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QMINES DISCOVERS COPPER SULPHIDES 180M BEYOND MT CHALMERS RESOURCE

12 October 2026ASX: QMLMt ChalmersDRILLING RESULTS

The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.

What This Announcement Means

QMines has drilled a new hole — 26MCDD052 — and found copper sulphide mineralisation 180 metres north-northeast of the boundary of its existing Mt Chalmers resource. This is significant because it is only the second hole ever drilled in this area north of the main pit, and it has already hit visible copper minerals (chalcopyrite and pyrite) over an 11-metre section. The find suggests the Mt Chalmers copper-gold system may extend further than previously known, and potentially connects to another deposit called Botos further along the same geological corridor.

Importantly, these are visual observations only — no laboratory assay grades have been reported yet. The company has been careful to note that actual copper and gold grades are unknown until lab results come back, expected by late October 2026. The mineralisation style (stringer veins beneath massive sulphide lenses) is consistent with how the main Mt Chalmers deposit looks at depth, which is an encouraging geological sign.

Follow-up drilling is already underway to test whether this is an extension of the main lode, a separate parallel zone, or something connected to the Botos deposit. If assays confirm economic grades, this could open up a meaningful new exploration target and potentially grow the Mt Chalmers resource beyond its current 11.3 million tonne boundary.

Key Takeaways

  • Drillhole 26MCDD052 intersected 11m of visually identified copper sulphides (chalcopyrite–pyrite) approximately 180m NNE beyond the existing Mt Chalmers Mineral Resource boundary.
  • This is only the second hole to test the prospective area north of the main pit, and the sulphide assemblage and vein textures match the stringer mineralisation logged beneath the massive sulphide lenses at Mt Chalmers.
  • No assay grades have been reported — copper, gold and other metal grades remain unknown pending laboratory results expected towards the end of October 2026.
  • Three geological interpretations are being considered: a northern extension of the Mt Chalmers main lode, a separate NNE-trending ‘East Lode’, or mineralisation associated with the Botos deposit.
  • Follow-up drilling is underway along the interpreted ~4km Woods Shaft–Mt Chalmers–Botos corridor to test orientation, true width and continuity.

Key Facts

Discovery hole
26MCDD052
Visual mineralisation interval (downhole)
11m (192.15m to 203m)
Distance beyond Mt Chalmers Resource
~180m NNE
Intercept depth below surface
~167m
Mineralisation style
Chalcopyrite–pyrite stringer veins; semi-massive sulphide patches up to 25–35% total sulphide
Assay results expected
Late October 2026
Hole total depth
255.50m

Official ASX Announcement

HIGHLIGHTS

  • New Copper Discovery 180m Beyond Resource: Drillhole 26MCDD052 intersects 11m of visually identified copper sulphides, including semi-massive chalcopyrite–pyrite mineralisation, outside the existing Mt Chalmers Resource.
  • Significant Resource Growth Potential: Mineralised intercept exhibits characteristics consistent with the Mt Chalmers copper-gold system, opening an exciting new exploration target beyond the existing Resource.
  • Potential for Additional Massive Sulphide Lenses: Mt Chalmers-style copper sulphide stringers highlight the potential for further discoveries in previously untested ground.
  • New Intersection Sharpens Mt Chalmers–Botos Exploration: Follow-up drilling will test whether the zone represents an extension of the Mt Chalmers main lode, a separate NNE-trending mineralised zone, or mineralisation associated with Botos, opening up a significant new exploration target.
  • 4km Copper-Gold Corridor Emerging: Discovery supports further exploration of the interpreted Woods Shaft–Mt Chalmers–Botos corridor1, with significant areas remaining untested.
  • Drilling Underway, Assays Imminent: Follow-up drilling is underway, with assays expected in late October and further results anticipated from the expanded Mt Chalmers drilling program.

Cautionary statement

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Copper, gold and other metal grades remain unknown pending laboratory assays. All reported lengths are downhole; true widths are unknown. Laboratory results are expected towards the end of October 2026.

  1. ASX Announcement – NEW GOLD & COPPER DRILL TARGETS DEMONSTRATE MT CHALMERS GROWTH POTENTIAL – 16 June 2026

OVERVIEW

QMines Limited (ASX:QML) has intersected an 11m downhole zone of visually identified chalcopyrite–pyrite stringer mineralisation in diamond hole 26MCDD052, approximately 180m NNE of the current Mt Chalmers Mineral Resource and outside the 2024 PFS open pit.

The intersection provides a target for testing the intervening ground and the interpreted NNE corridor2, towards Botos3. Access secured under the recently announced property acquisition agreements has enabled rapid access for drilling of this northern target area. Follow up drilling is underway, with laboratory assays expected towards the end of October 2026. Metal grades, true width and continuity remain unknown.

