Walkabout Resources Ltd. advised that construction activities are continuing at Lindi Jumbo, in addition to the nearing of completion of the manufacture and acquisition of major processing equipment in China. This is despite the delayed drawdown of the USD 20 million project debt facility through CRDB Bank Plc (CRDB) announced on 6 June 2022. HIGHLIGHTS: Established and trusted relationships with all major contractors have seen the continuation of works while the last condition precedent (CP) for debt drawdown is being finalised.

Development progress on the ground is more than 50% complete against the construction schedule. Key milestones advancing commissioning include: Manufacture and acquisition of major processing equipment complete by EPC contractor, Yantai Jinpeng Mining Machinery (Jinpeng), with shipment of items not already on-site pending debt drawdown. Arrival of major equipment in the processing plant flow onsite and awaiting installation.

Completion of crushing, grinding, conveyors and thickener civils, enabling commencement of steelwork and equipment erection. Completion of pre-strip of the starter pit, with drilling underway in preparation of the first blast. Continuation of tailings storage facility (TSF) groundworks with application of an impervious clay base and all fill of the keys nearing completion.

TANESCO, the Tanzanian Electrical Supply Company, has commenced connection of the Lindi Jumbo site to the national grid and provided written confirmation of the planned sufficient supply of grid power for the entire operation, expected to result in a significant reduction in operating costs. Offtake negotiations have continued with a focus on finalising the key commercial terms including pricing and off-take profile. EARTHWORKS AND CIVILS: Since the last update the project has not recorded any lost time injuries.

More than 150 workers continue to progress earthworks and civils with processing plant civil works reaching 78% completion and strong headway making up for some of the minor delays caused by the heavy rains since the beginning of the year. Concrete works were aligned with the shipping schedule and various work fronts have been opened for simultaneous steelwork construction by the EPC team, Jinpeng. Since May, and further to the announcement on 30 April 2022, the following progress has been made: Thickener civils complete; Conveyors civils complete; Fine Ore Bin civils complete; Crusher Civils complete; Screen civils complete; and Concentrator building and mill bases casted.

TSF - 37% complete: fill pre-deposition of the embankments in progress. piping delivered and partially installed. lining in country.

EPC Contractor, Jinpeng, has completed the manufacture and acquisition of the majority of the major equipment for the processing plant. While all previous shipments of equipment have been delivered to the Lindi Jumbo site, several batches of factory acceptance tested equipment are in storage in China and remain on standby for loading. Shipping of the equipment will commence upon drawdown of the project debt.

The delay in despatch of these remaining shipments will impact the overall project schedule and as logistics become clearer this will be communicated to the market. With the mechanical construction team on site since April, the erection of the steelwork had commenced focussing on the fine-ore bin, thickener, front-end (ROM Bin) and conveyor areas of the processing plant. The civils completed to date were prioritised to these areas.

STARTER PIT: Earthworks, including the removal and stockpiling of the topsoil, the removal of the clay rich saprolitic material, and the exposure of the bedrock in preparation of drilling and blasting at the starter pit area is nearing completion the first blast planned for late June. The starter pit has been chosen to generate maximum waste rock and clay rich material for the construction of the TSF retainer wall, while at the same time exposing and selected excavation of the high-grade graphitic material for the commissioning and start-up of the processing plant. Care was taken to avoid the highly visible super high-grade zones that will form the baseload of the run of mine stockpile.

The waste rock generation starter pit will potentially have a positive knock-on effect on the operating costs for the initial period of the proposed mine plan with a higher ratio of ore to be produced. As with all of the construction areas, care is taken to keep the operational footprint as small as possible in line with the Company's efforts to minimise the environmental and carbon footprint.