Matilda Mine Development Williamson Regent, Galaxy, Wiluna Queen

For personal use only COMPANY FOCUS

• Rapidly grew the free milling Matilda deposits over the last 2 years since acquisition • Fire-sale acquisition of Wiluna Gold Plant (WGP) and infrastructure unlocks the value in Matilda Gold Project • Now multi-million ounce project with 55kms of strike and 780km2 landholding • Acquisition, exploration & development cost ~ A$3/oz Au resource • Exploration focus on free-milling mineralisation

For personal use only use personal For • Market cap ~ A17 Million or EV $4/oz gold resource

2 CORPORATE OVERVIEW

CAPITAL STRUCTURE BOARD OF DIRECTORS Market cap. @ A$0.17 A$17M Joseph Gutnick Non-executive Chairman Bryan Dixon Managing Director Shares on issue 89.1M Executive Director Options @ A$0.20 – A$0.38 12.7M Greg Miles Cash & liquid assets @ 31 Dec 2013 A$0.3M Alan Thom Executive Director Convertible notes - drawn A$0.5M Convertible notes - undrawn A$7.5M

SHAREHOLDER ANALYSIS

Top 20 66% Great Central Gold 26.7% HSBC Nominees 9.0%

Kingsreef Pty Ltd 6.9% For personal use only use personal For Widerange Pty Ltd 3.1%

3 MATILDA GOLD PROJECT The right address

• Large, highly prospective tenement holding in the Wiluna goldfield in Northern Yilgarn, Western Australia • Regional endowment >35Moz • 4Moz Wiluna belt production, over 7Moz total endowment • Excellent access & infrastructure • Well positioned for new discoveries

and economic development of For personal use only use personal For existing resources

4 MATILDA & WILUNA GOLD PROJECT

• Resource 40Mt @ 3.3 g/t for 4.3Moz Au • 4Moz of historical production • +780 km2 of tenure & 55km of mine sequence strike • All deposits within 26km of the Wiluna Gold Plant (BLK agreement to acquire) by existing haul roads • Little systematic regional For personal use only use personal For exploration in over a decade

MATILDA STRATEGY: Free milling ore focus

• Keep operations on care and maintenance while building ore reserves (~ 12 to 18 months) • Aggressive exploration strategy to focus on new oxide and/or free-milling shallow underground ore bodies • Rigorous feasibility study as a precursor to a development decision • Plant can to be used in its current location • Utilise both ball mills for free-milling ore up to 1.5mtpa • moth-ball the refractory circuit for possible future use

For personal use only use personal For • Plant refurbishment to be out of debt

CONSOLIDATED MATILDA & WILUNA

► JORC Resources 40Mt @ 3.3g/t for 4.3Moz Au ► Mix of open pit & high grade underground ore ► Land holding 780km2 – 55km of mine strike ► Processing plant 1.1 – 1.5Mtpa capable of treating oxide for 80,000-100,000ozpa1 ► Biox circuit capable of treating refractory ores ► 12MW gas power station & diesel backup ► Existing permitted borefields and infrastructure ► 350 person accommodation village ► Established sealed airstrip and roads

For personal use only use personal For ► Full approvals and licenses

1 assumes production from the Matilda deposit 1.5Mtpa @ 2.0g/t recovery 90.5% for 89,000oz. Approximately 80% of the Matilda pit areas are to a measured and indicated resource category. 20% of the pit areas are inferred resource. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realiised.

WILUNA PROCESSING CIRCUIT

Mill 2 Circuit Up to 550,000tpa Underground Ore Mill 1 Up to 1Mtpa Oxide Ore

Mill 1 & 2 Circuit

Up to 1.5 Mtpa For personal use only use personal For Matilda oxide Ore EXPLORATION & DEVELOPMENT PIPELINE

Advanced Resource - Matilda Mine Development Williamson Regent, Galaxy, Wiluna Queen

Matilda Extensions Brown Fields Carroll – Prior, Golden Age Repeats, East & West Lodes

Green Fields Mentelle Trend, Galaxy North, Caledonian

Trend For personal use only use personal For Focus on converting resources to reserves at development targets and finding new deposits in brown and green fields ADVANCED RESOURCES - MATILDA MINE

Near term mining opportunity

• Most advanced • Production (1987-1992): • 2.7 Mt@ 2.3g/t = 163,000oz au • Mostly oxide material mined from 7 shallow pits, generally to < 50m • Existing mining lease and previous Notice of Intent to mine Scoping Study pits and resources at Matilda • Mining heritage agreement g/t Oz RESOURCES Mt • Historical mining data - basis for Au Au Measured 0.1 2.4 9,000 For personal use only use personal For feasibility studies Indicated 4.7 2.0 300.000 Inferred 8.2 1.7 450,000 TOTAL 13.0 1.8 760,000 10 MATILDA MINE CENTRE

