It's a little known mining junior but the Walkabout Resources Ltd (ASX: WKT) share price is up 3% today and has more than doubled over the past year as speculators buy into its African graphite mining story.
According to its latest regulatory filing Walkabout has 304.2 million shares on issue to give it a market value of $50 million based on today's price of 16.5 cents per share.
According to the company it is developing "the high-grade Lindi Jumbo Graphite Project in South East Tanzania to take advantage of forecast market conditions for Large and Jumbo flake graphite projects".
Today the miner announced it has signed a binding off take agreement for up to 50% of planned annual production for the next 3 years with Chinese company Inner Mongolia Qianxin Graphite Co.
For the six months ending December 31 2018 the company made an operating cash loss of $1.1 million and had cash on hand of $6.2 million.