Figure 1: Location of Projects and Infrastructure at Mt Chalmers, Develin Creek and Mt Mackenzie.
Figure 1: Location of Projects and Infrastructure at Mt Chalmers, Develin Creek and Mt Mackenzie.
  1. ASX Announcement – NEW GOLD & COPPER DRILL TARGETS DEMONSTRATE MT CHALMERS GROWTH POTENTIAL – 16 June 2026
  2. ASX Announcement – STRATEGIC LAND ACQUISITIONS UNLOCK BOTOS DEPOSIT – 18 September 2026

MANAGEMENT COMMENT

QMines Exploration Manager, Tom Bartschi, said:

“This is an exciting new discovery for QMines, with copper sulphide mineralisation intersected 180m beyond the existing Mt Chalmers Resource. The geological similarities and position of this intersection raise the possibility that Mt Chalmers and Botos form part of a larger, connected mineralised system, potentially opening up a significant new exploration opportunity.

Our focus to date has been on advancing Mt Chalmers towards production, with the Definitive Feasibility Study now well underway. With recent strategic land acquisitions, we are now in a position to accelerate exploration across the broader mineralised corridor. Remarkably, 26MCDD052 is only the second hole to test this highly prospective area north of the main pit.

This discovery reinforces our belief that significant exploration potential remains at Mt Chalmers. Follow-up drilling is already underway to establish the extent and continuity of the mineralisation, with assays expected later this month. While the connection between Mt Chalmers and Botos remains to be demonstrated, we are excited by the opportunity to potentially grow the Resource well beyond its current boundaries.”

TESTING THE NORTHERN GAP

The stringer mineralisation in hole 26MCDD052 is at a similar depth to the northern edge of the Mt Chalmers Resource. The intercept lies approximately 167m below surface. From the south to the north – Woods Shaft, Mt Chalmers West Lode, and Mt Chalmers Main Lode all lie on NNE trending controls, with each lode to the NE of the other. This new intercept could lie on a new NNE controlling feature, continuing the formation of lodes stepping across to the NE of the previous. There is no significant drill testing in this new position.

The reported 11m is downhole length. The hole was drilled subparallel to the interpreted NNE lineament4. Further drilling will test the zone’s orientation and whether mineralisation continues through the intervening ground.

Beyond this gap, the interpreted corridor provides a strong basis for further exploration towards, and potentially beneath, Botos.

Table 1 – Drill hole collar information
Hole ID Easting (m) Northing (m) RL (m AHD) Dip (°) Azimuth (°) Depth (m)
26MCDD052 260219.998 7421837.418 100.235 -60.81 59.25 255.50
  1. ASX Announcement – NEW GOLD & COPPER DRILL TARGETS DEMONSTRATE MT CHALMERS GROWTH POTENTIAL – 16 June 2026
Figure 2: Mt Chalmers plan showing 26MCDD052 in green on section line A to B, the modelled pit outline and completed holes awaiting assays. Blue symbols identify drilling underway. The corridor is an interpreted targeting model.
Figure 2: Mt Chalmers plan showing 26MCDD052 in green on section line A to B, the modelled pit outline and completed holes awaiting assays. Blue symbols identify drilling underway. The corridor is an interpreted targeting model.

GEOLOGICAL INTERPRETATION & FOLLOW UP TARGETS

Chalcopyrite and pyrite occur in irregular, anastomosing stringer veins across the 192m–203m downhole interval in hole 26MCDD052. Visible chalcopyrite is most abundant in the lower 3m from 200m to 203m. A weaker, pyrite dominant interval from 198m to 200m separates the upper and lower portions of the zone. These observations describe visually identified mineral abundance however metal grades remain unknown pending laboratory assays.

The sulphide assemblage and vein textures match the stringer mineralisation logged beneath the massive sulphide lenses at Mt Chalmers. Their occurrence approximately 180m NNE beyond the current Resource, at a comparable elevation to its lower northern edge, supports investigating a possible northern extension of the known stringer system. Establishing that connection will require correlation of host rocks, alteration, stratigraphy and structural relationships across the intervening ground.

The intersection also raises the question of whether an associated massive sulphide lens occurs beyond the existing Resource. In Volcanic Hosted Massive Sulphide (VHMS) systems, stringer zones can represent hydrothermal fluid pathways beneath massive sulphide accumulations. If hole 26MCDD052 occupies a comparable footwall position, the prospective mineralised horizon stratigraphically above the stringers becomes a target for assessment. Its present-day position would depend on the orientation of the rock sequence and any structural displacement; a lens cannot be assumed to lie directly above the intersection.

Three geological interpretations are being considered for the new intersection:

  1. a northern extension of the Mt Chalmers main lode;
  2. a separate NNE-trending mineralised zone east of the main lode (“East Lode” interpretation); or
  3. mineralisation associated with Botos.

Each provides a target for follow-up drilling. Further holes will test the zone’s orientation, host stratigraphy and extent to distinguish between these possibilities and assess its relationship to the known deposits. The current drilling has not established a continuous connection to either Mt Chalmers or Botos at this stage.

