Qmines Ltd (ASX:QML) Drilling Delivers Further High-Grade Gold and Silver

9 March 2026

Price Sensitive Announcement $

Highlights:

• Drilling continues to intersect high-grade gold and silver at the North Knoll deposit within the Mount Mackenzie project with the system remaining wide open along strike and at depth;
• Significant intercepts received to date include:

  o 6.0m @ 10.47 g/t Au and 39.7 g/t Ag from 118m; including
  o 4.0m @ 13.23 g/t Au and 42.7 g/t Ag (MMDD009)
  o 15.8m @ 2.58 g/t Au and 7.1 g/t Ag from 0m; including
  o 6.8m @ 3.24 g/t Au and 8.4 g/t Ag from 9m (MMDD009)
  o 19m @ 1.13 g/t Au, 11.5 g/t Ag, 454ppm Cu from 85m; including
  o 5m @ 3.46 g/t Au, 25.4 g/t Ag, 1,185 ppm Cu from 96m (MMDD006)
  o 4m @ 1.06 g/t Au, 23.0 g/t Ag from 95m (MMDD008)

• MMDD007 also returned the strongest copper hit to date with 1m @ 3.01 g/t Au, 93.8 g/t Ag and 1.55% Cu from 171m, confirming high-grade mineralisation (and copper) persists at depth;
• North Knoll now demonstrates multiple stacked high-grade zones and remains wide open along strike and at depth, with each hole continuing to expand the scale of the system;
• Importantly, geological vectors confirm a vertically extensive and fertile lithocap with increasing evidence of a potential copper and gold porphyry feeder at depth; and
• With twenty holes (3,190m) awaiting assays, two rigs continuing and visible gold 1
  intersected in recent drilling, investors can expect strong news flow over the coming weeks.

Overview:

QMines Limited reports further results from its first deep diamond drilling program at the high-grade Mount Mackenzie gold and silver project in Central Queensland. The program was designed to test depth extensions of the high sulphidation epithermal system below the historic shallow drill envelope. The area tested is a corridor that had never been properly tested below 200m. The results confirm further high-grade gold and silver, and for the first time, copper mineralisation with a classic enargite-pathfinder signature to the current 300m drill depth. Importantly, the system remains wide open at depth and shows every geological hallmark of a potential lithocap sitting above an untested porphyry feeder.

Company Notes:

Exploration Manager, Tom Bartschi, commented:

“These results are highly encouraging and align with what the Company set out to test at Mount Mackenzie. The program was designed to assess whether the high sulphidation system demonstrates meaningful vertical continuity and whether it exhibits a lithocap architecture
consistent with the potential for a porphyry feeder at depth. Importantly, results to date support both interpretations.

The enargite bearing advanced argillic assemblage has now been confirmed from surface to the current drill limit of about 300m, which is consistent with a well-developed lithocap core rather than a distal expression. The strong antimony, arsenic and tellurium geochemical signature, the presence of anhydrite veining associated with focused fluid flow, and pyrophyllite near end of hole all support the interpretation that the system remains robust at depth and may be approaching higher temperature conditions.

Mount Mackenzie shares important characteristics with the Mt Carlton system, highlighting the broader potential significance of the system. The key question now is what lies below the current drill limit, which is a clear and practical next step for the Company to test.”

Full ASX Announcement: https://hotcopper.com.au/threads/ann-drilling-delivers-further-high-grade-gold-and-silver.9057085/