BOSS ENERGY LTD — Capital/Financing Update 2012

May 16, 2012

17 May 2012

ASX ANNOUNCEMENT

BOSS PLACEMENT OF $5M CLOSES OVER SUBSCRIBED

Boss Resources Limited (ASX: BOE) is pleased to announce that it has received firm commitments for a $5.0 million (before costs) Placement of securities to fund and further advance exploration programs at its Golden Hill and Gourma Projects in Burkina Faso. In addition to the placement, Boss also intends to conduct on SPP to existing shareholders on the same terms as the placement. Together with the placement and the SPP, Boss will raise up to $5.5m (before costs).

The capital raising consists of 3 parts:

• Tranche 1: 46,432,479 shares at $0.06 in a placement to Australian based institutional and sophisticated investors within the Company’s 15% share capacity raising approximately $2.78 million;

• Tranche 2: 36,900,855 shares at $0.06 in a placement to Australian based institutional and sophisticated investors raising approximately $2.22 million (subject to shareholder approval); and

• $500,000 Share Purchase Plan at $0.06 of 8,333,333 shares to existing shareholders. (Directors reserve the right to increase this amount.)

The funds will be used for general working capital and exploration activities. Boss has an African Mining Services (AMS) Reverse Circulation (RC) rig booked for extension drilling at its 100% owned Golden Hill Project and first pass drilling across the Gourma Shear Zone planned for its 100% owned Gourma project.

Evan Cranston, Executive Director, commented in relation to the Placement “Boss is extremely pleased with the level of demand for the Placement notwithstanding the current difficult market conditions. It is a definite tribute to the quality of the exploration assets Boss has in Burkina Faso and the team it has in place to deliver results on those assets. Boss is now in the enviable position of being fully funded for the next 12 months. The Company intends to recommence drilling at its Golden Hill Project within the next week or so and will update the market with further details of the program in due course.”

Full details of the share purchase plan will be announced shortly with the record date being 16 May 2012. Boss also intends to call a meeting of shareholders to approve Tranche 2 of the placement as soon as possible.

The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.

Leigh Ryan Managing Director +61 (0) 427 093 043 Evan Cranston Executive Director +61 (0) 408 865 838 Website: www.bossresources.com.au

Boss Resources Limited is a gold and oil shale exploration company focused on increasing shareholder and other stakeholder wealth by exploring for and developing quality mineral resources. Evaluation and acquisition of additional highly prospective projects in West Africa, especially in Burkina Faso, and the development of an oil shale processing facility in Tasmania is seen as critical to the growth of the company.

Australian Office

Suite 23, 513 Hay St, Subiaco WA 6008 PO Box 1311, Subiaco WA 6904 www.bossresources.com.au Tel: +61 (8) 6143 6730 Fax: +61 (8) 9388 8824 info@bossresources.com.au ABN 38 116 834 336

info@bossresources.com.au

Burkina Faso Office 361 Avenue Babanguida, Zone du Bois 06 BP 10656 Ouagadougou 06 Tel: +226 5036 0486