QMines Raises 19 Million Shares in $1.05M Share Purchase Plan

Capital Raise Complements Recent Placement

QMines Limited (ASX, QML) has announced the successful completion of its Share Purchase Plan (SPP), raising just over $1 million through the issuance of more than 19 million new shares. This follows a recent $7.5 million placement, with the SPP shares offered at the same price, providing existing shareholders an opportunity to increase their stake on consistent terms.

Funding Exploration at Mt Mackenzie

The funds raised will primarily support further exploration activities at QMines’ Mt Mackenzie gold and silver project, a high-grade target that forms a central pillar of the company’s growth ambitions. Additionally, proceeds will bolster general working capital, ensuring operational flexibility as the company advances its Queensland-focused copper and gold assets.

Underwriting and Shareholder Approval

Notably, the SPP was fully underwritten to $1.5 million by Global ESG Investments Limited, providing a safety net for the capital raise. However, this underwriting is contingent upon shareholder approval at the upcoming annual general meeting, introducing a degree of conditionality to the final funding outcome. The new shares are expected to be issued on 14 November 2025 and commence trading three days later.

Strategic Positioning in Queensland

QMines continues to focus on its portfolio of assets near Rockhampton, including the Mt Chalmers and Develin Creek deposits, both with established resources. The company’s strategy hinges on advancing exploration to unlock new discoveries and transition towards sustainable copper production, with Mt Mackenzie representing a promising frontier in this effort.

Looking Ahead

With the capital raise now complete, QMines is positioned to accelerate its exploration programs and maintain momentum in its development pipeline. The market will be watching closely for updates on drilling results and resource upgrades that could validate the company’s growth trajectory.