BEACON MINERALS LIMITED — Capital/Financing Update 2012

Oct 23, 2012

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ASX ANNOUNCEMENT

24 October 2012

ENTITLEMENT ISSUE CLOSURE AND SHORTFALL NOTIFICATION

Beacon Minerals Limited (ASX: BCN) advises that the Entitlement Issue made pursuant to the Prospectus dated 17 September 2012 closed on 19 October 2012.

The Entitlement Issue offered 398,029,270 New Shares and 398,029,270 Free Attaching Options on the basis of;

• two (2) New Shares for every five (5) Shares held by Shareholders on the Record Date at an issue price of $0.004 per New Share; and

• one (1) Free Attaching Option for every one (1) New Share issued.

The results of the Entitlement Issue are as follows;

Total number of shares applied for 181,185,595 Shortfall 216,843,675

The Entitlement Issue has been partially underwritten up to the value of $1,000,000 in total, being 250,000,000 Shares and 250,000,000 Options. The Shortfall will be placed over the coming days.

For more information contact:

Sarah Shipway Company Secretary Beacon Minerals Limited P: 08 9322 6600

BEACON MINERALS LIMITED ACN 119 611 559 Kalgoorlie Office 144 Vivian Street, Boulder, WA 6432 Registered Office Level 1, 115 Cambridge Street, PO Box 1305, West Leederville, WA 6007 Website www.beaconminerals.com Phone 08 9322 6600 Facsimile 08 9322 6610