It is premature to guess 15% without any further...

It is premature to guess 15% without any further information.Based on current graphite prices, which have been stable at around $1,200 per tonne (Mining Review Africa), Walkabout's target production rate of 40,000 tonnes per annum, and the estimated average basket price of $1,515/t for the life of mine (24 years) (Walkabout Resources), it is possible that the Lindi Jumbo project could generate annual revenue of around $60.6 million.Additionally, according to Macquarie Capital's forward price estimates, the Lindi Jumbo basket prices could be $1,441/t and $1,630/t in 2024 and 2025, respectively (Mining Review Africa). With this projected increase in basket prices, the revenue generated by the project could potentially be even higher than previously estimated.

For the Government's free carried interest, the term sheet signed with Gemcorp includes a condition precedent that the lender will be satisfied with the legal validity of the Mining Development Agreement and that the GOT free carried interest will be appropriately documented. Therefore, the DD process will likely review this aspect and ensure that it is satisfactory.

Regarding the statement "the Lender will also be entitled to a proportion of free cash flow after tax and debt servicing," the exact details of this clause will be outlined in the final loan agreement and will be determined through negotiations between Walkabout Resources and Gemcorp. This clause is a common feature in loan agreements and serves as a way for the lender to receive additional returns beyond the interest rate. It is not uncommon for lenders to receive a share of free cash flow as an incentive for providing financing, and it is a standard practice in the mining industry.