QMines Secures $15 Million Queensland Government Backing at Mt Chalmers

Queensland's Resources Minister Visits Mt Chalmers as QMines Enters a Pivotal Development Phase

QMines (ASX:QML) has hosted Queensland's Minister for Natural Resources and Mines, the Hon. Dale Last MP, at its flagship Mt Chalmers Copper and Gold Project in Central Queensland, marking another step in the company's deepening relationship with the Queensland Government. The QMines Mt Chalmers project Queensland government visit and $15 million funding announcement represents a significant convergence of political engagement and capital commitment at a critical juncture for the company.

According to the announcement, this general update combines a notable political engagement milestone with confirmation of a $15 million Queensland Government investment through the QIC Critical Minerals Fund. Together, these developments point to meaningful momentum for a company approaching what its Executive Chairman describes as "one of the most important periods in the Company's history."

A High-Level Visit That Signals More Than Ceremony

The Ministerial delegation that toured Mt Chalmers included Minister Last, Nigel Hutton MP (Member for Keppel), Donna Kirkland MP (Member for Rockhampton), Travis Warren (Executive Director, Department of Natural Resources and Mines) and John Frankish (Central Operations Manager, Department of Natural Resources and Mines).

The delegation toured the site, including the historic open pits, and received a briefing on QMines' plans to return Mt Chalmers to production for the first time in more than four decades. Discussions reportedly centred on the project's development pathway, its environmental approvals process, and its potential to generate copper production, regional investment and long-term employment for Central Queensland.

This visit follows an earlier site visit by the Hon. Ros Bates MP, Minister for Finance, Trade, Employment and Training, together with representatives of the Queensland Investment Corporation (QIC). The frequency and seniority of these engagements reflects a level of government interest that extends well beyond routine policy interaction.

What Does the Executive Chairman Say?

Andrew Sparke, Executive Chairman of QMines, offered this perspective:

"For our shareholders, I think the significance of these visits should not be underestimated. In a relatively short period, we have now welcomed senior Queensland Government Ministers, local State Members, departmental executives and representatives of QIC to Mt Chalmers, while also securing a $15 million strategic investment from the Queensland Government through QIC's Critical Minerals Fund."

The $15 Million Investment That Changes the DFS Equation

Underpinning much of the current activity is the Queensland Government's $15 million strategic investment through the QIC Critical Minerals Fund. This funding package, structured as a combination of equity and royalty investment, is reported to provide QMines with the capital required to complete the Mt Chalmers DFS and advance the project toward a Final Investment Decision (FID).

For investors, the practical significance is straightforward. The DFS, widely regarded as the single most important technical and financial document underpinning a project's path to production, is now fully funded according to the company. This is understood to remove a key source of uncertainty that often weighs on junior mining companies at this stage of development, consequently allowing QMines to progress its workstreams without needing to pause for additional capital.

Understanding the Definitive Feasibility Study: Why It Matters

What Is a Definitive Feasibility Study (DFS)?

A Definitive Feasibility Study is the highest-level technical and financial assessment a mining company conducts before making a final decision to build a mine. It examines the ore reserve and mining method, processing plant design, infrastructure requirements, environmental obligations and project economics in sufficient detail to support an investment decision.

For investors, the DFS effectively acts as the gateway between a project being a resource in the ground and a mine capable of generating revenue. It is typically the document that financiers, project partners and offtake counterparties require before committing capital or entering binding commercial agreements.

Why Does It Matter Here?

With the Mt Chalmers DFS reportedly fully funded and multiple workstreams running concurrently, QMines is positioned to progress through this phase without interruption from a capital perspective. Furthermore, completion of the DFS would represent a material milestone for the company, setting the stage for a potential FID and, ultimately, the prospective return of copper production to a site that last operated in 1982.

Multiple Workstreams Running Simultaneously

One of the more operationally significant aspects of the current period is the breadth and concurrency of work underway at Mt Chalmers. Rather than sequencing activities, QMines has outlined that it is advancing a range of programs in parallel.

DFS workstreams include:

1. Resource and reserve development
2. Open pit and underground mine optimisation
3. Geotechnical drilling and engineering
4. Metallurgical testwork
5. Process plant and infrastructure engineering
6. Environmental baseline studies and approvals
7. Stakeholder and community engagement
8. Project development and implementation planning

In addition to the DFS workstreams, QMines is conducting a multi-rig drilling campaign. Diamond drilling from a barge within the historic Mt Chalmers open pits is targeting mineralisation directly beneath the existing pit shells, an area considered to hold potential to support reserve and resource growth.

The combination of a funded DFS and an active drilling program suggests QMines may generate a steady flow of project news in the months ahead.

The Asset Base: A Portfolio With Substantial Scale

Mt Chalmers sits at the centre of a broader Central Queensland portfolio that collectively hosts approximately 20 million tonnes of Mineral Resources containing copper, gold, zinc and silver. The tables below summarise the resource and reserve position across QMines' key deposits.

