The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.
What This Announcement Means
QMines has hired BurnVoir Corporate Finance to help find the money needed to build its Mt Chalmers copper and gold mine near Rockhampton, Queensland. BurnVoir is a specialist mining finance adviser that has previously arranged funding for well-known Australian miners including Sandfire Resources and Pilbara Minerals, so this is a credible appointment.
The goal is to put together a financing package that keeps costs low, gives the project flexibility as it develops, and avoids issuing too many new shares (which would dilute existing shareholders). Importantly, this financing work will run at the same time as the Definitive Feasibility Study (DFS), which should speed up the path to a final decision on whether to build the mine.
For investors, this is a meaningful step forward. It signals that QMines is actively moving from exploration and studies toward actually funding and building a mine. The company also notes that early conversations with potential lenders and offtake buyers (companies that would purchase the copper and gold produced) have been positive, suggesting real commercial interest in the project.
Key Takeaways
- QMines has appointed BurnVoir Corporate Finance as financial adviser to arrange project financing for the Mt Chalmers Copper and Gold Project.
- BurnVoir will seek a funding package designed to provide competitive cost of capital, minimise equity dilution, and maximise shareholder value.
- The financing strategy will run in parallel with the Definitive Feasibility Study, aiming to compress the timeline to a Final Investment Decision.
- Preliminary engagement with potential financiers and offtake partners has been described as encouraging.
Key Facts
Introduction
Queensland copper and gold developer QMines Limited (QMines or Company) (ASX:QML) is pleased to announce the appointment of leading finance advisory group BurnVoir Corporate Finance (BurnVoir) as financial adviser to arrange financing for the development of the Company’s 100% owned Mt Chalmers Copper and Gold Project located near Rockhampton in Central Queensland, Australia.
BurnVoir will work closely with QMines to secure an attractive funding package designed to provide a competitive cost of capital, flexibility to accommodate the Project’s development schedule, minimise equity dilution and maximise value for shareholders. BurnVoir has a proven track record of arranging development and corporate facilities for many successful Australian mining companies, more recently including companies such as Rox Resources, Brightstar Resources, Boab Metals, Sandfire Resources, Aeris Resources and Pilbara Minerals.
Management Comment
QMines Chairman and Managing Director Andrew Sparke said:
“We are delighted to announce this engagement with BurnVoir. BurnVoir has a strong track record of arranging funding for high quality development projects such as Mt Chalmers. The BurnVoir team will become an integral part of the QMines team through this next phase.”
“With BurnVoir’s expertise, the Board anticipate that the funding package ultimately selected from the options available to the Company will be both value accretive and best position the Project to reach production as soon as possible.”
“BurnVoirs’ appointment reflects a significant milestone in QMines’ mission to become Australia’s next copper and gold producer. The financing strategy will run in parallel with Definitive Feasibility Study workstreams, which will assist to compress the timeline to a Final Investment Decision. Preliminary engagement with potential financiers and offtake partners has been encouraging and underscores the commercial value of our Mt Chalmers product.”
Resource & Reserve Estimates
Ore Reserve – Mt Chalmers
| Deposit1 | Reserve Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Proved | 5.1 | 0.3% | 0.72 | 0.58 | 0.25 | 4.70 | 5.80 |
| Mt Chalmers | Probable | 4.5 | 0.3% | 0.57 | 0.37 | 0.29 | 5.50 | 3.60 |
| Total | 9.6 | 0.3% | 0.65 | 0.48 | 0.27 | 5.20 | 4.30 |
Mineral Resource Estimate – Mt Chalmers
| Deposit2 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Measured | 4.2 | 0.3% | 0.89 | 0.69 | 0.23 | 4.97 | 5.37 |
| Mt Chalmers | Indicated | 5.8 | 0.3% | 0.69 | 0.28 | 0.19 | 3.99 | 3.77 |
| Mt Chalmers | Inferred | 1.3 | 0.3% | 0.60 | 0.19 | 0.27 | 5.41 | 2.02 |
| Total | 11.3 | 0.3% | 0.75 | 0.42 | 0.23 | 4.60 | 4.30 |
Mineral Resource Estimate – Develin Creek
| Deposit3 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Develin Creek | Indicated | 4.22 | 0.3% | 0.98 | 1.08 | 0.16 | 6.0 | |
| Develin Creek | Inferred | 0.48 | 0.3% | 0.61 | 0.41 | 0.10 | 3.5 | |
| Total | 4.70 | 0.3% | 0.94 | 1.00 | 0.15 | 5.7 |
Mineral Resource Estimate – Woods Shaft
| Deposit4 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Woods Shaft | Inferred | 0.54 | 0.3% | 0.50 | 0.95 | – | – | |
| Total | 0.54 | 0.3% | 0.50 | 0.95 | – | – |
Mineral Resource Estimate – Mt Mackenzie
| Deposit5 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t)* | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Mt Mackenzie | Indicated | 2.3 | 0.5-0.7% | – | 1.38 | – | 9.6 | |
| Mt Mackenzie | Inferred | 1.1 | 0.5-0.7% | – | 1.45 | – | 5.8 | |
| Total | 3.4 | 0.5-0.7% | – | 1.40 | – | 8.4 |
*cut-off grade: 0.35 g/t Au for oxide, 0.55 g/t Au for primary.
