Blackham delivers January record

RECAPITALISED Blackham Resources is emerging from last year’s near-death experience, and reporting report higher gold production and record low costs from cash flow positive operations, just days before a A$36 million entitlement offer closes.

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The company’s executive chairman, Milan Jerkovic, said the company’s turnaround was well underway, and he expected to make 2018 a “transformational year” in which the company generated significant cash flow, put operational issues in the past and started tackling its debts.

The Matilda-Wiluna operation, which accessed high grade zones in the M4 and Galaxy pits late last year, produced a record 6498 ounces in January, up from 5500oz in December, and thanks to a low stripping ratio all-in sustaining costs hit a record low of $1158/oz – down from $2247 in November.

The average realised gold price for January was $1663/oz.

Blackham said it had achieved a “clear step change in economics”, and expected to see milled grade and gold production continue to improve throughout...