 |
Reveal Resources | — | Subsidiary; placed in administration with parent, Nov 2024 |
Lindi Jumbo Limited | Tanzania | Licence holder and operator; borrower under the Gemcorp facility; now a subsidiary of Gemcorp Commodities Asset Holding Limited |
Ndovu Graphite Limited | Tanzania | JV company formed May 2026: Lindi Jumbo Ltd 84%, Government of Tanzania 16% (free-carried) |
Walkabout Security Holdings Pty Ltd | Australia | Escrow vehicle used for 9.2M shares relating to TNR contractor deferral (FY2023–24) |
Other subsidiaries (Botswana, Malawi, Namibia, UK) | Various | Exploration holding entities; names not publicly itemised in sources reviewed |
“—” = not publicly disclosed.
Income Statement and Per-Share Data
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Revenue / interest income (AUD Mn) | — | — | — | 0.0067 | 0.00002 |
Gross profit (AUD Mn) | — | — | — | 0 | 0 |
Operating income / EBIT (AUD Mn, derived) | — | — | — | -4.270 | -5.825 |
EBITDA (AUD Mn, derived) | — | — | — | -4.234 | -5.716 |
Finance costs expensed (AUD Mn) | — | — | — | 0.207 | 2.704 |
Borrowing costs capitalised (AUD Mn) | — | — | — | 0.684 | 3.759 |
Pre-tax income (AUD Mn) | -4.440 | -3.325 | -5.207 | -4.470 | -8.529 |
Net income (AUD Mn) | -4.440 | -3.325 | -5.207 | -4.470 | -8.529 |
EPS basic (A$ cents) | -1.33 | -0.94 | -1.19 | -0.80 | -1.27 |
EPS diluted (A$ cents) | -1.33 | -0.94 | -1.19 | -0.80 | -1.27 |
Dividends per share (A$ cents) | 0 | 0 | 0 | 0 | 0 |
Weighted avg shares (M) | — | — | — | 558.99 | 669.13 |
Expense line (AUD)
| Expense line (AUD) | FY2023 | FY2024 |
|---|---|---|
Consulting fees | 1,334,225 | 856,108 |
Employee costs | 330,899 | 1,168,258 |
Finance costs | 207,388 | 2,704,409 |
Legal and compliance | 657,229 | 456,702 |
Site expenses | 0 | 529,494 |
Administration | 180,436 | 549,951 |
Professional fees | 293,138 | 489,221 |
Travel | 162,547 | 374,221 |
Director fees | 284,663 | 288,890 |
Occupancy | 231,161 | 272,257 |
Insurance | 298,589 | 264,934 |
Marketing | 230,840 | 268,088 |
Foreign exchange loss | 211,162 | 153,686 |
Depreciation | 35,424 | 109,138 |
Balance Sheet
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Total assets (AUD Mn) | 20.826 | 23.345 | 49.719 | 56.078 | 76.551 |
Cash and equivalents (AUD Mn) | 2.882 | 5.660 | 1.019 | 0.074 | 0.381 |
Short-term debt (AUD Mn) | 0 | 0 | — | 3.060 | 3.699 |
Long-term debt (AUD Mn) | 0 | 0 | 0 | 0 | 27.666 |
Total debt (AUD Mn) | 0 | 0 | — | 3.060 | 31.366 |
Net debt (AUD Mn) | -2.882 | -5.660 | -1.019 | 2.986 | 30.985 |
Total equity (AUD Mn) | — | 22.052 | 34.479 | 49.954 | 39.916 |
Goodwill and intangibles (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Mine properties (AUD Mn) | — | — | 44.003 | 50.420 | 66.333 |
Deferred exploration (AUD Mn) | — | — | 2.326 | 2.685 | 3.102 |
Working capital (AUD Mn) | — | — | — | -3.054 | -4.351 |
Total liabilities (AUD Mn) | — | — | — | 6.124 | 36.635 |
Cash Flow
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | — | — | — | -3.973 | -5.118 |
Capex: mine properties (AUD Mn) | — | — | — | 13.699 | 20.066 |
Capex: PP&E (AUD Mn) | — | — | — | 0 | 3.430 |
