QMines Hosts Queensland Government and QIC at Mt Chalmers Project

QMines Hosts Queensland Government and QIC at Mt Chalmers as Development Gains Pace

Qmines Ltd (ASX: QML) has hosted senior representatives from the Queensland Government and Queensland Investment Corporation (QIC) at the Mt Chalmers Copper and Gold Project in Central Queensland, following QIC's $15 million investment through its Critical Minerals Fund. The Qmines Mt Chalmers project QIC investment and Queensland Government visit highlighted the progress of Qmines Ltd's staged development strategy, including the Definitive Feasibility Study (DFS), environmental approvals and engineering work aimed at advancing Mt Chalmers toward a potential Final Investment Decision (FID).

According to the ASX announcement dated 6 July 2026, Mt Chalmers and nearby satellite projects now host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver. These resources support Qmines Ltd's objective to progress a modern, long-life mining operation supplying minerals that are in demand for the global energy transition.

"We were delighted to welcome Minister Bates, Mr Hutton and representatives from QIC to Mt Chalmers and showcase the significant progress being made as we work towards bringing one of Queensland's historic copper and gold mines back into production."

"The visit provided an excellent opportunity to demonstrate the breadth of work currently underway across the Definitive Feasibility Study (DFS) and environmental approvals program, while highlighting the important role Mt Chalmers can play in supplying the copper needed for global electrification and supporting long-term regional employment."

"We sincerely thank Minister Bates, the Queensland Investment Corporation and the Queensland Government representatives for taking the time to visit the project and for their continued support of Queensland's critical minerals sector."

Andrew Sparke, Chairman and Managing Director, Qmines Ltd

High-Profile Delegation Visits Mt Chalmers

The ASX announcement reports that Qmines Ltd recently hosted a delegation comprising:

• The Hon. Ros Bates MP – Minister for Finance, Trade, Employment and Training
• Nigel Hutton MP – Member for Keppel
• Joshua Risson – Investment Director, Queensland Investment Corporation
• Thomas Sullivan – Analyst, Queensland Investment Corporation
• Georgia Whiting – Analyst, Queensland Investment Corporation

During the visit, management outlined:

• The staged development strategy for Mt Chalmers
• Progress on the Definitive Feasibility Study (DFS)
• The environmental approvals program
• Ongoing engineering and mine planning activities

The delegation also toured the historic open pit and surrounding infrastructure. Mt Chalmers is described in the ASX material as a high-grade historic mine that produced 1.2 million tonnes at 2.0% Cu, 3.6 g/t Au and 19 g/t Ag between 1898 and 1982.

The site visit preceded a Queensland Government joint ministerial statement released on 3 July 2026 titled "Fresh start for Central Queensland mine after 44 years", which highlighted the importance of the Mt Chalmers Project and referenced the $15 million investment by QIC through its Critical Minerals Fund.

Educational Focus: What a Definitive Feasibility Study Means for Investors

The DFS is a central theme of Qmines Ltd's current work at Mt Chalmers. For investors who follow ASX resource companies, understanding the DFS stage is important when assessing development risk and potential timelines.

What Is a Definitive Feasibility Study (DFS)?

A Definitive Feasibility Study is a detailed technical and economic evaluation of a mining project. According to the ASX announcement, Qmines Ltd has awarded major DFS work packages that cover:

• Geology and updated resource modelling
• Mining studies and mine design
• Geotechnical engineering (rock stability and ground conditions)
• Environmental approvals and baseline studies
• Stakeholder engagement
• Metallurgical testwork and processing design
• Engineering studies for plant and infrastructure

In simple terms, a DFS examines whether a project can be built and operated profitably and safely, taking into account mining methods, processing, infrastructure, environmental impacts and costs.

Why Does the DFS Matter to Investors?

From an investment perspective, the DFS stage is often seen as a key de-risking point because:

• Technical assumptions are refined using detailed engineering rather than high-level estimates.
• Ore Reserves are defined or updated, using stricter economic and technical criteria than Mineral Resources.
• Lenders and institutional investors typically rely on DFS-level work when assessing potential funding.
• The DFS is usually the final major study before a Final Investment Decision (FID) by the board.

An FID is the formal decision by a company to commit capital to construct a mine and related infrastructure, subject to funding and approvals. Furthermore, according to Qmines Ltd, the DFS and environmental approvals at Mt Chalmers are being advanced with the aim of supporting a future FID.

Key Terms Explained

For Qmines Ltd, successful completion of DFS and related work could support more advanced discussions with financiers and off-take partners, subject to market conditions and study outcomes.

Resource Base: Scale and Quality Across Mt Chalmers and Satellites

The ASX announcement states that the Mt Chalmers Project and surrounding satellite projects host approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver. These include the Mt Chalmers, Develin Creek, Woods Shaft and Mt Mackenzie deposits, all 100% owned by Qmines Ltd.

Mt Chalmers Ore Reserve

According to the company's published Ore Reserve estimate:

An Ore Reserve is generally considered a more advanced category than Mineral Resources because it factors in mining, processing and economic parameters.

