Blackham Resources Ltd: Half Year Financial Report and Appendix 4D
29.02.2020 | ABN Newswire
Perth, Australia - 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 Blackham Resources Ltd:
Blackham Resources Ltd. (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.
Source:
Blackham Resources Ltd.
Contact:
Milan Jerkovic Executive Chairman Office: +61-8-9322-6418 Jim Malone Investor Relations Mobile: +61-419-537-714