QMines Limited (ASX: QML) — New Gold and Copper Drill Targets Demonstrate Mt Chalmers Growth Potential

16 June 2026

Highlights:

• New structural interpretation defines a NNE striking mineralised corridor linking the Woods Shaft (Au, Cu), Mt Chalmers (Cu, Au) and Botos (Au) deposits, coincident with known copper and gold mineralisation at the Company’s 100% owned Mt Chalmers project in Queensland
• The interpretation supports a broader corridor-scale exploration model, with Woods Shaft, Mt Chalmers and Botos interpreted as separate mineralised centres within a single arc-normal transfer fault corridor
• The ground between the known deposits remains largely undrilled, presenting ~4km of untested strike and a significant exploration and growth opportunity
• Woods Shaft demonstrates the corridor’s potential, with the best modern drill hole returning 37m @ 3.14g/t Au and 0.82% Cu from 4m, including 4m @ 7.38g/t Au and 1.77% Cu (QMWSRC001)
• All eleven of QMines’ 2022 RC drill holes at Woods Shaft ended in mineralisation, indicating the system remains open along strike and at depth below 95m
• QMines is finalising a large RC and diamond drilling program to test both the Woods Shaft deposit and the broader mineralised corridor, with program details to be released shortly

Overview:

QMines has unveiled a compelling new structural interpretation across its 100% owned Mt Chalmers copper and gold project, located 20km northeast of Rockhampton in Queensland, identifying a district-scale NNE striking structural corridor that links three known mineralised centres — Woods Shaft, Mt Chalmers and Botos — within a single arc-normal transfer fault system.

The interpretation, built from LiDAR, digital elevation model and satellite imagery analysis, shows that NNE striking structures spatially coincide with known high-grade mineralisation at both Mt Chalmers and Woods Shaft, consistent with previous grade contour mapping that resolved Mt Chalmers’ high-grade core into two parallel gold zones containing shoots exceeding 10g/t Au. Crucially, the ground between the three known centres has seen limited modern exploration, leaving approximately 4km of largely untested strike along the interpreted corridor.

Woods Shaft sits at the southern end of the corridor and represents the Company’s first priority drill target, owing to its shallow, high-grade copper-gold intercepts and clearly open mineralisation. QMines’ verified 2022 RC drilling defined a copper and gold footprint elongated along the same NNE trend that controls the broader corridor, with the standout hole QMWSRC001 returning 37m @ 3.14g/t Au and 0.82% Cu from 4m. Significantly, all eleven holes from that program ended while still in mineralised material, with modern drilling yet to test the deposit below 95m depth — leaving substantial untested potential both at depth and along the contoured 500m strike length, more than double the 250m strike tested by historical drilling.

Geologically, the Mt Chalmers deposits are volcanic hosted massive sulphide (VHMS) systems developed within the Early Permian Berserker Beds, with previous technical work pointing to structural and magmatic influence on copper and gold distribution — supporting the Company’s view that mineralisation may extend well beyond the limits of the currently defined resource. QMines is now finalising an RC and diamond drilling program designed to test Woods Shaft below previous drilling depths, validate historical intercepts along the interpreted trend, and complete first-pass drilling of select targets within the broader corridor between Woods Shaft and Mt Chalmers.

About QMines Limited (ASX: QML):

QMines is an ASX-listed copper and gold exploration company advancing its 100% owned Mt Chalmers Project, located 20km northeast of Rockhampton in Queensland. The project hosts three known mineralised centres — Woods Shaft, Mt Chalmers and Botos — interpreted to sit along a single district-scale structural corridor with significant untested exploration potential. QMines is progressing a large-scale RC and diamond drilling program to test both the existing Woods Shaft deposit and the broader corridor, with the goal of expanding the known mineral footprint at Mt Chalmers.

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