For personal use only use personal For

Jan 2012 BLACKHAM MANAGEMENT

Brett Smith Chairman - Geologist Mr Smith has been involved in mineral exploration, project development and mining for over 20 years in a range of commodities. He has a wealth of experience in all facets of geology and the search for and development of ad nickel assets. Mr Smith is also Managing Director of Corazon Mining Ltd.

Bryan Dixon - Managing Director – Corporate Mr Dixon has substantial experience in the mining sector and in the management of listed public companies. Previously, he has been employed by KPMG, Resolute Samantha Limited, Société Générale and Archipelago Resources Plc. Bryan also holds a non executive director role with Hodges Resources Limited and Midwinter Resources NL. Mr Dixon is a Chartered Accountant and brings project acquisition, development, financing and corporate skills to the Company. Mr Dixon is also Chairman of the Scaddan Energy JV Committee.

Greg Miles Executive Director - Geologist Mr Miles has had a successful career in mineral exploration and development of over 18 years in numerous commodities and mineral provinces. Broad technical expertise as a Geologist and Exploration Manager, directing a small, dynamic team as well as Board level experience as a Non-Executive Director with Cove Resources Limited. Highlights include the discovery and development of the 40Mt Mount Caudan Deposit, Parker Range Project (Cazaly) and exploration and development of gold resources at West Kalgoorlie (now owned by Phoenix).

Alan Thom Non Executive Director – Mining Engineer Mr. Thom is mining engineer with extensive experience as a senior manager and executive working in , United Kingdom, Africa and Bangladesh. His experience covers a range of commodities including gold, nickel, uranium and all types of coal. Alan has managed a number of definitive and bankable feasibility studies for significant resource projects. Mr. Thom has worked alongside major international investment banks. Alan holds a Western Australian First Class Mine Mangers Certificate and previously held statutory mine management positions for Newmont in both underground For personal use only use personal For and open pit operations. Mr. Thom currently consults to a number of resource companies on business and project development. BEng(Hons), GDipAppFin, GradDipBus, FFin, MAusIMM.

CORPORATE STRUCTURE

Market Cap (AUD 0.20) AUD 8.6 million • Issued Share Capital Cash (Sept 2011) AUD 1.1 million Shares on Issue 43.0 million Options $0.26-0.38 (2012-14) 4.5 million Options $1.00 (2012-13) 2.1 million

MAJOR SHAREHOLDERS HSBC 19.1% J P MORGAN NOMINEES 6.3% DEUK SUNG BAE 5.1% KINGSREEF PTY LTD 5.1%

INFEON LIMITED 4.4% For personal use only use personal For BENISON HOLDINGS 4.2% Top 20 61% COMPANY STRATEGY

• Blackham management has a history of recognizing opportunity and adding value through exploration

• Blackham has added significant value at its Scaddan Coal Project

• Matilda acquisition is a very cheap entry price ($5/oz) into a very large high prospective gold

For personal use only use personal For mining province MATILDA GOLD PROJECT

• Large highly prospective tenement holding in the Wiluna region,

• Unloved & forgotten gold project

• Assets include previous operating mines, infrastructure and residual resources as well as an extensive exploration position

• Resource 10.2Mt @ 1.8 g/t for 601,000oz au • Blackham management well equipped to extract full value

• Opportunity for Blackham to become a gold producer at a time of historically high gold prices

For personal use only use personal For

MATILDA GOLD PROJECT TENURE

• Major position of control in the Wiluna Greenstone Belt • 4 million ozs. gold production in belt to date • Wiluna Mine Resource 12.7Mt @ 5.4 g/t Au 2.22Mozs (Oct ’10 Apex Minerals Annual Report) • 40km of strike along the Wiluna Mine Sequence • 10km of strike along the Coles Find Mine Sequence • Matilda Gold Project covers over 600km2 For personal use only use personal For • Little systematic regional exploration for over a decade

MATILDA PROJECT HISTORY

• 1886: Gold discovered at Wiluna, mining activities peak in the 1930’s

• 1960’s: Modern exploration begins, principally for nickel

• 1973– late1980’s: various owners exploring for gold, nickel, copper & uranium

• 1898–1996: Asarco commences production, produces initial resource estimates for some KRL resources. Scoping studies for lateritic nickel

