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HIGH-GRADE COPPER & GOLD CONTINUES AT MT CHALMERS 32M AT 2.0% CU & 0.39G/T AU

31 August 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 reported two more strong drill results from its Mt Chalmers copper-gold project in Queensland, continuing a run of high-grade hits from its current 10,000-metre drilling campaign. The first hole (26MCRD006) cut a 32-metre wide zone of copper mineralisation averaging 2% copper — one of the widest continuous copper intersections in the program so far. Within that zone, there’s a high-grade core running over 4% copper for 7 metres, with one exceptional 1-metre sample hitting 11.3% copper. Gold grades also pick up towards the bottom of the zone, which is a positive sign for the overall system.

The second hole (26MCDD008) found something quite different — a shallow gold-silver-zinc lens starting at just 56 metres depth. This lens returned 25 metres averaging over 2 grams per tonne gold, 92 grams per tonne silver, and 2.56% zinc. The best 7-metre section within it hit nearly 5.8 g/t gold, 147 g/t silver, and 5.16% zinc, with individual 1-metre samples reaching 12.6 g/t gold and 260 g/t silver — the highest gold and silver grades from the current program. Importantly, some of the silver, lead, and zinc grades in part of this hole may actually be understated due to a laboratory interference issue with barite, so results could improve on re-assay.

With 10 more holes currently being processed in the laboratory, QMines has a strong pipeline of upcoming results. The drilling is building a clearer picture of the Mt Chalmers system — a classic VHMS deposit with a copper-rich feeder zone at depth transitioning to precious-metal-rich massive sulphide lenses near surface. Both styles are now being consistently intersected, which is encouraging for the project’s overall resource and development potential.

Key Takeaways

  • Hole 26MCRD006 returned 32m at 1.99% Cu, 0.39g/t Au and 2.6g/t Ag from 138m depth, one of the widest copper intersections in the current 10,000m program, with a high-grade core of 7m at 4.18% Cu including 1m at 11.3% Cu.
  • Hole 26MCDD008 intersected a shallow polymetallic lens from just 56m depth, returning 25m at 2.08g/t Au, 92g/t Ag, 2.56% Zn and 0.19% Cu, with peak 1m assays of 12.6g/t Au, 260g/t Ag and 10.75% Zn — the highest gold and silver grades from the current program.
  • Silver, lead and zinc grades between 68m and 76m in 26MCDD008 may be understated due to barite interference and are expected to increase on re-assay.
  • The shallow polymetallic lens remains open and has not been closed off, with ongoing drilling continuing to test the broader Mt Chalmers system.
  • 10 holes are currently in the laboratory with assays pending, providing a strong near-term pipeline of results.

Key Facts

Key Intersection (26MCRD006)
32m at 1.99% Cu, 0.39g/t Au, 2.6g/t Ag from 138m
High-Grade Copper Core
7m at 4.18% Cu from 152m, including 1m at 11.3% Cu
Gold-Rich Base of 26MCRD006
7m at 2.14% Cu and 1.00g/t Au from 163m, including 1m at 5.63g/t Au
Key Intersection (26MCDD008)
25m at 2.08g/t Au, 92g/t Ag, 2.56% Zn, 0.19% Cu from 56m
High-Grade Polymetallic Core
7m at 5.79g/t Au, 147g/t Ag, 5.16% Zn from 56m
Peak 1m Assays (26MCDD008)
12.6g/t Au, 260g/t Ag, 10.75% Zn
Holes Awaiting Assay
10 holes currently in the laboratory
Drilling Program Size
10,000m total program
Project Location
~25km north-east of Rockhampton, Central Queensland
QMines Ownership
100% of Mt Chalmers Copper and Gold Project

