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Blackham Resources gains new substantial holder in UBS Group

The company recently raised $52 million in equity from existing shareholders and global institutions who joined the registry for the first time.

Blackham Resources Ltd - Blackham Resources gains new substantial holder in UBS Group
Blackham’s Matilda-Wiluna Gold operation is in the Northern Goldfields of Western Australia

Blackham Resources Ltd (ASX:BLK) has gained a new substantial holder in UBS Group AG and its related bodies corporate.

The Swiss multinational investment bank and financial services company has a 5.77% stake in Blackham after acquiring 573.37 million shares.

Stage-1 sulphide reserve development

Blackham’s Matilda-Wiluna gold operation in WA is a free milling, open-pit mining operation supported by reserves at the Matilda, Wiluna and Williamson open pit mines and the Golden Age underground mine.

The company recently raised $52 million in equity from existing shareholders and global institutions who joined the registry for the first time, as well as major shareholder Delphi AG of Germany, to advance stage-1 expansion at the Wiluna Gold Mine.

The stage-1 sulphide expansion project aims to see underground production ramp-up through FY 2021 to 100-120,000 ounces per annum over an initial 6-year underground mine plan.

Wiluna is endowed with a large underground sulphide resource that stands at 18.5 million tonnes at 4.82 g/t for 2.9 million ounces, including 1.7 million ounces (58%) in the inferred category, which presents the company with substantial reserve conversion and life-of-mine extension opportunities

Quick facts: Wiluna Mining Corporation Ltd

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