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Blackham Resources substantial holder Delphi lifts stake to 39.03%

Blackham recently signed an agreement to sell the remaining planned gold concentrate production from its stage 1 expansion at the Matilda-Wiluna Gold Operations in WA.

Blackham Resources substantial holder Delphi lifts stake to 39.03%
Stage 1 intends to increase production to around 100,000-120,000 ounces of gold per annum

Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) substantial shareholder Delphi continues to show confidence in the company’s gold strategy, lifting its stake to 39.03%.

The German-based prolific Australian junior resources sector investor and related entities now hold more than 3.3 billion Blackham shares.

Despite difficult market conditions, Blackham’s recent non-renounceable pro-rata entitlement offer received strong support from large institutions and cornerstone investors (including Delphi) and the company's chairman Milan Jerkovic.

Blackham raised about $26.15 million before costs from the offer.

Sulphide Expansion Project

Jerkovic said after the raising: “Blackham is fortunate to have Delphi and a number of significant global institutions that stepped up during the past months market turmoil.

“We take that as a real show of support not only for the Wiluna project but for the current management team and our staged strategy to becoming one of the largest single asset gold producers in Australia.

“The resultant transformation of the Blackham balance sheet will allow the company to move rapidly ahead on its previously announced Sulphide Expansion Project.”

Delphi’s largest mining investment to date

Major Delphi shareholder and chairman of investment company Deutsche Balaton Wilhelm Zours said: “Blackham represents our largest mining investment to date and fits our long-term strategy of investing in deep value.

“Wiluna has historically been a very rich gold mine and we believe that this management team has the capability and now the balance sheet to deliver its full potential.”

Quick facts: Blackham Resources Ltd

Price: 0.0145 AUD

ASX:BLK
Market: ASX
Market Cap: $145.41 m
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Blackham Resources executive chairman discusses 'transformational' expansion...

Blackham Resources Ltd (ASX:BLK) executive chairman Milan Jerkovic updates Proactive Investors on new low capital cost staged expansion plans for the Matilda-Wiluna Gold Operation in Western Australia. Jerkovic says, "The current plan we put in place gives us cash flow for ten years, to...

on 28/2/19

2 min read