The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.
What This Announcement Means
QMines has successfully raised $5.5 million by issuing new shares at $0.052 each — slightly more than the $5.0 million it originally set out to raise, which signals strong investor demand. The Queensland Critical Minerals Fund, a government-backed investor managed by QIC, participated in the raise, adding institutional credibility to the company’s plans for the Mt Chalmers copper-gold project.
The fresh capital, combined with existing cash and proceeds from the recent sale of its drilling business, gives QMines a total funding position of around $17.5 million. The company is debt-free and plans to use the money to complete a Definitive Feasibility Study (DFS) for Mt Chalmers, continue drilling, and acquire land needed for the mine’s development footprint.
Existing shareholders also get a chance to participate: QMines is offering a Share Purchase Plan (SPP) at the same $0.052 price, allowing eligible shareholders to buy up to $1 million worth of new shares without paying brokerage fees. The SPP opens 9 November 2026 and closes 30 November 2026.
Key Takeaways
- QMines raised $5.5 million (before costs) through a placement of 105,561,163 shares at $0.052 per share, exceeding the $5.0 million base target.
- The Queensland Critical Minerals Fund (QCMF), managed by QIC, participated in the placement, following its previously announced $15 million strategic funding package for Mt Chalmers in April 2026.
- The company’s total funding position is approximately $17.5 million, comprising $10.7 million existing cash, $5.5 million placement proceeds, and up to $1.4 million in deferred QDrilling sale proceeds.
- Funds will be used to complete the Mt Chalmers DFS, continue drilling at Mt Chalmers and regional targets, acquire strategic freehold land, and cover working capital.
- Eligible existing shareholders can participate in a $1 million Share Purchase Plan at $0.052 per share, opening 9 November 2026 and closing 30 November 2026.
Key Facts
Highlights
- Firm commitments received for $5.5 million (before costs) at $0.052 per share, exceeding the $5.0 million base placement (Placement).
- Strong support from existing and new investors, including Queensland Critical Minerals Fund (QCMF), managed by the Queensland Investment Corporation (QIC).
- Placement strengthens QMines’ funding position to advance the Mt Chalmers Definitive Feasibility Study (DFS), exploration and strategic freehold land acquisitions.
- Strong funding position of approximately $17.5 million, comprising $10.7 million existing cash1, $5.5 million Placement proceeds (before costs) and up to $1.4 million in deferred QDrilling sale proceeds2.
- QMines intends to offer eligible shareholders the opportunity to participate in a $1.0 million Share Purchase Plan at the same price as the Placement (SPP).
- A high-impact, multi-rig drilling campaign is underway at Mt Chalmers and nearby exploration targets, with potential to support future resource and mine-plan growth.
- ASX Announcement, Quarterly Activities Report (30 September 2026), 26 October 2026.
- ASX Announcement, QMines Sale of Drilling Business, 23 October 2026.
Overview
QMines Limited (ASX:QML) (QMines or Company) is pleased to announce that it has received firm commitments to raise approximately $5.5 million (before costs) through a Placement of 105,561,163 new fully paid ordinary shares (Placement Shares) at an issue price of $0.052 per share. The Placement was supported by existing shareholders, new institutional and sophisticated investors.
The Placement includes a commitment from QBF No.1 Pty Ltd as trustee for the Queensland Critical Minerals Fund (QCMF), managed by the Queensland Investment Corporation (QIC). This follows QCMF’s previously announced $15 million strategic funding package for Mt Chalmers in April 2026.
The issue price of $0.052 per Placement Shares represents a 13.3% discount to the last traded price of $0.06 per share before the Placement. The Company’s also intends to offer existing eligible shareholders on the record date, being 30 October 2026 (Record Date), with a $1 million SPP.
- ASX Announcement, Quarterly Activities Report (30 September 2026), 26 October 2026.
- ASX Announcement, QMines Sale of Drilling Business, 23 October 2026.
Petra Capital acted as Sole Lead Manager and Sole Bookrunner to the Placement.
QMines Executive Chairman, Andrew Sparke, commented:
“We are delighted with the strong support shown for this Placement, with a number of investors introduced to the register. On behalf of the Board, I would like to welcome new investors to the register and thank our existing shareholders, including Queensland Critical Minerals Fund (QCMF), for their ongoing support.
“The support for the Placement confirms backing for our strategy to bring Mt Chalmers into production. The additional capital strengthens our ability to secure strategic land, progress the DFS and maintain momentum across our extensive drilling programs.
“Our immediate focus remains the staged development of Mt Chalmers, initially targeting a 1Mtpa operation, while testing opportunities to expand the resource base and future mine plan. We sincerely thank Petra Capital, participating brokers and all investors for their support. We look forward to putting investors’ funds to work.”
Use of Funds
Together with existing cash reserves, Placement proceeds are intended to support:
- Completion of the Mt Chalmers DFS and associated technical studies, approvals and permitting;
- Ongoing drilling and exploration at Mt Chalmers and regional targets, including Botos and Woods Shaft;
- Strategic freehold property acquisitions supporting the proposed Mt Chalmers development footprint; and
- Working capital and transaction costs.
The Company has a strong funding position of approximately $17.5 million, comprising $10.7 million in existing cash3, approximately $5.5 million in Placement proceeds (before costs) and up to $1.4 million in deferred proceeds from the sale of QDrilling Pty Ltd4.
