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Blackham Resources takes major step towards re-financing the Matilda-Wiluna Operation

Blackham is focused on enhancing gold production and improving cash flow.

Pacific Road is a dedicated mining private equity specialist

Blackham Resources Ltd (ASX:BLK) is on the road to completing the re-financing of the Matilda-Wiluna Operation with an agreed initial $60 million funding package with Pacific Road Capital.

Blackham welcomed Pacific Road as a new cornerstone shareholder and substantial financial contributor to the 6.5 million ounce Matilda-Wiluna Gold Operation in Western Australia.

Pacific Road is a dedicated mining private equity specialist, managing two funds with over US$800 million of total committed capital.

Details of the package

- $7.35 million private placement at $0.12 per share;
- $2.65 million sub-underwriting of a planned $12.3 million entitlement offer;
- $50 million loan facilities; and
- Potential for further debt funding of the Wiluna Plant Expansion to lift capacity to 3.3 million tonnes per annum.

The funding agreement is at an executed term sheet stage, with formal legal documentation well advanced and expected to execute within one week.

This follows an extensive technical due diligence process by Pacific Road.

Renounceable entitlement offer

Blackham will offer shareholders an opportunity to participate at the same share price as Pacific Road through a renounceable entitlement offer, of two shares per seven shares held, to potentially raise a further $12.3 million.

The Matilda-Wiluna Operation

The 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 65 million tonnes at 3.1g/t gold for 6.5 million gold ounces.

These are all within 20 kilometres of Blackham’s wholly-owned 1.8 million tonne per annum plant, gas power station, borefields and accommodation village.

Blackham has consolidated almost the entire Wiluna Goldfield within a +1,100 square kilometre tenement package which has historically produced more than 4.3 million gold ounces.

Quick facts: Blackham Resources Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $51.88 m

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