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 unveiled $15 million strategic investment from QIC’s Critical Minerals and Battery Technology Fund (QCMBTF). The company 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. This significant milestone positions QMines to accelerate its development initiatives.
In conjunction with this, QMines successfully completed the conversion of a $1.0 million convertible note held by one of its largest existing shareholders. This note was originally put in place to help fund the acquisition of the high-grade Mt Mackenzie gold and silver project, as announced in June 2025. Following the conversion, QMines confirmed it is now debt-free, which substantially strengthens its balance sheet as it advances towards the development of its flagship Mt Chalmers Copper and Gold Project in Central Queensland.
The conversion involved 22,222,223 fully paid ordinary shares being issued at $0.045 per share, aligning with the convertible note agreement terms. Additionally, QMines paid the noteholder a $150,000 security release fee for the early release of the mortgage over the Mt Mackenzie tenements. Executive Chairman, Andrew Sparke, commented that the conversion is a “significant milestone” for the company and further strengthens its balance sheet at a pivotal time.
Mr. Sparke added that 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.” The company expects the QCMBTF investment to be completed shortly, providing crucial funding for the Definitive Feasibility Study, permitting, and development activities at Mt Chalmers.
