Half Year Financial Report and Appendix 4D
Half Year Financial Report and Appendix 4D
Perth, Feb 28, 2020 AEST (ABN Newswire) - Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) generated a strong net profit for the half-year ended 31 December 2019 of $24m, including $19m relating to the sale of non-core assets. Gross profit and cash flows from operations of A$7m and A$7m respectively illustrated the operational turnaround from prior periods' mining investments, underpinned by gold production of 37,568oz at an All in Sustaining Cost ('AISC') of A$1,524/oz.

Owing to a combination of strong operating performance, the realisation of value from the sale of non-core assets, and proceeds from equity transactions, the Company was able to achieve significant balance sheet repair including:

- Reduction in trade payables of $11m; and

- total debt reduction of $9m, including the extinguishment of a Convertible Note debt.

Additionally, there was significant investment into preproduction mining areas, in particular at the Williamson open pit mine where $8m of the total $10m contribution in relation to the Lake Way Transaction1 was realised.

Key business development activities in the six months included the successful completion of the Stage 1 Expansion Study, the refurbishment of the Rod Mill (providing additional mill throughput) and exploration activities which included the delineation of further Golden Age underground extensions.

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About Wiluna Mining Corporation Ltd

Wiluna Mining Corporation LtdWiluna Mining Corporation (ASX:WMX) (OTCMKTS:WMXCF)  is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 6.4 Moz at a grade of 2.1 g/t Au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.



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

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

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