News: Initiation Report: Waltzing towards Gold Production

• The Sophisticated Investor (TSI) is the first website in Australia to provide detailed equity investment analysis using video as the key communication tool to help investors become more informed about their investment decisions.
• TSI has released a report on Blackham Resources (ASX:BLK) and their Matilda Gold Project in Wiluna, Western Australia.
• Blackham consolidated the Matilda Project in 2014 and has outlined an initial production strategy to target free milling ore.
• There is significant infrastructure at site, including a 1.3Mtpa processing facility, a gas power station, airstrip, a 350 person camp and administration offices.  This has reduced the initial capital costs to $25m.
• The project is fully financed to production as Blackham secured a $38.5m Funding Package with Orion Mine Finance.
• We initiated coverage on Blackham with a valuation of $0.40 / share.  We have been conservative with our key assumptions (Mine Life, UG Grade and Operating Costs) which we will review post the release of the PFS (October 2015).