Perth, Australia, Feb 28, 2020 - (ABN Newswire) - Blackham Resources Ltd (ASX:BLK.AX - News) (HAM:NZ3.HM - News) (OTCMKTS:BKHRF - News) 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:
About Blackham Resources Ltd:
Blackham Resources Limited (ASX:BLK.AX - News) (OTCMKTS:BKHRF - News) 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.
Blackham Resources Ltd
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