The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.
What This Announcement Means
QMines had a very productive quarter focused on drilling at their Mount Mackenzie gold-silver project. The company drilled nearly 7,000 metres and hit some spectacular high-grade gold results, including 16 metres averaging almost 20 grams per tonne of gold – that’s bonanza-grade material. They also identified five new targets across a large 1.2km area, showing the project has significant growth potential beyond what they’ve already found.
The company also upgraded their Develin Creek copper-zinc resource by 14% and started the definitive feasibility study for their flagship Mt Chalmers copper-gold project. Most importantly, they secured $15 million in funding from Queensland Investment Corporation after quarter-end, which should fully fund them through to a final investment decision on Mt Chalmers. This puts QMines in a strong position to advance toward becoming Queensland’s next copper and gold producer.
With three quality projects in their portfolio – Mt Chalmers (copper-gold), Develin Creek (copper-zinc), and Mt Mackenzie (gold-silver) – all located within 90km of Rockhampton, QMines is building a compelling regional hub strategy in an area with excellent infrastructure and mining history.
Key Takeaways
- Drilled 6,922m at Mount Mackenzie with exceptional results including 16.0m @ 19.35g/t Au and 27.8g/t Ag from 8m
- Identified five new near-surface targets across a 1.2km x 750m hydrothermal footprint at Mount Mackenzie
- Develin Creek Mineral Resource increased 14% to 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag
- Commenced Mt Chalmers Definitive Feasibility Study with multiple active workstreams progressing
- Secured $15.0m strategic funding from QIC and repaid outstanding loans, strengthening balance sheet
Key Facts
Official ASX Announcement
Highlights
- Drilling at Mount Mackenzie continued throughout the quarter with 6,922m drilled across North Knoll, the Western Extension and Vein 355.
- Multiple significant intercepts returned during the Quarter including:
- 16.0m @ 19.35g/t Au and 27.8g/t Ag from 8m (MMDD010)1
- 6.0m @ 10.47g/t Au and 39.7g/t Ag from 118m (MMDD009)2
- 15.8m @ 2.58g/t Au and 7.1g/t Ag from surface (MMDD009)2
- 19.0m @ 1.13g/t Au, 11.5g/t Ag and 454ppm Cu from 85m (MMDD006)2
- 1.0m @ 3.01g/t Au, 93.8g/t Ag and 1.55% Cu from 171m (MMDD007)2
- Reprocessed IP data identified five new near surface targets across a 1.2km x 750m hydrothermal footprint at Mount Mackenzie demonstrating significant growth potential.2
- Develin Creek Mineral Resource estimate increased by 14% to 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag with approximately 90% now classified as Indicated.3
- Mt Chalmers Definitive Feasibility Study commenced with multiple active workstreams progressing including geotechnical drilling, environmental baseline studies, mineragraphy and improved geological modelling activities.4
- The Company significantly strengthened its balance sheet with the completion of a $15.0m placement and royalty funding agreement with QIC and paid of its two outstanding loans.5
- Strengthened funding position, reduced debt obligations and continued advancement of technical studies position QMines to progress its strategy of becoming Queensland’s next copper and gold producer.
- Bonanza Gold & Silver Results Confirmed at Mount Mackenzie – 18 March 2026
- Drilling Delivers Further Highgrade Gold & Silver & Highlights Porphry Potential – 9 March 2026
- Develin Creek Resource Upgrade Unlocks Expansion Planning – 23 February 2026
- DFS Commences at the Mt Chalmers Copper & Gold Project – 10 February 2026
- QIC Invests $15m To Fast-Track Mt Chalmers Into Development – 20 April 2026
Introduction
QMines Limited (QMines or Company)(ASX:QML) is pleased to announce its March Quarterly Activities Report for what has been another very busy quarter for the Company. During the Quarter, the Company advanced several exploration and development workstreams across its Central Queensland portfolio. The Mount Mackenzie Gold Silver Project remained the principal exploration focus, with drilling progressing across priority high sulphidation gold and silver targets at North Knoll, the Western Extension area and Vein 355.
At Develin Creek, the Company reported an upgraded Mineral Resource Estimate and commenced optimisation work to assess future integration of Develin Creek mineralisation into the broader Mt Chalmers hub strategy. Field activity at Develin Creek during the quarter was limited to site support, logistics and progressive rehabilitation.
At Mt Chalmers, geotechnical drilling, packer testing, environmental baseline work, mineragraphy and improved geological modelling activities were initiated. These activities are designed to support engineering, approvals and technical inputs for the Mt Chalmers Definitive Feasibility Study (DFS).
Mount Mackenzie Project (Gold-Silver)
During the quarter, QMines continued its maiden Mount Mackenzie drilling program, located approximately 120km northwest of the Mt Chalmers Hub. Drilling was undertaken using a combination of RC and diamond methods to test high priority positions within the broader high sulphidation epithermal system.
The program progressed from deeper diamond drilling at North Knoll into Reverse Circulation (RC) and mixed RC diamond drilling across the western extension area and Vein 355. The work tested near surface mineralisation, extensions to known mineralised corridors and deeper structural positions interpreted to be important controls on the gold and silver system.
Reprocessing historical Induced Polarisation (IP) data and 3D inversion modelling materially improved the Company’s understanding of the shallow hydrothermal architecture at Mount Mackenzie. The updated interpretation identified five undrilled near surface targets across a 1.2km x 750m footprint, including two annular lithocap style centres and three sulphide bearing structural conduit targets adjacent to the North Knoll and South West Slopes deposits.