• 1996: Asarco ceases production

• 1997-2000: GCM acquires project begins regional exploration

• 2000-2002: Normandy acquires GCM. Concentrate on Wiluna mine sequence &

• 2002: Newmont acquire project, mining plans for KRL’s Galaxy & Regent deposits

• 2003 Dec: Project put into receivership, sold to Agincourt who focus on mining & defining Lake Way deposits (KRL’s)

• 2006: Focus on immediate mine area. Independence begin Ni exploration

• 2007 April: Oxiana (Oz Minerals) acquire Agincourt

For personal use only use personal For • 2007 June: Wiluna Mine assets sold to Apex Minerals Ltd

• 2009: Minmetals acquire Oz Minerals

• May 2011: Kimba Resources acquires project from Minmetals

• Oct 2011: Blackham enters agreement to acquire Kimba ADVANCED GOLD PROJECTS Galaxy

• Large database of over 39,000 drill holes. Data validation and geological interpretation underway.

• 371 reports available (departmental, technical etc…) Regents

• Blackham believes “Data Mining” will identify new opportunities. Williamson

Matilda For personal use only use personal For MATILDA PROJECT PIPELINE

Development

M1O, M2, Regent Galaxy, Williamson Advanced

M1, M4, M5, M6, M11, Williamson South, Carol Prior

Matilda Deeps, Williamson Deeps, Monarch, Prospects For personal use only use personal For North Galaxy, Mt Poole, Ward Well Group, Zenith, Red Lady, Pluto, Deep Bore, Auditor, Clairault, Gold Tooth 2-PRONG BUSINESS STRATEGY

Development: • Advance existing oxide resources (classify per JORC). • Near term toll treating opportunities. • Potential synergies with Apex Mill. • Scoping studies, metallurgy, engineering etc. • Longer term strategy to build resources to warrant own milling option.

Exploration: • Identify new oxide resources (near term). • Early stage prospects already identified. • Identify primary resources (medium term). • Depth extensions to known oxide resources.

For personal use only use personal For • Conceptual targets.

GOLD RESOURCES

Mineral Resource Estimates

Inferred Total g/t g/t Oz. Prospect Tonnes Tonnes Au Au Au

Williamson 4,923,000 1.9 4,923,000 1.9 301,000

Williamson Sth 1,078,000 1.8 1,078,000 1.8 63,000

Regent 1,259,000 2.0 1,259,000 2.0 81,000

M10 123,000 2.7 123,000 2.7 11,000

M2 1,944,000 1.1 1,944,000 1.1 68,000

Galaxy 884,000 2.7 884,000 2.7 77,000

Total 10,211,000 1.8 10,211,000 1.8 601,000

For personal use only use personal For Rounding errors may occur - grades to 2 significant digits in this table. Williamson & Regent Deposits quoted using 0.75 g/t lower cut-off grade M2 Deposit using a 0.5 g/t lower cut-off grade. All others use 1.0g/t lower cut-off grade. WILLIAMSON PIT

Williamson Pit aerial view

• Situated on Wiluna Mine Sequence 26km from the Wiluna Gold Plant by existing haul roads

• During 2005/2006 Agincourt produced 664,000t @1.98 for 42,000oz from this pit

• Inferred Resource 4,9Mt @ 1.9 g/t 301,000oz au

• Mining ceased in Sept 2006 when gold price was < US$600/oz or A$800/oz. Williamson Pit long section - mineralisation (Green 1-3 g/t, Red 3-5 g/t, Pink >5g/t)

• Significant gold remains in the stage 1 pit and stage 2 pit models being reviewed

• Exploration to focus on extending the For personal use only use personal For deposit along strike in the oxide material and down plunge

WILLIAMSON DEEPS

• Primary ore zone below 150m

• High grade shear zones bounding low grade continuous mineralised monzogranite up to 40m wide

• Best intercepts 4m @ 231g/t and 70m @ 2.38g/t

• Potential for low cost bulk mining method

• High grade underground targets in

For personal use only use personal For fresh rock need further drilling WILLIAMSON SOUTH

• Located 500m south of Williamson Pit

• Drilling has delineated a 1.5km zone of gold mineralisation.

