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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 the Northern Goldfields of Western Australia.

Blackham commenced gold production in October 2016, and produced 70,565 ounces of gold in the 2017/2018 financial year. Gold production for the June 2018 half was 40koz, representing a 31% increase in production of the previous half.

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 resource of 6.7 Moz at a grade of 2.2 g/t. The current, expanding gold reserve is 1.2 Moz at 2.6 g/t of which almost 1 Moz is underpinned by the open pits.

The recent operational performance of the project is indicative of the operational turn around. The base case free-milling production plan cash flows 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.