QMines Limited (ASX:QML) Fast-Tracks Fully Funded DFS to Delivery

1 June 2026

Price Sensitive Announcement $

Highlights:

• Significant progress achieved across multiple Definitive Feasibility Study (DFS) workstreams for the Mt Chalmers copper and gold project
• Environmental approvals, mining studies, geotechnical works, metallurgical testwork, process engineering and stakeholder engagement activities all progressing in parallel:
  • Onterris engaged to lead environmental approvals and permitting activities with four groundwater monitoring bores now installed
  • AMDAD engaged to complete mine planning and optimisation studies
  • PSM engaged to undertake geotechnical and hydrogeological studies with six geotechnical drill holes now completed
  • GR Engineering engaged to undertake process plant and infrastructure studies
  • Mineralis engaged to provide metallurgical and concentrate quality studies
  • AMC engaged to deliver updated Mineral Resource Estimate for Mt Chalmers
  • CQG Consulting engaged to undertake community and stakeholder engagement
• Updated Mt Chalmers geological and structural model now complete ahead of planned Resource update and mine planning activities
• Initial metallurgical and mineralogical programs now complete including quantitative mineragraphy and flotation recovery modelling, confirming chalcopyrite as the dominant copper-bearing sulphide mineral and demonstrating strong potential copper recoveries at a nominal 100µm grind size
• Integrated DFS, Front End Engineering Design (FEED) and project execution schedules progressing as QMines targets DFS completion by year end
• QMines remains fully funded through DFS completion following receipt of the $15 million strategic funding package from QIC

Overview:

QMines Limited, a Queensland-focused copper and gold developer advancing the Mt Chalmers Project near Rockhampton, is pleased to provide an update on the substantial progress being achieved across the Mt Chalmers Definitive Feasibility Study, with multiple technical, environmental and project execution workstreams now progressing simultaneously.

Since formally commencing the DFS process earlier this year, the Company has rapidly advanced a broad range of development activities designed to de-risk the Mt Chalmers Project and position QMines to transition toward becoming Queensland’s next copper and gold producer. The recently announced $15 million strategic funding package with QIC fully funds the Company through DFS completion, allowing QMines to aggressively advance development activities while maintaining strong project momentum.

Executive Chairman Andrew Sparke commented: “The amount of progress achieved by the team over the past several months has been significant and reflects the rapid execution strategy we are implementing at Mt Chalmers. We are simultaneously progressing environmental approvals, mining studies, geotechnical works, metallurgical testwork, process engineering, infrastructure studies and stakeholder engagement, all while continuing to strengthen the technical foundations of the project. Importantly, QMines is now fully funded through completion of the DFS, allowing the Company to accelerate development activities and maintain momentum toward delivering a high-quality DFS by year end.”

Environmental approvals and stakeholder engagement advancing

Environmental and approvals activities have continued to advance rapidly, with Onterris engaged to lead environmental approvals and permitting activities including environmental baseline studies, regulatory approvals strategy and supporting technical assessments. DFS-level environmental baseline studies are well underway across groundwater, surface water, flora and fauna, with four groundwater monitoring bores now installed as part of the broader environmental approvals pathway.

QMines has progressed pre-lodgement engagement activities with the Department of Environment and established an integrated approvals working group involving the Department of State Development, Department of Resources, Department of Environment, Department of Transport and the Livingstone Shire Council. The Company is also advancing the Site-Specific Environmental Authority (SSEA) and Progressive Rehabilitation and Closure Plan (PRCP) pathways as part of its broader development strategy.

On the community front, local firm CQG Consulting has been engaged to provide stakeholder and community engagement support across QMines’ Central Queensland projects, bringing extensive regional engagement experience and established networks throughout the region.

Geological model and resource definition strengthened

QMines has recently completed an updated three-dimensional geological model for the Mt Chalmers copper-gold deposit, representing the Company’s most advanced technical interpretation to date of the host exhalite horizon, underlying stringer zones, broader mineralised domains and intrusive andesite bodies associated with the mineralised system.

A detailed structural review completed as part of the modelling process has delivered a simplified structural framework, with a single northwest striking, southwest dipping fault interpreted as the principal structure offsetting the exhalite horizon. Several structures included in earlier geological models are now interpreted to represent primary variation in the dip and elevation of the exhalite horizon rather than discrete fault offsets — a positive technical outcome that reduces a key area of uncertainty in previous interpretations and provides a stronger foundation for future resource estimation and mine planning.

AMC Consultants has been engaged to complete an updated JORC-compliant Mineral Resource Estimate for Mt Chalmers, expected to incorporate refined geological interpretations, updated structural modelling and enhanced geostatistical analysis. In parallel, the Mt Mackenzie 2025-2026 drilling campaign has now been completed with approximately 9,500-9,800 metres drilled across 71 holes, with the dataset currently being finalised to support updated resource modelling.

Metallurgy confirms strong processing fundamentals

McArthur Ore Deposit Assessments (MODA) has completed an extensive quantitative mineragraphy and mineralogical assessment program across 15 Mt Chalmers drill core samples, confirming chalcopyrite as the dominant copper-bearing sulphide mineral and demonstrating favourable mineralogical characteristics and flotation recovery potential. The study identified strong potential copper recoveries at a nominal 100µm grind size, with several samples demonstrating theoretical maximum flotation recoveries capable of producing a 20% copper concentrate.

Mineralis Consultants, with experience across 39 VMS projects globally, has been engaged to provide geometallurgical, metallurgical, process engineering and concentrate quality support across the Mt Chalmers and Develin Creek projects.

Process plant design and mining studies accelerating

GR Engineering Services, a leading Australian engineering group with more than 350 feasibility studies and over 70 design and construction projects completed globally, has been engaged to deliver a DFS-level process plant and non-process infrastructure design for the proposed 1Mtpa staged restart development at Mt Chalmers. The study is also assessing a parallel 2Mtpa expansion case incorporating blended feed from Mt Chalmers and Develin Creek, supporting the Company’s broader hub-and-spoke development strategy.

AMDAD has been engaged to undertake DFS-level mining engineering and mine planning studies including pit optimisation, practical open pit design, mining schedules, waste rock dump design, haul road design and life-of-mine planning. Six dedicated geotechnical drill holes have now been completed by PSM, with optical televiewer and gyro surveys completed across all holes to support pit slope stability analysis, hydrogeological modelling and waste rock dump design. The Company has also submitted its Ergon major connection application for power supply planning, with tailings storage facility design and non-process infrastructure studies progressing in parallel.

With funding secured, all major workstreams advancing simultaneously, and DFS completion targeted by year end, QMines is rapidly demonstrating its transition from explorer to developer.

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