Official ASX Announcement

Highlights

  • Broad high-grade copper and gold mineralisation continues at Mt Chalmers with 32m at 2.0% Cu, 0.39g/t Au and 2.6g/t Ag from 138m (26MCRD006), one of the widest continuous copper intersections of the current 10,000m drilling program.
  • The intersection contains a high-grade copper core of 7m @ 4.18% Cu, including a peak 1m @ 11.3% Cu.
  • Gold grades strengthen towards the base of the intersection, returning 7m @ 2.14% Cu and 1.00g/t Au, including 1m @ 5.63g/t Au.
  • A separate shallow high-grade polymetallic lens returned 25m at 2.08g/t Au, 92g/t Ag, 2.56% Zn and 0.19% Cu from just 56m (26MCDD008).
  • Within this lens, drilling returned an exceptional 7m at 5.79g/t Au, 147g/t Ag and 5.16% Zn with individual 1m assays of up to 12.6g/t Au, 260g/t Ag and 10.75% Zn the highest gold and silver grades returned from the current program to date.
  • Mineralisation remains open, with the shallow polymetallic lens not closed off and ongoing drilling continuing to test the broader Mt Chalmers mineralised system.
  • Drilling continues unabated at Mt Chalmers, with 10 holes currently in the laboratory and further assays awaited, providing a strong pipeline of near-term drilling results.

Overview

QMines Limited (ASX:QML) is pleased to advise that assay results have been received from a further two drill holes completed at its 100%-owned Mt Chalmers Copper and Gold Project. The project is located approximately 25km north-east of Rockhampton in Central Queensland.

The two holes designed to test separate positions within the Mt Chalmers mineralised system, and to provide enhanced metallurgical understanding, both returned significant results. Drill hole 26MCRD006 targeted the copper-rich stringer and semi-massive sulphide system beneath the historic workings returning 32m at 1.99% Cu, 0.39g/t Au and 2.6g/t Ag from 138m. Drill hole 26MCDD008 tested a shallow polymetallic lens returning 8m at 5.14g/t Au, 132g/t Ag, 4.68% Zn and 0.31% Cu from 56m together with a second interval of 10m at 2.24% Zn, 115g/t Ag and 0.84g/t Au from 67m.

These results build on the copper and gold intersections reported from holes 26MCRD002 and 26MCDD007 that were reported on the 18 August 20261, together with earlier results from holes 26MCDD003 and 2026_GT032. Collectively, the drilling is continuing to define the two principal styles of mineralisation at Mt Chalmers a copper-gold-dominant stringer and stockwork system at depth, transitioning upward into zinc-lead-silver-gold-rich massive sulphide lenses.

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 – High-Grade Copper & Gold intersected At Mt Chalmers31m @ 3.22% Cu & 0.83g/T Au – 18 August 2026
  2. ASX Announcement – Multi-Rig 10,000m Drilling Program Underway at Mt Chalmers Initial Results: 18m @ 2.7g/t Au & 1.7% Cu – 22 July 2026

Management Comment

QMines Exploration Manager, Tom Bartschi, said:

“These results are giving us a better understanding of the broader Mt Chalmers system. In hole 26MCDD008 we intersected the shallow gold-silver-zinc-rich polymetallic zone including individual metres of up to 12.6g/t gold and 260g/t silver.

Deeper in the system, hole 26MCRD006 returned a 32m interval at 1.99% copper through the copper-dominant stringer and semi-massive sulphide zone. The sharp margins and internal high-grade zones are giving us a much clearer picture of the geometry and metal zoning of the feeder system beneath the historic workings.

Taken together with holes 26MCRD002 and 26MCDD007 announced earlier this month, the current campaign is now intersecting both the upper polymetallic lenses and the deeper copper-gold-dominant parts of the Mt Chalmers VHMS system. With further holes completed and assays still to come, we are continuing to strengthen our understanding of system for both mining and deeper extensions.”

Drilling & Assay Results

The two holes returned from the current Mt Chalmers drilling program have delivered two significant and geologically distinct mineralised intersections, with broad high-grade copper mineralisation in 26MCRD006 and a separate shallow, gold-silver-zinc-rich massive sulphide lens in 26MCDD008.

Table 1 – Collar Details (GDA20Z56)
Hole ID Easting Northing RL (m) Dip Azimuth EOH (m) Type
26MCRD006 260,011 7,421,429 125.5 -70 10 213.4 RC/HQ3
26MCDD008 259,903 7,421,098 102.9 -75 270 159.5 PQ3/HQ3

Significant intercepts are set out in Table 2. Copper intervals are reported at a 0.20% Cu lower cut off and polymetallic intervals at a 1.0% Zn lower cut off, in each case with a maximum of 2m of internal dilution and a 1m minimum reported length. No top cuts have been applied, and no metal equivalent grades are reported. All intervals are downhole lengths.