• Gold mineralisation similar to Williamson Williamson • Inferred resource 1,1Mt @ 1.8g/t = 301,000oz 63,000oz

• Near surface oxide mineralisation including • 19m @ 14.2g/t from 60m • 18m @ 2.8g/t from 35m • 20m @ 3.3g/t from 19m

• All aircore drilling not deeper than 60m

Further diamond drilling needed to target open extensions below the

For personal use only use personal For existing resource Williamson Sth 63,000oz to 60m CARROLL PRIOR

Williamson Pit 301,000oz

• Carroll Prior is a large mineralised shear zone extending over 10km in length • Drilling intersected broad zones of gold mineralisation associated with wedge of felsic volcanics bounded by

dolerite Williamson Sth • Potential to host a large 63,000oz to 80m deposit suitable for an bulk open pit mining methods • Carroll Prior resource estimate Carroll Prior ?

For personal use only use personal For currently being reviewed

MATILDA MINE GREAT POTENTIAL AROUND OLD PITS

• Located 19km from the Wiluna Gold Plant by existing haul roads

• Gold mined from 7 shallow pits.

1986-92 2.5Mt @ 2.02g/t Au, 163kozs (Chevron/Eon)

1992 & ’96 1.5Mt @ 2.46g/t Au, 117,200 oz (Asarco)

• Limited drill testing proved that depth extensions continue for at least 300m (eg; 14m @ 6.75 g/t).

• All pits only mined oxide material mostly to less than ~50m. Most pits are open along strike.

• Primary down plunge targets identified need to

be fully tested For personal use only use personal For • Drilling planned to commence in January Matilda Mine -3D looking SSW MATILDA MINE A large mineralised system

Open Mineralisation

Historical Pit shells

Open For personal use only use personal For

Open Open Open Matilda Mine -3.5km longitudinal view looking west

M2 Pit Looking west MATILDA M1 DEEPS High grade shoots down plunge M1 Pit

• Primary gold targets include down dip extensions to known ore bodies at M1

• Best drilling intercepts include:

• 13m @ 8.78 g/t from 211m

• 14m @ 6.75 g/t from 236m

• A number of mineralised zones Long section looking east through M1 central displaying northern plunge continuity of the intersected in shallow drilling within the steeply east dipping lodes mined from the M5 pit. Grades above 1g/t Au are colourised. Matilda system also demonstrate consistent plunge geometry and down- dip potential but have not been tested at depth

• These geometries give potential for For personal use only use personal For multiple ore bodies down plunge Historical Open possibly within a bulk mining open pit or M1 Pit shell underground scenarios

M2 Pit Looking west MATILDA M2 PIT Mineralisation below existing pit floor M1 Pit Historical M2 Pit shell

Inferred Resource

For personal use only use personal For 1,944,000Mt @ 1.1g/t Open Open for 68,000oz au

Shallow oxide M10 Pit never mined MATILDA M10 PIT Surface footprint is 130x40m M2 Pit More drilling planned

Open For personal use only use personal For

Open Considerable scope for increasing REGENT the deposit through specific targeting and infill drilling • Located 9km south of Wiluna Gold Mine and Plant. Several advanced prospects including the Regent, Regents North, Zenith and Red Lady.

• Regents currently has 700m strike and still open

• Inferred resource 1,3Mt @ 2.0g/t = 81,000oz

• excellent grades and widths, open at depth in what appear to be steep dilatant structures

• footwall mineralised zones that are not incorporated in current resource models.

• Additional infill and extension drilling has the

potential to improve the size of the resource For personal use only use personal For

Open GALAXY

• Located immediately along strike to the north of the Wiluna Gold Mine. Several Wiluna Mines ‘lookalike’ target areas where mine sequence is cut by controlling N - NNE faults

• Inferred resource 0.88Mt @ 2.7g/t = 77,000oz

• Numerous prospects at varying stages require reassessment

• Best intercepts:

• 4m @11.48 g/t Au from 56m

• 3m @ 10 g/t Au from 4m • 4m @12.3 g/t Au from 6m • 4m @11.3 g/t Au from 54m • 9m @8.67 g/t Au from 72m

• 8m @4.85 g/t Au from 33m For personal use only use personal For • 4m @10.3 g/t Au from 38m • No systematic exploration in recent times NICKEL

• The Wiluna ultramafic sequence extends over 40km, varying in true thickness from 100 to 600m

• The thicker parts are overlain by an extensive blanket of nickel laterite mineralisation

• The main body of a Ni laterite resource extends over 19 kilometres averages 15 metres in thickness and is generally 30 metres deep, with considerable variations in thickness and width throughout

• Inferred Laterite Ni Resource: 80.5Mt @ 0.77% Ni, 0.058% Co & 8.84% MgO (Agincourt, 2006 Annual Report)

• There has been limited drilling over the full strike of Magnetic image showing Wiluna Ultramafic sequence and some ultramafic host and the resource has potential for Ni sulphide prospects considerable upgrade in a number of areas with further drilling

• Nickel sulphide potential is vast. Independence JV’d

For personal use only use personal For into the project in 2006.

