This was supported by results from an Expansion Preliminary Feasibility Study (PFS) demonstrating robust economics and improved economies of scale supporting the expansion.
Blackham has now secured up to $72 million in funds to continue to advance its Expansion Definitive Feasibility Study and manage its balance sheet whilst it continues to demonstrate improving operational cash flows from the operation.
The funding arrangement is underpinned by the ability to draw the funds from The Australian Special Opportunity Fund, a New York-based institutional investor, managed by The Lind Partners.
Bryan Dixon, managing director for Blackham, commented:
"As Blackham demonstrates strengthening production from its gold operations and pushes forward with the Expansion DFS, the Lind Facility gives the company maximum flexibility in choosing the best future funding solution for shareholders to grow the Matilda-Wiluna Gold Operation into a 200,000ozpa long mine life asset."
Jeff Easton, managing director for The Lind, added:
"We are excited to return at this crucial point to fund Blackham and back management as they demonstrate the next chapter of their significant growth story."
The funding provides Blackham with flexibility and time to choose the optimal funding solution going forward.
Under the agreement with Lind, Blackham will receive $1.2 million on execution as a prepayment for fully paid ordinary shares in Blackham.
Blackham has the ability to vary further monthly share subscriptions with Lind between nil and $3 million over the next two years.
The Expansion DFS is expected to be completed by the end of the March quarter 2018.