By 31 March, total cumulative Mount Mackenzie drilling reached 6,684.5m RC and 3,010.3m diamond for a total of 9,694.8m drilled. Drilling was approaching completion at quarter end, with final sample dispatch, core processing, DGPS collar pickups, demobilisation and progressive rehabilitation being planned or underway.
Mount Mackenzie Results & Interpretation
Assay results released during the quarter continued to support the interpretation of Mount Mackenzie as a high sulphidation epithermal gold silver system with local high-grade zones and a broader lithocap scale alteration footprint. Significant results released during the period included:
- MMDD010: 16m @ 19.35g/t Au and 27.8g/t Ag from 8m, including
- 12m @ 25.42g/t Au and 32.4g/t Ag from 10m,
- 2m @ 91.75g/t Au and 81.0g/t Ag from 11m, and
- 1m @ 94.30g/t Au and 77.9g/t Ag from 20m.1
- MMDD009: 15.8m @ 2.58g/t Au and 7.1g/t Ag from surface, including
- 6.8m @ 3.24g/t Au and 8.4g/t Ag from 9m, and a separate
- 6m @ 10.47g/t Au and 39.7g/t Ag from 118m.1
- MMDD006: 19m @ 1.13g/t Au, 11.5g/t Ag and 454ppm Cu from 85m, including
- 5m @ 3.46g/t Au, 25.4g/t Ag and 1,185ppm Cu from 96m.2
- MMDD007: 1m @ 3.01g/t Au, 93.8g/t Ag and 1.55% Cu from 171m, within a broader sulphide envelope.2
- MMDD008: 16m @ 0.38g/t Au and 8.1g/t Ag from 90m, including
- 4m @ 1.06g/t Au and 23.0g/t Ag from 95m.2
The March diamond drilling results materially improved geological confidence at North Knoll. The data confirmed multiple stacked gold silver positions, copper bearing high sulphidation mineralisation at depth and a pathfinder assemblage consistent with a fertile lithocap setting. These results support continued evaluation of deeper feeder positions, while recognising that the presence of a porphyry system remains to be tested by deeper drilling.
Mt Chalmers DFS Workstreams
During the quarter, QMines advanced DFS support activities at the Mt Chalmers Copper Gold Project2. Field activities during the period were focused on geotechnical, environmental, hydrological, mineralogical and geological inputs required for the DFS in support of the Company’s staged development strategy and future approvals pathway, beginning with the proposed 1Mtpa base case operation. The DFS builds on the Company’s 2024 Pre Feasibility Study which returned a Net Present Value (NPV) of $373 million, with a 54% IRR on a 10.4 year mine life, and generating a life of mine revenue of A$1.64 billion.3
Geotechnical drilling commenced during March, with packer testing and downhole data collection underway to support pit, waste storage and infrastructure design inputs. Four groundwater monitoring bores were also completed to support baseline groundwater studies.
Environmental baseline work progressed during the quarter, including flora surveys across the northern portion of the Mining License Application (MLA). Mineragraphy and geological model updates also advanced, providing further technical inputs for mining, processing and study optimisation work.
Develin Creek Resource Upgrade
No drilling was completed at Develin Creek during the March quarter. Field activity was limited to site support, logistics and progressive rehabilitation following completion of the 2025 drilling program in the prior quarter.
During the quarter, QMines reported an upgraded Develin Creek Mineral Resource Estimate (MRE)1 of 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag at a 0.30% Cu cut off. The update increased total Mineral Resource tonnes by 14% and increased Indicated Resources to 4.22Mt @ 0.98% Cu and 1.08% Zn, now representing approximately 90% of the total resource.
The improved MRE confidence provides a strong technical basis for expansion planning, underground optimisation studies, targeted infill or extension drilling, metallurgical variability work and future assessment of Develin Creek mineralisation as a potential feed source for the Mt Chalmers hub.
Post Quarter Activities
Subsequent to quarter end, QMines continued to advance both its Mt Chalmers development pathway and Mount Mackenzie exploration program.
At Mount Mackenzie, further assay results extended the high-grade gold corridor, with broad and shallow gold silver mineralisation returned from both North Knoll and Vein 355. Significant intercepts included2:
- 14m @ 3.04g/t Au and 7.2g/t Ag from 21m (MMDD011); including;
- 3m @ 7.26g/t Au and 7.5g/t Ag from 29m.
- 6m @ 3.85g/t Au and 5.7g/t Ag from 24m (MMRC035); including
- 1m @ 19.85g/t Au and 11.0g/t Ag from 24m.
- 7m @ 1.23g/t Au and 6.7g/t Ag from 62m; within
- 24m @ 0.63g/t Au and 4.3g/t Ag from 47m (MMRC018).
Strengthened Balance Sheet & Funding Position
During the March 2026 quarter, QMines continued to strengthen its financial and corporate position as the Company advances toward completion of the Mt Chalmers DFS and a Final Investment Decision (FID).
Subsequent to quarter end, the Company announced a strategic $15 million funding package with the Queensland Investment Corporation (QIC) Critical Minerals and Battery Technology Fund.3 The transaction comprises a combination of equity investment and royalty funding and is expected to fully fund QMines through completion of the DFS and toward FID for the Mt Chalmers Copper and Gold Project.
