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QMines Secures $15 Million Strategic Investment from QIC to Advance Mt Chalmers Project

Jane Morgan Management

Sydney, Australia – 20 April 2026 – QMines Limited (ASX:QML) (“QMines” or “the Company”) is pleased to announce it has entered into binding agreements for a $15 million strategic investment from the QIC Critical Minerals and Battery Technology Fund, managed by Queensland Investment Corporation (QIC).

The investment is expected to accelerate development of the Company’s Mt Chalmers copper and gold project in central Queensland and represents a significant milestone in QMines’ transition toward production.

Transaction Overview

The $15 million funding package comprises two components:

  • $5.0 million equity investment via the issue of fully paid ordinary shares

  • $10.0 million royalty investment in exchange for a 2% Net Smelter Return (NSR) royalty

The equity component will result in QIC becoming QMines’ largest shareholder, providing strong institutional backing as the Company advances its development strategy.

Funding to Support Development Pathway

Combined with existing cash reserves, the funding package is expected to fully support:

  • Completion of the Definitive Feasibility Study (DFS)

  • FEED study and construction readiness

  • Progression toward a Final Investment Decision (FID)

This positions QMines to advance Mt Chalmers without the need for near-term equity raisings.

Strategic Rationale

The structure of the transaction, incorporating both equity and royalty components, is designed to:

  • Minimise dilution for existing shareholders

  • Provide access to non-dilutive capital

  • De-risk the development pathway at a critical stage

  • Maintain exposure to long-term project cash flows and commodity upside

The investment follows a comprehensive due diligence process by QIC, providing independent validation of the Mt Chalmers Project and its development potential.

Management Commentary

Executive Chairman Andrew Sparke said:

“We are excited to announce this truly transformational transaction for QMines and its shareholders. Securing $15 million in funding allows QMines to complete the Definitive Feasibility Study and places the Company in a very strong position to advance its historic Mt Chalmers copper and gold mine back into production.

The level of due diligence undertaken by QCMBTF has been extensive, and their decision to invest is a strong validation of the quality of the Mt Chalmers Project and its long-term development potential.

Importantly, the structure of this transaction significantly reduces dilution for our shareholders while de-risking the development pathway.

We are also very pleased to welcome QCMBTF as our largest shareholder. Their support brings institutional strength, credibility and long-term alignment as we execute on our strategy to become a near-term copper and gold producer in Central Queensland. We would like to sincerely thank the QIC and Burnvoir Corporate Finance teams for their support of our Company and look forward to a long and fruitful relationship.”

Use of Funds

Proceeds from the investment will be directed toward:

  • DFS completion

  • Environmental approvals and permitting

  • Continued drilling

  • Early-stage development activities


About us:

QMines Limited (ASX:QML) is a Queensland focused copper and gold development Company. The Company owns 100% of the Mt Chalmers (coppergold) and Develin Creek (copper-zinc) 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/tAu and 19g/tAg between 1898-1982.

Following several resource updates, the Mt Chalmers, Develin Creek and Mt Mackenzie projects now have Reserves of 9.6Mt and combined Resources of approximately 20Mt.¹ QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production


Contact details:

Jane Morgan 
Investor & Media Relations 
[email protected]