Figure 3: Section A to B looking west northwest. The open bar on 26MCDD052 marks the visually logged 192m–203m zone; assays are pending. Drill traces are projected onto the section. Downhole length is not true width. The hole is subparallel to the interpreted NNE lineament5
Figure 3: Section A to B looking west northwest. The open bar on 26MCDD052 marks the visually logged 192m–203m zone; assays are pending. Drill traces are projected onto the section. Downhole length is not true width. The hole is subparallel to the interpreted NNE lineament5

The hole targeted the NNE structures interpreted in June 2026 as a possible control on mineralisation along the approximately 4km Woods Shaft–Mt Chalmers–Botos corridor. The intersection provides a basis for further testing along this interpretation, including the possibility of continuation towards and beneath Botos.

Follow up drilling will test the zone’s orientation, true width and continuity and help constrain its relationship to the prospective massive sulphide horizon. The reported 11m is downhole length. Neither a continuous connection to the Mt Chalmers Resource, continuation beneath Botos nor an additional massive sulphide lens has been demonstrated at this stage.

  1. ASX Announcement – NEW GOLD & COPPER DRILL TARGETS DEMONSTRATE MT CHALMERS GROWTH POTENTIAL – 16 June 2026

CUEQ CALCULATIONS

CuEq (%) = Cu (%) + 0.2513 × Zn (%) + 0.7951 × Au (g/t) + 0.0126 × Ag (g/t). This is the Mineral Resource formula, based on spot prices on 11 September 2026 and PFS recoveries6. CuEq is calculated for each sample and then length weighted, so recalculating from the rounded grades in the table can differ by 0.01. For example, the 2.7m interval in 26MCDD025 gives 1.29 + (0.2513 × 5.25) + (0.7951 × 4.44) + (0.0126 × 109) = 7.51% CuEq.

VISUAL OBSERVATIONS & SAMPLING

The geological log records variable chalcopyrite and pyrite abundance through the 11m stringer zone. Table 1 reports the three logged subintervals, including the weaker central section. These are visual observations; laboratory assays are pending.

Table 2 – Visually logged mineral abundances estimates in 26MCDD052.
From (m) To (m) Interval (m) Mineralisation style Total sulphide (%) Chalcopyrite (%) Pyrite (%)
192.15 192.5 0.35 Silicified, vein stringer 3 to 7 1 to 3 2 to 4
192.5 194 1.5 Semi massive 20 to 30 10 to 15 10 to 15
194 196.5 2.5 Stringer (quartz carbonate veins) 8 to 12 3 to 5 5 to 7
196.5 201.5 5 Disseminated, pyrite dominant 3 to 5 1 to 2 2 to 3
201.5 202.1 0.6 Semi massive 25 to 35 15 to 20 10 to 15
202.1 203 0.9 Disseminated 3 to 5 1 to 2 2 to 3
203 205.4 2.4 Below the zone Trace Trace Trace

Stringer style throughout. The 198m–200m interval is pyrite dominant with minor chalcopyrite. Abundances are semiquantitative visual estimates by volume from whole-core logging. No whole-zone average or metal-grade estimate is reported.

Cautionary statement

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Copper, gold and other metal grades remain unknown pending laboratory assays. All reported lengths are downhole; true widths are unknown. Laboratory results are expected towards the end of October 2026.

SAMPLING & FOLLOW UP DRILLING

Analyses will determine gold, copper, zinc, lead and silver. Laboratory results are expected towards the end of October 2026 and will be reported when received. Portable XRF was used as a qualitative field aid to the geological observations. Each metre received 20 randomised surface spot readings. These spots are not representative interval samples. No numerical pXRF concentrations or interval grades have been reported herein. Laboratory assays will determine metal concentrations.

Follow up drilling along the NNE lineament7 is underway to test orientation, true width and continuity, including toward the Mt Chalmers Resource. The new intersection focuses exploration on the gap from the pit to 26MCDD052 and the broader possibility of continuation beneath Botos. Further targets will depend on geological interpretation.

The zone is outside the current Mineral Resource and 2024 PFS open pit and is not included in the Ore Reserve underpinning the Mt Chalmers PFS. It has not been incorporated into the DFS now underway. Its position makes it a target for further drilling. Assessment of potential mining access would require assayed grade, geometry, continuity, geotechnical and engineering work.

  1. ASX Announcement – MT CHALMERS PFS SUPPORTS VIABLE COPPER & GOLD MINE – 30 April 2024
  2. ASX Announcement – NEW GOLD & COPPER DRILL TARGETS DEMONSTRATE MT CHALMERS GROWTH POTENTIAL – 16 June 2026

CORE PHOTOGRAPHS ACROSS THE LOGGED ZONE

Figure 4: Selected pieces of 26MCDD052 core from the 192m to 203m stringer zone: (a) chalcopyrite/pyrite and quartz on a core face; (b) chalcopyrite stringer veins in quartz; (c) semi-massive chalcopyrite/pyrite. These close ups show some of the strongest mineralisation and are not representative of the full interval;
Figure 4: Selected pieces of 26MCDD052 core from the 192m to 203m stringer zone: (a) chalcopyrite/pyrite and quartz on a core face; (b) chalcopyrite stringer veins in quartz; (c) semi-massive chalcopyrite/pyrite. These close ups show some of the strongest mineralisation and are not representative of the full interval;
Figure 5: 26MCDD052 core trays 58 to 61, 192.15m to 205.4m, wet, with the logged sub intervals of the stringer zone (visual estimates, Table 2). Photographs are unaltered apart from cropping and scaling. Visual estimates of mineral abundance are not a substitute for laboratory analyses; refer to the cautionary statement. Assays pending. Total sulphide % includes chalcopyrite.
Figure 5: 26MCDD052 core trays 58 to 61, 192.15m to 205.4m, wet, with the logged sub intervals of the stringer zone (visual estimates, Table 2). Photographs are unaltered apart from cropping and scaling. Visual estimates of mineral abundance are not a substitute for laboratory analyses; refer to the cautionary statement. Assays pending. Total sulphide % includes chalcopyrite.