The investment from QIC represents a significant endorsement of the quality of the Mt Chalmers Project, QMines’ broader regional growth strategy, and the increasing strategic importance of copper and critical minerals supply chains in Queensland.
In addition, the Company repaid two outstanding loan facilities for a total of $1.0m, simplifying the Company’s balance sheet and reducing near-term financial obligations. The repayment of these facilities positions the Company with a cleaner and more streamlined capital structure as it progresses toward development activities.
The Company believes the combination of strengthened funding support, reduced debt obligations and continued advancement of technical studies places QMines in a strong position to progress its strategy of becoming Queensland’s next copper and gold producer.
Payments made to related parties and their associates noted in section 6 of the attached quarterly cash flow report were for consulting fees, salaries and superannuation.
| Hole ID | Easting | Northing | mRL | Dip | Azi | Depth | From | To | Interval (m) |
Au (g/t) |
Ag (g/t) |
Au g·m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MMRC001 | 749695 | 7469529 | 191 | 90 | 0 | 100 | 9 | 53 | 44 | 1 | 20.78* | 44 |
| including | 46 | 50 | 4 | 2.17 | 33.25* | 8.7 | ||||||
| MMRC002 | 749659 | 7469505 | 179 | 55 | 66 | 145 | 115 | 128 | 13 | 0.61 | 6.78 | 7.9 |
| including | 121 | 124 | 3 | 1.09 | 16.63 | 3.3 | ||||||
| MMRC003 | 749672 | 7469600 | 170 | 90 | 0 | 180 | 54 | 75 | 21 | 0.65 | 8.02 | 13.7 |
| including | 54 | 59 | 5 | 1.3 | 13.2 | 6.5 | ||||||
| MMRC004 | 749641 | 7469543 | 185 | 60 | 60 | 115 | 47 | 58 | 11 | 4.63 | 59.76* | 50.9 |
| including | 49 | 55 | 6 | 8.11 | >100* | 48.7 | ||||||
| MMRC005 | 749655 | 7469550 | 176 | 60 | 65 | 95 | 27 | 40 | 13 | 2.21 | 17.22 | 28.73 |
| including | 33 | 39 | 6 | 3.47 | 21.7 | 20.82 | ||||||
| MMRC006 | 749636 | 7469543 | 174 | 60 | 65 | 95 | 13 | 22 | 9 | 0.7 | 2.62 | 6.3 |
| and | 51 | 64 | 13 | 2.51 | 41.74* | 32.63 | ||||||
| including | 54 | 61 | 7 | 4.33 | 58.59* | 30.31 | ||||||
| MMRC007 | 749709 | 7469557 | 209 | 60 | 65 | 95 | 52 | 56 | 4 | 2.69 | 17.73 | 10.76 |
| including | 53 | 55 | 2 | 4.26 | 23.35 | 8.52 | ||||||
| and | 70 | 84 | 14 | 1.61 | 11.31 | 22.54 | ||||||
| MMRC008 | 749693 | 7469544 | 209 | 60 | 65 | 100 | 4 | 21 | 17 | 2.36 | 16.45 | 40.12 |
| including | 13 | 18 | 5 | 5.5 | 41.64 | 27.5 | ||||||
| and | 78 | 100 | 22 | 1.47 | 12.26 | 32.34 | ||||||
| including | 93 | 98 | 5 | 3 | 19.34 | 15 | ||||||
| MMRC009 | 749729 | 7469563 | 212 | 60 | 65 | 95 | NSI | |||||
| MMRC010 | 749701 | 7469571 | 190 | 70 | 90 | 120 | 82 | 99 | 17 | 1.25 | 14.59 | 21.25 |
| including | 87 | 88 | 1 | 6.17 | 55.9 | 6.17 | ||||||
| MMRC011 | 749669 | 7469569 | 186 | 60 | 65 | 95 | 8 | 16 | 8 | 1.85 | 5.16 | 14.8 |
| and | 69 | 76 | 7 | 0.58 | 1.7 | 4.06 | ||||||
| MMRC012 | 749653 | 7469564 | 184 | 60 | 65 | 95 | 20 | 35 | 15 | 3.59 | 24.91 | 53.85 |
| including | 22 | 30 | 8 | 5.29 | 22.11 | 42.32 | ||||||
| MMRC013 | 749636 | 7469559 | 184 | 60 | 65 | 95 | 36 | 54 | 18 | 3.4 | 28.34* | 61.2 |
| including | 46 | 48 | 2 | 16.01 | >100* | 32.02 | ||||||
| MMRC014 | 749652 | 7469579 | 131 | 60 | 65 | 95 | 17 | 32 | 15 | 5.1 | 34.05* | 76.5 |
| including | 18 | 27 | 9 | 7.78 | 39.39* | 70.02 | ||||||
| and | 46 | 53 | 7 | 1.17 | 12.69 | 8.19 | ||||||
| MMRC015 | 749768 | 7469464 | 150 | 60 | 65 | 95 | 7 | 16 | 9 | 2.74 | 26.47 | 24.66 |
| including | 10 | 13 | 3 | 5.22 | 62.43 | 15.66 | ||||||
| and | 22 | 26 | 4 | 4.33 | 34.2 | 17.32 | ||||||
| MMRC016 | 749778 | 7469475 | 199 | 90 | 0 | 95 | NSI | |||||
