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 Highlights:

  • QML completes acquisition of Mt Mackenzie Project for AUD 2.485 million in cash and shares
  • QMines expands resource base with 129,000oz gold and 862,000oz silver under JORC 2012
  • QML gains third advanced-stage project near existing Central Queensland operations

QMines Limited (ASX:QML) has announced the completion of its acquisition of the Mt Mackenzie Gold and Silver Project from Resources & Energy Group Ltd ,following the satisfaction of all remaining conditions precedent under the acquisition term sheet. This milestone formalises QMines’ 100% ownership of the advanced-stage asset, as initially disclosed to the market on 19 June 2025.

The Mt Mackenzie Project is located in Central Queensland, in proximity to QMines’ existing Mt Chalmers and Develin Creek projects. The asset includes a JORC 2012-compliant Mineral Resource estimate of 3.4 million tonnes at 1.18 grams per tonne (g/t) gold and 9 g/t silver, representing a total of 129,000 ounces of gold and 862,000 ounces of silver. This addition contributes to QMines' efforts to consolidate mineral assets within logistical reach of each other, forming a hub-and-spoke model for future project development and operational planning.

The consideration for the acquisition totals AUD 2.485 million. This includes AUD 1 million in cash comprising a previously paid AUD 100,000 deposit and a final payment of AUD 900,000 along with the issue of 33 million QMines shares valued at AUD 0.045 per share. These shares are subject to a 12-month voluntary escrow period.

To fund the cash component, QMines used proceeds from a AUD 1 million convertible note facility announced on 16 April 2025. The final cash payment was made this morning, and the share component of the transaction is expected to be issued later today.

As a result of the transaction, Resources & Energy Group now holds approximately 7% of QMines' issued share capital, making it the company’s third-largest shareholder. The structure of the deal allows REZ to maintain exposure to the Mt Mackenzie asset through its equity position in QMines.

QMines is currently planning its maiden drilling program at Mt Mackenzie. Details regarding the timing, scope, and objectives of this exploration activity will be announced once finalised.

Commenting on the acquisition, QMines Executive Chairman Andrew Sparke noted that Mt Mackenzie complements the company’s existing asset base and aligns with its development strategy in Central Queensland. He acknowledged the cooperation from Resources & Energy Group in completing the deal and emphasised the company's intent to integrate the asset into its broader exploration and development plans.

With the addition of Mt Mackenzie, QMines now owns three advanced-stage projects Mt Chalmers, Develin Creek, and Mt Mackenzie—all located within trucking distance of each other. This geographic alignment is expected to improve potential project synergies and logistical efficiency in future stages of development.

QMines Limited is an Australian exploration and development company focused on copper and gold assets. The company aims to advance its projects in Central Queensland through resource expansion and staged exploration activities. It is listed on the Australian Securities Exchange under the ticker QML.

As of 7 July 2025, QMines shares were trading 7.14% higher at AUD 0.045 per share.