Table 2: Significant Intercepts
Hole ID From
(m)		 To
(m)		 Length
(m)		 Cu
(%)		 Au
(g/t)		 Ag
(g/t)		 Zn
(%)		 Pb
(%)
26MCRD006 133.0 135.0 2.0 0.56 0.09 0.8 0.01 0.01
26MCRD006 138.0 170.0 32.0 1.99 0.39 2.6 0.02 0.01
including 149.0 159.0 10.0 3.21 0.39 3.5 0.01 0.01
including 152.0 159.0 7.0 4.18 0.51 4.3 0.01 0.01
including 163.0 170.0 7.0 2.14 1.00 3.1 0.01 <0.01
26MCDD008 56.0 81.0 25.0 0.19 2.08 92 2.56 1.79
including 56.0 69.0 13.0 0.29 3.51 119 3.89 2.99
including 56.0 63.0 7.0 0.35 5.79 147 5.16 4.40
including 67.0 69.0 2.0 0.56 1.52 219 5.72 3.20
including 71.0 77.0 6.0 0.12 0.82 114 1.69 0.72
26MCDD008 88.0 94.0 6.0 0.03 0.20 5.6 0.48 0.43
26MCDD008 120.0 122.0 2.0 0.02 0.09 5.9 0.83 0.44

Nb: Silver, lead and zinc results between 68m and 76m are low biased by barite interference and are also expected to increase on re-assay. Intersections are reported as downhole lengths. True widths are not known and are the subject of ongoing structural interpretation. Copper intervals are reported above a 0.2% Cu lower cut with a maximum of 2m of internal dilution. Polymetallic intervals are reported above a combined 1.0% Pb plus Zn lower cut with a maximum of 2m of internal dilution. Grades are length weighted averages of contiguous 1m samples. Quality control samples are excluded from all composites.

Figure 2: Drill collar locations, Mt Chalmers.
Figure 2: Drill collar locations, Mt Chalmers.
Figure 3: A-A cross-section on a 12.5m window thickness illustrating the copper-dominant mineralised envelope.
Figure 3: A-A cross-section on a 12.5m window thickness illustrating the copper-dominant mineralised envelope.
Figure 4: B-B' cross-section on a 12.5m window thickness illustrating the polymetallic mineralisation. Historical PDH and FRD drill holes were composite sampled over 3m and 2m intervals, respectively. Historical MCDD drill holes shown in grey were selectively assayed based on visual logging of sulphide mineralisation. PDH037 only assayed for copper and zinc.
Figure 4: B-B’ cross-section on a 12.5m window thickness illustrating the polymetallic mineralisation. Historical PDH and FRD drill holes were composite sampled over 3m and 2m intervals, respectively. Historical MCDD drill holes shown in grey were selectively assayed based on visual logging of sulphide mineralisation. PDH037 only assayed for copper and zinc.

BROAD HIGH-GRADE COPPER ZONE

Hole 26MCRD006 intersected a broad chalcopyrite-bearing stringer and semi-massive sulphide zone from 133m, with the principal mineralised interval returning 32m at 1.99% Cu, 0.39g/t Au and 2.6g/t Ag from 138m.

The intersection is one of the widest continuous copper zones drilled at Mt Chalmers during the current program and contains a substantial high-grade core. Copper grades strengthen through the centre of the zone, with results including 10m at 3.21% Cu from 149m and 7m at 4.18% Cu from 152m. The hole returned a peak interval of 1m at 11.3% Cu from 154m.

Gold grades also increase toward the base of the mineralised interval, where drilling returned 7m at 2.14% Cu and 1.00g/t Au from 163m, including 1m at 5.63g/t Au.

Lead and zinc are negligible, supporting interpretation of the intersection as a copper-dominant stringer position beneath the Mt Chalmers massive sulphide system.

