QX RESOURCES LIMITED — Capital/Financing Update 2012

May 3, 2012

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4 May 2012

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

By E-Lodgement

Option Entitlement Issue Update

Black Mountain Resources Limited (ASX: BMZ) advises that the Company will notify ASX of undersubscriptions to its Option Entitlement Issue on Tuesday, 8 May 2012. The holding statements will be dispatched on Thursday, 10 May 2012.

For and on behalf of the Board

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Peter Landau Executive Director

Black Mountain Resources Limited ABN 55 147 106 974 Ground Floor, 1 Havelock Street, West Perth WA 6005 Telephone: +61 8 9488 5220 Facsimile: +61 8 9324 2400

info@blackmountainresources.com.au

www.blackmountainresources.com.au