| MMDD004 | 749831 | 7469277 | 221 | 55 | 150 | 300.4 | NSI | |||||
| MMDD005 | 749824 | 7469413 | 243 | 75 | 145 | 300 | NSI | |||||
| MMDD006 | 749700 | 7469558 | 187 | 75 | 65 | 300 | 0 | 13 | 13 | 0.55 | 0.9 | 7.15 |
| including | 6 | 13 | 7 | 0.82 | 1.1 | 5.74 | ||||||
| and | 85 | 104 | 19 | 1.13 | 11.5 | 21.47 | ||||||
| including | 92 | 104 | 12 | 1.74 | 16.6 | 20.88 | ||||||
| including | 96 | 101 | 5 | 3.46 | 25.4 | 17.3 | ||||||
| including | 99 | 100 | 1 | 4.77 | 93.8 | 4.77 | ||||||
| MMDD007 | 749545 | 7469550 | 173 | 65 | 104 | 300 | 147 | 183 | 36 | 0.49 | 4.8 | 17.64 |
| including | 147 | 152 | 5 | 1.89 | 5.6 | 9.45 | ||||||
| including | 171 | 172 | 1 | 3.01 | 93.8 | 3.01 | ||||||
| MMDD008 | 749542 | 7469554 | 172 | 60 | 60 | 300 | 90 | 106 | 16 | 0.38 | 8.1 | 6.08 |
| including | 95 | 99 | 4 | 1.06 | 23 | 4.24 | ||||||
| including | 97 | 98 | 1 | 2.24 | 64 | 2.24 | ||||||
| and | 124 | 131 | 7 | 0.69 | 1.9 | 4.83 | ||||||
| including | 127 | 128 | 1 | 1.3 | 3.8 | 1.3 | ||||||
| MMDD009 | 749694 | 7469553 | 186 | 60 | 215 | 297.4 | 0 | 15.8 | 15.8 | 2.58 | 7.1 | 40.79 |
| including | 9 | 15.8 | 6.8 | 3.24 | 8.4 | 22.03 | ||||||
| including | 13.5 | 15.8 | 2.3 | 8 | 18.7 | 18.4 | ||||||
| and | 118 | 124 | 6 | 10.47 | 39.7 | 62.84 | ||||||
| including | 118 | 122 | 4 | 13.23 | 42.7 | 52.91 | ||||||
| including | 121 | 122 | 1 | 23.4 | 52.4 | 23.4 | ||||||
| MMDD010 | 750028 | 7469398 | 188 | -90 | 0 | 222.5 | 8 | 24 | 16 | 19.35 | 21.6 | 309.6 |
| including | 8 | 9 | 1 | 108 | 108 | |||||||
| MMDD011 | 749737 | 7469476 | 171 | 65 | 65 | 199 | 18 | 19 | 1 | 0.53 | 0.8 | 0.5 |
| and | 21 | 35 | 14 | 3.04 | 7.2 | 42.6 | ||||||
| including | 29 | 32 | 3 | 7.26 | 7.5 | 21.8 | ||||||
| and | 38 | 40 | 2 | 0.46 | 9.7 | 0.9 | ||||||
| MMRD017 | 749731 | 7469674 | 164 | 60 | 65 | 204.5 | 30.6 | 44 | 13.4 | 0.61 | 2.2 | 8.2 |
| including | 38 | 44 | 6 | 1.23 | 4.1 | 7.4 | ||||||
| including | 39 | 41 | 2 | 1.98 | 3.8 | 4 | ||||||
| MMRC018 | 749712 | 7469465 | 193 | -65 | 65 | 151 | 47 | 71 | 24 | 0.63 | 4.3 | 15.2 |
| including | 57 | 71 | 14 | 0.87 | 5 | 12.2 | ||||||
| including | 62 | 69 | 7 | 1.23 | 6.7 | 8.6 | ||||||
| MMRC019 | 749686 | 7469453 | 191 | -65 | 65 | 151 | 65 | 70 | 5 | 0.34 | 21.5 | 1.7 |
| and | 90 | 96 | 6 | 1.07 | 8.1 | 6.4 | ||||||
| including | 90 | 95 | 5 | 1.25 | 8.7 | 6.2 | ||||||
| MMRC020 | 749664 | 7469444 | 190 | -65 | 65 | 151 | 110 | 116 | 6 | 1.02 | 10.2 | 6.1 |
| including | 111 | 115 | 4 | 1.22 | 10 | 4.9 | ||||||
| MMRC021 | 749643 | 7469430 | 190 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC022 | 749732 | 7469409 | 197 | -65 | 65 | 151 | 77 | 79 | 2 | 0.5 | 2.3 | 1 |
| MMRC023 | 749708 | 7469401 | 196 | -65 | 65 | 151 | 90 | 95 | 5 | 0.29 | 1.8 | 1.4 |
| MMRC024 | 749691 | 7469397 | 192 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC025 | 749771 | 7469442 | 204 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC026 | 749757 | 7469434 | 199 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC027 | 749736 | 7469366 | 205 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC028 | 749757 | 7469374 | 208 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC029 | 749798 | 7469395 | 213 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC030 | 749770 | 7469334 | 213 | -65 | 65 | 150 | Awaiting Assays | |||||
| MMRC031 | 749794 | 7469345 | 218 | -65 | 65 | 149 | Awaiting Assays | |||||
| MMRC032 | 749817 | 7469359 | 220 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC033 | 749840 | 7469360 | 224 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC034 | 749776 | 7469384 | 211 | -65 | 65 | 151 | Awaiting Assays | |||||
