For personal use only 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 gold 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 Iron Ore 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 Australia, 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 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 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 mining province MATILDA GOLD PROJECT • Large highly prospective tenement holding in the Wiluna region, Western Australia • 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 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 • 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 & Lake Way • 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 • 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 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 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 • 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 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 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 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 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 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 • 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 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.