SHALLOW HIGH-GRADE GOLD-SILVER-ZINC LENS

Hole 26MCDD008 intersected a distinctly different style of mineralisation, returning a shallow polymetallic massive sulphide lens from just 56m depth.

The broader lens returned 25m at 2.08g/t Au, 92g/t Ag, 2.56% Zn and 0.19% Cu from 56m, including 13m at 3.51g/t Au, 119g/t Ag and 3.89% Zn and a higher-grade core of 7m at 5.79g/t Au, 147g/t Ag and 5.16% Zn. Individual 1m samples returned peak grades of 12.6g/t Au, 260g/t Ag and 10.75% Zn.

These are the highest gold and silver grades returned from the current Mt Chalmers drilling program to date and confirm the presence of high-grade, precious-metal-rich massive sulphide mineralisation close to surface.

Mineralisation continues below the high-grade core within a broader zinc-silver zone to 81m, with additional mineralised stringers intersected in the footwall at 88m and 120m.

The reported grades may also understate the full tenor of the lens. The assay laboratory has identified that silver, lead and zinc grades may have been understated due to analytical interference as a result of high barite content between 68m and 76m. Additional analytical work is underway which seeks to resolve this.

The gold-silver-zinc rich metal association contrasts strongly with the copper-dominant mineralisation intersected in hole 26MCRD006 and is consistent with an upper massive sulphide position within the interpreted Mt Chalmers Volcanic Hosted Massive Sulphide (VHMS) system. However, the unusually strong gold and silver tenor may also indicate later hydrothermal remobilisation or overprinting of the primary VHMS mineralisation.

Figure 5: Diamond rig drilling beneath the existing open pit from a barge at the Mt Chalmers project.
Figure 5: Diamond rig drilling beneath the existing open pit from a barge at the Mt Chalmers project.

Significant Intercepts

Table 3 – Significant intercepts, 0.30% 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
107 142 35 2.88 0.75 0.02 – 3.3
incl. 110 141 31 3.22 0.83 0.02 – 3.6
146 150 4 0.89 0.21 0.02 – 2.2
160 161 1 1.01 0.11 0.01 – 2.1
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 4.31 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 – – – – – – – – Assays Pending
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 Reported herein
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
54 56 2 0.70 0.44 0.03 – 1.2
60 61 1 0.62 0.22 0.02 – 0.8
66 82 16 1.17 1.58 0.03 – 2.5
incl. 80 82 2 4.22 5.38 0.03 – 7.4
89 110 21 0.84 0.83 0.10 – 2.1
incl. 93 98 5 1.52 1.09 0.11 – 2.5
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 Reported herein
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 94.0 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 -90 0 138.4 – – – – – – – – 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 – – – – – – – – Assays Pending
26MCDD012 259,914 7,421,087 104.7 -75 160.1 164.4 – – – – – – – – Assays Pending
26MCDD013 259,816 7,421,102 104.7 -60 334 57.4 – – – – – – – – Assays Pending
26MCDD014 259,704 7,421,311 92.9 -65 105 147.1 – – – – – – – – Assays Pending
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 – – – – – – – – Assays Pending
26MCDD017 259,865 7,421,231 91.1 -90 0 121.4 – – – – – – – – Assays Pending
26MCDD018 260013.35 7421143.847 112.938 -60 290 141.2 – – – – – – – – Assays Pending

Resource & Reserve Estimates

Ore Reserve – Mt Chalmers3

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 Chalmers3

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 Creek4

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 Shaft5

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 Mackenzie6

Deposit7 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 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.

