QMines Ltd Reports Exceptional Copper-Zinc Results from Sulphide City

QMines Delivers Exceptional Copper-Zinc Results from Sulphide City

QMines Limited (ASX: QML) has delivered outstanding high-grade copper-zinc results from QMines Ltd from its Sulphide City deposit at Develin Creek, with standout intersections including 34m @ 2.2% CuEq from 137m and 7m @ 6.0% CuEq from 69m. The newly completed 46-hole program totalling over 8,800 metres has successfully expanded multiple high-grade mineralised zones, positioning the company for significant resource growth ahead of its integrated Pre-Feasibility Study in H2-2026.

The results demonstrate the exceptional continuity and scale potential of QMines' copper-zinc portfolio, which now encompasses 15.5Mt @ 0.82% Cu, 0.35g/t Au, 0.47% Zn & 5g/t Ag across its combined Mt Chalmers and Develin Creek projects. With multiple stacked mineralised horizons remaining open in several directions, QMines is advancing toward becoming a major multi-asset copper producer in Queensland's proven mining corridor.

Exceptional High-Grade Intersections Confirm Deposit Quality

The completed Sulphide City drilling program has delivered consistently strong copper-zinc intersections that validate the deposit's potential as a cornerstone asset. Furthermore, these high-grade copper-zinc results from QMines Ltd demonstrate the exceptional quality of the mineralisation.

Latest Standout Results:

• 34m @ 2.2% CuEq from 137m (DCRC088)
• 7m @ 6.0% CuEq from 69m (DCRC089)
• 9m @ 1.6% CuEq from 97m (DCRC084)

Previous Exceptional Intersections:

• 44m @ 1.4% CuEq, including 7m @ 2.7% CuEq from 59m (DCRC060)
• 21m @ 1.9% CuEq, including 9m @ 3.92% CuEq from 167m (DCRC050)
• 25m @ 1.4% CuEq, including 4m @ 6.8% CuEq from 104m (DCRC061)
• 16m @ 2.3% CuEq, including 4m @ 4.3% CuEq from 135m (DCRC075)

The drilling has confirmed multiple stacked mineralised horizons with exceptional thickness and grade continuity.

Executive Chairman Andrew Sparke emphasised:
"Intercepts such as 34 metres at 2.2% CuEq and 7 metres at 6.0% CuEq underscore the continuity of high-grade copper-zinc mineralisation and further validate our confidence in Develin Creek as a cornerstone asset for QMines."

Understanding Copper Equivalent (CuEq): A Key Metric for Multi-Metal Deposits

Copper Equivalent (CuEq) is a standardised metric that converts the value of multiple metals in a deposit into a single copper-equivalent grade, enabling investors to quickly assess the economic potential of polymetallic mineralisation.

How CuEq Works

QMines calculates CuEq using metal prices and metallurgical recoveries from their Pre-Feasibility Study work:

• Copper: $9,000/tonne (98.1% recovery)
• Zinc: $2,800/tonne (92.6% recovery)
• Gold: $3,300/oz (88.7% recovery)
• Silver: $37/oz (88.6% recovery)

Why CuEq Matters for Investors

CuEq provides a simplified way to compare the total metal value across different drill holes and deposits. For instance, QMines' 7m @ 6.0% CuEq intersection contains significant zinc, gold and silver credits that enhance the overall economic value beyond just the copper content. This metric helps investors understand the true revenue potential of each tonne of ore, making it easier to assess project economics and compare with other mining opportunities.

Massive 8,800-Metre Program Expands Resource Potential

The comprehensive 2025 drilling campaign represents one of the most significant exploration programs completed at Develin Creek to date. Additionally, the high-grade copper-zinc results from QMines Ltd continue to validate the deposit's exceptional potential.

Program Scale

• 46 drill holes completed across Sulphide City
• 8,800+ metres of RC and diamond drilling
• Multiple zones of massive and semi-massive sulphide mineralisation confirmed
• Stacked horizons extend known mineralisation both down-dip and along strike

Geological Validation

The drilling has confirmed the Volcanogenic Massive Sulphide (VMS) nature of the deposit, characterised by:

• Complex primary depositional environment with distinct massive sulphide bodies
• Stockwork and disseminated sulphide zones up to 30m thick
• Primary sulphide assemblage including chalcopyrite, sphalerite, pyrite, and minor galena
• Extensive chlorite-pyrite alteration indicating intense hydrothermal interaction

The program has demonstrated that mineralisation remains open in several directions, providing strong potential for future resource growth and mine-life extensions.

Strategic Development Timeline Accelerates Toward Production

QMines is advancing multiple parallel workstreams toward its integrated Pre-Feasibility Study, positioning the company to become Queensland's next major copper producer. Consequently, these high-grade copper-zinc results from QMines Ltd strengthen the foundation for future development.

