The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.
What This Announcement Means
QMines recently hosted senior Queensland Government ministers and representatives from the Queensland Investment Corporation (QIC) at its Mt Chalmers copper and gold project in Central Queensland. The visit was a significant show of government support, coming shortly after the Queensland Government publicly highlighted the project’s strategic importance and committed $15 million through QIC’s Critical Minerals Fund to help accelerate the project toward production.
The visit gave the delegation a first-hand look at the progress being made on the Definitive Feasibility Study (DFS), environmental approvals, and engineering work. QMines is working to bring back into production a historic mine that last operated in 1982, and the project now holds approximately 20 million tonnes of mineral resources containing copper, gold, zinc, and silver.
For investors weighing whether copper is a good investment, this announcement signals strong government backing at both the ministerial and investment levels, which reduces some of the financing and political risk typically associated with mine development projects. The $15 million QIC investment and the public ministerial statement are meaningful endorsements that the project is progressing toward a Final Investment Decision.
Key Takeaways
- Queensland Government ministers and QIC representatives visited the Mt Chalmers project, demonstrating strong government support for the project’s redevelopment.
- The Queensland Government has committed $15 million through QIC’s Critical Minerals Fund to accelerate Mt Chalmers toward production.
- QMines is advancing a Definitive Feasibility Study (DFS) with multiple workstreams underway, including geology, mining, geotechnical engineering, environmental approvals and stakeholder engagement.
- The Mt Chalmers project and surrounding satellite projects host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver.
- The project has received extensive public coverage, including from the Australian Mining Review and Industry Queensland, highlighting its potential to create hundreds of jobs in Central Queensland.
Key Facts
Introduction
QMines Limited (QMines or Company) (ASX:QML) is pleased to advise that it recently hosted senior representatives from the Queensland Government and Queensland Investment Corporation (QIC) at its flagship Mt Chalmers Copper and Gold Project in Central Queensland.
The delegation included:
- The Hon. Ros Bates MP, Minister for Finance, Trade, Employment and Training;
- Nigel Hutton MP, Member for Keppel;
- Joshua Risson, Investment Director, Queensland Investment Corporation;
- Thomas Sullivan, Analyst, Queensland Investment Corporation; and
- Georgia Whiting, Analyst, Queensland Investment Corporation.
The Mt Chalmers Project and the surrounding satellite projects hosts approximately 20 million tonnes1 of Mineral Resources containing copper, gold, zinc and silver and is being advanced through a staged development strategy designed to deliver a modern, long-life mining operation for Central Queensland.
The visit provided an opportunity to inspect the Mt Chalmers Project and receive a comprehensive update on the significant progress being made towards the redevelopment of the historic copper and gold mine.
During the visit, QMines outlined its staged development strategy and provided an update on the Definitive Feasibility Study, environmental approvals program and engineering activities currently underway. The delegation also toured the historic open pit and surrounding infrastructure and discussed the project’s potential to deliver long-term employment, regional investment and increased production of the critical minerals required for the global energy transition.
The visit preceded the Queensland Government’s joint ministerial statement released on 3 July 2026 highlighting the strategic importance of the Mt Chalmers Project and the Government’s recent $15 million investment through the Queensland Investment Corporation (QIC) Critical Minerals Fund to accelerate the Company’s development activities toward production.
Management Comment
QMines Chairman and Managing Director, Andrew Sparke, commented:
“We were delighted to welcome Minister Bates, Mr Hutton and representatives from QIC to Mt Chalmers and showcase the significant progress being made as we work towards bringing one of Queensland’s historic copper and gold mines back into production.”
“The visit provided an excellent opportunity to demonstrate the breadth of work currently underway across the Definitive Feasibility Study (DFS) and environmental approvals program, while highlighting the important role Mt Chalmers can play in supplying the copper needed for global electrification and supporting long-term regional employment.”
“We sincerely thank Minister Bates, the Queensland Investment Corporation and the Queensland Government representatives for taking the time to visit the project and for their continued support of Queensland’s critical minerals sector.”
Development Activities Continue to Accelerate
Since securing the $15 million investment through QIC’s Critical Minerals Fund, QMines has continued to make significant progress across the Mt Chalmers Definitive Feasibility Study, with multiple key workstreams now underway as the Company advances toward a Final Investment Decision. They include:
- Award of major Definitive Feasibility Study work packages covering geology, mining, geotechnical engineering, environmental approvals and stakeholder engagement;
- Advancement of environmental baseline studies and permitting activities supporting project approvals;
- Completion of an updated three-dimensional geological model integrating the latest drilling, structural interpretation and geological data to optimise future mine planning.