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 Exploration Results reported in this announcement relate to drillholes 26MCRD006 and 26MCDD008 completed at the Mt Chalmers copper-gold project. Previously reported results from 2026_GT03, 26MCRD002, 26MCDD003 and 26MCDD007 are reproduced in the drill-program table for context only. Diamond core was geologically logged and sampled on nominal 1m intervals, adjusted where required to honour lithological, alteration and mineralisation contacts. All assay results reported herein are from quarter-core samples. Core was cut longitudinally along the marked orientation line and subsequently quartered. One quarter was submitted to ALS Laboratories in Brisbane for assay, one quarter was allocated to ALS Burnie for metallurgical testwork and the remaining half core was retained by QMines for reference and density determination. Sampling procedures are considered appropriate for the VHMS and associated stringer-style mineralisation encountered at Mt Chalmers.
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.).
  • 26MCRD006 was drilled as a reverse-circulation precollar with an HQ3 diamond tail to an end-of-hole depth of 213.4m. 26MCDD008 was drilled using PQ3 and HQ3 diamond core to an end-of-hole depth of 159.5m. Triple-tube drilling techniques were used where required to maximise core recovery through broken, altered and mineralised ground. Core orientation was completed where practicable using an AXIS CHAMP ORI core-orientation system. Downhole surveys were completed using gyro survey equipment at approximately 30m intervals and at end of hole. Drilling was undertaken by UDS Drilling.
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 was measured and recorded run by run and is reported as recovered length against drilled length. Triple tube drilling was used through broken and strongly altered ground to maximise recovery.
  • Recovery over the full cored interval was above 98% for both holes.
  • Length weighted recovery across the holes were above 99%
  • No relationship between recovery and grade has been identified. Correlation between run recovery and copper grade at sample scale is negligible in both holes, at -0.03 in 26MCRD002 and +0.08 in 26MCDD007. Mean recovery in samples at or above 0.3% Cu is 99.2% in 26MCRD002 and 100.5% in 26MCDD007, against 99.6% and 98.8% respectively in samples below that grade.
  • No sampling bias arising from preferential loss or gain of fine or coarse material has been identified in either hole.
  • Individual run recoveries marginally above 100% arise from core retrieved in a subsequent run and from over-drill against block markers, both of which are recorded in the drill log.
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.
  • All diamond core was geologically logged in full by QMines geologists. Logging included weathering, oxidation, lithology, alteration, veining, brecciation, sulphide abundance, sulphide mineralogy, structure and mineralisation. Core was also geotechnically logged where appropriate, including core recovery, RQD, fracture frequency and structural observations. Logging was qualitative to semi-quantitative and was completed at a level of detail considered sufficient to support geological interpretation, Mineral Resource estimation, mining studies and metallurgical domaining. All core was photographed wet and dry prior to cutting and sampling.
Sub-sampling 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.
  • Diamond core was cut longitudinally using a diamond core saw. Quarter core was taken consistently from the same side of the orientation line for the assay stream. One quarter was submitted for assay, one quarter was retained for metallurgical testwork and the remaining half core was retained by QMines. Quarter-core field duplicates were collected as part of the QAQC program. Samples were submitted to ALS Laboratories in Brisbane for preparation using industry-standard drying, crushing, splitting and pulverising procedures. Pulverising performance was monitored by laboratory QC, with checks returning 96.5% to 98.5% passing 75µm against a 95% specification. Sample sizes and preparation procedures are considered appropriate for the grain size and style of mineralisation encountered, noting that coarse chalcopyrite occurs locally within the stringer zones.
  • Ground competence within the mineralised zone of 26MCRD006 & 26MCDD008 is materially lower than in the surrounding waste, with mean RQD below 65% in samples at or above 0.3% Cu against >80% below that grade. Quarter core splitting of rubbly core is less reproducible than splitting of intact core, and received sample masses within that interval are correspondingly lighter and more variable. This is a sub-sampling representivity consideration rather than a recovery issue, as recovery over the same interval is 98.9%.
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.
  • Samples were analysed by ALS Laboratories in Brisbane. Gold was determined using Au-AA25, comprising a 30g fire assay with AAS finish. Multi-element analysis was completed using ME-ICP61, comprising four-acid digestion with ICP-AES finish. The four-acid digestion is considered total for the elements reported.
  • Over-range copper, zinc and sulphur results were re-analysed using ore-grade methods Cu-OG62, Zn-OG62 and S-OG62. Every over-range copper, zinc, silver, lead and sulphur result in the reported assay stream carries a corresponding ore-grade determination. No primary sample returned an over-range lead result. No gold result approached the upper limit of Au-AA25 and no gravimetric re-assay was required, and no silver result approached the upper limit of ME-ICP61.
  • QMines’ QAQC program included certified reference materials, coarse blanks and quarter-core field duplicates inserted into the sample stream at routine intervals.
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.
  • Significant assay results were checked against the original laboratory certificates, geological logs and the Company’s geological database. Reported intersections were independently recalculated using length-weighted primary assay data and reviewed by QMines geological personnel and the Competent Person. Laboratory results were imported directly into the Company’s database from laboratory-supplied digital files without manual transcription. The compositing dataset was checked to confirm that certified reference materials, blanks and field duplicates were excluded and that no sample interval was counted more than once. No twinned drillholes are reported herein. No adjustments have been made to primary assay values other than standard treatment of below-detection-limit values where required for statistical purposes.
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.
  • Drillhole collar coordinates are reported in GDA2020, MGA Zone 56, with elevations on AHD(d). Final collar coordinates, elevations, dip, azimuth and end-of-hole depths are provided in the drillhole collar table in this announcement.
