QX RESOURCES LIMITED — Capital/Financing Update 2012

Jan 5, 2012

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6 January 2012

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

By E‐Lodgement

Grant of ASX Waiver

Black Mountain Resources Limited (ASX: BMZ) announces that ASX has granted the Company waiver in relation to ASX Listing Rules 10.13.3 and 10.13.5 to the extent necessary to permit the Company’s notice of meeting (the “Notice”) to approve the issue of up to 1,000,000 fully paid ordinary shares (the “Shares”) to each of Mr Peter Landau (or his nominee) and Mr Jason Brewer (or his nominee) (the “Directors”) pursuant to a proposed capital raising (the “Capital Raising"), to state that the Shares will be issued later than one month after the date of the shareholders’ meeting, and not to include an issue price, subject to the following conditions.

• The Notice states that the Shares will be issued to the Directors (or their nominees) within 3 months of the date of the shareholders’ meeting.

• The Shares are issued to the Directors on the same terms and conditions as shares to be issued to unrelated parties under the Capital Raising.

• The Notice states that the Shares will be issued at a price which is at least 80% of the average market price for shares calculated over the last 5 days on which sales in the shares 1 are recorded before the date the prospectus (to be issued pursuant to the capital raising) is signed, and in any event not less than $0.20.

• The Company releases the terms of the waiver to the market immediately.

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