QX RESOURCES LIMITED — Share Issue/Capital Change 2016

Aug 7, 2016

Notification of Consolidation/Split

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Notification of Consolidation/Split

Announcement Summary

Entity name

BLACK MOUNTAIN RESOURCES LIMITED

Applicable security for the reorganisation

BMZ BMZAI

ORDINARY FULLY PAID OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Announcement Type

New Announcement

Date of this announcement

Monday August 8, 2016

Reorganisation type

Security consolidation

Effective Date

Wednesday August 17, 2016

Record Date

Thursday August 18, 2016

Issue Date

Thursday August 25, 2016

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

*1.1 Name of +Entity

BLACK MOUNTAIN RESOURCES LIMITED

Registration Number

*1.2 Registered Number Type

ABN 55147106974

*1.3 ASX issuer code

BMZ

*1.4 The announcement is

New announcement

*1.5 Date of this announcement

Monday August 8, 2016

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*1.6 Securities affected by the reorganisation

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----- Start of picture text ----- BMZ ORDINARY FULLY PAIDBMZAI OPTION EXPIRING VARIOUS DATES EXVARIOUS PRICES----- End of picture text -----

Part 2 - Approvals

*2.1 Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

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----- Start of picture text ----- Approval/Condition Date for determination Is the date estimated Approval+Security holder Monday August 15, or actual? received/conditionapproval 2016 Actual met?[Select...]Comments----- End of picture text -----**

Part 3 - Reorganisation timetable and details

*3.1 +Record date

Thursday August 18, 2016

3.2 Date of +security holder meeting

Monday August 15, 2016

3.3 Last day for trading in the pre-re-organised +securities

Tuesday August 16, 2016

*3.4 Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date.

Wednesday August 17, 2016

3.5 Record date

Thursday August 18, 2016

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis Friday August 19, 2016

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*3.7 +Issue date. +Deferred settlement market ends. Last day for +entity to send notices to

• +security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis

Thursday August 25, 2016

3.8 Trading starts on a normal T+2 basis

Friday August 26, 2016

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis Tuesday August 30, 2016

Part 4 - Reorganisation type and details

*4.1 The reorganisation is

+Security consolidation

*4.1a Consolidation ratio: the +securities will be consolidated on the basis that every

10

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

*4.2 Scrip fraction rounding

Fractions rounded up to the next whole number

Part 5 - +Securities on issue before and after reorganisation

*5.1 +Securities on issue before and after the reorganisation

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----- Start of picture text ----- *ASX +Security Code *ASX +SecurityBMZ DescriptionORDINARY FULLYPAIDQuoted/unquoted Number on issue Number on issue after Estimate/ActualQuoted before reorganisation reorganisation Actual410,515,820 41,051,582*ASX +Security Code *ASX +SecurityBMZAI DescriptionOPTION EXPIRINGVARIOUS DATES EXVARIOUS PRICESQuoted/unquoted Number on issue Number on issue after Estimate/ActualUnquoted before reorganisation reorganisation Actual4,000,000 400,000----- End of picture text -----

*5.2 Exercise price of options

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**ASX +Security Code ASX +Security Description BMZAI OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES Quoted/unquoted Exercise price before Exercise price after Unquoted reorganisation reorganisation AUD 0.00000000 AUD 0.00000000 Part 6 - Further information 6.1 Further information relating to the reorganisation 6.2 Additional information for inclusion in the Announcement Summary

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