The following sections are AI-generated from the announcement content and are provided as supplementary reader aids only.
What This Announcement Means
Queensland’s Minister for Natural Resources and Mines personally visited QMines’ Mt Chalmers copper and gold project in Central Queensland, accompanied by two local MPs and senior departmental officials. This kind of high-level government engagement is a strong signal that the project is being taken seriously at the highest levels of state government — it’s not just a courtesy visit, it follows a $15 million strategic investment the Queensland Government made through its QIC Critical Minerals Fund to fully fund QMines’ Definitive Feasibility Study (DFS).
The $15 million package breaks down into a $5 million equity investment and a $10 million royalty investment. This means QMines doesn’t need to raise money from shareholders to complete the DFS — the study that will determine whether the project proceeds to construction is already fully funded by the government. That removes a significant financial risk for existing shareholders.
On the ground, QMines is running multiple programs simultaneously: drilling (including diamond drilling from a barge inside the historic open pits), metallurgical testwork, geotechnical studies, environmental approvals, and engineering work. The company has approximately 20 million tonnes of combined mineral resources across its Central Queensland portfolio, with Mt Chalmers at the centre of its development strategy. The project has been dormant for over four decades, and QMines is working to bring it back into production.
Key Takeaways
- Queensland’s Resources Minister Dale Last MP visited the Mt Chalmers site, the highest-level government engagement yet for QMines, following earlier visits by the Finance Minister and local MPs.
- The Queensland Government has invested $15 million in QMines via QIC’s Critical Minerals Fund ($5M equity + $10M royalty), fully funding the Definitive Feasibility Study towards a Final Investment Decision.
- Multiple DFS workstreams are running simultaneously including resource development, mine optimisation, metallurgical testwork, environmental approvals, and process plant engineering.
- Diamond drilling from a barge within the historic Mt Chalmers open pits is testing mineralisation directly beneath the existing pits, alongside drilling across other priority areas.
- Mt Chalmers and surrounding satellite projects host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver, with a current Ore Reserve of 9.6Mt at 0.65% Cu and 0.48g/t Au.
Key Facts
Highlights
- Queensland Minister for Natural Resources and Mines, the Hon. Dale Last MP, visits QMines’ flagship Mt Chalmers Copper and Gold Project, reinforcing growing Government recognition of the project’s strategic importance.
- Minister Last was joined by Nigel Hutton MP, Member for Keppel, Donna Kirkland MP, Member for Rockhampton, and senior representatives from the Department of Natural Resources and Mines.
- The visit follows the Queensland Government’s recent $15 million strategic investment through the QIC Critical Minerals Fund, which fully funds QMines’ Definitive Feasibility Study towards a Final Investment Decision.
- Mt Chalmers continues to attract strong engagement across the Queensland Government, reflecting its potential to deliver new copper production, regional investment and long-term employment in Central Queensland.
- The visit comes as QMines accelerates its Definitive Feasibility Study, environmental approvals, drilling, metallurgy, geotechnical and engineering programs, with multiple workstreams progressing simultaneously towards development.
- With the DFS advancing and an extensive multi-rig drilling campaign underway, QMines enters an important period of project development and potential value catalysts.
Introduction
QMines Limited (QMines or Company) (ASX:QML) is pleased to advise that it has hosted the Hon. Dale Last MP, Queensland Minister for Natural Resources and Mines, at the Company’s flagship Mt Chalmers Copper and Gold Project in Central Queensland.
Minister Last was joined by:
- Nigel Hutton MP, Member for Keppel;
- Donna Kirkland MP, Member for Rockhampton;
- Travis Warren, Executive Director, Department of Natural Resources and Mines; and
- John Frankish, Central Operations Manager, Department of Natural Resources and Mines.
The high-level visit provided QMines with an opportunity to showcase the significant progress being made at Mt Chalmers as the Company advances the project through its Definitive Feasibility Study, environmental approvals and an extensive drilling and technical work program.
The delegation toured the Mt Chalmers site, including the historic open pits, and received an update on the Company’s plans to bring the historic copper and gold mine back into production as the cornerstone of QMines’ broader Central Queensland development strategy.
