Key Highlights

  • QMines Limited (ASX:QML) traded at 5.3 cents during the 3 November 2026 session, down 11.67%.
  • The company has received firm commitments to raise about $5.5 million at 5.2 cents per share.
  • A $1.0 million share purchase plan is planned for eligible existing shareholders.
  • The S&P/ASX 200 eased about 0.12% to 8,846.20 in the same session.

Share price performance on 3 November 2026

Shares of QMines Limited (ASX:QML) traded at 5.3 cents during the 3 November 2026 session, down 11.67%. The fall came on the day the company announced a Placement priced at a discount to its previous traded price. The S&P/ASX 200 eased about 0.12%, or 10.30 points, to 8,846.20 in the same session, so the broader market was broadly steady.

QMines is a Queensland-focused copper and gold development company. It owns the Mt Chalmers copper-gold deposit near Rockhampton, which produced 1.2 million tonnes at 2.0% copper, 3.6 grams per tonne gold and 19 grams per tonne silver between 1898 and 1982, along with the Develin Creek copper-zinc project.

Placement details

QMines said it had received firm commitments to raise approximately $5.5 million before costs through a placement of 105,561,163 new shares at 5.2 cents each. The issue price represents a discount of about 13.3% to the last traded price of 6 cents before the placement. Queensland Critical Minerals Fund, managed by the Queensland Investment Corporation, is among the investors.

The company also intends to offer eligible shareholders on the Record Date a $1.0 million share purchase plan at the same price. Petra Capital acted as sole lead manager and will receive lead manager Options with an exercise price of 7.8 cents.

Latest development

The placement and share purchase plan were announced on 3 November 2026. The company said the raising adds to a funding position of about $17.5 million, which includes $10.7 million in existing cash, the placement proceeds and up to $1.4 million from the deferred sale of its drilling business.

Management said the funds will go towards completing the Mt Chalmers definitive feasibility study, drilling at Mt Chalmers and nearby targets, strategic land purchases and working capital. Placement settlement is scheduled for 6 November 2026, with allotment expected on 9 November 2026.

Sector context

Copper and gold explorers in Queensland have been attracting attention from state-backed funds and institutional investors. Development-stage miners often raise capital as they move from drilling into feasibility studies, and placements are a common route for doing so.

Risks

The company's share price has fallen following the announcement, and the placement is priced below the last traded price. Development projects depend on the outcome of feasibility studies, approvals and permitting, and costs or timing can change. The company has noted that the placement will issue shares under both its standard and additional capacity under the listing rules, which adds to the number of shares on issue.

What to watch next

Upcoming milestones include placement allotment on 9 November 2026, the opening of the share purchase plan on 9 November, and the close of the plan on 30 November 2026. Investors will also be looking for progress on the Mt Chalmers feasibility study and drilling results.

The Final Word

QMines shares traded lower on 3 November 2026 as the company revealed a placement at a discount. The company says the capital will fund its development and exploration plans, and the placement and plan will both be settled over the coming weeks.