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Develin Creek Resource Upgrade unlocks Expansion Planning. 23 February 2026. Rounding errors may occur.
- ASX Announcement – Maiden Woods Shaft Resource, 22 November 2022. Rounding errors may occur.
- ASX Announcement – Acquisition of the Mount Mackenzie Gold & Silver Project, 16 April 2025. Rounding errors may occur.
Regulatory Statements
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning QMines Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could,” “plan,” “expect,” “intend,” “may”, “potential,” “should,” and similar expressions are forward-looking statements. Although QMines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.
Competent Person Statements
Ore Reserve Estimate
The information in this report relating to the Open Pit Optimisation and the Ore Reserve Estimate is based on work compiled by Gary McCrae, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McCrae is a full time employee of Minecomp Pty Ltd and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McCrae has consented to the inclusion of this information in the form and context in which it appears.
Mineral Resource Estimate
The information in this report relating to Mineral Resource estimation is based on work completed by Stephen Hyland, a Competent Person and Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants and has the required experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland is also a Qualified Person under the rules of the Canadian Instrument NI 43 101. Mr Hyland has consented to the inclusion of this information in the form and context in which it appears.
Exploration Results and Exploration Targets
The information in this document relating to Exploration Results and Exploration Targets has been compiled under the supervision of Tom Bartschi, a Member of the Australian Institute of Geoscientists. Mr Bartschi has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activities undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartschi has consented to the inclusion of this information in the form and context in which it appears.
Compliance Statement
With reference to previously reported Exploration results and mineral resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parametres underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
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 20Mt.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. 23 February 2026
Projects & Ownership
| Mt Chalmers | 100% |
| Develin Creek | 100% |
| Mt Mackenzie | 100% |
QMines Limited ACN 643 312 104
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.
What has QMines announced?
QMines has announced the appointment of BurnVoir Corporate Finance as financial adviser to arrange financing for the development of the Company’s 100% owned Mt Chalmers Copper and Gold Project located near Rockhampton in Central Queensland, Australia.
What is BurnVoir Corporate Finance and why was it chosen?
BurnVoir Corporate Finance is described as a leading finance advisory group with a proven track record of arranging development and corporate facilities for many successful Australian mining companies, more recently including companies such as Rox Resources, Brightstar Resources, Boab Metals, Sandfire Resources, Aeris Resources and Pilbara Minerals.
What kind of funding package is QMines looking for?
BurnVoir will work closely with QMines to secure an attractive funding package designed to provide a competitive cost of capital, flexibility to accommodate the Project’s development schedule, minimise equity dilution and maximise value for shareholders.
How does this appointment fit into QMines’ broader development timeline?
According to the announcement, the financing strategy will run in parallel with Definitive Feasibility Study workstreams, which will assist to compress the timeline to a Final Investment Decision.
Has there been any interest from potential financiers or offtake partners?
Yes. The announcement states that preliminary engagement with potential financiers and offtake partners has been encouraging and underscores the commercial value of the Mt Chalmers product.
What is QMines’ broader objective?
According to the announcement, BurnVoir’s appointment reflects a significant milestone in QMines’ mission to become Australia’s next copper and gold producer.