QX RESOURCES LIMITED — Capital/Financing Update 2012

Jul 24, 2012

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25 July 2012

Manager of Company Announcements Australian Securities Exchange Level 6, 20 Bridge Street Sydney NSW 2000

By E-Lodgement

Admission to AIM

Highlights:

• Black Mountain shares to commence trading on the London Stock Exchange’s AIM market today under the code “BMZ”

• Dual listing on AIM and ASX to increase exposure and broaden international investor base to accelerate the Company’s growth strategy

• 70% interest in three previously operating high grade silver projects located in Idaho and Montana, USA

• Objective to rapidly recommence low cost silver production at Conjecture and New Departure Projects in Q4 2012

• Exclusive access to nearby silver processing mill secured for Conjecture Project, Idaho

• Significant exploration upside and resource potential demonstrated at all three projects

• Known areas of mineralisation, with low political risk and excellent mining infrastructure

• Highly skilled Board and management team with significant operational and corporate resource experience

Black Mountain Resources Limited (ASX | AIM: BMZ) the silver focused company with three near term production projects in major silver districts in the United States, is pleased to announce that its ordinary shares will be admitted to trading on AIM effective 8:00am (GMT) on 25 July 2012 under the ticker BMZ. An AIM admission document containing full details on the Company, including a Competent Persons Report on the Company’s projects, has been prepared in relation to the listing and is available on the Company’s website at www.blackmountainresources.com.au.

The Company holds a 70% interest in three advanced US silver / gold projects with historic mines: the New Departure Project, Montana; the Conjecture Project, Idaho; and the Tabor Project, Montana. All three projects have an extensive history of exploration, development and mining undertaken by previous owners. Additionally, the projects demonstrate the potential for the delineation of significant resources through both mineralisation extensions to the historical workings and the discovery of new ore bodies. A key objective of the Company is to commence high grade silver ore production from both the New Departure and Conjecture Projects in Q4 2012, utilising the existing underground development to facilitate access to mineralised areas and local processing mills for toll treatment of ore. In addition, both projects currently have diamond drilling programmes underway.

Black Mountain Resources Limited Ground Floor Suite 1A, Princes House ABN 55 147 106 974 1 Havelock Street 38 Jermyn Street www.blackmountainresources.com.au West Perth WA 6005 London SW1Y 6DN info@blackmountainresources.com.au Tel: +61 8 9488 5220 Tel: +44 207 025 7040

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In July 2012, Black Mountain announced that it had signed an exclusive option for a long term lease of the Lakeview Mill, located less than 2km from the Conjecture Project. This flotation mill is permitted and is capable of processing 300 tonnes of ore per day with minimal upgrades.

Black Mountain CEO John Ryan, commented:

“The completion of this dual listing represents a key milestone in the Company’s corporate strategy as we focus on becoming a substantial low cost producer of high grade silver in tandem with capitalising on the significant exploration potential demonstrated across our portfolio. Black Mountain is unique from a location, grade and cost perspective and exposure to both AIM and ASX will assist corporately with production targeted to commence at New Departure and Conjecture in Q4 this year.”

For and on behalf of the Board

John Ryan Chief Executive Officer

For further information please contact:

Black Mountain Resources Limited

Peter Landau Executive Director T: +61 (8) 9488 5220

About Black Mountain Resources Limited

Black Mountain Resources Limited is a silver and gold focused development company focussed on the advancement of three highly prospective previously operating assets located in two of the world’s most developed and proven silver and gold mining regions of Idaho and Montana, USA.

The Company holds a 70% interest in the New Departure Silver Project, the Conjecture Silver Project and the Tabor Gold and Silver Project. It plans to implement low cost production and development programmes across all three assets, targeting first production from New Departure and Conjecture by Q4 2012. It is also implementing exploration programmes to capitalise on the exploration upside potential apparent across its portfolio.

Black Mountain Resources Limited was incorporated on 29 October 2010 and is listed on the Australian Securities Exchange, ASX, and London’s AIM Market (BMZ).

Black Mountain Resources Limited ABN 55 147 106 974 www.blackmountainresources.com.au info@blackmountainresources.com.au

Ground Floor 1 Havelock Street West Perth WA 6005 Tel: +61 8 9488 5220

Suite 1A, Princes House 38 Jermyn Street London SW1Y 6DN Tel: +44 207 025 7040