Blackham Resources Limited announced the granting of an extension by its lender, Orion Fund JV Limited, to defer the 31 December 2017 maturity repayment date of the Term Loan to 15 January 2018, pursuant to a standstill agreement entered into by Blackham with Orion and Blackham's key mining contractor, MACA Limited ("MACA") and Osisko Bermuda Limited, its offtaker, forming the first step in a significant recapitalisation strategy being pursued by the Company. Blackham is also well advanced with negotiations to refinance the Term Loan, with settlement expected to occur by 15 January 2018. Immediately following the refinancing of the Term Loan, Blackham will undertake an entitlements issue to raise AUD 36 million. All of Blackham's Directors will be participating in the entitlements issue to the extent they are able to finance their respective entitlements. The recapitalisation strategy being pursued by Blackham, comprising the standstill agreement, Term Loan refinancing and the entitlements issue, is underpinned by the intended support of Orion, MACA and Pybar Mining Services Pty Ltd. of Blackham's 6.5Moz Matilda-Wiluna Operations, which are transitioning to stable production and strong operational cashflow.

As part of the recapitalisation strategy, Blackham's Non-Executive Chairman Milan Jerkovic will become Executive Chairman, taking a leading role in the operations and management of Blackham.