Significant Intercepts

Table 4 – Significant intercepts, 0.20% Cu lower cut off, maximum 2m internal dilution.
Hole ID Easting Northing RL
(m)		 Dip
(°)		 Azi
(°)		 EOH
(m)		 From
(m)		 To
(m)		 Interval
(m)		 Cu
(%)		 Au
(g/t)		 Zn
(%)		 Pb
(%)		 Ag
(g/t)		 Status
2026_GT01 260,171 7,421,333 130.1 -75 110 129.9 – – – – – – – – Not sampled (geotechnical)
2026_GT02 260,061 7,421,202 139.5 -70 185 140.0 – – – – – – – – Assays pending
2026_GT03 259,846 7,421,069 106.3 -85 175 75.5 48.0 51.0 3.0 0.10 0.30 1.90 0.80 16 Previously reported
2026_GT04 259,676 7,421,328 90.5 -65 15 60.5 – – – – – – – – Not sampled (geotechnical)
2026_GT05 259,857 7,421,514 136.5 -65 20 87.1 – – – – – – – – Not sampled (geotechnical)
2026_GT06 259,767 7,421,482 137.1 -90 0 45.3 – – – – – – – – Not sampled (geotechnical)
26MCRD001 260,003 7,421,420 128.0 -75.1 240 8.3 – – – – – – – – Abandoned at 8.3m; not sampled
26MCRD002 260,013 7,421,420 125.3 -75.1 240 211.5 90 91 1 0.43 0.21 1.28 – 7.3 Previously reported
and 107 142 35 2.88 0.75 0.02 – 3.3
incl. 110 141 31 3.22 0.83 0.02 – 3.6
and 146 150 4 0.89 0.21 0.02 – 2.2
and 160 161 1 1.01 0.11 0.01 – 2.1
and 178 179 1 0.55 0.06 0.04 – 0.8
26MCDD003 259,733 7,421,242 96.0 -60 100 102.0 20.0 24.5 4.3 1.0 1.7 8.9 3.7 57 Previously reported
and 28.5 34.0 5.5 0.5 2.5 11.4 4.7 29
and 54.0 72.0 18.0 1.7 2.7 – – 2
incl. 54.0 66.0 12.0 2.0 3.8 – – 2
incl. 61.0 62.0 1.0 3.3 20.3 – – 5
26MCRD004 260,073 7,421,292 125.6 -75 320 141.6 – – – – – – – – Assays pending
26MCRD005 260,074 7,421,304 125.6 -75 143 156.1 103 147 44.0 1.03 0.15 0.02 <0.01 2.3 Previously reported
incl. 103 113 10.0 2.20 0.35 0.03 <0.01 4.7
incl. 108 110 2.0 5.52 0.97 0.05 <0.01 9.3
26MCRD006 260,011 7,421,429 125.5 -70 10 213.4 133 135 2.0 0.56 0.09 0.01 0.01 0.8 Previously reported
and 138 170 32.0 1.99 0.39 0.02 0.01 2.6
incl. 149 159 10.0 3.21 0.39 0.01 0.01 3.5
incl. 152 159 7.0 4.18 0.51 0.01 0.01 4.3
and 163 170 7.0 2.14 1.00 0.01 <0.01 3.1
26MCDD007 259,794 7,421,207 94.7 -55 310 132.4 40 48 8 0.37 0.23 0.05 – 2.3 Previously reported
and 54 56 2 0.70 0.44 0.03 – 1.2
and 60 61 1 0.62 0.22 0.02 – 0.8
and 66 82 16 1.17 1.58 0.03 – 2.5
incl. 80 82 2 4.22 5.38 0.03 – 7.4
and 89 110 21 0.84 0.83 0.10 – 2.1
incl. 93 98 5 1.52 1.09 0.11 – 2.5
and 114 115 1 0.80 0.15 0.01 – 1.1
26MCDD008 259,903 7,421,098 102.9 -75 270 159.5 56 81 25.0 0.19 2.08 2.56 1.79 92 Previously reported
incl. 56 69 13.0 0.29 3.51 3.89 2.99 119
incl. 56 63 7.0 0.35 5.79 5.16 4.40 147
incl. 67 69 2.0 0.56 1.52 5.72 3.20 219
incl. 71 77 6.0 0.12 0.82 1.69 0.72 114
and 88 94 6.0 0.03 0.20 0.48 0.43 5.6
and 120 122 2.0 0.02 0.09 0.83 0.44 5.9
26MCDD009 259,848 7,421,114 102.1 -75 280 138.4 – – – – – – – – Assays pending
26MCDD010 259,798 7,421,203 94.5 -75 141.5 131.9 – – – – – – – – Assays pending
26MCDD011 260,078 7,421,247 138.1 -85 71.5 150.5 111 118 7.0 1.02 0.19 0.10 0.04 5.4 Previously reported
and 121 145 24.0 0.46 0.09 0.01 0.01 1.7
26MCDD012 259,914 7,421,087 104.7 -75 160.1 164.4 45.0 50.0 5.0 0.12 0.99 1.84 1.09 55.5 Previously reported
incl. 45.0 47.0 2.0 0.15 1.91 1.73 1.06 117.7
and 116.6 134 17.4 0.11 0.18 1.55 0.63 12.7
26MCDD013 259,816 7,421,102 104.7 -60 334 57.4 53.9 55.4 1.5 1.35 7.11 11.73 6.85 60.6 Previously reported
26MCDD014 259,704 7,421,311 92.9 -65 105 147.1 86.0 95.0 9.0 0.69 0.07 0.01 <0.01 0.5 Previously reported
incl. 94.0 95.0 1.0 2.45 0.20 0.01 <0.01 1.0
26MCDD015 260,044 7,421,123 113.4 -60 278 140.6 – – – – – – – – Assays pending
26MCDD016 259,862 7,421,232 91.1 -90 0 33.8 – – – – – – – – Pontoon; abandoned at 33.8m, redrilled as 26MCDD017; not sampled