Mt Chalmers Ore Reserve

Mt Chalmers Mineral Resource

Develin Creek Mineral Resource

Additional Deposits (Not in Current Mine Plan)

The Mt Chalmers deposit carries historical context that speaks to its quality. According to the company, the mine produced 1.2 million tonnes at 2.0% Cu, 3.6 g/t Au and 19 g/t Ag between 1898 and 1982, a production history that supports confidence in the project's underlying mineralogical character.

What the Coming Months Could Deliver

With multiple workstreams running concurrently, QMines' upcoming news flow has the potential to be substantial. Catalysts investors may wish to monitor include:

• Drilling results from the ongoing multi-rig campaign, including barge-based diamond drilling beneath the existing open pits
• DFS workstream updates across metallurgy, geotechnical and engineering studies
• Environmental approvals progress, a step on the path to a potential FID
• Resource and reserve updates as drilling data is incorporated
• Completion of the DFS, which the company describes as a significant milestone and precursor to a potential FID

Andrew Sparke summarised the outlook clearly: "With the DFS fully funded, multiple drilling and development programs underway and strong engagement from Government, we believe QMines is entering one of the most important periods in the Company's history."

Investment Thesis: Why Mt Chalmers Deserves Attention

The investment case for QMines rests on several reinforcing factors. However, it is worth examining each one in turn.

A fully funded DFS at a key project. The $15 million investment from the QIC Critical Minerals Fund means the DFS does not require additional shareholder dilution to complete, according to the company, removing a common point of friction in junior mining project advancement.

A multi-commodity resource base. With reserves of 9.6 Mt at Mt Chalmers and a total portfolio of approximately 20 Mt of Mineral Resources, QMines holds scale that may support a meaningful mine life and staged development incorporating satellite deposits including Develin Creek and Mt Mackenzie.

Copper's demand outlook. Copper is widely recognised as a material for electrification infrastructure, including power grids, electric vehicles and renewable energy systems. As global demand for copper grows, new sources of supply at an advanced stage of development may attract heightened commercial and investor interest.

Government engagement. Multiple senior Queensland Government Ministers and departmental executives have visited the Mt Chalmers site, and the Queensland Government has invested in the project through QIC. This level of engagement reflects the perceived importance of the project for Central Queensland's economic development, though it should not be read as a guarantee of approvals or outcomes.

Active news flow ahead. The concurrent running of drilling, DFS workstreams and environmental programs suggests QMines is likely to generate a sustained flow of material announcements in the near term.

Why Investors Should Keep QMines on Their Radar

QMines holds a 100% interest in its flagship Mt Chalmers project, which carries a historical production record, a modern resource and reserve base, and is now supported by both a funded DFS and considerable Queensland Government engagement.

The company is not at the early-stage exploration point of the development cycle. It holds 9.6 Mt of Ore Reserves at Mt Chalmers and is advancing a DFS designed to support a potential FID. It is not yet in production, meaning significant value-creation milestones remain ahead for investors positioning ahead of them.

Key Takeaway: The QMines Mt Chalmers project Queensland government visit and $15 million funding package has positioned QMines (ASX:QML) as a notable copper and gold development company in Queensland, with a fully funded Definitive Feasibility Study, approximately 20 million tonnes of Mineral Resources across its Central Queensland portfolio, and growing government engagement through the QIC Critical Minerals Fund. With drilling active, DFS workstreams progressing simultaneously, and a series of catalysts on the horizon, investors with an interest in copper development may wish to follow developments at Mt Chalmers closely.

Glossary of Key Terms

• DFS (Definitive Feasibility Study): A detailed technical and financial study that assesses a mining project in sufficient depth to support a final decision to build and fund a mine.
• Final Investment Decision (FID): The formal decision by a company and its financiers to proceed with project construction and development.
• Ore Reserve: The portion of a Mineral Resource demonstrated to be economically extractable using current technology and at prevailing commodity prices.
• Mineral Resource: A concentration of mineralisation with reasonable prospects for eventual economic extraction, classified by geological confidence as Measured, Indicated or Inferred.
• QIC (Queensland Investment Corporation): Queensland's state-owned investment corporation, which manages assets on behalf of the Queensland Government and other clients.
• Royalty Investment: A financing arrangement where a company receives capital in exchange for agreeing to pay the investor a percentage of future project revenue.
• JORC Code: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the industry standard for resource reporting in Australia.
• VMS (Volcanogenic Massive Sulphide): A type of ore deposit commonly associated with copper, zinc, gold and silver mineralisation, formed by hydrothermal activity on ancient sea floors. Mt Chalmers is a deposit of this style.

Want to Learn More About QMines and the Mt Chalmers Project?

With a fully funded Definitive Feasibility Study, $15 million in Queensland Government backing through the QIC Critical Minerals Fund, and multiple development workstreams running concurrently, QMines (ASX:QML) is approaching what its Executive Chairman calls one of the most important periods in the company's history. For investors looking to understand the full scope of the Mt Chalmers opportunity — including its resource base, development pathway, and upcoming catalysts — visit qmines.com.au to find out more.