QX RESOURCES LIMITED — Proxy Solicitation & Information Statement 2016

Jul 13, 2016

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ASX ANNOUNCEMENT

14 July 2016

TRANSACTION UPDATE AND DISPATCH OF NOTICE OF MEETING

Black Mountain Resources Limited ( ASX:BMZ ) ( Black Mountain or the Company ) announces that further to the announcements made by the Company to ASX on 5 February 2016 (Agreement to Acquire Producing Mine and Phosphate Project) and on 11 April 2016 (Acquisition of African Operations to Proceed), the Company has today dispatched a Notice of Meeting ( Notice ) to Shareholders of the Company to approve the acquisition of 100% of the share capital in GLF Holdings Limited ( Gulf ) (the Transaction ).

Gulf is the 100% shareholder of Namakera Mining Company Limited ( NMCL ), which is the registered holder of Mining License ML 4651, upon which it operates the Namakera Vermiculite Mine and conducts exploration activities on the Busumbu Phosphate Project located in Uganda. NMCL is also the registered holder of Exploration License EL 1534 that is also considered prospective for vermiculite, phosphate, copper, iron, zircon and rare earths mineralisation.

The Shareholders Meeting is to be held at 10.00 a.m. on 15 August 2016 at Suite 183, Level 6, 580 Hay Street, Perth WA 6000.

The Independent Expert’s Report including the Independent Technical Valuation is enclosed with the Notice of Meeting and Explanatory Memorandum, that was dispatched to Shareholders today. These are all important documents and should be read carefully and in their entirety and in conjunction with all other announcements made by the Company.

If you have any questions regarding the matters set out in the Notice of Meeting, Explanatory Memorandum or Independent Expert’s Report please contact the Company, your stockbroker or other professional adviser.

END

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Jason Brewer Director

Black Mountain Resources Ltd

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 9380 8343 Fax: +61 8 9380 8300

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Forward looking statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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