QX RESOURCES LIMITED — Capital/Financing Update 2012

Feb 15, 2012

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7 February 2012

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

By E-Lodgement

Amendment to Subscription Agreement

Black Mountain Resources Limited (ASX: BMZ) ( Company ) advises that the subscription agreement between the Company and ABM Mining Corporation ( ABM ) dated 17 November 2011 ( Subscription Agreement ) was amended by deed of variation dated 22 January 2012 as follows:

• in the event that the Company does not satisfy its earn-in commitments to acquire a 70% interest in the US Projects, the buy-back provisions in respect of the buy-back by ABM for $1 of the shares in ABM issued to the Company at settlement ( Buy-Back Provisions ) are varied so that in the event such Buy-Back Provisions are triggered, if required by the ASX Listing Rules (including, but not limited to, ASX Listing Rules 10.1, 11.1 or 11.2):

  • (i) the Company will seek approval from its shareholders (at general meeting) for such buy-back ( Buy-Back Approval ) pursuant to the relevant ASX Listing Rule; and

  • (ii) the following parties will abstain from voting on the resolution seeking Buy-Back Approval:

    • (A) any party who received BMZ Securities (and any of their associates);

    • (B) any person who may obtain a benefit from the Buy Back Approval, except a benefit solely in the capacity of a holder of ordinary securities in Company; and

    • (C) any other party that the ASX Listing Rules require.

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