QMines Limited (ASX: QML) is a Queensland copper-gold developer advancing the Mt Chalmers, Develin Creek and Mt Mackenzie projects. Its flagship Mt Chalmers project hosts an 11.3Mt mineral resource and 9.6Mt ore reserve, underpinning a proposed centralised processing operation. The 2024 prefeasibility study outlined a 10.4-year mine life, average annual production of approximately 10,000 tonnes copper equivalent and A$373 million pretax NPV. A definitive feasibility study is targeted for Q1 2027. QMines is raising A$5 million through a placement to support exploration, feasibility work, strategic land acquisitions and working capital, while pursuing resource growth across its broader regional portfolio of assets.
Qmines Limited (ASX:QML)
QMI1
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.0520
per share
Offer Size
A$5,000,000
Offer Details
Issue Price (Per Share)
A$0.0520
Discount
13.33%
Offer Size
A$5,000,000
Shares Available
96,153,846
- Offer: A$5 million placement, with the ability to accept oversubscriptions, plus a proposed A$1 million Share Purchase Plan (SPP).
- Offer price: A$0.052 per share.
- Discount: 13.3% to the last closing price; 11.8% to the 5-day VWAP; 21.8% to the 15-day VWAP; and 28.8% to the 30-day VWAP.
- Placement shares: Approximately 96.15 million new shares, excluding oversubscriptions and SPP shares.
Use of Funds
Exploration, strategic land acquisitions, definitive feasibility study work, working capital and offer costs.
Documents & Downloads
3 Key Assets
Mt Chalmers
QMines’ flagship copper-gold project is the foundation of its proposed centralised processing strategy. It hosts an 11.3Mt mineral resource grading 0.75% copper, 0.42g/t gold, 0.23% zinc and 4.6g/t silver, alongside a 9.6Mt ore reserve. The April 2024 prefeasibility study outlined a 10.4-year operation processing one million tonnes annually, producing approximately 10,000 tonnes copper equivalent per year. A definitive feasibility study is targeted for Q1 2027. Drilling beneath historic pits and at Botos offers potential to expand resources and strengthen the mine plan.
Develin Creek
Develin Creek provides a substantial satellite copper-zinc resource with potential to support future production growth and extend mine life. Its 4.7Mt mineral resource grades 0.97% copper, 0.15g/t gold, 1.0% zinc and 5.7g/t silver. The project could leverage proposed processing infrastructure at Mt Chalmers, supporting QMines’ regional development strategy. The Scorpion deposit offers potential for additional open-pit feed, subject to further evaluation and development studies.
Mt Mackenzie
Mt Mackenzie adds gold and silver exposure, hosting a 5.2Mt mineral resource grading 1.0g/t gold and 6.7g/t silver. Exploration at South West Slopes demonstrates mineralisation beyond the existing resource, while North Knoll represents another target surrounding the established mineralised system. These targets provide opportunities to expand the project’s resource base through further drilling and evaluation.
Investment Highlights
- Flagship development project: Mt Chalmers hosts an 11.3Mt mineral resource and 9.6Mt ore reserve, providing the foundation for QMines’ proposed copper-gold operation.
- Attractive study economics: The April 2024 prefeasibility study outlined a pre-tax NPV₈ of A$373 million, development capex of A$191.9 million and a 10.4-year mine life. These remain PFS estimates, pending completion of the definitive feasibility study.
- Defined production pathway: The proposed one-million-tonne-per-annum operation targets average annual production of approximately 10,000 tonnes copper equivalent, including 6,500 tonnes of copper.
- Near-term development milestone: The Mt Chalmers definitive feasibility study is targeted for Q1 2027, providing a key milestone for refining project economics and development requirements.
- Regional consolidation potential: Mt Chalmers, Develin Creek and Mt Mackenzie underpin a regional portfolio with potential to leverage a centralised processing facility at Mt Chalmers.
- Copper-zinc satellite opportunity: Develin Creek hosts a 4.7Mt resource grading 0.97% copper and 1.0% zinc, with potential to increase production and extend the proposed operation’s mine life.
- Additional gold exposure: Mt Mackenzie hosts a 5.2Mt resource grading 1.0g/t gold and 6.7g/t silver, with exploration opportunities at South West Slopes and North Knoll.
- Multiple resource-growth targets: Drilling beneath Mt Chalmers’ historic pits and at Botos targets extensions to mineralisation and potential additions to the mine plan.
- Cash backing and funding support: QMines reported A$10.7 million cash and no debt at 30 September 2026. The proposed A$5 million placement will support exploration, feasibility work, strategic property acquisitions and working capital—not fund mine construction.
Board & Management
Andrew Sparke
Executive Chairman
Andrew is the founder of QMines Limited and has over 20 years’ experience in capital markets, corporate advisory, and executive leadership across the Australian resources sector. He has led multiple IPOs, capital raisings, and M&A transactions, with deep expertise in ASX compliance and public company governance.
Andrew has served on the boards of several ASX-listed resource companies and is also the founder of Olive Capital, a boutique investment and advisory firm focused on emerging growth companies. At QMines, Andrew brings a strong entrepreneurial mindset and a long-term vision to build one of Queensland’s next major copper and gold producers.
Elissa Hansen
Non-Executive Director & Company Secretary
Elissa is a chartered secretary with over 20 years’ experience as a company secretary and corporate governance professional. She has worked with boards and management on a range of ASX listed companies including assisting a number of organisations through the IPO process. Elissa is experienced in the specific requirements of companies in industries including resources, information technology, industrials and biotechnology.
Peter Caristo
Executive Director
Peter is an experienced exploration geologist, with over 24 years’ experience in the mineral exploration industry. He has held senior positions in Newcrest Mining Ltd (ASX:NCM), OceanaGold Ltd (ASX:OGC) and Mining Associates. His expertise covers project generation, drill targeting, geological mapping, exploration project management, technical due diligence, and data management, specialising in gold. Peter is the current Chair of the Queensland Branch of the Australian Institute of Geoscientists.
Disclaimer
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