Limited deeper drilling Drilling > 100 m • Very limited drilling of high grade down-plunge targets • Limited drilling along strike of existing pits • Pit convergence lowering stripping ratios • Further resources upgrades • Extensions of known lodes

• Discovery of new lodes between For personal use only use personal For pits

11 EXPLORATION – MATILDA MINE EXTENSIONS

• Very limited drilling of high grade down-plunge targets

• High-grade mineralisation in pit floor • Outstanding drill results: 35m @ 5.05 g/t from 114m including 12m@ 9.1g/t • West Lode remains open – priority target

• only use personal For Potential for discovery of new lodes between pits 12

M1 DEPOSIT – HIGH GRADE SHOOTS For personal use only use personal For

13 M4 DEPOSIT Shallow oxide deposit, open along strike and down plunge

• Historical mining: 386,000t @ 2.2g/t for 27,000oz au to < 50m depth • Resource 204,000oz Au with 93% < 160m from surface • Resource extends 650m north of the pit & open Recent high grade intercepts include: • 10m @ 5.47g/t from 120m • 5m @ 5.30g/t from 125m • 12m @ 4.76g/t from 119m • 31m @ 2.32g/t from 120m • 1m @ 12.5g/t from 132m & 3m @ 11.4g/t from 171m

only use personal For & 12m @ 2.8g/t from 180m incl. 2m @ 9.15 g/t

14 MATILDA STRIKE EXTENSIONS & MENTELLE SHEAR

• Historical drilling has identified 4m @ 13.9 g/t (64m) mineralisation up to 3km from the mine area • Strike extensions partly covered by drainage – impediment to historical exploration = opportunity

• Mentelle trend… parallel Mentelle structure? 4m @ 13.4 g/t (boh)

• Mentelle prospect potential Target resource with Matilda characteristics • Large RAB program to test structure

For personal use only use personal For • Matilda extension vector also provides bulls-eye target M11 6m @ 13.9 g/t (22m) 15 4m @ 9.51 g/t (22m)

LAKE WAY / WILLIAMSON

• 350Koz resource at Williamson, but structural setting similar to Wiluna – potential cluster of deposits • Numerous resource targets defined by previous drilling • Carroll -Prior targets

• Previous drilling identified continuous mineralisation over 3km

• Infill drilling to define resources • Extensions to Williamson splay lode

• Review other auger anomalies For personal use only use personal For

16 ADVANCED RESOURCES Williamson Pit – mining 2006 WILLIAMSON DEPOSIT • High-grade shear zones bounding monzogranite stockwork up to 40m wide. Free-milling ore • High-grade mineralisation beneath current pit [email protected]/t from 117m [email protected]/t from 372m [email protected]/t from 176m [email protected]/t from 136m • Mining ceased Sept 2006, gold price averaged = A$730/oz

RESOURCES Mt g/t Au Oz Au

only use personal For

Indicated 2.7 1.7 148,000 Inferred 3.6 1.8 202,000 TOTAL 6.3 1.7 350,000 17 CARROLL PRIOR PROSPECTS

• Potential large tonnage, near surface For personal use only use personal For • Deeper drilling to identify high grade primary mineralisation

18 ADVANCED RESOURCES - GALAXY

• 0.6 Mt @ 2.9 g/t = 52,000oz Au (Inferred), shallow, no recent exploration • Favourable mining economics • High grade intercepts: 4m @ 11.5g/t from 56m 3m @ 11.3g/t from 4m 4m @ 12.3g/t from 6m 8m @ 9.65g/t from 72m 7m @ 6.33g/t from 38m 4m @ 9.63g/t from 14m Peripheralonly use personal For RAB targets for follow-up 19 GALAXY NORTH

• Structural analogue to Wiluna Mine 2km • Dextral offset fault in mafic mine sequence

• Approx 2km prospective zone

• This setting hosts 6Moz at Wiluna as well Galaxy as mineralisation at Regent. The target Deposit is a Wiluna-style mine camp • Galaxy deposit possibly part of mine camp cluster • Only minor drilling – exploration hampered by thin cover of overlying For personal use only use personal For basin sediments

NB. Figures at same scale 20

ADVANCED RESOURCES - REGENT Considerable scope to increase deposit

• 700m of strike and still open • Excellent grades and widths – steep dilatant structures open at depth • Good continuity, robust deposit • Additional extension drilling down plunge required