Discussions focused on the significant work currently underway to advance Mt Chalmers towards development, the project’s approvals pathway and its potential to deliver new copper production, investment, employment and economic activity for Central Queensland.
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.
Growing Government Support for Mt Chalmers
The visit by Queensland’s Resources Minister represents another important milestone in the growing engagement between QMines and the Queensland Government as the Company advances Mt Chalmers towards a development decision.
It follows the recent visit to Mt Chalmers by the Hon. Ros Bates MP, Minister for Finance, Trade, Employment and Training, Nigel Hutton MP and representatives of the Queensland Investment Corporation.
The Queensland Government has also demonstrated its support for the project through a $15 million strategic investment via QIC’s Critical Minerals Fund, comprising a $5 million equity investment and $10 million royalty investment. The funding package provides QMines with the capital required to complete the Mt Chalmers Definitive Feasibility Study and advance the project towards a Final Investment Decision.
The increasing level of engagement across Government reflects the potential strategic importance of Mt Chalmers as Queensland seeks to encourage new investment in critical minerals projects, regional employment and new sources of the copper required for electrification and the global energy transition.
Mt Chalmers and QMines’ surrounding satellite projects host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver, with the Company pursuing a staged development strategy centred on Mt Chalmers.
Management Comment
QMines Executive Chairman, Andrew Sparke, commented:
“We were delighted to welcome Minister Last, Nigel Hutton, Donna Kirkland and senior representatives from the Department to Mt Chalmers and show them firsthand the enormous amount of activity now underway across the project.
“For our shareholders, I think the significance of these visits should not be underestimated. In a relatively short period, we have now welcomed senior Queensland Government Ministers, local State Members, departmental executives and representatives of QIC to Mt Chalmers, while also securing a $15 million strategic investment from the Queensland Government through QIC’s Critical Minerals Fund.
“There is a clear recognition of what the redevelopment of Mt Chalmers could mean for Central Queensland – new copper production, regional investment, local procurement and long-term employment from a mine that has been dormant for more than four decades.
“Importantly, that support is being matched by activity on the ground. We are progressing the Definitive Feasibility Study and environmental approvals while running an extensive drilling program across Mt Chalmers and our surrounding projects.
“We sincerely thank Minister Last, Nigel Hutton, Donna Kirkland, Travis Warren and John Frankish for taking the time to visit Mt Chalmers and for their constructive engagement with our team.
“With the DFS fully funded, multiple drilling and development programs underway and strong engagement from Government, we believe QMines is entering one of the most important periods in the Company’s history.”
Development Momentum Continues
The Ministerial visit comes during a period of significant activity across QMines’ Central Queensland portfolio.
Following the $15 million strategic investment through QIC’s Critical Minerals Fund, QMines has accelerated work across the Mt Chalmers Definitive Feasibility Study, with major workstreams underway across:
- resource and reserve development;
- open pit and underground mine optimisation;
- geotechnical drilling and engineering;
- metallurgical testwork;
- process plant and infrastructure engineering;
- environmental baseline studies and approvals;
- stakeholder and community engagement; and
- project development and implementation planning.
In parallel, the Company continues an extensive drilling campaign designed to support the Definitive Feasibility Study and pursue further resource and reserve growth.
Diamond drilling from a barge within the historic Mt Chalmers open pits is testing mineralisation directly beneath the existing pits, while drilling is also progressing across other priority areas within the Company’s broader project portfolio.
With multiple technical, environmental and drilling programs progressing concurrently, the Company expects a continued strong flow of project news as it advances Mt Chalmers towards completion of the Definitive Feasibility Study and a Final Investment Decision.
