Canaccord Update Report: July 2017

BLK has provided a JunQ’17 production update for its Wiluna operations. Disappointingly,
the company has missed guidance for the Q (17-22koz), reporting production of 15.7koz
(CG est. 17.8koz), up modestly from the MarQ’17 result of 14.9koz. No cost data has
been reported; however, based on the results we expect AISC’s to be ~A$1880/oz for
the Q. The company has flagged wet weather, wall slippages and lower than expected
underground grades as the reasons for the miss. BLK has flagged a likely increase in
grade profile going forward, which should see a transition to generating FCF from the

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