QMines

What QMines does

QMines Limited (ASX: QML) is an Australia-listed, pre-production mineral exploration and development company focused on copper, gold, and base-metals assets in Central Queensland. The company controls three 100%-owned advanced-stage projects: the flagship Mt Chalmers copper-gold VHMS project (11.86Mt resource, 9.6Mt Ore Reserve, located 17km north-east of Rockhampton); the Develin Creek copper-zinc VHMS project (4.70Mt resource, acquired from Zenith Minerals in September 2024, located 90km west of Rockhampton); and the Mt Mackenzie gold-silver project (3.35Mt resource, acquired from Resources & Energy Group in mid-2025, located 140km north-west of Rockhampton). Combined, the three projects host an estimated 65,000 tonnes of contained copper, 160,000 ounces of gold, 30,600 tonnes of zinc, and 1.8 million ounces of silver.

The company's business model centers on advancing its portfolio through exploration, resource definition, and feasibility studies toward concentrate production. QMines has adopted a hub-and-spoke development strategy centered on a planned 2.0Mtpa processing facility at Mt Chalmers, intended to serve as a regional hub for satellite ore feed from Develin Creek and Mt Mackenzie. The Mt Chalmers Pre-Feasibility Study, completed in April 2024, established a post-tax NPV8 of A$373M, an IRR of 54%, a 10.4-year initial mine life, and life-of-mine revenue of A$1.64B. Future revenue will be generated through concentrate offtake agreements with base-metals smelters and traders, though no binding offtake has been disclosed to date. The Definitive Feasibility Study commenced in February 2026.

The company is pre-revenue and is funded primarily through equity capital raises. An April 2026 strategic investment of A$15M from Queensland Investment Corporation (QIC) — comprising A$5M in equity at a A$35M pre-money valuation plus A$10M for a 2% net smelter return royalty — is intended to fully fund the DFS through to a Final Investment Decision. The company's head office is located in Mosman, New South Wales (Sydney), with operational activity concentrated in Queensland.

Name

QMines

Legal name

QMines Limited

Website

https://qmines.com.au

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

QMines Limited (ASX: QML) is an Australia-listed pre-production mineral developer advancing three 100%-owned copper-gold and base-metals projects in Central Queensland toward production via a hub-and-spoke strategy centered on its Mt Chalmers flagship.

Ownership category

akta.pro rank

Product category

Copper and Gold Mining Development

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Copper gold mining
• Mineral exploration development
• Base metals production
• Critical minerals projects
• Resource estimation drilling

Headquarters

HQ city

Mosman

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Mineral Production (Pre-Revenue): QMines is a pre-production development-stage mining company. Revenue will be generated from sale of copper, gold, zinc, and silver concentrates produced from its Mt Chalmers, Develin Creek, and Mt Mackenzie projects upon commencement of mining operations.
2. Royalty Funding: The company has granted a 2% NSR royalty to QIC Critical Minerals and Battery Technology Fund in exchange for $10M funding, creating a royalty obligation on future metal sales from Mt Chalmers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

QMines is a pre-production mining development company exploring and advancing three 100%-owned copper and gold projects (Mt Chalmers, Develin Creek, and Mt Mackenzie) in Central Queensland, Australia. The company intends to produce and sell copper, gold, zinc, and silver concentrates using a hub-and-spoke production strategy that feeds a planned 2.0 Mtpa centralized processing plant. Revenue will be generated from metal concentrate sales once mining operations commence, with the Mt Chalmers project currently advancing through Definitive Feasibility Study.

Product overview

QMines is a Queensland-focused copper and gold exploration and development company operating as a hub-and-spoke production model. The company holds three advanced projects: Mt Chalmers (copper-gold), Develin Creek (copper-zinc), and Mt Mackenzie (gold-silver), all located within 90km of Rockhampton in Central Queensland. Mt Chalmers serves as the proposed central processing hub, with Develin Creek and Mt Mackenzie positioned as satellite feed sources. The combined portfolio supports approximately 20Mt of JORC resources, with the company targeting 2.0Mtpa production rate through a centralized 1Mtpa processing plant. These are mineral extraction and development assets, not software products.