• Numerous targets generated and several economic grade intercepts drilled

MATILDA GOLD SUMMARY

• Opportunity to develop substantial resources in the Wiluna greenstone belt in Western Australia

• 39,000 hole database, numerous quality walk up targets and very limited exploration in recent times

• Building on the 601,000oz resource and evaluating the mining economics major focus

• Blackham and Apex Minerals in discussions regarding processing Matilda ore through the

Wiluna plant For personal use only use personal For COAL PROJECTS

World scale lignite deposits with over 10,600PJ of energy at shallow depth. Total coal resource 1.4Bt

Scaddan Coal Project 1Bt Kalgoorlie Goldfields Zanthus Blackham Resources Ltd 70% & Energy Wesfarmers Resources Ltd 30% Project

Scaddan Zanthus Coal Project 350Mt Energy Blackham Resources Ltd 100% Project

For personal use only use personal For

Esperance BILLION TONNE COALFIELD

Scaddan JORC Resource

Measured 80 Mt Indicated 490 Mt Inferred 470 Mt Total Resource 1.04 Bt Inventory Coal 200-320 Mt*

For personal use only use personal For

* An estimate of inventory coal was prepared by Runge based upon the drill hole data. Drilling of several quality holes of a spacing of no less than 4,000m should readily convert most of the inventory area to an Inferred Resource as there is reasonable confidence in the structural continuity of the lignite from previous drill holes. However the coal inventory tonnage and quality is conceptual in nature and has not had sufficient exploration to define a mineral resource and uncertainty still exists as to if further exploration will result in the determination of a mineral resource. † Based on 37 composite samples with full detailed analysis

MINE PLAN

Scaddan Mine Plan 8MTPA • Average seam thickness 8 metres • Low average strip ratio 3.2bcm:1t

• Dragline waste removal Additional Material post • Truck and shovel mining of coal seam with in 30 years pit crushing and conveying • Direct mining cost of US$5.14/tonne

(US$0.66/GJ) Colours show annual mine stages of year 1 to 30.

For personal use only use personal For VERY LOW MINING COST US$5.14/TONNE

INFRASTRUCTURE

Extensive Current Infrastructure 60km north of Esperance • Port – cape size shipping port. Currently imports 3MBPA of petroleum products

Kalgoorlie Goldfields • MOU signed with Esperance Port Authority which is planning a 20MTPA expansion • Regional power station • Esperance town population 13,000

10km east of infrastructure corridor • Highway – Esperance to Coolgardie • Railway – Esperance to Kalgoorlie

Esperance • Gas Pipeline – Esperance to Kalgoorlie For personal use only use personal For

40km from regional airport • Sealed all weather strip

COAL PROJECTS SUMMARY

• Scoping study finalised for coal export via Esperance Port • NPV $770m and IRR 23% • 1.4 billion tonnes of coal • Very low mining cost • Next to infrastructure corridor and close to the Esperance port • Investigating development of a Coal to Liquids (CTL) facility to produce diesel • Combined resources equate to approximately 40 years worth of

potential feedstock based upon a 60,000 barrel per day CTL facility For personal use only use personal For CONTACT DETAILS

Registered Office: Level 2, 38 Richardson Street West Perth, Western Australia 6005

PO Box 1412 West Perth, Western Australia, 6872

Website: www.blackhamresources.com Email: [email protected]

Phone: +618 9322 6418

Fax: +618 9322 6398 For personal use only use personal For IMPORTANT NOTICE

• This presentation includes certain statements that may be deemed to be “forward looking statements”. All statements that refer to any future production, resources or reserves, exploration results and events or production that Blackham Resources Ltd (“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 continual 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 Exploration Results and Mineral Resources is based on information compiled or reviewed by Mr Greg Miles who is an employee of the Company. Mr Miles is a Member of the Australasian 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 Person 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 his information in the form and context in which it appears.

• The JORC Code – “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

For personal use only use personal For Reserves”, the Joint Ore Reserves Committee of the AusIMM AIG and MCA, December 2004.