| MMRC035 | 750052 | 7469410 | 171 | -90 | 0 | 73 | 24 | 30 | 6 | 3.85 | 5.7 | 23.1 |
| including | 24 | 25 | 1 | 19.85 | 11 | 19.85 | ||||||
| MMRC036 | 750017 | 7469434 | 170 | -90 | 0 | 72 | NSI | |||||
| MMRC037 | 750040 | 7469423 | 180 | -90 | 0 | 46 | Abandoned | |||||
| MMRC038 | 750027 | 7469411 | 187 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC039 | 750012 | 7469404 | 191 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC040 | 749910 | 7469438 | 186 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC041 | 749926 | 7469428 | 189 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC042 | 749946 | 7469418 | 191 | -90 | 0 | 65 | Awaiting Assays | |||||
| MMRC043 | 749964 | 7469414 | 193 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC044 | 749982 | 7469405 | 195 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC045 | 750000 | 7469396 | 195 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC046 | 750016 | 7469385 | 197 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC047 | 750035 | 7469379 | 195 | -90 | 0 | 73 | 45 | 46 | 1 | 0.94 | 1.8 | 0.9 |
| MMRC048 | 750052 | 7469365 | 196 | -90 | 0 | 73 | 70 | 71 | 1 | 5.98 | 0.6 | 6 |
| MMRC049 | 750060 | 7469350 | 197 | -90 | 0 | 73 | NSI | |||||
| MMRC050 | 750132 | 7469279 | 207 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC051 | 749993 | 7469383 | 208 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC052 | 750012 | 7469372 | 202 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC053 | 750036 | 7469360 | 200 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC054 | 750042 | 7469396 | 190 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC055 | 750074 | 7469331 | 194 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC056 | 750089 | 7469313 | 198 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC057 | 750099 | 7469298 | 198 | -90 | 0 | 73 | Awaiting Assays | |||||
| MMRC058 | 750115 | 7469286 | 198 | -90 | 0 | 40 | Abandoned | |||||
| MMRD059 | 749613 | 7469551 | 179 | -65 | -65 | 252.2 | Awaiting Assays | |||||
| MMRD060 | 749587 | 7469546 | 180 | -65 | 65 | 276.4 | Awaiting Assays |
| Hole ID | Easting | Northing | mRL | Dip | Azi | Depth | From | To | Interval | Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
CuEq |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DCRC046 | 789077 | 7450262 | 112 | -75 | 126 | 100 | 74 | 78 | 4 | 0.2 | 1.7 | 0.3 | 5.1 | 1.03 |
| and | 99 | 100 | 1 | 1.2 | 0.3 | 0.3 | 3.8 | 1.55 | ||||||
| DCRC047 | 789128 | 7450252 | 112 | -76 | 138 | 100 | ||||||||
| DCRC048 | 789180 | 7450633 | 120 | -72 | 140 | 319 | 239 | 245 | 6 | 2.2 | 3.0 | 0.3 | 37.0 | 3.74 |
| DCRC049 | 789177 | 7450594 | 120 | -65 | 125 | 162 | 115 | 119 | 4 | 0.2 | 1.8 | 0.1 | 3.9 | 0.79 |
| DCRC050 | 789206 | 7450585 | 120 | -65 | 135 | 288 | 167 | 188 | 21 | 1.2 | 2.3 | 0.1 | 2.5 | 1.91 |
| including | 178 | 187 | 9 | 2.6 | 4.2 | 0.1 | 5.6 | 3.92 | ||||||
| including | 234 | 248 | 14 | 0.4 | 1.1 | 0.3 | 9.1 | 1.12 | ||||||
| including | 246 | 247 | 1 | 1.7 | 5.6 | 2.8 | 97.0 | 7.04 | ||||||
| DCRC051 | 789185 | 7450470 | 126 | -60 | 130 | 100 | 68 | 69 | 1 | 0.3 | 0.5 | 0.0 | 1.2 | 0.47 |
| DCRC052 | 789036 | 7450314 | 126 | -66 | 139 | 100 | ||||||||
| DCRC053 | 789216 | 7450409 | 112 | -66 | 135 | 150 | ||||||||
| DCRC054 | 789218 | 7450563 | 112 | -74 | 128 | 319 | 134 | 188 | 54 | 0.5 | 1.5 | 0.1 | 2.3 | 1.04 |
| DCRC055 | 789217 | 7450436 | 112 | -70 | 126 | 240 | 123 | 136 | 13 | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 |
| DCRC056 | 789222 | 7450471 | 114 | -65 | 320 | 209 | 63 | 68 | 5 | 0.2 | 1.2 | 0.1 | 3.0 | 0.6 |
| DCRC057 | NSI | |||||||||||||