26MCDD017 259,865 7,421,231 91.1 -90 0 121.4 NSI Pontoon; previously reported
26MCDD018 260,013 7,421,144 112.9 -60 290 140.0 – – – – – – – – Assays pending
26MCRC019 259,718 7,421,527 133.8 -90 0 36.0 – – – – – – – – Assays pending
26MCRC020 259,739 7,421,499 135.9 -90 0 31.0 – – – – – – – – Assays pending
26MCRC021 259,766 7,421,469 138.2 -90 0 26.0 – – – – – – – – Assays pending
26MCRC022 259,788 7,421,439 139.1 -90 0 31.0 – – – – – – – – Assays pending
26MCDD023 259,862 7,421,194 91.4 -90 0 114.5 – – – – – – – – Assays pending
26MCDD024 259,665 7,421,206 94.1 -60 99 90.3 – – – – – – – – Assays pending
26MCDD025 259,876 7,421,260 91.1 -89.4 0 125.7 23.3 40.0 16.7 1.04 1.16 1.24 0.57 26 Previously reported
incl. 23.3 30.0 6.7 2.07 2.37 2.74 1.39 60
incl. 27.0 30.0 3.0 3.15 1.15 1.20 0.30 31
and (Zn) 23.3 26.0 2.7 1.29 4.44 5.25 3.04 109
and (Zn) 29.0 30.0 1.0 3.32 1.15 1.95 0.21 31
and 44.0 49.0 5.0 0.57 0.50 0.20 0.04 7
incl. 44.0 45.0 1.0 1.07 1.18 0.65 0.08 10
and 52.0 56.0 4.0 0.45 0.23 0.08 0.07 8
and (Au) 23.3 50.0 26.7 0.79 0.87 0.84 0.37 18
and (Au) 52.0 55.0 3.0 0.44 0.24 0.07 0.03 8
and (Au) 59.0 60.0 1.0 0.10 0.23 0.13 0.04 3
26MCDD026 259,619 7,421,057 94.2 -60 270 153.3 – – – – – – – – Assays pending
26MCDD027 259,898 7,421,238 91.5 -90 0 67.7 42.7 54.0 11.3 1.32 0.43 0.36 0.06 11 Previously reported
incl. 42.7 51.0 8.3 1.64 0.51 0.44 0.07 13
incl. 42.7 46.0 3.3 2.70 0.59 0.50 0.06 16
and (Au) 42.7 53.0 10.3 1.38 0.45 0.38 0.06 11
26MCRC028 259,839 7,421,498 137.6 -90 0 31.0 – – – – – – – – Assays pending
26MCDD029 259,898 7,421,289 91.3 -90 0 123.1 – – – – – – – – Assays pending
26MCRC030 259,814 7,421,471 138.6 -90 0 31.0 – – – – – – – – Assays pending
26MCDD031 259,596 7,421,064 92.4 -60 270 144.3 – – – – – – – – Assays pending
26MCRC032 259,864 7,421,468 139.3 -90 0 6.0 – – – – – – – – Slag stockpile; abandoned at 6m, redrilled as 26MCRC032_RD
26MCRC032_RD 259,867 7,421,469 139.3 -90 0 31.0 – – – – – – – – Assays pending
26MCRC033 259,839 7,421,440 139.6 -90 0 46.0 – – – – – – – – Assays pending
26MCRC034 259,965 7,421,464 141.0 -90 0 36.0 – – – – – – – – Assays pending
26MCRC035 260,063 7,421,290 125.7 -90 0 31.0 – – – – – – – – Assays pending
26MCRC036 260,087 7,421,319 125.2 -90 0 31.0 – – – – – – – – Assays pending
26MCRC037 260,119 7,421,319 125.7 -90 0 21.0 – – – – – – – – Assays pending
26MCRC038 260,113 7,421,348 124.3 -90 0 17.0 – – – – – – – – Assays pending
26MCRC039 260,106 7,421,297 125.5 -90 0 26.0 – – – – – – – – Assays pending
26MCRC040 260,113 7,421,408 124.3 -90 0 21.0 – – – – – – – – Assays pending
26MCRC041 260,058 7,421,378 121.0 -90 0 16.0 – – – – – – – – Assays pending
26MCRC042 260,063 7,421,366 120.4 -90 0 21.0 – – – – – – – – Assays pending
26MCDD043 259,915 7,421,315 91.2 -90 0 119.8 – – – – – – – – Assays pending
26MCRC044 260,086 7,421,378 125.7 -90 0 21.0 – – – – – – – – Assays pending
26MCRC045 259,469 7,421,237 84.0 -75 80.1 153.0 – – – – – – – – Assays pending
26MCDD046 259,545 7,421,073 92.4 -60 270 141.2 – – – – – – – – Assays pending
26MCDD047 259,979 7,421,317 91.5 -90 0 66.6 – – – – – – – – Assays pending
26MCDD048 259,936 7,421,237 91.3 -90 0 63.0 – – – – – – – – Assays pending
26MCDD049 260,222 7,421,835 100.0 -60 230 261.3 – – – – – – – – Assays pending
26MCDD050 259,911 7,421,214 91.3 -90 0 119.9 – – – – – – – – Assays pending
26MCDD051 259,972 7,421,320 91.2 -90 0 97.8 – – – – – – – – Assays pending
26MCDD052 260,222 7,421,835 100.0 -60 50 – – – – – – – – – Assays pending
26MCDD053 259,936 7,421,208 91.2 -90 0 – – – – – – – – – Pontoon; drilling in progress

