Quarterly Activities Report
Quarterly Activities Report
Perth, July 30, 2018 AEST (ABN Newswire) - Blackham Resources Ltd (ASX:BLK) (OTCMKTS:BKHRF) ('Blackham' or 'the Company') provides the following update on its activities for the quarter ended 30 June 2018 and thereafter:


Matilda-Wiluna Gold Operation

- Operations generate positive cash flows again in the June quarter

- Jun'18 gold production of 19,393oz (Mar'18 quarter: 20,631oz), in line with previous quarter, resulting in a record six months of gold production to Jun'18 of 40,024 oz (Dec'17 half: 30,541oz), a 31% increase on last half

- Record throughput of 535kt milled for the quarter (Mar'18 Qtr: 477kt), a 12% increase on last quarter

- Mill feed grade of 1.44g/t consistent with prior quarter (Mar'18 Qtr: 1.51g/t)

- Process recoveries reduced to 78.6% (Mar'18 Qtr: 89.4%) due to the main ore source being the transitional and fresh ore from the now completed M4 pit, a one-off isolated issue which was the primary constraint to achieving higher production in the quarter and half year, as well as increasing AISC/oz

- Process recoveries in the first three weeks of July are 91% due to the main ore feed source again being Matilda oxide ore

- All in sustaining costs per ounce ('AISC') for the quarter of A$1,509/oz (Mar'18 Qtr: A$1,092/oz)

- Stripping ratio for the quarter increased to 7.9 times (Mar'18 Qtr: 2.9 times) representing an investment in next quarter's production and a large contributor to the higher AISC in the Jun'18 quarter

- Average realised gold price of A$1,685/oz for the half, and A$1,696/oz for the Jun '18 quarter


- Current gold forward sales contracts of 26,189oz @ A$1,742/oz over the next 8 months

- Net debt at 30 June 2018 reduced to $8.4m (31 March 2018: $10.4m)

- Board strengthened further with the addition of Mr Tony James as a Non-Executive Director

- Production guidance for FY19 is 77k-89koz @ an AISC of A$1,250-$1,450/oz

Reserve Development and Exploration

- High grade free milling mineralisation extended at Wiluna Mine

- Multiple high grade extensions identified at Golden Age

- Lake Way drill programme completed during the quarter and awaiting assay results

- Maiden resource published over Wiluna tailings - 620,000oz

- Positive scoping study completed on Wiluna tailings retreatment project ('Wiltails')

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About Blackham Resources Ltd

Blackham Resources ASX:BLKBlackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF) Wiluna-Matilda Gold Operation is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. The Operation now includes resources of 96Mt @ 2.2g/t for 6.7Moz Au all within 20kms of the central processing facility. Blackham has consolidated the entire Wiluna Goldfield within a +1,440km2 tenure package which has historically produced in excess of 4.4 million ounces over a 120-year mining history.



Milan Jerkovic
Executive Chairman
T: +61-8-9322-6418

Bryan Dixon
Managing Director
T: +61-8-9322-6418

Jim Malone
Investor Relations
T: +61-419-537-714

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