  • Site survey control at Mt Chalmers was installed by Masters Surveying Pty Ltd and connected to GDA2020 MGA Zone 56 and AHD(d). Collar positions were observed by QMines personnel against that control using an RTK GNSS rover hired from Masters Surveying and operated through the Emlid Flow field application, with a stated coordinate observation accuracy of ±50mm. Masters Surveying attended site to establish the unit and instruct QMines personnel in its use.
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.
  • 26MCRD006 and 26MCDD008 were positioned primarily to recover metallurgical and geotechnical material from modelled mineralisation within the existing drilled area and were not drilled as systematic exploration step-outs. The drilling therefore adds local geological and assay information within the existing Mineral Resource footprint rather than testing extensions to the deposit. No physical compositing of samples was undertaken prior to laboratory analysis. Length-weighted compositing has been applied only for reporting significant intersections.
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 drillholes were designed to intersect the interpreted Mt Chalmers mineralised stratigraphy and underlying copper-gold stringer zone at an appropriate angle. Mineralisation geometry in the immediate vicinity of the reported holes has not yet been sufficiently constrained to determine true widths. All intersections are therefore reported as downhole lengths. No material sampling bias arising from drillhole orientation has been identified.
Sample security
  • The measures taken to ensure sample security.
  • Samples were placed into individually numbered calico bags and recorded by QMines personnel. Calico bags were grouped into sealed polyweave or bulk bags for transport. Samples were transported by QMines personnel or an authorised commercial freight provider directly to ALS Laboratories in Brisbane under documented chain-of-custody procedures. Sample dispatch records were reconciled against laboratory receipt notifications.
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.
  • Drillhole identification, collar coordinates, elevation, dip, azimuth, end-of-hole depth and assay status for the completed drilling program are provided in the drillhole and significant-intercept table in this announcement. Coordinates are reported in GDA2020, MGA Zone 56. The Exploration Results reported herein relate to 26MCRD006 and 26MCDD008. Previously reported results are reproduced for context, while completed holes for which validated assay results were not available at the date of this announcement are identified as assays pending. 26MCRD001 was abandoned at 8.3m and was not sampled. No material drillhole information relating to the Exploration Results reported herein has been excluded.
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.
  • Significant copper-gold intersections were calculated using a nominal lower cut-off grade of 0.3% Cu, with a maximum of 2 m consecutive internal dilution. Polymetallic intersections were calculated using a nominal lower cut-off grade of 1% Zn, with a maximum of 2 m consecutive internal dilution. Reported intersections are length-weighted downhole composites. No top cuts were applied. Values reported below the analytical detection limit were assigned half the relevant detection limit for compositing purposes. Included higher-grade intervals are reported where considered geologically and materially relevant. Metal-equivalent grades have not been reported. These criteria are consistent with the significant-intercept table in the announcement.
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 Exploration Results are reported as downhole lengths. The drillholes were designed to intersect the interpreted mineralised stratigraphy and stringer system at a high angle; however, the geometry of the mineralised zones in the immediate vicinity of the reported intersections has not yet been sufficiently constrained to reliably calculate true widths. True widths have therefore not yet been determined. The relationship between downhole intercept length and true mineralisation width will be assessed following integration of the drilling with the current three-dimensional mineralisation wireframes and geological model.
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.
  • Appropriate plans and cross-sections showing the locations and orientations of 26MCRD006 and 26MCDD008 relative to existing drilling, the current Mineral Resource outline and interpreted mineralisation are included in the announcement. The figures are intended to show that the reported intersections occur within the existing drilled and modelled mineralised system and do not represent step-out exploration beyond the known limits of mineralisation.
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.
  • All intervals from 26MCRD006 and 26MCDD008 meeting the stated 0.30% Cu aggregation criteria are reported in the significant-intercept table. This includes lower-grade intervals as well as the principal high-grade intersections. Previously reported results are reproduced for drill-program context and are clearly identified as previously reported. Completed holes for which validated analytical results were not available at the date of this announcement are identified as assays pending and will be reported following receipt, QAQC validation and geological interpretation where material. The holes reported herein were deliberately targeted within modelled mineralisation to obtain DFS metallurgical and geotechnical material and do not extend the known limits of mineralisation.
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.
  • 26MCRD006 and 26MCDD008 were completed as part of the metallurgical and geotechnical drilling program supporting the Mt Chalmers Definitive Feasibility Study. Quarter core from selected mineralised intervals has been forwarded to ALS Burnie for mineralogical, comminution and flotation testwork under the Company’s geometallurgical program. The drilling also provides geological, structural, geotechnical, assay and bulk-density information relevant to the Mineral Resource and DFS. Whole-core density determinations are being collected over the same intervals. Reject material from the assay stream is being used for acid-base accounting static testing in support of waste characterisation. The metallurgical results will be reported separately when available.
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 includes receipt, validation and interpretation of outstanding assays from the completed metallurgical and geotechnical drilling programs; comminution and flotation testwork using samples from the metallurgical holes; integration of the new drilling into the geological and Mineral Resource models; completion of in-pit pontoon drilling beneath the flooded historic pit; continuation of the Woods Shaft resource drilling program; and completion of slag and waste-stockpile characterisation drilling. The resulting geological, metallurgical, geotechnical, environmental and resource datasets will progressively inform the Mt Chalmers DFS, resource evaluation and subsequent drill planning.