RESOURCES Tonnes g/t Au Contained Oz Au Indicated 738,000 2.5 69,000

Inferred 3,108,000 2.1 211,000 For personal use only use personal For

TOTAL 3,846,000 2.2 270,000 Open

21 WGP - Golden Age North • Golden Age Mine was highly profitable

• Produced 160Koz @ 9.07 g/t • Free -milling • Mined in OP but best ore occurred at structural inflection 200-800m below surface Golden Age Quartz Reef • Terminated against East Lode Fault (ELF) • Golden Age North is the off-set extension of Golden Age on the other side of ELF • Approximate position of “Lake Way” historical mines • Drilling only to 65m – small oxide target

For personal use only use personal For • Ultimate target is structural inflection 200m below surface

WGP - Golden Age Repeats Republic & Brothers Reefs • Republic and Brothers sub-parallel with Golden Age reef over significant depth extent. • Similar high-grade intercepts recorded where reef flattens to 25-40deg dip = Targets. Only minor drilling.

1.6m @ 12.7 g/t (103m)

6m @ 4.5 g/t (194m) 2.5m @ 8.3 g/t (312m)

Targets For personal use only use personal For 0.6m @ 11.2 g/t (431m)

23 WGP – Caledonian Trend

• 3km strike from Wiluna mine to Caledonian Pit • Very shallow RAB drilling (~5m) & limited RC to 60m • Caledonian mineralisation has very little 7m @ 7.15 from 40m 5m @ 5.01 from 20m surface expression to 20m. Therefore most drilling ineffective • Numerous hits indicate potential for open-pit resources. Quartz hosted – free

milling 6m @ 6.2 from 20m • Nearby historical workings at Derwent &

Monarch additional open pit potential For personal use only use personal For • Derwent: 3m @ 50.6 g/t from 25m 12m @ 5.68 from 27m • Monarch: 6m @ 19.4 g/t from 44m 24

$13M FUNDING AGREEMENT

• $13.3M funding package with Great Central Gold

$3.3M Placement (@ 21 cents) – completed in July 2013

$10M in convertible notes $2.5M notes drawn & $2M converted to shares at 25c Monthly drawdowns of $1million, 8% interest, unsecured $8 million notes will convert to equity at 25 cents through the

issue of 32 million ordinary shares once fully drawn For personal use only use personal For

FUNDED TO UNLOCK VALUE 25 NEW MATILDA VISION

■ A multi million ounce gold project. Exploring regional oxide and free milling opportunities ■ Blue sky 55km of strike & 780km2 ■ Conventional low risk plant configuration ■ Plant capacity 1.1-1.5 Mtpa for 80,000–100,000ozpa1 ■ Extend mine life to 5+ years of free milling ores ■ Stringent technical hurdles prior to re-commissioning ■ Fire sale acquisition minimises risk

■only use personal For Very low capital - high return opportunity

DISCLAIMERS & IMPORTANT INFORMATION

This presentation includes certain statements that may be deemed ‘forward-looking statements’. All statements that refer to any future production, resources or reserves, exploration results and events or production that Blackham Resources Ltd (‘Blackham’ or ‘the Company’) expects to occur are forward-looking statements. Although the Company believes that the expectations in those forward- looking statements are based upon reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from the outcomes. This may be due to several factors, including market prices, exploration and exploitation success, and the continued availability of capital and financing, plus general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or performance may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in the report that relates to the Matilda Mine, Regent and Williamson Mineral Resources is based on information compiled or reviewed by Mr Trevor Stevenson, of RungePincockMInarco. Mr Stevenson is a Fellow of the Australian Institute of Mining and Metallurgy and a CP(Geo). Mr Stevenson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stevenson has given consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information contained in the report that relates to the Galaxy Mineral Resource at the Matilda Gold Project is based on information compiled or reviewed by Mr Cain Fogarty, who is a full-time employee of the Company. Mr Fogarty is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fogarty has given consent to the inclusion in the report of the matters based on this information in the form and context in which it appears. The information contained in the report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves at the For personal use only use personal For Wiluna Gold Project is based on information compiled or reviewed by Mr Greg Miles, who is a full-time employee of the Company. Mr Miles is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Miles has given consent to the inclusion in the report of the matters based on this information in the form and context in which it appears. 27 •