Resource & Reserve Estimates
Ore Reserve – Mt Chalmers
| Deposit1 | Reserve Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Proved | 5.1 | 0.3% | 0.72 | 0.58 | 0.25 | 4.70 | 5.80 |
| Mt Chalmers | Probable | 4.5 | 0.3% | 0.57 | 0.37 | 0.29 | 5.50 | 3.60 |
| Total | 9.6 | 0.3% | 0.65 | 0.48 | 0.27 | 5.20 | 4.30 |
Mineral Resource Estimate – Mt Chalmers
| Deposit2 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | S (%) |
|---|---|---|---|---|---|---|---|---|
| Mt Chalmers | Measured | 4.2 | 0.3% | 0.89 | 0.69 | 0.23 | 4.97 | 5.37 |
| Mt Chalmers | Indicated | 5.8 | 0.3% | 0.69 | 0.28 | 0.19 | 3.99 | 3.77 |
| Mt Chalmers | Inferred | 1.3 | 0.3% | 0.60 | 0.19 | 0.27 | 5.41 | 2.02 |
| Total | 11.3 | 0.3% | 0.75 | 0.42 | 0.23 | 4.60 | 4.30 |
Mineral Resource Estimate – Develin Creek
| Deposit3 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Develin Creek | Indicated | 4.22 | 0.3% | 0.98 | 1.08 | 0.16 | 6.0 | |
| Develin Creek | Inferred | 0.48 | 0.3% | 0.61 | 0.41 | 0.10 | 3.5 | |
| Total | 4.70 | 0.3% | 0.94 | 1.00 | 0.15 | 5.7 |
Mineral Resource Estimate – Woods Shaft
| Deposit4 | Resource Category | Tonnes (Mt) | Cut Off (% Cu) | Cu (%) | Au (g/t) | Zn (%) | Ag (g/t) | Not in Mine Plan |
|---|---|---|---|---|---|---|---|---|
| Woods Shaft | Inferred | 0.54 | 0.3% | 0.50 | 0.95 | – | – | |
| Total | 0.54 | 0.3% | 0.50 | 0.95 | – | – |
Mineral Resource Estimate – Mt Mackenzie
| Deposit5 | Resource Category | Tonnes (Mt) | Cut Off (g/t Au) | 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.
- 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 – Mt Mackenzie Resource Upgrade Delivers 32% Increase in Gold with 70% Now in Indicated, 5 August 20206. 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 Resources Minister visit Mt Chalmers?
The Hon. Dale Last MP, Queensland Minister for Natural Resources and Mines, visited to see firsthand the significant progress being made at Mt Chalmers as QMines advances the project through its Definitive Feasibility Study, environmental approvals and an extensive drilling and technical work program. The visit reflects growing government recognition of the project’s strategic importance for delivering new copper production, regional investment and long-term employment in Central Queensland.
What is the Queensland Government’s $15 million investment in QMines?
The Queensland Government invested $15 million in QMines through the QIC Critical Minerals Fund, comprising a $5 million equity investment and $10 million royalty investment. The funding package provides QMines with the capital required to complete the Mt Chalmers Definitive Feasibility Study and advance the project towards a Final Investment Decision.
What work is currently underway at Mt Chalmers?
QMines is progressing multiple simultaneous workstreams including resource and reserve development, open pit and underground mine optimisation, geotechnical drilling and engineering, metallurgical testwork, process plant and infrastructure engineering, environmental baseline studies and approvals, stakeholder and community engagement, and project development and implementation planning. Diamond drilling from a barge within the historic Mt Chalmers open pits is also testing mineralisation directly beneath the existing pits.
What are the current Ore Reserves at Mt Chalmers?
The Mt Chalmers Ore Reserve totals 9.6Mt at a cut-off of 0.3% Cu, with grades of 0.65% Cu, 0.48g/t Au, 0.27% Zn, 5.20g/t Ag and 4.30% S. This comprises 5.1Mt Proved at 0.72% Cu and 4.5Mt Probable at 0.57% Cu.
How large is QMines’ total Mineral Resource base across all projects?
Mt Chalmers and QMines’ surrounding satellite projects host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver. The Mt Chalmers Mineral Resource alone totals 11.3Mt, with additional resources at Develin Creek (4.70Mt), Mt Mackenzie (5.22Mt) and Woods Shaft (0.54Mt).
What is the next major milestone for QMines?
QMines is working towards completion of the Definitive Feasibility Study and a Final Investment Decision. With the DFS fully funded, multiple drilling and development programs underway and strong engagement from Government, the Company expects a continued strong flow of project news as it advances Mt Chalmers towards these milestones.