| DCRC058 | 789206 | 7450618 | 119 | -65 | 140 | 240 | 196 | 203 | 7 | 1.4 | 0.8 | 0.1 | 3.0 | 1.7 |
| DCRC059 | 789158 | 7450595 | 123 | -67 | 130 | 196 | 92 | 96 | 4 | 1.4 | 3.0 | 0.3 | 47.0 | 3.1 |
| and | 162 | 197 | 35 | 0.7 | 1.5 | 0.1 | 3.0 | 1.2 | ||||||
| DCRC060 | 789169 | 7450538 | 116 | -65 | 135 | 276 | 59 | 104 | 44 | 0.6 | 2.3 | 0.1 | 5.3 | 1.4 |
| including | 59 | 66 | 7 | 1.8 | 1.2 | 0.3 | 23.5 | 2.7 | ||||||
| and | 149 | 161 | 12 | 1.1 | 0.3 | 0.3 | 4.4 | 1.5 | ||||||
| DCRC061 | 789164 | 7450465 | 121 | -75 | 130 | 150 | 104 | 129 | 25 | 0.5 | 3.0 | 0.1 | 2.2 | 1.4 |
| including | 125 | 129 | 4 | 2.6 | 13.3 | 0.3 | 9.1 | 6.8 | ||||||
| DCRC062 | 789168 | 7450511 | 123 | -75 | 128 | 154 | 133 | 153 | 20 | 0.8 | 0.7 | 0.2 | 2.6 | 1.1 |
| including | 139 | 144 | 5 | 1.5 | 2.3 | 0.2 | 5.2 | 2.4 | ||||||
| DCRC063 | 789111 | 7450492 | 129 | -60 | 140 | 245 | 165 | 172 | 7 | 1.6 | 1.2 | 0.3 | 26.0 | 2.5 |
| DCRC064 | 789192 | 7450543 | 79 | -75 | 130 | 264 | 164 | 180 | 16 | 1.2 | 0.1 | 0.2 | 2.7 | 1.4 |
| DCRC065 | 789279 | 7450492 | 79 | -65 | 152 | 252 | 166 | 169 | 5 | 0.8 | 2.6 | 0.6 | 12.7 | 2.3 |
| DCRC066 | 789260 | 7450412 | 109 | -70 | 138 | 270 | NSI | |||||||
| DCRC067 | 789165 | 7450331 | 117 | -71 | 134 | 241 | NSI | |||||||
| DCRC068 | 789168 | 7450473 | 117 | -76 | 128 | 189 | 2 | 0.3 | 0.3 | 0.2 | 13.9 | 0.7 | ||
| DCRC069 | 789277 | 7450557 | 107 | -76 | 158 | 246 | 163 | 166 | 3 | 2.3 | 1.0 | 0.2 | 18.6 | 3.0 |
| DCRC070 | 789168 | 7450437 | 116 | -75 | 157 | 270 | 113 | 116 | 3 | 0.9 | 0.8 | 0.3 | 24.8 | 1.7 |
| and | 135 | 137 | 2 | 1.1 | 0.2 | 0.1 | 2.3 | 1.4 | ||||||
| DCRC071 | 789140 | 7450489 | 120 | -75 | 143 | 174 | 144 | 151 | 7 | 1.1 | 1.4 | 0.2 | 4.8 | 1.7 |
| DCRC072 | 789125 | 7450517 | 132 | -60 | 147 | 144 | NSI | |||||||
| DCRC073 | 789113 | 7450554 | 122 | -76 | 145 | 270 | NSI | |||||||
| DCRC074 | 789226 | 114 | -75 | 138 | 168 | 108 | 119 | 9 | 2.2 | 0.3 | 0.1 | 3.0 | 2.4 | |
| DCRC075 | 789250 | 7450483 | 117 | -80 | 310 | 153 | 135 | 151 | 16 | 1.7 | 0.5 | 0.4 | 6.0 | 2.3 |
| Including | 138 | 142 | 4 | 3.5 | 1.1 | 0.4 | 6.9 | 4.3 | ||||||
| DCRC079 | 789125 | 7450265 | 120 | -90 | 360 | 99 | 88 | 99 | 11 | 1.7 | 1.8 | 0.1 | 9.4 | 2.4 |
| Including | 92 | 99 | 7 | 2.2 | 2.4 | 0.2 | 13.0 | 3.2 | ||||||
| DCRD062 | 789168 | 7450511 | 123 | -75 | 137 | 175.6 | 138 | 163 | 25 | 1.1 | 0.4 | 0.2 | 3.0 | 1.5 |
| DCRD059 | 789158 | 7450595 | 123 | -67 | 130 | 210 | 197.3 | 200 | 2.7 | 0.6 | 0.6 | 0.0 | 1.5 | 0.7 |
| DCRD061 | 789164 | 7450465 | 121 | -75 | 150 | 194.1 | 131 | 132 | 1 | 1.9 | 0.6 | 0.2 | 12.0 | 2.4 |
| DCRC083 | 789124 | 7450276 | 117 | -70 | 137 | 180 | 156 | 162 | 6 | 0.2 | 0.2 | 0.0 | 1.4 | 0.3 |
| DCRC084 | 789125 | 7450275 | 117 | -90 | 0 | 140 | 97 | 106 | 9 | 0.6 | 0.1 | 0.8 | 5.4 | 1.6 |
| DCRC085 | 789136 | 7450259 | 120 | -90 | 0 | 135 | 105 | 113 | 8 | 0.5 | 1.3 | 0.1 | 4.2 | 1.0 |
| DCRD086 | 789269 | 7450465 | 110 | -90 | 0 | 256.9 | 127 | 134 | 7 | 0.43 | 0.89 | 0.16 | 1.36 | 0.86 |
| DCRC087 | 789269 | 7450465 | 110 | -90 | 0 | 230 | NSI | |||||||
| DCRC088 | 789251 | 7450509 | 110 | -90 | 0 | 240 | 137 | 171 | 34 | 1.9 | 0.4 | 0.2 | 3.6 | 2.2 |
| DCRC089 | 789216 | 7450528 | 117 | -90 | 0 | 150 | 69 | 76 | 7 | 3.0 | 8.5 | 0.2 | 32.2 | 6.0 |
| and | 110 | 128 | 18 | 0.5 | 0.0 | 0.0 | 1.4 | 0.5 | ||||||
| DCRD080 | 789145 | 7450563 | 124 | -70 | 131 | 202.2 | 172 | 175 | 3 | 1.1 | 1.5 | 0.1 | 6.3 | 1.7 |
Outlook – July Quarter 2026
During the June quarter, QMines will focus on advancing the Mt Chalmers DFS, completing interpretation of the Mount Mackenzie drilling program and progressing regional growth opportunities across the Central Queensland portfolio.
