QX RESOURCES LIMITED — Capital/Financing Update 2016

Nov 9, 2016

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PRO-FORMA BALANCE SHEET BASED ON ACTUAL FUNDS RAISED

Total funds raised as per ASX Announcement dated 14 October 2016 and as per confirmation received by the Company’s share registry, Computershare.

The pro forma balance sheet is consistent with that included in the Replacement Prospectus lodged with ASIC on 23 September.

Current AssetsCash assetsReceivables, prepayments andloansInventoryTotal Current AssetsNon-Current AssetsPlant and equipmentLoan to NMCLCapitalised exploration andevaluation costsInvestment in subsidiariesTotal Non-Current AssetsTotal AssetsCurrent LiabilitiesTrade and other payablesLoans PayableRoyalty and advisory fee liabilityTotal Current LiabilitiesNon-Current LiabilitiesMake good provisionOwing to East African VermiculiteRoyalty liabilityAdviser Fee liabilityDeferred tax liabilityTotal Non- Current LiabilitiesTotal LiabilitiesNet Assets (Liabilities)	Current AssetsCash assetsReceivables, prepayments andloansInventoryTotal Current AssetsNon-Current AssetsPlant and equipmentLoan to NMCLCapitalised exploration andevaluation costsInvestment in subsidiariesTotal Non-Current AssetsTotal AssetsCurrent LiabilitiesTrade and other payablesLoans PayableRoyalty and advisory fee liabilityTotal Current LiabilitiesNon-Current LiabilitiesMake good provisionOwing to East African VermiculiteRoyalty liabilityAdviser Fee liabilityDeferred tax liabilityTotal Non- Current LiabilitiesTotal LiabilitiesNet Assets (Liabilities)	Current AssetsCash assetsReceivables, prepayments andloansInventoryTotal Current AssetsNon-Current AssetsPlant and equipmentLoan to NMCLCapitalised exploration andevaluation costsInvestment in subsidiariesTotal Non-Current AssetsTotal AssetsCurrent LiabilitiesTrade and other payablesLoans PayableRoyalty and advisory fee liabilityTotal Current LiabilitiesNon-Current LiabilitiesMake good provisionOwing to East African VermiculiteRoyalty liabilityAdviser Fee liabilityDeferred tax liabilityTotal Non- Current LiabilitiesTotal LiabilitiesNet Assets (Liabilities)	Black MountainConsolidated30 June 2016(Audited)$000’s-8-8-283	Black MountainPro-forma ReviewedConsolidated31 October2016$000’s3,530469169	Black MountainPro-forma ReviewedConsolidated31 October2016$000’s3,530469169
				4,168
				712-
	aluation costsestment in subsidiaries		--	37,840-
	tal Non-Current Assets		-
				38,552
	tal Assets		291	42,720
			1,0883,233-4,231-----4,231(4,030)	1,276-92
				1,368
				41-1,3004,17711,013
				16,531
				17,899
				24,821

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

Suite 5, 531 Hay Street Subiaco WA 6008 Tel: +61 8 9489 4837

Fax: +61 8 9380 8300

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EquityIssued capital- ordinaryReservesAccumulated lossesNon-controlling interestsTotal Equity (Deficiency)	23,6273,505(27,688)(555)(3,476)(4.030)	34,8983,475(11,204)
		27,169(2,348)
		24,821

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