The Company remains debt-free, with funds to be applied towards strategic land acquisitions, exploration, completion of the Mt Chalmers DFS and general working capital.
- ASX Announcement, Quarterly Activities Report (30 September 2026), 26 October 2026.
- ASX Announcement, QMines Sale of Drilling Business, 23 October 2026.
Placement Details & Timetable
Approximately $5.5 million will be raised under the Placement through the issue of 105,561,163 new ordinary shares (35,561,163 under ASX Listing Rule 7.1 and 70,000,000 under ASX Listing Rule 7.1A) at $0.052 per share. The Placement Shares will rank equally with existing fully paid ordinary shares. Settlement is scheduled for 6 November 2026, with allotment expected on 9 November 2026.
Petra Capital will receive 10,556,116 options with an exercise price of $0.078 and expiry 3 years from issue (Lead Manager Options). Lead Manager Options are expected to be issued at the same time as the Placement Shares.
Share Purchase Plan (SPP)
In addition to the Placement, the Company intends to offer eligible existing shareholders on the Record Date, being 2 November 2026, the opportunity to increase their shareholdings through a $1 million Share Purchase Plan (SPP). The SPP will be completed at $0.052 per share, the same issue price as the Placement.
The Company reserves the right to accept oversubscriptions or scale back applications at its discretion, subject to applicable laws and the ASX Listing Rules.
The SPP is expected to provide eligible shareholders with an opportunity to participate without brokerage fees. Full details, including eligibility criteria, application limits, the SPP offer booklet to be released in due course.
Timetable
| Event | Date |
|---|---|
| SPP Record Date | 2 November 2026 |
| Placement and SPP announcement | 3 November 2026 |
| Placement Settlement Date | 6 November 2026 |
| Placement Allotment Date | 9 November 2026 |
| SPP opens | 9 November 2026 |
| SPP closes | 30 November 2026 |
| SPP shares allotment | On or before 7 December 2026 |
The timetable is indicative only and may be subject to change at the sole discretion of the Company, in consultation with the Lead Manager, in compliance with ASX Listing Rules and Corporations Act.
Compliance Statement
With reference to previously reported Exploration Results, Mineral Resources and Ore Reserves, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. In the case of Mineral Resource and Ore Reserve estimates, the Company confirms that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed. The Company further confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original announcements.
This announcement has been approved and authorized by the Board of QMines Limited.
About QMines
QMines Limited (ASX:QML) is a Queensland focused copper and gold development Company. The Company owns 100% of the Mt Chalmers (copper-gold) and Develin Creek (copper-zinc) deposits, located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982.
Following several resource updates, the Mt Chalmers, Develin Creek and Mt Mackenzie projects now have Reserves of 9.6Mt and combined Resources of approximately 22Mt.1 QMines’ objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production.
1 ASX Announcement – Develin Creek Resource Upgrade. 12 March 2025
Projects & Ownership
| Mt Chalmers | 100% |
| Develin Creek | 100% |
| Mt Mackenzie | 100% |
QMines Limited ACN 643 212 104
Directors & Management
- Andrew Sparke
Executive Chairman - Peter Caristo
Executive Director (Technical) - Thomas Bartschi
Exploration Manager & Site Senior Executive (Competent Person) - Elissa Hansen
Non-Executive Director & Company Secretary - Richard Wittig
Development Manager
Contacts
- Address
Suite J, 34 Suakin Drive, Mosman NSW 2088 - Phone
+ 61 (2) 8915 6241 - Email
[email protected] - Website
qmines.com.au - Peter Nesvada
Investor Relations
[email protected] - Andrew Sparke
Executive Chairman
[email protected]
Frequently Asked Questions
The following Q&A is AI-generated from the announcement content and is provided as a supplementary reader aid only.
How much did QMines raise in this placement and at what price?
QMines received firm commitments to raise approximately $5.5 million (before costs) through the issue of 105,561,163 new fully paid ordinary shares at an issue price of $0.052 per share.
Why was the placement priced at a discount?
The issue price of $0.052 per Placement Share represents a 13.3% discount to the last traded price of $0.06 per share before the Placement.
Who participated in the placement?
The Placement was supported by existing shareholders, new institutional and sophisticated investors, including QBF No.1 Pty Ltd as trustee for the Queensland Critical Minerals Fund (QCMF), managed by the Queensland Investment Corporation (QIC).
What will QMines use the placement funds for?
Placement proceeds are intended to support completion of the Mt Chalmers DFS and associated technical studies, approvals and permitting; ongoing drilling and exploration at Mt Chalmers and regional targets including Botos and Woods Shaft; strategic freehold property acquisitions supporting the proposed Mt Chalmers development footprint; and working capital and transaction costs.
Can existing shareholders participate in the capital raise?
Yes. The Company intends to offer eligible existing shareholders on the Record Date, being 2 November 2026, the opportunity to increase their shareholdings through a $1 million Share Purchase Plan (SPP) at $0.052 per share — the same issue price as the Placement. The SPP opens 9 November 2026 and closes 30 November 2026.
What is QMines’ total funding position after the placement?
The Company has a strong funding position of approximately $17.5 million, comprising $10.7 million in existing cash, approximately $5.5 million in Placement proceeds (before costs) and up to $1.4 million in deferred proceeds from the sale of QDrilling Pty Ltd. The Company remains debt-free.