Key planned activities include:
- Continue Mt Chalmers DFS workstreams, including geotechnical, hydrological, environmental, mining, processing and infrastructure studies.
- Progress environmental baseline studies and groundwater monitoring to support the Mt Chalmers approvals pathway.
- Complete processing, QAQC and interpretation of remaining Mount Mackenzie drill assays.
- Assess Phase 2 of Mount Mackenzie Exploration, including deeper diamond drilling to test the interpreted lithocap feeder position.
- Advance Develin Creek Phase 2 expansion, including planning and initiated geotechnical and metallurgical studies.
- Continue engagement with landholders, consultants and key stakeholders as the Company progresses Mt Chalmers toward a future development decision.
Tenement Table
In accordance with Listing Rule 5.3.3, QMines provides the following information in relation to its tenements as of 31 March 2025.
| Tenure | Name | Status | Holder | Interest | Sub blocks | Area sq km |
|---|---|---|---|---|---|---|
| EPM 10006 | Mount Mackenzie | Granted | MOUNT MACKENZIE MINES PTY LTD | 100% | 5 | 15.83 |
| EPM 16749 | Develin Creek | Granted | ROCKY COPPER PTY LTD | 100% | 27 | 85.1 |
| EPM 17604 | Develin Creek | Granted | ROCKY COPPER PTY LTD | 100% | 58 | 183.1 |
| EPM 25935 | Mt Chalmers | Granted | DYNASTY GOLD PTY LTD | 100% | 13 | 41 |
| EPM 27428 | Gigantor | Granted | ROCKY COPPER PTY LTD | 100% | 4 | 12.61 |
| EPM 27697 | Cawarral | Granted | ROCKY COPPER PTY LTD | 100% | 12 | 37.87 |
| EPM 27726 | Mt Chalmers | Granted | QMINES LIMITED | 100% | 37 | 116.7 |
| EPM 27899 | Mt Chalmers | Granted | QMINES LIMITED | 100% | 37 | 116.7 |
| EPM 29043 | Striker | Granted | ROCKY COPPER PTY LTD | 100% | 17 | 53.77 |
| EPM 29257 | Mt Kilner | Application | ROCKY COPPER PTY LTD | 100% | 17 | 53.55 |
| EPM 29264 | Barmoya | Granted | ROCKY COPPER PTY LTD | 100% | 54 | 170.5 |
| EPM 29378 | Aeroview | Application | ROCKY COPPER PTY LTD | 100% | 100 | 315.5 |
| EPM 29379 | Melaleuca Creek | Application | ROCKY COPPER PTY LTD | 100% | 100 | 314.9 |
| EPM 29380 | Windah | Application | ROCKY COPPER PTY LTD | 100% | 100 | 314.6 |
| MDL 2008 | Mount Mackenzie | Granted | MOUNT MACKENZIE MINES PTY LTD | 100% | 12.59 | |
| ML 100403 | Mount Chalmers | Application | QMINES LIMITED | 100% | 4.543 |
Ore Reserve – Mt Chalmers
| Deposit¹ | Reserve Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Proved | 5.1 | 0.3% | 0.72 | 0.58 | 0.25 | 4.70 | 5.80 |
| Mt Chalmers | Probable | 4.5 | 0.3% | 0.57 | 0.37 | 0.29 | 5.50 | 3.60 |
| Total¹ | 9.6 | 0.3% | 0.65 | 0.48 | 0.27 | 5.20 | 4.30 |
Mineral Resource Estimate – Mt Chalmers
| Deposit² | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Measured | 4.2 | 0.3% | 0.89 | 0.69 | 0.23 | 4.97 | 5.37 |
| Mt Chalmers | Indicated | 5.8 | 0.3% | 0.69 | 0.28 | 0.19 | 3.99 | 3.77 |
| Mt Chalmers | Inferred | 1.3 | 0.3% | 0.60 | 0.19 | 0.27 | 5.41 | 2.02 |
| Total² | 11.3 | 0.3% | 0.75 | 0.42 | 0.23 | 4.60 | 4.30 |
Mineral Resource Estimate – Develin Creek
| Deposit³ | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Develin Creek | Indicated | 4.22 | 0.3% | 0.98 | 1.08 | 0.16 | 6.00 | |
| Develin Creek | Inferred | 0.48 | 0.3% | 0.61 | 0.41 | 0.10 | 3.49 | |
| Total³ | 4.70 | 0.3% | 0.94 | 1.01 | 0.15 | 5.74 |
Mineral Resource Estimate – Woods Shaft
| Deposit⁴ | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Woods Shaft | Inferred | 0.54 | 0.3% | 0.50 | 0.95 | – | – | |
| Total⁴ | 0.54 | 0.3% | 0.50 | 0.95 | – | – |
Mineral Resource Estimate – Mt Mackenzie
| Deposit⁵ | Resource Category | Tonnes (Mt) | Cut Off (% Cu) * | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Mt Mackenzie | Indicated | 2.3 | 0.5-0.7% | – | 1.38 | – | 9.6 | |
| Mt Mackenzie | Inferred | 1.1 | 0.5-0.7% | – | 1.45 | – | 5.8 | |
| Total⁵ | 3.4 | 0.5-0.7% | – | 1.40 | – | 8.4 |
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Develin Creek Resource upgrade unlocks expansion planning, 23 February 2026. Rounding errors may occur
- ASX Announcement – Maiden Woods Shaft Resource, 22 November 2022. Rounding errors may occur.
