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November 16, 2018

Institutional Research Note – Initiation of coverage by Alternative Resource Capital of London

October 18, 2018

Blackham shifts open pit focus from Matilda

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ABOUT US

Australian Gold Producer With Outstanding Growth Opportunity

Blackham Resources Limited “Blackham” is a Perth based, ASX listed gold mining company that owns 100% of the Matilda-Wiluna Gold operation located in Australia’s biggest gold belt.

Blackham produced 78,089ozs of gold in the 2018 calendar year at an All in Sustaining cost of A$1,441/oz.

The Matilda-Wiluna gold operation is currently a free milling, open pit mining operation supported by reserves at the Matilda, Wiluna and Williamson open pit mines and the Golden Age underground mine.

The operation has large defined resources of 6.7 Moz at a grade of 2.2 g/t Au. The current, expanding gold reserve is 1.53 Moz at 1.8 g/t Au.

The recent operational performance of the project is indicative of the operational improvements. The base case free-milling production plan cashflows underpin the investment opportunity and the dominant land position and 6.7 Moz resources, along with an expansion plan for gold production of 200koz, providing significant upside potential.