- Progression of mine planning, metallurgical testwork, geotechnical and engineering studies supporting completion of the Definitive Feasibility Study.
The Company remains well positioned to complete the Definitive Feasibility Study, continue progressing environmental approvals and advance the Mt Chalmers Project toward a Final Investment Decision.
Growing Recognition of the Mt Chalmers Project
The visit has been followed by extensive public coverage highlighting the strategic importance of the Mt Chalmers Project and its role in Queensland’s growing critical minerals sector.
Further information regarding the visit and the Queensland Government’s support for the Mt Chalmers Project is available through the following publicly available releases:
- Queensland Government Joint Statement – Fresh start for Central Queensland mine after 44 years: https://statements.qld.gov.au/statements/105472
- Queensland Investment Corporation (QIC) project update.
- Australian Mining Review – Mount Chalmers restart could create hundreds of jobs.
- Industry Queensland – Mount Chalmers a leading light in site renewal.
The Company welcomes the growing recognition of the Mt Chalmers Project as an emerging critical minerals development that has the potential to deliver long-term economic, employment and investment benefits for Central Queensland while supporting the global energy transition.
Resource & Reserve Estimates
Ore Reserve – Mt Chalmers
| Deposit2 | Reserve Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Proved | 5.1 | 0.3% | 0.72 | 0.58 | 0.25 | 4.70 | 5.80 |
| Mt Chalmers | Probable | 4.5 | 0.3% | 0.57 | 0.37 | 0.29 | 5.50 | 3.60 |
| Total | 9.6 | 0.3% | 0.65 | 0.48 | 0.27 | 5.20 | 4.30 |
Mineral Resource Estimate – Mt Chalmers
| Deposit3 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Measured | 4.2 | 0.3% | 0.89 | 0.69 | 0.23 | 4.97 | 5.37 |
| Mt Chalmers | Indicated | 5.8 | 0.3% | 0.69 | 0.28 | 0.19 | 3.99 | 3.77 |
| Mt Chalmers | Inferred | 1.3 | 0.3% | 0.60 | 0.19 | 0.27 | 5.41 | 2.02 |
| Total | 11.3 | 0.3% | 0.75 | 0.42 | 0.23 | 4.60 | 4.30 |
Mineral Resource Estimate – Develin Creek
| Deposit4 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Develin Creek | Indicated | 4.22 | 0.3% | 0.98 | 1.08 | 0.16 | 6.0 | |
| Develin Creek | Inferred | 0.48 | 0.3% | 0.61 | 0.41 | 0.10 | 3.5 | |
| Total | 4.70 | 0.3% | 0.94 | 1.00 | 0.15 | 5.7 |
Mineral Resource Estimate – Woods Shaft
| Deposit5 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Woods Shaft | Inferred | 0.54 | 0.3% | 0.50 | 0.95 | – | – | |
| Total | 0.54 | 0.3% | 0.50 | 0.95 | – | – |
Mineral Resource Estimate – Mt Mackenzie
| Deposit6 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) * | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Mt Mackenzie | Indicated | 2.3 | 0.5-0.7% | – | 1.38 | – | 9.6 | |
| Mt Mackenzie | Inferred | 1.1 | 0.5-0.7% | – | 1.45 | – | 5.8 | |
| Total | 3.4 | 0.5-0.7% | – | 1.40 | – | 8.4 |
*cut-off grade: 0.35 g/t Au for oxide, 0.55 g/t Au for primary.
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Mt Chalmers PFS Supports Viable Copper & Gold Mine, 30 April 2024. Rounding errors may occur.
- ASX Announcement – Develin Creek Resource Upgrade unlocks Expansion Planning. 23 February 2026. Rounding errors may occur.
- ASX Announcement – Maiden Woods Shaft Resource, 22 November 2022. Rounding errors may occur.
- ASX Announcement – Acquisition of the Mount Mackenzie Gold & Silver Project, 16 April 2025. Rounding errors may occur.
Regulatory Statements
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning QMines Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as “could,” “plan,” “expect,” “intend,” “may”, “potential,” “should,” and similar expressions are forward-looking statements. Although QMines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource.
Competent Person Statements
Ore Reserve Estimate
The information in this report relating to the Open Pit Optimisation and the Ore Reserve Estimate is based on work compiled by Gary McCrae, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McCrae is a full time employee of Minecomp Pty Ltd and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McCrae has consented to the inclusion of this information in the form and context in which it appears.