Resource & Reserve Estimates

Ore Reserve – Mt Chalmers8

Deposit 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 Chalmers8

Deposit 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 Creek9

Deposit 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 Shaft10

Deposit 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 Mackenzie11

Deposit12 Resource Category Tonnes (Mt) Cut Off (Au g/t) Cu (%) Au (g/t) * Zn (%) Ag (g/t) Not in Mine Plan
Mt Mackenzie Indicated 3.77 0.4 – 0.99 7.3
Mt Mackenzie Inferred 1.45 0.4 – 1.07 4.9
Total 5.22 0.4 – 1.01 6.7

*cut-off grade: 0.35 g/t Au for oxide, 0.55 g/t Au for primary.

  1. ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
  2. ASX Announcement – Develin Creek Resource Upgrade Unlocks Expansion Planning, 23 February 2026. Rounding errors may occur.
  3. ASX Announcement – Maiden Woods Shaft Resource, 22 November 2022. Rounding errors may occur.
  4. ASX Announcement – Mt Mackenzie Resource Upgrade delivers 32% Increase in Gold With70% Now in Indicated, 5 August 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

Exploration Results and Exploration Targets

The information in this announcement that relates to Exploration Results is based on information and supporting documentation compiled by Mr Thomas Bartschi, who accepts responsibility as the Competent Person for these Exploration Results. Mr Bartschi is a Member of the Australian Institute of Geoscientists and The Australasian Institute of Mining and Metallurgy and is a full-time employee of QMines Limited.

Mr Bartschi has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartschi has reviewed this announcement and consents to the inclusion of the matters based on his information in the form and context in which they appear.

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.

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 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. 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

