QX RESOURCES LIMITED — Capital/Financing Update 2012

Apr 3, 2012

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<Address 1> <Address 2> <Address 3> <Address 4>

4 April 2012

Dear Shareholder

Loyalty Option Issue – Timetable and Key Dates

Further to the ASX Announcement of 3 April 2012, Black Mountain Resources Limited (ASX: BMZ) ( Company ) wishes to outline the timetable and key dates in relation to the Loyalty Option Issue ( Issue ) as foreshadowed in its recent re‐compliance prospectus.

The Issue is for a pro rata non‐renounceable loyalty option entitlement issue of one (1) Loyalty Option for every two (2) Shares held at the record date at a subscription price of $0.03 per option, to raise approximately $979,688 before costs. 708 Capital Pty Ltd has been appointed as Lead Manager to the Issue.

Each option has an exercise price of $0.20 and an expiry date of 7 May 2015, being 3 years from the date of issue.

A copy of the Loyalty Option Prospectus was been lodged with ASIC on 3 April 2012 and the Prospectus is also available on the Company’s website www.blackmountainresources.com.au

Key Dates and Loyalty Option Issue Timetable

Event	Timing
Announcement of Loyalty Option Issue, Lodgement of Prospectus with ASIC and Appendix 3B	3 April 2012
and dispatch of letters to Option holders
Notice sent to Shareholders	4 April 2012
Ex Date for Entitlements	10 April 2012
Record Datefor determining Shareholder Entitlements	16 April 2012
Prospectus dispatchedto Shareholders and announcement that dispatch has been complete	18 April 2012
Closing Dateof Offer	3 May 2012
Securities quoted on a deferred settlement basis	4 May 2012
Notify ASX of under‐subscriptions	4 May 2012
Dispatch date / Loyalty Options entered into Shareholder’s security holdings	7 May 2012

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