QMines Ltd (ASX:QML) Initial Mount Mackenzie Results Confirm High-Grade Gold and Silver

18 December 2025

Price Sensitive Announcement $

Highlights:

• Maiden multi-rig drilling program at Mount Mackenzie confirms high-grade gold and silver mineralisation consistent with the high-sulphidation epithermal model.
• Nineteen (19) RC and diamond holes have now been completed for 2,240m drilled.
• Significant gold and silver intercepts from the first five (5) holes include:
• MMRC004: 6m @ 8.11 g/t & >100* g/t Ag from 49m
  o within 11m @ 4.63 g/t Au & 59.8* g/t Ag from 47m
• MMRC001: 44m @ 1.00 g/t Au & 20.8* g/t Ag from 9m
  o including 4m @ 2.17 g/t Au & 33.3* g/t Ag from 46m
• MMRC005: 13m @ 2.21 g/t Au & 17.22 g/t Ag from 27m
  o including 6m @ 3.47 g/t & 21.70 g/t Ag from 33m
• MMRC002: 3m @ 1.09 g/t & 16.6 g/t Ag from 121m
• MMRC003: 5m @ 1.3 g/t from 54m
• Samples from thirteen (13) additional holes currently at the laboratory for expedited analysis.
• An additional diamond rig has been contracted, lifting the program to three active rigs with drilling continuing unabated through the Christmas/New Year period

Overview:

QMines Limited (ASX:QML) is pleased to report maiden reverse circulation (RC) drilling results from the Mount Mackenzie gold silver project, located approximately 120km northwest of Rockhampton in Central Queensland.

This drilling program represents the first drilling undertaken by QMines at Mount Mackenzie and forms part of the Company’s broader multi-project strategy to consolidate regional feed sources for the planned Mt Chalmers central processing hub.

The program was designed to confirm historical mineralisation, improve geological confidence in the existing geological model underpinning the Mineral Resource Estimate, and support future mine design and optimisation studies

Mount Mackenzie Project

The Mount Mackenzie Project is a high-sulphidation epithermal gold silver deposit located approximately 120km northwest of Rockhampton in Central Queensland. The project is 100% owned by QMines Limited and is situated within the Connors Magmatic Arc of the New England Fold Belt, a well-recognised mineralised province in eastern Australia.

Mineralisation at Mount Mackenzie is hosted within altered volcanic rocks and is characterised by advanced argillic alteration, pervasive silicification, and elevated gold and silver values. The deposit is interpreted to represent the upper levels of a high-sulphidation epithermal system, with gold mineralisation occurring within broad, shallow zones amenable to open pit mining.

Mount Mackenzie currently hosts a JORC 2012 code compliant Mineral Resource Estimate of 3.35Mt at 1.40 g/t Au and 8.4 g/t Ag for approximately 151,000oz of gold and 902,000oz Ag1, comprising Indicated and Inferred resources. The resource remains open at depth and along strike, with previous drilling demonstrating continuity of mineralisation within multiple mineralised domains. The Mineral Resource Estimate is reported using cut-off grades of 0.5g/t Au for oxide material and 0.7g/t Au for fresh material, consistent with the assumptions outlined in the original 19 May 2020 ASX announcement.

QMines’ Drilling Program

The Mount Mackenzie drilling program has now commenced, marking the start of QMines’ 2025 gold focused exploration campaign. The program is currently ramping up, with drilling scheduled to continue through the Christmas period utilising a combination of RC and diamond drilling. In addition to the active RC and diamond rigs, the Company has engaged a contractor to provide a third diamond drill rig to further accelerate the program.

The initial phase of drilling has been designed to address limitations in the historical dataset and to generate fit for purpose geological and assay data appropriate for a high-sulphidation epithermal gold system. Historical drilling across the area is dominated by open hole percussion drilling, with samples typically collected as 2m composites. While suitable for early-stage geochemical screening, the Company believes that it is not appropriate for the basis of mining studies, and as such much of this early stage of drilling is designed to improve confidence.

Holes MMRC001, MMRC004 and MMRC005 were primarily drilled as part of a validation program to replace historic lower confidence open hole percussion drilling. MMRC002 and MMRC003 were drilled to independently validate historical assays and assess potential sampling bias in legacy drilling, while also providing improved geological and structural information.

Diamond drilling is being used to recover continuous core for detailed lithological, alteration, and structural logging and high-quality sampling, while RC drilling is being used to efficiently test extensions and provide rapid geological and geochemical coverage. Results from the ongoing drilling will be used to refine the geological model, guide follow up targeting, and support future resource definition at Mount Mackenzie

Full ASX Announcement: https://hotcopper.com.au/threads/ann-mount-mackenzie-results-confirm-high-grade-gold-silver.8945218/