Mt Chalmers Mineral Resource Estimate

Measured and Indicated Resources generally carry higher confidence than Inferred Resources due to denser drilling and better geological understanding.

Develin Creek Mineral Resource

Woods Shaft Mineral Resource

Mt Mackenzie Mineral Resource

The Mt Mackenzie deposit is described as not currently included in the Mt Chalmers mine plan, but it forms part of the broader ~20 million tonne resource base controlled by Qmines Ltd.

For investors, this aggregated resource inventory offers:

• Exposure to copper, gold, zinc and silver within one ASX-listed entity.
• A mix of Ore Reserves at Mt Chalmers and additional Mineral Resources across satellite deposits.
• Historical production context that suggests long-term mineralisation in the district.

Development Activities: DFS and Approvals Accelerating

The ASX announcement notes that after securing the $15 million investment through QIC's Critical Minerals Fund, Qmines Ltd has accelerated work across the Mt Chalmers DFS and associated programs.

Key workstreams reported as currently underway include:

1. DFS work packages awarded

   • Geology and resource modelling
   • Mining and geotechnical engineering
   • Environmental approvals
   • Stakeholder engagement

2. Environmental baseline studies and permitting

   • Collection of data on water, flora, fauna and other environmental factors
   • Preparation of documentation to support regulatory approvals

3. Updated 3D geological model completed

   • Integration of latest drilling data, structural interpretation and geological information
   • Used to optimise future mine planning and pit design

4. Mine planning, metallurgical testwork and engineering studies in progress

   • Assessment of mining methods and scheduling
   • Testing of ore processing performance
   • Design of plant, infrastructure and supporting services

According to the company, these parallel workstreams are intended to position Qmines Ltd to complete the DFS and advance the Mt Chalmers Project toward a potential FID, subject to outcomes of studies and approvals.

Timeline: Key Milestones to Monitor

While no fixed dates are provided in the ASX announcement, Qmines Ltd outlines a clear sequence of activities that investors can track:

For holders or prospective investors in Qmines Ltd, progress updates against these milestones will likely be central to future ASX communications.

Public and Sector Recognition of Mt Chalmers

The announcement notes that the site visit has been followed by broader public and industry coverage, including:

• Queensland Government joint statement – "Fresh start for Central Queensland mine after 44 years"
• QIC project update – outlining the context for the Critical Minerals Fund investment
• Australian Mining Review – article titled "Mount Chalmers restart could create hundreds of jobs"
• Industry Queensland – article titled "Mount Chalmers a leading light in site renewal"

Qmines Ltd states that it welcomes this growing recognition of Mt Chalmers as an emerging critical minerals development with potential to contribute to long-term economic, employment and investment outcomes in Central Queensland, while supplying minerals that are relevant to the global energy transition.

Mt Chalmers in Context: Why Is the Project Drawing Attention?

From an investor-focused viewpoint, several factors combine to place Qmines Ltd and Mt Chalmers on watchlists:

• Substantial Ore Reserve and Resource base

  • 9.6 million tonnes of Ore Reserves at Mt Chalmers.
  • Approximately 20 million tonnes of combined Mineral Resources across Mt Chalmers, Develin Creek, Woods Shaft and Mt Mackenzie.

• Multi-commodity exposure

  • Copper and zinc linked to energy transition technologies.
  • Gold and silver providing precious metal exposure.

• Institutional capital participation

  • A $15 million investment by QIC through its Critical Minerals Fund, as cited in both the ASX announcement and ministerial statement.

• Advanced stage for a redevelopment project

  • Historical production of 1.2 Mt at 2.0% Cu, 3.6 g/t Au and 19 g/t Ag.
  • Ongoing DFS and approvals workstreams targeting a potential return to production, subject to FID and funding.

• Policy context and media interest

  • Government joint statement coverage focused on Mt Chalmers.
  • Industry media articles discussing employment and site renewal themes around the project.

Why Investors Are Watching Qmines Ltd

Qmines Ltd is positioning Mt Chalmers as a redevelopment-stage copper and gold project backed by an Ore Reserve, a broader 20 million tonne resource base and active DFS work. The company's ASX announcement emphasises that:

• Major DFS work packages have been awarded and are underway.
• Environmental baseline studies and approvals work are progressing.
• An updated 3D geological model has been completed to refine mine planning.
• The company remains "well positioned" to complete the DFS and advance toward a potential FID.

For investors seeking exposure to ASX-listed copper and gold developers in Queensland, the Qmines Mt Chalmers project QIC investment and Queensland Government visit, coupled with institutional funding and ongoing technical work, provides a clear set of reference points to follow as Qmines Ltd issues further updates on Mt Chalmers.

Ready to Take a Closer Look at Qmines and the Mt Chalmers Project?

With a $15 million institutional investment from QIC's Critical Minerals Fund, active DFS workstreams underway, and growing recognition from the Queensland Government, Qmines Ltd (ASX: QML) is advancing Mt Chalmers toward a potential Final Investment Decision. For investors seeking exposure to an ASX-listed copper and gold developer with a substantial Ore Reserve and a combined ~20 million tonne resource base in Central Queensland, now is the time to get across the detail. Visit the Qmines website to learn more about the Mt Chalmers opportunity.