QMines Limited (ASX:QML) Satisfies All Conditions for $15 Million QIC Investment, Achieves Debt-Free Status

19 May 2026

Price Sensitive Announcement $

Highlights:

• QMines satisfies all conditions precedent for the completion of its $15 million strategic investment from QIC’s Critical Minerals and Battery Technology Fund (QCMBTF)
  • Investment comprises a $5 million equity placement and a $10 million royalty investment in exchange for a 2% Net Smelter Return (NSR)
  • QIC (Queensland Investment Corporation) becomes QMines’ largest shareholder upon completion
• QMines achieves debt-free status following conversion of a $1.0 million convertible note into equity
  • 22,222,223 fully paid ordinary shares issued at $0.045 per share
  • $150,000 security release fee paid for early release of the mortgage over the Mt Mackenzie tenements
• QCMBTF investment expected to complete shortly, with proceeds directed toward the Definitive Feasibility Study (DFS), permitting, and development activities at Mt Chalmers
• Strong development outlook, with QMines positioned as one of the ASX’s more advanced copper and gold development stories

Overview:

QMines Limited (ASX:QML), a Queensland-focused copper and gold development company, has announced the satisfaction of all conditions precedent required for the completion of its previously announced $15 million strategic investment from QIC’s Critical Minerals and Battery Technology Fund (QCMBTF), managed by Queensland Investment Corporation.

Simultaneously, QMines has converted a $1.0 million convertible note — originally put in place to fund the acquisition of the Mt Mackenzie gold and silver project — into fully paid ordinary shares, leaving the company entirely debt-free heading into a pivotal development phase.

The $15 million funding package comprises two components: a $5.0 million equity investment, resulting in QIC becoming QMines’ largest shareholder, and a $10.0 million investment in exchange for a 2% Net Smelter Return (NSR) royalty on future production. This structure is designed to minimise shareholder dilution while removing near-term funding risk.

Stage One — Immediate Focus

• Finalise completion of the QIC QCMBTF $15 million investment
• Deploy capital toward the Mt Chalmers Definitive Feasibility Study (DFS)
• Advance permitting and site preparation activities at Mt Chalmers

Stage Two — Development Pathway

• Complete the DFS to underpin a Final Investment Decision (FID)
• Progress front-end engineering and construction readiness
• Leverage debt-free balance sheet and institutional backing to advance toward production

QMines owns 100% of the Mt Chalmers (copper-gold), Develin Creek (copper-zinc), and Mt Mackenzie (gold-silver) deposits, all located within 90km of Rockhampton in Queensland.

Company Notes

Commenting on the milestone, Executive Chairman Andrew Sparke said: “QMines is now debt free and has satisfied the final remaining condition precedent for completion of the $15 million QIC investment. With the QIC transaction nearing completion, QMines is exceptionally well positioned to accelerate development activities at Mt Chalmers, complete the Definitive Feasibility Study and continue advancing our strategy of becoming Queensland’s next copper and gold producer.”

Full ASX Announcement: QMines Ltd Full ASX Announcement