Exploration spend (AUD Mn) | — | — | — | 0.166 | 0.453 |
Free cash flow (AUD Mn) | — | — | — | -17.838 | -30.684 |
Proceeds from share issues (AUD Mn) | — | — | — | 13.493 | 0.0003 |
Proceeds from borrowings (AUD Mn) | — | — | — | 3.400 | 33.196 |
Repayment of borrowings (AUD Mn) | — | — | — | 0 | 2.206 |
Dividends paid (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0.00000001 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
ROE (%) | — | -18.5 | -10.6 | -19.0 |
ROA (%) | -15.1 | -14.3 | -8.4 | -12.9 |
ROIC (%) | — | — | — | -7.4 |
Current ratio (x) | — | — | 0.46 | 0.46 |
Debt / equity (x) | 0 | — | 0.06 | 0.79 |
Interest coverage (EBIT / finance cost, x) | — | — | -20.6 | -2.2 |
Asset turnover (x) | — | — | 0 | 0 |
Region revenue (AUD Mn)
| Region revenue (AUD Mn) | FY2023 | FY2024 |
|---|---|---|
Australia | 0.0067 | 0.00002 |
Tanzania | 0 | 0 |
United Kingdom | 0 | 0 |
Others | 0 | 0 |
Region non-current assets (AUD Mn)
| Region non-current assets (AUD Mn) | FY2023 | FY2024 |
|---|---|---|
Australia | 0.018 | 0.011 |
Tanzania | 51.086 | 69.879 |
United Kingdom | 2.403 | 2.734 |
Others | 0 | 0.229 |
Share Price and Per-Share Data
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Share price at 30 June (AUD) | 0.135 | 0.20 | 0.215 | 0.097 | 0.11 |
Loss per share (A$ cents) | -1.33 | -0.94 | -1.19 | -0.80 | -1.27 |
Capital Markets
| Item | Detail |
|---|---|
Analyst coverage | 0 analysts (Simply Wall St) |
Dividends | None paid in company history to FY2024 (FY2024 AR five-year table) |
Buyback authorisations | None, other than the A$0.01 escrow share buy-back (Nov 2023) |
Credit ratings | None (Moody's, S&P, Fitch not rated) |
Debt maturity | Gemcorp senior facility: grace to 31 Mar 2025; first principal 31 Mar 2025; final maturity 31 Dec 2026; DSRA of two quarters; cash sweep of 25–50% above US$5M. Enforced November 2024 |
Equity raises (major) | A$6.4M placement (May 2021); A$16.6M entitlement issue at A$0.11 (Nov 2022); A$2.06M placement to BMCG (Nov 2023) |
Analyst Conclusions
Management guidance: None. The entity no longer exists. The successor operator (Lindi Jumbo Limited / Gemcorp) targets 40 ktpa nameplate and a 24-year mine life. There is no consensus coverage.
Bull-case arguments (relevant to the Lindi Jumbo asset and any future acquirer)
-
Proven, operating asset. It produced 16,421 t at 94–96% TGC in 2025 with orders above 27,800 t, which de-risks the geology and metallurgy.
-
Structural scarcity of premium flake. Chinese export controls and declining Shandong jumbo supply favour high-grade non-Chinese large flake.
-
Clean recapitalised structure. Under the DOCA the debt overhang that sank Walkabout was resolved. State alignment via the 16% free carry stabilises the fiscal relationship.
Bear-case arguments
-
Equity holders lost everything. Deregistration crystallises a total loss; there is no residual listed exposure.
-
Ramp-up shortfall. 2025 output reached about 41% of nameplate, roughly 18 months after first production.
-
Structural cost and logistics penalties. Distance to port, Dar es Salaam congestion and weak graphite pricing compress margins for a 40 ktpa operation.
