QMines Ltd Delivers High-Grade Copper Hits in Queensland Exploration

High-Grade Copper-Zinc Hits Continue at QMines' Sulphide City

QMines Limited (ASX:QML) has announced impressive new drilling results from its Sulphide City deposit at the Develin Creek project in Queensland, revealing consistent high-grade copper-zinc mineralisation that supports the company's vision for a multi-asset copper portfolio expansion in Central Queensland.

Drilling Program Delivers Strong Results

QMines' ongoing multi-rig drilling program at Sulphide City continues to yield exceptional results, with standout copper equivalent (CuEq) intersections including:

• 4m @ 6.79% CuEq from 125m, within 25m @ 1.51% CuEq from 104m
• 7m @ 2.71% CuEq from 59m, within 44m @ 1.41% CuEq from 59m
• 20m @ 1.74% CuEq from 177m, within 65m @ 0.9% CuEq from 132m
• 6m @ 2.62% CuEq from 91m
• 7m @ 2.46% CuEq from 165m

The company has now completed 32 RC holes at Sulphide City for 6,643 metres, with assays from an additional 15 holes still pending. These results build on QMines' earlier drilling at the Scorpion/Window deposit, where 43 RC holes for 5,064 metres were completed in late 2024.

"These latest results from Sulphide City are exactly what we want to see — thick, continuous zones of high-grade copper and zinc, in line with historical intercepts. Every round of assays adds to our confidence that Develin Creek is shaping into a cornerstone asset in QMines' growing production pipeline," said QMines Executive Chairman Andrew Sparke.

Project Development Strategy

The Develin Creek drilling is part of QMines' strategic vision to develop a multi-asset copper operation in Central Queensland. The company has added diamond tails to selected drill holes to better understand the geometry of the semi-massive and massive sulphide mineralisation, with a diamond rig currently onsite.

The Develin Creek project comprises several Volcanic Associated Massive Sulphide (VMS) copper-zinc deposits within the Rookwood Volcanics. In March 2025, QMines updated the Mineral Resource Estimate (MRE) for the project, with consultant resource geologists HGMC estimating a combined MRE for the Scorpion and Sulphide City deposits of 4.13Mt @ 1.01% Cu, 1.16% Zn, 0.15g/t Au and 6.0g/t Ag with 56% in the Inferred and 44% in the Indicated categories.

Understanding Volcanic Massive Sulphide Deposits

Volcanic Massive Sulphide (VMS) deposits like those at Develin Creek are significant sources of copper, zinc, and precious metals globally. These deposits form in underwater environments where hot, metal-rich fluids from volcanic activity interact with seawater, causing metals to precipitate on or near the seafloor.

VMS deposits typically occur in clusters or "camps" and can contain substantial concentrations of valuable metals. At Develin Creek, these deposits are hosted within the Rookwood Volcanics, which formed in a submarine environment approximately 300-350 million years ago.

The high-grade copper hits at QMines Ltd's Sulphide City deposit display the characteristic metal zoning typical of VMS systems, with distinct copper and zinc-rich zones. This zoning pattern helps geologists understand the deposit's structure and potentially locate additional mineralisation, similar to patterns observed in copper exploration at Fiery Creek.

Understanding Sulphide City's Geology

Sulphide City's geology differs somewhat from the Scorpion and Window deposits. The deposit is characterised by a complex primary depositional environment, featuring not only distinct massive and semi-massive sulphide bodies but also stockwork and disseminated sulphide mineralisation.

The massive sulphide bodies reach up to 30m in thickness and display brecciated and stratiform textures, typically exhibiting sharp contacts with surrounding altered basaltic sequences. The primary sulphide assemblage includes chalcopyrite, sphalerite, pyrite, and minor galena, with copper mineralisation often observed as finely disseminated chalcopyrite intergrown with sphalerite.

Recent drilling has revealed a distinct zonation pattern where zinc/sphalerite mineralisation has greater abundance than chalcopyrite, suggesting a deep-water depositional setting exceeding 700 metres during the deposit's formation.

Blending Strategy to Optimise Production

QMines' strategy involves blending Develin Creek feed with material from its Mt Chalmers and Mt Mackenzie projects. The company released improved metallurgical recoveries in June 2025 based on blending Develin Creek mineralisation with Mt Chalmers ore, supporting investigations into increasing the project-wide mining and processing operation to a 2Mtpa throughput.

This multi-asset approach positions QMines to create a substantial copper-gold-zinc operation in Central Queensland, with the potential for significant economies of scale and operational synergies.

The high-grade copper hits at QMines Ltd are particularly significant in this context, as they support the viability of the company's blending strategy and potentially enhance the overall grade profile of the combined operation. In the mining sector, financing for expansion projects often hinges on demonstrating such robust resource quality.

Upcoming Milestones

QMines has outlined several key upcoming milestones that will drive the project forward:

• Ongoing Sulphide City drilling results
• Develin Creek pit optimisation study (Scorpion Deposit) expected in August
• PFS-level metallurgical testwork for Mt Chalmers/Develin Creek
• Scoping study to evaluate the combined project's economic parameters
• Underground optimisation study for Sulphide City
• Updated Pre-Feasibility Study planned for the first half of 2026, reflecting an expanded 2Mtpa mine plan

Resource Base Supports Growth Strategy

QMines' growing resource base now includes:

• Mt Chalmers: 9.6Mt @ 0.65% Cu, 0.48g/t Au, 0.27% Zn, 5.2g/t Ag (Ore Reserve)
• Develin Creek: 4.2Mt @ 1.01% Cu, 1.16% Zn, 0.15g/t Au, 6g/t Ag (Mineral Resource)
• Mt Mackenzie: 3.2Mt @ 1.40g/t Au, 8.4g/t Ag (Mineral Resource)
• Woods Shaft: 0.54Mt @ 0.50% Cu, 0.95g/t Au (Mineral Resource)

The high-grade copper hits at QMines Ltd's Sulphide City deposit contribute significantly to this resource base, potentially enhancing the overall grade and economic parameters of the combined project. The company's approach resembles strategies seen in other regions such as copper-gold targets near CSA mine in the Cobar Basin.

Why Investors Should Follow QMines

QMines represents a compelling investment opportunity in the copper sector for several reasons:

1. Resource Growth Potential: The ongoing drilling programs continue to extend mineralisation beyond historical drilling, supporting near-term resource growth.

2. Multi-Asset Strategy: The company's approach of blending feed from three projects provides operational flexibility and potential for economies of scale.

3. Strong Copper Market Fundamentals: With copper prices projected to remain robust due to electrification and renewable energy demand, QMines is well-positioned to benefit from favourable market conditions.

4. Clear Development Pathway: The company has outlined a detailed roadmap to production, with multiple milestones that will drive value creation over the coming 12-18 months.

5. Experienced Management: Led by Executive Chairman Andrew Sparke, the company has assembled a team with the technical expertise to advance its projects toward production.

With multiple drilling rigs in operation, strong grades across broad widths, and a clear vision for a 2Mtpa multi-asset operation, QMines is rapidly advancing toward its goal of becoming a sustainable copper producer in one of Australia's premier mining jurisdictions. This progress comes at a time when rare earths and strategic minerals are increasingly important to global supply chains.

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