QMines Ltd. has received a AU$15 million investment to support the development of the Mt Chalmers copper and gold project in central Queensland.
The company secured the funding from state-backed QIC Critical Minerals and Battery Technology Fund (QCMBTF).
The deal represents a step forward for QMines as it transitions from an explorer into a near-term producer, providing the capital needed to push the project through to a final investment decision.
The funding injection is split into two strategic components, with the first being a AU$5 million equity investment where the company will issue 95,602,294 shares to QCMBTF for 5.2 cents per share. QCMBTF will become QMines’ largest shareholder, providing strong institutional backing and support as the project moves toward production.
The other part is a AU$10 million royalty investment where QCMBTF will receive a 2 per cent net smelter return royalty.
By blending equity with a royalty component, QMines has been able to access substantial non-dilutive capital, protecting existing shareholders from excessive dilution while de-risking the project’s development pathway.
QIC Mines Executive Chairman Andrew Sparke said: “Securing $15 million in funding allows QMines to complete the Definitive Feasibility Study (DFS) and places the company in a very strong position to advance its historic Mt Chalmers mine back into production.”
The funds are earmarked for the completion of the DFS, environmental approvals, and Front-End Engineering Design (FEED) studies.
The deal is expected to see the company through to its construction-readiness phase without the need for further equity raisings in the near term.
Mt Chalmers is a high-grade historic mine that previously produced 1.2 million tonnes of ore between 1898 and 1982.
With combined resources now sitting at approximately 20 million tonnes across its Queensland tenements, QMines is aiming to revitalise the site to meet growing global demand for copper, a critical metal for the energy transition and battery technology.