- ASX Announcement – Resource Upgrade at Mount Mackenzie Gold & Silver Project – 9 July 2025. Rounding errors may occur.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning QMines Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could,” “plan,” “expect,” “intend,” “may”, “potential,” “should,” and similar expressions are forward-looking statements. Although QMines believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.
Competent Person Statements
Ore Reserve Estimate
The Information in this Report that relates to the Open Pit Optimisation and Ore Reserve Estimate and is based on information compiled by Mr 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. Mr McCrae has sufficient experience that is 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 McCrae consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Mineral Resource Estimate
The information in this report that relates to mineral resource estimation is based on work completed by Mr. Stephen Hyland, a Competent Person and Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants (HGMC), who is a Fellow of the Australian Institute of Mining and Metallurgy and holds relevant qualifications and experience as a qualified person for public reporting according to the JORC Code in Australia. Mr Hyland is also a Qualified Person under the rules and requirements of the Canadian Reporting Instrument NI 43-101. Mr Hyland consents to the inclusion in this report of the information in the form and context in which it appears.
Exploration
The information in this document that relates to exploration results and exploration targets was compiled under the supervision of Mr Tom Bartschi, a member of the Australian Institute of Geoscientists (AIG). Mr Bartschi was the principal geologist for QMines and had sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activities 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 (JORC 2012). Mr Bartschi consented to the inclusion of the exploration information in the form and context in which it appeared.
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), Develin Creek (copper-zinc) and Mt Mackenzie (gold-silver) deposits, located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982.
Following several resource updates, the Mt Chalmers, Develin Creek and Mt Mackenzie projects now have Reserves of 9.6Mt and combined Resources of approximately 20Mt.
QMines’ objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production.
1 ASX Announcement – Develin Creek Resource Upgrade. 12 March 2025
Projects & Ownership
| Mt Chalmers | 100% |
| Develin Creek | 100% |
| Mt Mackenzie | 100% |
QMines Limited ACN 643 312 104
Directors & Management
- Andrew Sparke
Executive Chairman - Peter Caristo
Executive Director (Technical) - Thomas Bartschi
Exploration Manager & Site Senior Executive (Competent Person) - Elissa Hansen
Non-Executive Director & Company Secretary - Richard Wittig
Development Manager
Contacts
- Address
Suite J, 34 Suakin Drive, Mosman NSW 2088 - Phone
+ 61 (2) 8915 6241 - Email
[email protected] - Website
qmines.com.au - Peter Nesvada
Investor Relations
[email protected] - Andrew Sparke
Executive Chairman
[email protected]
Frequently Asked Questions
The following Q&A is AI-generated from the announcement content and is provided as a supplementary reader aid only.
What were the best drilling results from Mount Mackenzie this quarter?
The standout result was 16.0m @ 19.35g/t Au and 27.8g/t Ag from 8m in hole MMDD010, including exceptional high-grade zones of 2m @ 91.75g/t Au and 81.0g/t Ag from 11m. Other significant intercepts included 6.0m @ 10.47g/t Au and 39.7g/t Ag from 118m and 15.8m @ 2.58g/t Au and 7.1g/t Ag from surface.
How much drilling was completed at Mount Mackenzie during the quarter?
QMines drilled 6,922m during the quarter across North Knoll, the Western Extension and Vein 355. By 31 March, total cumulative Mount Mackenzie drilling reached 6,684.5m RC and 3,010.3m diamond for a total of 9,694.8m drilled.
What is the significance of the five new targets identified at Mount Mackenzie?
Reprocessed IP data identified five undrilled near surface targets across a 1.2km x 750m footprint, including two annular lithocap style centres and three sulphide bearing structural conduit targets adjacent to the North Knoll and South West Slopes deposits. This demonstrates significant growth potential beyond the current known deposits.
How did the Develin Creek resource change this quarter?
The Develin Creek Mineral Resource estimate increased by 14% to 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag at a 0.30% Cu cut off. The update increased Indicated Resources to 4.22Mt @ 0.98% Cu and 1.08% Zn, now representing approximately 90% of the total resource.
What funding did QMines secure and how does this help the company?
Subsequent to quarter end, QMines announced a strategic $15 million funding package with the Queensland Investment Corporation (QIC) Critical Minerals and Battery Technology Fund. The transaction comprises a combination of equity investment and royalty funding and is expected to fully fund QMines through completion of the DFS and toward FID for the Mt Chalmers Copper and Gold Project.
What progress was made on the Mt Chalmers Definitive Feasibility Study?
The Mt Chalmers DFS commenced with multiple active workstreams progressing including geotechnical drilling, environmental baseline studies, mineragraphy and improved geological modelling activities. Geotechnical drilling commenced during March, with packer testing and downhole data collection underway, and four groundwater monitoring bores were completed.