Recapitalisation to Underpin Transformation 2018

Orion term loan refinanced, underwriting of entitlements issue to be finalised this week

• Blackham has successfully refinanced its Orion term loan, via a new $14.3 million financing arrangement with its key   mining contractor, MACA Limited
• Hartleys Limited appointed as Lead Manager and to act as Underwriter in respect of $36 million entitlements issue; underwriting set to be finalised this week
• Entitlements issue to be undertaken at an issue price of $0.04 per new share, together with one free attaching listed $0.08 option for every two new shares issued
• Orion, MACA and PYBAR have provided sub-underwriting commitments totalling up to $13 million in respect of the proposed entitlements issue
• Blackham Chairman Milan Jerkovic to sub-underwrite up to $500,000
• Strengthened Balance Sheet to underpin future growth of Company
• Board and Management team to be bolstered
o  Greg Fitzgerald to be appointed as Non Executive Director
o Linton Kirk and Jonathan Lea to be appointed to Technical Advisory Committee
• Recent operational performance confirms turnaround underway, with record gold production of 3,294oz in the past fortnight

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