QMines Optimises Mt Mackenzie as Gold and Silver Prices Soar

Jane Morgan Management

BRISBANE, 23 July 2025 — QMines Limited (ASX:QML) is capitalising on surging gold and silver markets with a robust new open-pit optimisation at its recently acquired Mt Mackenzie Project in Queensland.

QMines Limited (QMines or Company) is pleased to report positive open pit optimisation results for its 100% owned Mount Mackenzie Gold-Silver Project in Queensland. Mount Mackenzie is a high-sulphidation epithermal gold-silver deposit recently added to QMines’ portfolio (acquired July 2025), and forms a key part of the Company’s strategy to develop a regional processing hub in Central Queensland.

The optimisation and production target reported demonstrate that Mount Mackenzie can be economically mined via open pit mining and hauled to the planned Mt Chalmers process plant. Based on these positive results, Mt Mackenzie will now be integrated into the Mount Chalmers updated PFS due for release in H1-2026. Mount Mackenzie materially increases the scale of the Mt Chalmers copper-gold project, which is now underpinned by a project wide MRE of ~19Mt across three 100% owned projects details of which are shown in Tables 2 and 3 below

Gold recently touched near all-time highs, driven by central bank demand and global macroeconomic uncertainty, while silver has surged on the back of industrial demand from solar energy, electronics, and green technologies.

“We are delighted with this optimisation result at Mount Mackenzie, which confirms our newest asset to be a high-quality, high-margin open pit operation in the making,” said Executive Chairman Andrew Sparke

“For our shareholders, this means Mount Mackenzie could deliver significant low-cost ounces into our production profile.”

“These results bolster our hub-and-spoke strategy, with Mount Mackenzie’s material contributing to a planned centralised 2.0Mtpa processing plant. We now have three advanced deposits... shaping up to be one of Australia’s next long-life, multi-asset copper and gold operations with scale.”

Key Optimisation Highlights:

• Production Target: 800,000t of oxide and 1.5Mt of sulphide material
  
  

• Combined open pit strip ratio of 4.2:1
  
  

• Estimated in-pit metal: 100,000 oz gold, 658,000 oz silver
  
  

• 90% Indicated Resource 10% Inferred Resource
  
  

• Metallurgically compatible with Mt Chalmers processing flowsheet
  
  

The Mt Mackenzie Mineral Resource now stands at 3.35Mt @ 1.40g/t Au and 8.4g/t Ag, comprising 151,000oz of gold and 902,000oz of silver. The resource remains open along strike and at depth, offering clear growth potential.

QMines is developing a centralised processing hub at Mt Chalmers, supported by resources from Mt Mackenzie, Mt Chalmers, and Develin Creek — a combined ~19Mt inventory across gold, silver, copper, and zinc.


Upcoming Milestones

Develin Creek Drilling Results: Ongoing drilling at the Sulphide City deposit is aimed at resource growth and improved geological confidence. Assay results are expected in Q3-2025.

Develin Creek Pit Optimisation: A new open pit optimisation study is underway following the recent resource upgrade. Results are expected in Q3-2025 and will inform initial mine planning assumptions.

Metallurgical Testwork – Mt Chalmers / Develin Creek: PFS-level testwork is progressing and will inform processing route selection and integration into the broader flowsheet.

Scoping Study – Combines Mt Chalmers, Develin Creek & Mt Mackenzie Operation: A standalone scoping study is in development to evaluate the combined project’s initial economic parameters and the logistical, metallurgical and economic suitability of combining feed from three regional projects into a larger integrated operation.

Underground Optimisation – Sulphide City: A separate underground study will assess the potential to access mineralisation at Sulphide City via underground mining, targeting higher-grade material, reduced waste movement and strip ratio.

Pre-Feasibility Study (PFS) Update: Workstreams from Develin Creek, Mt Mackenzie and Mt Chalmers will be integrated into an updated PFS planned for the first half of 2026. The revised study will reflect an expanded mine plan, incorporating blended material from the three projects, and updated capital and operating cost estimates.

About QMines Limited (ASX:QML):

QMines Limited (ASX:QML) is a Queensland focused copper and gold exploration and development Company. The Company owns 100% of the Mt Chalmers (copper-gold) and Develin Creek (copperzinc) 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.

Jane Morgan 
[email protected]