QMines Limited Secures Strongly Backed $6 Million Capital

Key Highlights

• $6 million capital raise via a two-tranche placement.
• Strong investor demand, underscoring confidence in QMines’ growth strategy.
• Exploration expansion: Funds will accelerate drilling at Mt Chalmers and Develin Creek.
• Large-scale drilling program at Develin Creek to begin shortly, with a diamond drill rig mobilizing to the site.

Strategic Funding Boost for Exploration

QMines Limited (ASX: QML) has successfully raised $6 million through a well-supported placement, securing significant backing from both new and existing shareholders. The funds will be used to accelerate exploration and development at the company’s Mt Chalmers and Develin Creek Copper and Gold Projects in Queensland.

Capital Raise Details

The placement will see the issuance of 133,333,336 fully paid ordinary shares at $0.045 per share. The first tranche, consisting of 85,197,743 shares, will be issued under the company’s existing placement capacity, while the second tranche of 48,135,594 shares is subject to shareholder approval.

The placement was jointly managed by Wilsons Corporate Finance Limited and Canaccord Genuity (Australia) Limited, with a 6% cash fee (plus GST) payable on the total funds raised. Additionally, five million unlisted options will be issued, exercisable at $0.0675 with a three-year expiry.

Management Commentary

Executive Chairman Andrew Sparke expressed confidence in the company’s direction, stating:

“We are pleased with the strong support for this capital raise, which highlights the quality of our copper and gold assets. This funding allows us to accelerate our exploration efforts and further demonstrate the scale of our Mt Chalmers and Develin Creek projects. We sincerely thank our investors and brokers for their ongoing support.”

Next Steps

A large drilling campaign at Develin Creek is set to commence shortly, targeting infill and extensional drilling to expand the existing high-grade copper-zinc deposits. This initiative aligns with QMines’ broader strategy of transitioning towards sustainable copper and gold production.

With this capital raise, QMines is well-positioned to advance its projects and strengthen its position in the growing copper and gold sector.

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