H1-2026 Integrated PFS Timeline

• Q4-2025: Final Sulphide City assay results and resource modelling
• Q1-2026: Updated resource estimates and pit optimisation studies
• H1-2026: Integrated Pre-Feasibility Study incorporating all three projects
• H2-2026: Enhanced development planning and financing strategies

Multi-Asset Integration Strategy

• Mt Chalmers: 9.6Mt Ore Reserve @ 0.65% Cu, 0.48g/t Au (cornerstone project)
• Develin Creek: 4.2Mt Resource @ 1.01% Cu, 1.16% Zn (expanding resource base)
• Mt Mackenzie: 3.2Mt Resource @ 1.40g/t Au (maiden drilling program underway)

Centralised Processing Approach

QMines is developing a centralised processing plant at Mt Chalmers to handle blended material from all three projects, optimising economies of scale and extending mine life. This integrated approach is expected to significantly enhance project economics and operational efficiency.

Management Outlook:
"This is another strong step forward as we move towards an expanded, multi-asset mine plan and updated Pre-Feasibility Study in the second half of 2026. At the same time, drilling has now commenced at Mt Mackenzie, giving us two significant pipelines of catalysts as we head into the new year." – Andrew Sparke, Executive Chairman

Investment Thesis: Queensland's Next Multi-Asset Copper Producer

QMines has positioned itself as a compelling copper development story with multiple value drivers converging in 2026. However, the exceptional high-grade copper-zinc results from QMines Ltd provide the strongest validation of the company's exploration strategy.

Resource Scale and Quality

• Combined 15.5Mt resource base across proven VMS deposits
• High-grade copper-zinc-gold-silver mineralisation with established metallurgical recoveries
• Multiple stacked horizons providing exceptional thickness and grade continuity
• Open pit potential across all three projects within 100km of Rockhampton

Strategic Advantages

• Proven mining jurisdiction in Queensland with established infrastructure
• Historical production success at Mt Chalmers (1.2Mt @ 2.0% Cu, 3.6g/t Au between 1898-1982)
• Multi-commodity exposure providing natural hedge against metal price volatility
• Integrated development approach maximising economies of scale

Near-Term Catalysts

• Mt Mackenzie maiden drilling results expected shortly
• Updated Sulphide City resource estimate following 2025 drilling program
• Integrated Pre-Feasibility Study due H1-2026
• Multiple resource extension opportunities across all projects

Why Investors Should Track QMines' Multi-Asset Strategy

The combination of exceptional drilling results, expanding resource base, and integrated development approach positions QMines as a standout opportunity in the Australian copper space. Furthermore, the proven track record of delivering high-grade copper-zinc results from QMines Ltd continues to attract investor attention.

Unique Value Proposition

• Multi-asset diversification reduces single-project risk whilst maximising operational synergies
• Established resource base provides foundation for near-term development decisions
• High-grade VMS deposits offer superior economics compared to lower-grade alternatives
• Strategic Queensland location benefits from established mining infrastructure and supportive jurisdiction

Growth Trajectory

With the Sulphide City expansion confirmed and Mt Mackenzie drilling underway, QMines is building toward a significant resource upgrade ahead of its integrated PFS. The company's systematic approach to developing multiple high-quality assets within a centralised processing strategy provides investors with both near-term catalysts and long-term production visibility.

Market Positioning

As global copper demand continues to surge driven by energy transition requirements, QMines' portfolio of advanced copper-zinc-gold assets in a proven mining jurisdiction offers compelling exposure to the copper thematic whilst maintaining diversification across multiple commodities and deposits.

Key Takeaway:
QMines has established itself as Queensland's most promising multi-asset copper developer, with exceptional drilling results confirming the quality and scale potential of its integrated project portfolio. With multiple catalysts ahead including Mt Mackenzie results and the H1-2026 integrated PFS, investors should closely monitor QMines as it advances toward becoming Australia's next significant copper producer.

Ready to Explore QMines' Multi-Asset Copper Opportunity?

With exceptional high-grade drilling results from Sulphide City and an integrated development strategy spanning three advanced projects, QMines is rapidly positioning itself as Queensland's next major copper producer. The company's systematic approach to building a 15.5Mt resource base across proven VMS deposits, combined with upcoming catalysts including Mt Mackenzie drilling results and the H1-2026 integrated Pre-Feasibility Study, presents a compelling investment opportunity in Australia's copper sector. Discover how QMines' multi-asset strategy and centralised processing approach could deliver significant value as global copper demand continues to surge – explore the full copper-gold opportunity here.