Half Year Financial Report and Appendix 4D
Perth, Feb 28, 2020 AEST (ABN Newswire) - Blackham Resources Ltd (
ASX:BLK) (NZ3:FRA) (BKHRF:OTCMKTS) 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.
To view the half year report, please visit:
https://abnnewswire.net/lnk/0S545TX3
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (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 8.04M oz at 1.67 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.
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