Catalysts and monitorables (next 12 months)
-
Outcome of Gemcorp's sale process for Lindi Jumbo Limited (buyer identity, valuation).
-
Achievement of the 40 ktpa nameplate run-rate.
-
Tanzanian downstream-processing policy and Ndovu Graphite JV governance.
-
Graphite flake price trends and Chinese export-control enforcement.
-
Any disclosure of DOCA creditor returns or residual exploration-asset sales.
Analyst verdict
Walkabout Resources is a textbook case of a technically successful project attached to a financially fragile corporate vehicle. Over nine years, a small Perth team with limited balance-sheet capacity discovered, permitted, financed and built a genuinely high-grade large-flake graphite mine in Tanzania. Lindi Jumbo's 17.9% TGC reserve grade, low capex of US$27.8M and premium product mix were real advantages, and the asset is today producing 94–96% TGC concentrate for a global customer base. On geology and engineering, the thesis largely held.
The financing thesis did not. Repeated failures to close cheaper debt (Afreximbank in 2020, then CRDB in 2021–22) pushed the company into a sequence of dilutive equity raises, prepaid share subscriptions and bridge loans. It finally landed on a US$25M facility priced at SOFR + 14–16% with lender cash-flow participation. When construction finished in May 2024, interest stopped being capitalised just as the plant entered a slow ramp-up. With cash under A$0.4M, negative working capital and an 80%-on-loading receivables model, the company could not survive the Dar es Salaam port delays of October 2024. Within weeks, the senior lender had taken control through receivership and a DOCA.
For equity investors, the conclusion is final: the listed entity was removed from the ASX in August 2025 and deregistered in September 2026, and no return to shareholders has been disclosed. For strategic investors, the asset is now the interesting object. It is a de-levered, government-aligned (16% free carry), operating flake graphite mine for sale by a lender-owner, in a market where non-Chinese supply carries a strategic premium. The key diligence questions are sustainable throughput toward 40 ktpa, unit costs including logistics, and realised pricing for jumbo fractions. The broader lesson for the junior graphite sector is that capital structure, not orebody quality, is often the binding constraint on value capture.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Appointed | Background / education | Other listed boards |
|---|---|---|---|---|
Michael Elliott | Non-Executive Chairman | Director 20 Dec 2018; Chair 21 Apr 2021 | BCom (UNSW); EY partner 1995–2015 and Global Mining & Metals Sector Leader for over 10 years; FCA, MAICD | None (last 3 years) |
Andrew Cunningham | CEO / Executive Director | NED 13 Nov 2015; CEO 21 Apr 2021 | BSc Hons Geology (Stellenbosch); Australian Institute of Geosciences; with Walkabout since 2013 | None. Now director of Lindi Jumbo Limited under Gemcorp (2026) |
Phil Montgomery | Non-Executive Director | 15 Jul 2021 | BSc Mech Eng and Business Mgmt (Oxford Brookes); ex-BHP Chief Growth Officer, Global Head of Group Project Management, VP Projects (Jansen potash) | Lithium Americas Corp; formerly Salt Lake Potash; SMFG |
Peter Finnimore | Non-Executive Director | 15 Jul 2021 | BCom/LLB (Queensland); ex-South32 Chief Marketing and Chief Commercial Officer; Rio Tinto, Rusal, BHP | — |
Tony Allen | CFO / Joint Company Secretary | 16 Sep 2021 (CoSec); CFO contract from 19 Jul 2021 | CPA; over 30 years as CFO/CoSec of resources companies | — |