Mineral Resource Estimate
The information in this report relating to Mineral Resource estimation is based on work completed by Stephen Hyland, a Competent Person and Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants and has the required experience relevant to the style of mineralisation, the type of deposit under consideration and the work undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland is also a Qualified Person under the rules of the Canadian Instrument NI 43 101. Mr Hyland has consented to the inclusion of this information in the form and context in which it appears.
Exploration Results and Exploration Targets
The information in this document relating to Exploration Results and Exploration Targets has been compiled under the supervision of Tom Bartschi, a Member of the Australian Institute of Geoscientists. Mr Bartschi has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activities undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartschi has consented to the inclusion of this information in the form and context in which it appears.
Compliance Statement
With reference to previously reported Exploration results and mineral resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parametres underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
About QMines
QMines Limited (ASX:QML) is a Queensland focused copper and gold development Company. The Company owns 100% of the Mt Chalmers (copper-gold) and Develin Creek (copper-zinc) deposits, located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982.
Following several resource updates, the Mt Chalmers, Develin Creek and Mt Mackenzie projects now have Reserves of 9.6Mt and combined Resources of approximately 20Mt.1 QMines’ objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production.
1 ASX Announcement – Develin Creek Resource Upgrade. 23 February 2026
Projects & Ownership
| Mt Chalmers | 100% |
| Develin Creek | 100% |
| Mt Mackenzie | 100% |
QMines Limited ACN 643 312 104
Directors & Management
- Andrew Sparke
Executive Chairman - Peter Caristo
Executive Director (Technical) - Thomas Bartschi
Exploration Manager & Site Senior Executive (Competent Person) - Elissa Hansen
Non-Executive Director & Company Secretary - Richard Wittig
Development Manager
Contacts
- Address
Suite J, 34 Suakin Drive, Mosman NSW 2088 - Phone
+ 61 (2) 8915 6241 - Email
[email protected] - Website
qmines.com.au - Peter Nesvada
Investor Relations
[email protected] - Andrew Sparke
Executive Chairman
[email protected]
Frequently Asked Questions
The following Q&A is AI-generated from the announcement content and is provided as a supplementary reader aid only.
Why did the Queensland Government and QIC visit the Mt Chalmers project?
The visit provided an opportunity to inspect the Mt Chalmers Project and receive a comprehensive update on the significant progress being made towards the redevelopment of the historic copper and gold mine. During the visit, QMines outlined its staged development strategy and provided an update on the Definitive Feasibility Study, environmental approvals program and engineering activities currently underway.
How much has the Queensland Government invested in Mt Chalmers?
The Queensland Government has made a $15 million investment through the Queensland Investment Corporation (QIC) Critical Minerals Fund to accelerate the Company’s development activities toward production.
What stage is the Mt Chalmers project currently at?
QMines is advancing a Definitive Feasibility Study (DFS) with multiple key workstreams underway, including award of major DFS work packages covering geology, mining, geotechnical engineering, environmental approvals and stakeholder engagement; advancement of environmental baseline studies and permitting activities; completion of an updated three-dimensional geological model; and progression of mine planning, metallurgical testwork, geotechnical and engineering studies. The Company is advancing toward a Final Investment Decision.
What mineral resources does the Mt Chalmers project contain?
The Mt Chalmers Project and the surrounding satellite projects hosts approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver. The Mt Chalmers deposit alone has a total Mineral Resource of 11.3 Mt at 0.75% Cu, 0.42 g/t Au, 0.23% Zn and 4.60 g/t Ag, and an Ore Reserve of 9.6 Mt at 0.65% Cu, 0.48 g/t Au, 0.27% Zn and 5.20 g/t Ag.
What public coverage has the Mt Chalmers project received following the visit?
The visit has been followed by extensive public coverage. This includes a Queensland Government Joint Statement titled ‘Fresh start for Central Queensland mine after 44 years’, a Queensland Investment Corporation (QIC) project update, coverage in the Australian Mining Review titled ‘Mount Chalmers restart could create hundreds of jobs’, and coverage in Industry Queensland titled ‘Mount Chalmers a leading light in site renewal’.
Who attended the site visit at Mt Chalmers?
The delegation included The Hon. Ros Bates MP (Minister for Finance, Trade, Employment and Training), Nigel Hutton MP (Member for Keppel), Joshua Risson (Investment Director, Queensland Investment Corporation), Thomas Sullivan (Analyst, Queensland Investment Corporation), and Georgia Whiting (Analyst, Queensland Investment Corporation).