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), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. The Matilda/Wiluna Gold Operation incorporates over 1,000 square kilometres of tenements containing total JORC 2012 resources of 63Mt @ 3.2 g/t for 6.4Moz of gold. These tenements cover around 55 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine and Coles Find Sequence has historically produced 4 million ounces of gold.

All the deposits are within 26 kilometres by existing haul roads of Blackhams recently acquired Gold Plant. With exploration prospects at Mt Poole, Monarch, Carroll Prior, Red Lady, Zenith, Island and Albion in the Lakeway area provides the company with excellent exploration areas for potential future projects.



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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