Mt Chalmers
Copper-Gold
Project
High-grade historic copper-gold mine transitioning to development
ASX:QML $0.064
High-grade historic copper-gold mine transitioning to development
Mt Chalmers is a copper-gold project located 17km north-east of Rockhampton, Queensland, 100% owned by QMines Limited (ASX:QML). The project holds a JORC Mineral Resource of 11.86Mt at 1.22% copper equivalent and is advancing through a Definitive Feasibility Study (DFS), fully funded following QIC’s $15 million investment in April 2026.
QMines’ (ASX:QML) flagship project, Mt Chalmers, is located 17km North East of Rockhampton. The Company owns 100% of the project which includes the high-grade historic Mt Chalmers copper and gold mine.
The project is currently advancing through a Definitive Feasibility Study (DFS), following QIC’s $15 million investment in April 2026, which has fully funded the project through DFS delivery. This positions Mt Chalmers to transition from feasibility into development with a de-risked capital pathway.
Drilling is active on two fronts. A 10,000 metre multi-rig drilling program is underway across the project, and resource growth drilling beneath the Mt Chalmers open pit commenced in July 2026.
Mt Chalmers operated as an open pit and underground operation between 1898-1982. The project comprises 316km² of tenure that includes a number of known VHMS deposits not currently in Resource
demonstrating significant growth potential.
Developing a Multi-Project Copper & Gold Production Hub in Central Queensland, Australia.
Mt Chalmers is QMines' flagship development project, a high-grade copper-gold deposit 17km from Rockhampton with a completed Pre-Feasibility Study, five resource upgrades in under three years, and a current JORC resource of 11.86Mt at 1.22% copper equivalent. The project's shallow open-pit geometry, proximity to established infrastructure, and 316km² of tenure underpin QMines' strategy of transitioning Mt Chalmers toward production. With 84% of resources in the Measured and Indicated JORC categories, Mt Chalmers represents the company's most advanced asset and its primary value-creation pathway.
The Mt Chalmers copper-gold project is QMines' flagship development asset in Central Queensland, located 17km north-east of Rockhampton. It is a past-producing high-grade copper and gold mine that operated between 1898 and 1982, now being redeveloped by QMines with a completed Pre-Feasibility Study, a declared Ore Reserve, and a Definitive Feasibility Study underway. The project holds a current JORC resource of 11.86Mt at 1.22% copper equivalent and forms the processing centre of QMines' Multi-Project Copper & Gold Production Hub.
Mt Chalmers is located 17km north-east of Rockhampton in Queensland, Australia. QMines holds 316km² of tenure at the project.
Mt Chalmers contains copper, gold, zinc, silver, and pyrite mineralisation. The Pre-Feasibility Study defined a contained metal inventory of 65,000 tonnes of copper, 160,000 ounces of gold, 30,600 tonnes of zinc, 1.8 million ounces of silver, and 583,000 tonnes of pyrite.
The Mt Chalmers Measured, Indicated and Inferred Resource stands at 11.86Mt at 1.22% contained copper equivalent. 84% of these Resources fall in the Measured and Indicated JORC categories, reflecting five resource upgrades completed in under three years.
The Pre-Feasibility Study returned a pre-tax Net Present Value (NPV8) of $373 million and a 54% Internal Rate of Return, based on a stand-alone 1Mtpa processing plant with a 10.4 year initial mine life and a capital cost estimate of A$191 million. The study also declared a maiden Ore Reserve of 9.6Mt (Proved and Probable).
The Definitive Feasibility Study (DFS) for Mt Chalmers is currently underway. QMines announced a fully-funded DFS delivery program in 2026 and has committed to delivering the DFS results later that year. Updates are released via the ASX as the program progresses.
Mt Chalmers is in the development phase with a completed Pre-Feasibility Study, declared Ore Reserve, and a Definitive Feasibility Study underway. QMines' strategy involves transitioning the project toward production, leveraging its shallow high-grade open-pit geometry, coastal proximity, and existing infrastructure access.
QMines Limited (ASX:QML) holds 100% of the Mt Chalmers project.