QMines Reports High-Grade Gold-Silver and Copper-Zinc Intercepts, Secures $9M Funding

Exploration Momentum Builds at Mount Mackenzie and Develin Creek

QMines Limited (ASX, QML) has reported a productive December quarter, advancing exploration and development across its Central Queensland portfolio. The company commenced its maiden multi-rig drilling campaign at the Mount Mackenzie gold and silver project, completing 20 holes for 2,640 metres. Early assay results have revealed promising high-grade gold and silver mineralisation, including standout intercepts such as 6 metres at 8.11 grams per tonne gold and over 100 grams per tonne silver.

Meanwhile, drilling at the Develin Creek copper and zinc project wrapped up with six holes totalling 1,139 metres. The results confirmed multiple zones of high-grade copper, zinc, gold, and silver mineralisation consistent with a volcanic massive sulphide system. Notable intercepts included 34 metres at 2.2% copper equivalent and 7 metres at 6.0% copper equivalent, reinforcing the resource growth potential within the Sulphide City area.

Capital Raising Fuels Exploration and Development

To underpin its aggressive exploration and development plans, QMines successfully raised $9 million through a strongly subscribed $7.5 million placement and a fully underwritten $1.5 million Share Purchase Plan. These funds are earmarked for accelerating drilling at Mount Mackenzie, advancing development activities, and supporting general working capital needs. The capital raise attracted both existing shareholders and new professional investors, reflecting confidence in QMines’ growth strategy and project quality.

Strategic Reset and Leadership Enhancement

Post-quarter, QMines announced a strategic reset for its flagship Mt Chalmers copper-gold project, adopting a phased 1 million tonnes per annum development approach aimed at expediting the Definitive Feasibility Study and prioritising early cash flow generation. This refreshed strategy leverages improved commodity prices and aims for low-complexity execution with streamlined approvals.

Complementing this strategic shift, QMines strengthened its leadership team with the appointments of Richard Wittig as Development Manager and Thomas Bartschi as Exploration Manager and Site Senior Executive. Their extensive experience is expected to accelerate project timelines and operational readiness, positioning QMines for a smooth transition from exploration to production.

Robust Resource Base and Regional Development Vision

QMines holds 100% ownership of its key assets, Mt Chalmers, Develin Creek, and the recently acquired Mount Mackenzie project. Combined, these projects form the core of a proposed regional copper-gold hub centred around a centralised processing plant. The company’s vision, presented at the Noosa Mining Conference, outlines development of nine regional deposits capable of producing 20–30 kilotonnes per annum of copper equivalent over a decade.

Independent analysis by East Coast Research highlights QMines’ transition from resource accumulation to engineering-led growth, with a clear catalyst pathway through ongoing drilling, resource upgrades, and integrated studies targeting a district-scale Pre-Feasibility Study in the second half of 2026.

Financial Position and Governance

QMines ended the quarter with $5.8 million in cash and access to additional financing facilities, providing over two quarters of funding at current expenditure levels. The company’s Annual General Meeting saw overwhelming shareholder support for remuneration policies, board composition, and financing arrangements, underscoring strong governance foundations as QMines advances its development agenda.