Explanation of Financial Results
Perth, Oct 2, 2018 AEST (ABN Newswire) - Blackham Resources Limited (
ASX:BLK) (BKHRF:OTCMKTS) ("Blackham") reports its financial results for the financial year ended 30 June 2018.
EXPLANATION OF RESULTS
- The Company recorded a loss for the year ended 30 June 2018 of $20.0 million. $14.4m of the loss was incurred in the first half of the year which was mostly impacted by low gold production at the Matilda-Wiluna Gold Operation, where production and mill feed head grade was hampered by 43% of mill feed being sourced from low grade stockpiles.
- The second half of the year saw a 31% increase in production on the previous half. This was driven by lower open pit mining strip ratios, higher mill grade and continuous improvements made by the processing team to the plant. Mill throughput improved in each successive quarter of FY18, with record throughput achieved in the Jun'18 quarter (535kt milled).
- Operationally, the Company had gross profits from operations of $4.8m (before non-cash depreciation and amortisation charges), $5.6m of which came from the second half of the year, completely turning around the first half's performance.
- Cash flows from operating activities were A$6.2m, of which A$8.3m came from the six months ending 30 June 2018.
- Production guidance for FY19 is 77k-89koz @ an AISC of A$1,250-$1,450/oz.
Strong production is expected to continue in FY19 as high grade material is accessed from the Wiluna open pits, and Blackham remains committed to extending its free-milling plan via exploration success. Our goal is to consistently achieve production of 80koz per annum and create a pathway to unlocking value in our sulphide resource, making the Matilda-Wiluna Gold Operation one of Australia's more significant mines.
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About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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