CONTACT DETAILS

Bryan Dixon Managing Director Project partners: Blackham Resources Ltd

E: [email protected] T: +61 8 9322 6418 | F: +61 8 9322 6398 A: Level 2, 38 Richardson Street, West Perth WA 6005 P: PO Box 1412, West Perth WA 6872 W: www.blackhamresources.com.au ASX Code: BLK

For personal use only use personal For

28 APPENDIX A: GOLD RESOURCES Table 1. Matilda Gold Project Resource Summary (JORC 2012) Measured Indicated Inferred Total Mining Centre g/t Koz g/t Koz g/t Koz g/t Mt Mt Mt Mt Koz Au Au Au Au Au Au Au Au Matilda Mine 0.1 2.4 9 4.7 2.0 300 8.2 1.7 450 13.0 1.8 760 Williamson 2.7 1.7 150 3.6 1.7 200 6.3 1.7 350 Mine Regent 0.7 2.5 61 3.1 2.1 210 3.9 2.2 270 Galaxy 0.6 2.9 52 0.6 2.9 52

Matilda Total 0.1 2.6 9 8.1 2.0 510 16 1.8 910 24.0 1.9 1,400

See ASX announcement 20th January 2014 for JORC Table 1 information.

Table 2. Wiluna Gold Project Resource Summary (JORC 2004) Indicated Inferred Total Lode Mt g/t Au Koz Au Mt g/t Au Koz Au Mt g/t Au Koz Au

Henry 5 – Woodley - Bulletin 2.1 5.9 404 0.8 4.6 112 2.9 5.6 516

Burgundy - Calais 1.3 6.0 250 0.3 5.7 58 1.6 6.0 309

East Lode 1.2 5.4 213 2.6 5.5 453 3.8 5.4 667 West Lode Calvert

1.2 5.3 198 2.3 5.3 383 3.4 5.3 581 For personal use only use personal For Happy Jack - Creek Shear 1.5 5.9 289 1.3 4.8 205 2.9 5.4 494 Other Deposits 0.8 4.0 109 1.3 4.1 172 2.1 4.1 281 Wiluna Total 8.2 5.6 1,465 8.6 5.0 1,384 16.7 5.3 2,848 29

MANAGEMENT Joseph Gutnick – Non Executive Chairman Greg Miles – Executive Director Mr Gutnick has been a director of numerous Greg graduated from the Australian National mining companies including Great Central Mines University in Canberra as a geologist and has since Ltd (GCM) which he built into one of Australia’s worked in a number of different commodities and most successful gold mining companies. Under his mineral provinces across a broad portfolio of grass- stewardship, GCM discovered the Plutonic Gold roots to development projects. Professional Mine and explored, developed and operated the highlights include involvement in the discovery of Bronzewing and Jundee Gold Mines, three world- the 2.3Moz Centenary Deposit at the Darlot Gold class gold mines. GCM produced over 780,000oz Mine in the Eastern Goldfields, WA and the 40Mt of gold per annum at its peak. He was awarded Mount Caudan Iron Ore Deposit in the southern the Diggers award at the 1997 Diggers and Dealers Yilgarn, WA. Industry Awards and is a former Director of the Alan Thom – Executive Director World Gold Council. He is also a Fellow of the AusIMM. Alan, a mining engineer, has extensive experience as a senior manager and executive in the UK, Bryan Dixon – Managing Director Africa and Australia. Currently he holds a Western Bryan’s skills and experience include project Australian First Class Mine Managers Certificate, acquisition, mine development and financing. Has and he has held statutory mine and management been involved in feasibility ad financing of 3 gold positions for Newmont in both underground and mines. Having previously worked with KPMG, open-pit operations at Jundee and Bronzewing. Resolute Limited, Société Générale and Alan has managed a number of definitive and Archipelago Resources Plc, he has substantial bankable feasibility studies for significant resource For personal use only use personal For experience in the mining sector and the projects. He presently consults to a number of management of listed public companies. resource companies on business and project development.

History Wiluna Gold Mine

► Long History of Production +4Moz

► Historical Oxide, Quartz, Tailings ~1Moz

► 1897 – 1924 Oxide & Quartz 186,000 oz

► 1984 – 1993 Oxide & Tailings 770,000 oz

► BIOX Fitted to Existing Oxide Plant (Com May 1993)

► 2007 Oxiana (Oz Minerals) acquires Agincourt

► 2007: Project broken up - Wiluna mine assets sold to Apex for $29.5M

► Apex spends $71M on exploration expenditure

► Minmetals Acquires Oz Minerals

►only use personal For Nov 2011 Blackham acquires Matilda Gold Project for $1.4M

► Jan 2014 Blackham acquires $2M upfront and $2.6M in deferred consideration