View Appendix — JORC Code 2012 Table 1

JORC Table – Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling techniques
  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
  • The new Exploration Results comprise visual geological observations of diamond core from 26MCDD052. The visual schedule defines a ~11m downhole zone from 192.15m to 203m and six subintervals with estimated mineral-abundance ranges. These are visual observations, not assayed metal concentrations. No copper grade is inferred or reported from these estimates.
  • Portable XRF was used as a field aid; no numerical pXRF results or pXRF-derived interval grades are reported herein for this hole.
Drilling techniques
  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
  • 26MCDD052 was drilled by UDS using DESCO Rig 12 from 24 September to 4 October 2026, to 255.50m. The hole drilled PQ3 triple-tube core from surface to 14.70m and HQ3 triple-tube core below 14.70m, including the reported zone.
  • Due to the broken nature of the mineralised zone, a reliable orientation reference through that zone has therefore not been established.
Drill sample recovery
  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • Core recovery is recorded as ~96% recovery.
  • The four runs from 192.50m to 204.50m each recorded ~99% recovery. Triple-tube drilling was used. Assays are pending, so a recovery-grade relationship cannot yet be assessed.
Logging
  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
  • The total length and percentage of the relevant intersections logged.
  • 26MCDD026 was logged by field geologists. Logged attributes include lithology, weathering, oxidation, grain size, fabric, alteration, veining, mineralogy, visual mineral abundance and descriptions. Run recovery and RQD records extend to the final depth; nine structural entries are recorded.
  • The mineralised interval is covered by the lithology log. It is described within silicified volcanic breccia with chlorite alteration and patchy chalcopyrite-pyrite stringers; surrounding intervals contain weaker mineralisation. Visual estimates are qualitative to semi-quantitative. Photographs illustrate core textures.
Subsampling techniques and sample preparation
  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • Hole 26MCDD052 is currently being cut for lab dispatch.
  • The cutsheet schedules 109 half-core primary samples for 26MCDD052, with six standards, four blanks and two entries labelled quarter-core duplicates. Primary samples through 192m-203m are eleven consecutive nominal 1m half-core intervals. The visual zone is covered by these planned assay intervals, but the 192m-193m sample also includes material above its revised 192.15m boundary.
Quality of assay data and laboratory tests
  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • Laboratory assays for 26MCDD052 are not yet underway.
  • Analytical accuracy and precision for this hole have not yet been assessed from returned results. Portable XRF was used as a field aid; no numerical results are reported herein.
Verification of sampling and assaying
  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • Primary collar, metadata, geological logging, survey, structural, recovery and sampling are recorded. No laboratory grade intersections for 26MCDD052 are reported, and no conversion of visual abundance to metal grade is applied.
Location of data points
  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • Actual collar Easting 260219.998m, Northing 7421837.418m, RL 100.235m, initial dip -60.81 degrees, azimuth 59.25 degrees and final depth 255.50m. Collar pickup was completed by QMines staff with DGPS.
Data spacing and distribution
  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.
  • The intersection is reported approximately 180m NNE beyond the current Mt Chalmers Mineral Resource and outside the modelled pit. This is an approximate spatial relationship to the existing model, not a drill spacing or demonstrated mineralised extension. The hole is reported as the second test of the corridor north of the main pit.
  • Drilling does not yet establish continuity between this intersection and the Resource, along the corridor or beneath Botos. No new Mineral Resource or Ore Reserve estimate is reported. The six revised visual logging intervals are geological subdivisions, not assay composites.
Orientation of data in relation to geological structure
  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • The hole targeted the interpreted NNE structural corridor. The collar azimuth is recorded as 59.25 degrees, with gyro azimuth entries around 62 degrees near the visual zone, subject to reference validation. Alignment with the mapped lineament does not define the orientation of the mineralised horizon.
  • A structure at 194.70m records alpha = 10 degrees for a quartz-calcite vein associated with chalcopyrite-pyrite stringer mineralisation. This indicates an acute local vein-to-core angle if correctly measured; it does not determine the true width of the broader zone. The overlapping recovery runs carry Ori = False, so reliable geographic vein orientation is not established by the supplied data.
  • All reported lengths are downhole. True width is unknown and may be materially shorter. Orientation bias remains to be assessed.
Sample security
  • The measures taken to ensure sample security.
  • The announcement reports visual observations of core and states that half-core samples are being prepared for ALS Brisbane.
Audits or reviews
  • The results of any audits or reviews of sampling techniques and data.
  • Drilling, logging, sampling, assay and QAQC data were internally reviewed by QMines technical personnel and the Competent Person. No external audit of the specific drilling and assay dataset reported in this announcement has been completed. The procedures are consistent with QMines’ established drilling and sampling protocols and are considered appropriate for the reporting of Exploration Results.