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 were the headline drill results from this announcement?

Two holes were reported. Hole 26MCRD006 returned 32m at 1.99% Cu, 0.39g/t Au and 2.6g/t Ag from 138m depth, described as one of the widest continuous copper intersections of the current 10,000m drilling program. Hole 26MCDD008 returned 25m at 2.08g/t Au, 92g/t Ag, 2.56% Zn and 0.19% Cu from just 56m depth.

How significant are the gold and silver grades from hole 26MCDD008?

The individual 1m assays of up to 12.6g/t Au, 260g/t Ag and 10.75% Zn are described as the highest gold and silver grades returned from the current Mt Chalmers drilling program to date. The 7m high-grade core returned 5.79g/t Au, 147g/t Ag and 5.16% Zn.

Why might the silver, lead and zinc grades in 26MCDD008 be understated?

The assay laboratory has identified that silver, lead and zinc grades may have been understated due to analytical interference as a result of high barite content between 68m and 76m. Additional analytical work is underway which seeks to resolve this, and results are expected to increase on re-assay.

What is the geological significance of finding two different styles of mineralisation?

The two holes intersected geologically distinct mineralisation styles. Hole 26MCRD006 intersected a copper-dominant stringer and semi-massive sulphide zone at depth, while 26MCDD008 intersected a shallow gold-silver-zinc-rich massive sulphide lens. This is consistent with the two principal styles of mineralisation at Mt Chalmers — a copper-gold-dominant stringer and stockwork system at depth, transitioning upward into zinc-lead-silver-gold-rich massive sulphide lenses.

Is the mineralisation open for further drilling?

Yes. The announcement states that mineralisation remains open, with the shallow polymetallic lens not closed off and ongoing drilling continuing to test the broader Mt Chalmers mineralised system.

How many more drill results are expected in the near term?

Drilling continues unabated at Mt Chalmers, with 10 holes currently in the laboratory and further assays awaited, providing a strong pipeline of near-term drilling results.

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