Ben Donovan | Joint Company Secretary | 1 Mar 2023 | Chartered Secretary; Governance Institute of Australia | — |
Directors' Remuneration
| KMP | Salary and fees | STI (cash) | Superannuation | Equity (STI rights) | Total | Performance-related (%) |
|---|---|---|---|---|---|---|
Andrew Cunningham (CEO) | 376,892 | 82,401 | 0 | 82,401 | 541,694 | 30 |
Tony Allen (CFO) | 304,000 | 77,862 | 27,500 | 77,862 | 487,224 | 32 |
Michael Elliott (Chair) | 106,800 | 0 | 13,200 | 0 | 120,000 | 0 |
Phil Montgomery (NED) | 90,000 | 0 | 0 | 0 | 90,000 | 0 |
Peter Finnimore (NED) | 80,100 | 0 | 9,900 | 0 | 90,000 | 0 |
Total | 957,792 | 160,263 | 50,600 | 160,263 | 1,328,918 | — |
Total KMP remuneration (AUD) | FY2023 | FY2024 | — | — | — | — |
Total KMP pay | 1,007,259 | 1,328,918 | — | — | — | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
27 Jul 2012 | Christopher Mason (MD) departs | Pre-rename era |
30 Jun 2013 | George Kenway (Chair) departs | Post-rename |
28 Apr 2015 | Peter Batten (NED) departs | — |
13 Nov 2015 | Geoff Wallace (Exec Dir) departs; Cunningham joins as NED | Lindi Jumbo discovery phase |
15 Mar 2019 | Thomas Murrell (NED) departs | — |
19 Oct 2020 | Trevor Benson (Exec Chair) departs | Funding stalemate; Afreximbank process |
21 Apr 2021 | Cunningham becomes CEO; Elliott becomes Chair | Construction-phase governance reset |
15 Jul 2021 | Montgomery and Finnimore appointed | Project delivery and marketing expertise |
30 Apr 2022 | Allan Mulligan (COO) departs | — |
12 Nov 2024 | Board powers suspended on appointment of administrators/receivers | Insolvency |
Major Shareholders
| Holder | Shares | % of 671.26M | Source |
|---|---|---|---|
Michael Elliott (incl. nominal holdings of 30.3M) | 32,800,000 | 4.9 | FY2024 AR |
Peter Finnimore | 3,912,998 | 0.6 | FY2024 AR |
Andrew Cunningham | 1,962,062 | 0.3 | FY2024 AR |
Tony Allen | 5,000 | 0.0 | FY2024 AR |
Competitive Landscape
Key Competitors
| Competitor | Asset / country | Positioning versus Lindi Jumbo |
|---|---|---|
Syrah Resources (ASX: SYR) | Balama, Mozambique; Vidalia anode plant (USA) | Largest non-Chinese natural graphite producer with much larger nameplate; finer flake mix; vertically integrated into anode material |
Black Rock Mining / Faru Graphite (ASX: BKT) | Mahenge, Tanzania | Tanzanian development peer with large resource; government JV structure (Faru) |
EcoGraf (ASX: EGR) | Epanko, Tanzania | Development-stage Tanzanian peer with anode-processing ambitions |
Volt Resources (ASX: VRC) | Bunyu, Tanzania | Development-stage Tanzanian peer |
Magnis Energy Technologies | Nachu, Tanzania | Tanzanian peer that also entered administration in 2024; illustrates sector funding stress |
Triton Minerals (ASX: TON) | Ancuabe, Mozambique | Mozambique-belt flake developer |
NextSource Materials (TSX: NEXT) | Molo, Madagascar | Producer of large-flake product, similar premium-flake strategy |
Tirupati Graphite (LSE) | Madagascar | Small flake producer |
Chinese producers (Heilongjiang / Shandong flake mines; BTR New Material downstream) | China | Dominant global supply; price setters. Shandong jumbo flake supply decline noted by Gemcorp |
Nouveau Monde Graphite; Northern Graphite; Graphite One | Canada / USA | Western-jurisdiction projects benefiting from IRA/supply-chain policy |
Peer Comparison FY2024
| Metric | Walkabout FY2023 | Walkabout FY2024 |
|---|---|---|
Revenue (AUD Mn) | 0.0067 | 0.00002 |
Net loss (AUD Mn) | -4.470 | -8.529 |
Total assets (AUD Mn) | 56.078 | 76.551 |
R&D intensity (%) | 0 | 0 |
Recent Developments
The register extends back to January 2024 to capture the full insolvency arc.