JORC Table – Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status
  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • The Mt Chalmers Project is located approximately 20 km northeast of Rockhampton in central Queensland. The project is held 100% by QMines Limited through its wholly owned subsidiaries and includes EPM25935 and associated exploration tenure. The relevant tenements are in good standing. The Company is not aware of any material tenure-related impediment to undertaking the drilling and technical programs described in this announcement.
Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
  • Mt Chalmers has been subject to historical mining and exploration by several previous operators, including mining between 1898 and 1982. Historical exploration included geological mapping, geochemical sampling, geophysical surveys, percussion drilling and diamond drilling. Available historical information has been progressively compiled and incorporated into the Company’s geological database and project interpretation. Historical work was generally completed using methods considered appropriate for the period; however, not all historical data were collected under modern QAQC protocols. The Exploration Results reported in Table 2 of this announcement relate to drilling completed by QMines.
Geology
  • Deposit type, geological setting and style of mineralisation.
  • Mt Chalmers is a volcanic-hosted massive sulphide deposit located within the Permian Berserker Beds of the Berserker Graben. Mineralisation comprises an upper exhalite and massive-sulphide sequence containing variable zinc, lead, silver, gold and copper mineralisation, underlain by a copper-gold stringer and stockwork zone hosted by intensely silica- and chlorite-altered volcanic rocks.
Drill hole Information
  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar; elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; dip and azimuth of the hole; down hole length and interception depth; hole length.
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • 26MCDD052 was completed on 4 October 2026 to 255.50m. Actual collar records give Easting 260219.998m, Northing 7421837.418m, RL 100.235m, dip -60.81 degrees and azimuth 59.25 degrees.
Data aggregation methods
  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • The ~11m zone is a visual geological interval, not an assay-grade composite. Six subintervals report estimated sulphide, chalcopyrite and pyrite abundance ranges. No assay cut-off or grade top cut defines this visual zone, and no theoretical metal grade or CuEq is derived for 052.
  • The observed mineral log includes rounded length-weighted visual abundances of approximately 10% total sulphides, 4.5% chalcopyrite and 5% pyrite. Weighting the six range midpoints by their downhole lengths reproduces approximately 9.76%, 4.50% and 5.26%, respectively. These describe estimated mineral abundance, not metal grade, tonnage or economic value; the ranges are not statistical confidence intervals.
  • Previously reported laboratory intersections are separate contextual data and require their original criteria and sources.
Relationship between mineralisation widths and intercept lengths
  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
  • All reported lengths are downhole lengths. The revised visual zone is ~11m from 192.15m to 203m. The structure logged at 194.70m has a recorded alpha angle of 10 degrees, but one local vein measurement cannot establish the geometry or true width of the full zone. Valid orientation reference through the zone is not established from the supplied flags.
  • True width is unknown. Comparable elevation to the lower northern Resource does not demonstrate stratigraphic correlation or continuity. Projected positions require the adopted downhole survey and section projection geometry.
Diagrams
  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • The plan and section show the actual collar and surveyed trajectory, the visual interval, Resource boundary and modelled pit, with scale, direction, datum and section projection information.
  • Selected close-ups illustrate locally stronger mineralisation and are not representative of the full zone.
Balanced reporting
  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
  • The visual schedule includes concentrated sulphide patches, weaker stringer/disseminated intervals and a separately described trace-sulphide interval below 203m. The 196.50m-201.50m interval is described as pyrite-dominant with lower visual abundance; the full 200m-203m interval should not be described as uniformly stronger under this schedule.
  • These observations provide context and require reconciliation with the revised boundaries. All are visual observations, not laboratory grades. Selected close-ups show locally stronger material.
Other substantive exploration data
  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • The new substantive data comprise the logged chalcopyrite-pyrite stringer textures and their reported position relative to the current Resource and pit model. These observations provide a target for further geological testing.
  • No new metallurgical performance, additional massive sulphide lens, Mineral Resource or Ore Reserve estimate is reported for this zone. It lies outside the current Resource and modelled pit and has not been included in the development studies described in the announcement. Its economic significance is unknown.
Further work
  • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • Further work comprises preparation and laboratory analysis of core samples, review of assay quality, integration of geological and structural observations, and follow-up drilling to establish orientation, true width, extent and possible continuity toward the existing Mt Chalmers Resource and along the corridor toward Botos.
  • Drilling will also test whether the zone occupies a comparable footwall position and whether an associated prospective massive sulphide horizon is present. Continuation beneath Botos and an additional massive sulphide lens remain hypotheses to be tested. Assays are expected toward the end of October 2026, subject to laboratory turnaround.

View Original ASX Announcement

Frequently Asked Questions

The following Q&A is AI-generated from the announcement content and is provided as a supplementary reader aid only.

What did QMines actually find in drillhole 26MCDD052?

QMines intersected an 11-metre downhole zone of visually identified chalcopyrite–pyrite stringer mineralisation, approximately 180m NNE of the current Mt Chalmers Mineral Resource and outside the 2024 PFS open pit. The most concentrated sulphide was in the lower 3m of the zone (200m to 203m downhole), with semi-massive intervals showing 25–35% total sulphide and 15–20% chalcopyrite visually estimated.

Do we know the copper or gold grades from this new discovery?

No. Copper, gold and other metal grades remain unknown pending laboratory assays. The results reported are visual observations of mineral abundance only, which are not a substitute for laboratory analyses. Laboratory results are expected towards the end of October 2026.

How significant is this discovery relative to the existing Mt Chalmers resource?

The intersection lies approximately 180m NNE beyond the current Mt Chalmers Mineral Resource boundary and outside the modelled pit. It is only the second hole to test this area north of the main pit. The sulphide assemblage and vein textures match the stringer mineralisation logged beneath the massive sulphide lenses at Mt Chalmers, which supports investigating a possible northern extension of the known stringer system. However, neither a continuous connection to the Mt Chalmers Resource nor an additional massive sulphide lens has been demonstrated at this stage.

What are the three possible geological explanations for this intersection?

QMines is considering three interpretations: (1) a northern extension of the Mt Chalmers main lode; (2) a separate NNE-trending mineralised zone east of the main lode (the ‘East Lode’ interpretation); or (3) mineralisation associated with the Botos deposit. Follow-up drilling will test the zone’s orientation, host stratigraphy and extent to distinguish between these possibilities.

What is the Woods Shaft–Mt Chalmers–Botos corridor?

It is an interpreted approximately 4km copper-gold corridor. Woods Shaft, Mt Chalmers West Lode, and Mt Chalmers Main Lode all lie on NNE trending controls, with each lode to the NE of the other. The new intersection supports further exploration of this corridor, with significant areas remaining untested.

When will QMines report assay results from this hole?

Laboratory results are expected towards the end of October 2026. Follow-up drilling is already underway, with further results also anticipated from the expanded Mt Chalmers drilling program.

QMines Support