Differentiator

Problem solved

Functional benefit

Products and services

• Mt Chalmers Copper-Gold Project

Quantifiable outcome

• Post-tax NPV8 of $373M and 54% IRR from Mt Chalmers PFS
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Resources & Energy GroupcoreStrategic or Co-development Partner · 16 April 2025QMines acquired the Mount Mackenzie Gold and Silver Project from Resources & Energy Group in mid-2025. The acquisition transformed QMines from a copper-focused explorer into a diversified precious metals developer, adding 151,000 oz gold and 902,000 oz silver to the resource base.
• Zenith Minerals Limited (ASX:ZNC)coreStrategic or Co-development Partner · 30 September 2024QMines completed 100% acquisition of the high-grade Develin Creek copper and zinc project from Zenith Minerals Limited on 30 September 2024. The acquisition expanded the project portfolio to three advanced copper-gold projects and supports the hub-and-spoke production strategy.
• Advance Rockhampton / Rockhampton Regional CouncilminorStrategic or Co-development PartnerAdvance Rockhampton, the economic development arm of Rockhampton Regional Council, hosted the 'Grounded in Growth: Resources of Tomorrow' event featuring QMines as a development-stage presenter alongside Heritage Minerals and QMAG. QMines participates in regional events promoting Rockhampton as an investment destination for critical minerals.
• Queensland Mining and Engineering ExhibitionminorChannel Partner/ Reseller/ DistributorRockhampton Regional Council leveraged attendance at the Queensland Mining and Engineering Exhibition in July to promote the region, with QMines featured as a key project in the critical minerals sector attracting investment to the Bowen and Galilee Basins.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Aeris Resources: ASX-listed copper-gold producer and developer operating in Queensland and NSW, including the Mt Colin copper mine. Closest geographic and commodity comparable to QMines, with both companies focused on Australian copper-gold production and Queensland exposure.
• Coda Minerals: ASX-listed copper developer focused on the Elizabeth Creek Copper Project in South Australia. Small-cap copper developer advancing through feasibility studies, directly comparable in stage, commodity focus, and ASX small-cap profile to QMines.

Broad incumbents

• Capricorn Metals: ASX-listed gold producer operating the Karlawinda and Edjudina gold projects in Western Australia. Comparable as an Australian gold-focused development-to-production story, providing a benchmark for QMines' Mt Mackenzie gold-silver project trajectory.
• Evolution Mining: Mid-tier ASX-listed gold producer with multiple Australian operations. Broad incumbent in Australian gold mining, providing scale and margin benchmarks relevant to QMines' gold-silver ambitions at Mt Mackenzie.
• Ramelius Resources: ASX-listed mid-tier gold producer with operations in Western Australia. Comparable Australian gold producer providing a benchmark for development-to-production economics relevant to QMines' gold projects.
• New Hope Corporation: ASX-listed Queensland-based diversified miner historically focused on coal, with growing exposure to critical minerals and copper. Comparable Queensland-headquartered diversified miner with overlapping state-level stakeholder dynamics.
• Newmont Corporation: Global gold major with Australian operations including the Cadia and Tanami mines. Provides broad incumbent benchmark for long-term Australian gold production economics and as a potential acquirer of development-stage gold assets.

Emerging players

• Solstice Minerals: ASX-listed gold and base metals explorer/developer with Western Australian projects. Comparable emerging player with similar small-cap profile and Australian gold/base metals development focus.
• Strickland Metals: ASX-listed gold and copper explorer/developer with projects in Western Australia. Comparable emerging Australian gold-copper developer at a similar stage of resource definition and feasibility work.
• Argonaut Resources: ASX-listed base metals explorer with copper-zinc-gold projects in Australia. Comparable emerging player with similar copper-zinc exploration focus to QMines' Develin Creek project.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/qminesl
• YouTubeyoutube.com/@QMines
• Facebookfacebook.com/qmines
• LinkedInlinkedin.com/company/qmines

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about QMines