Investment to Accelerate Project Development
On April 20, 2026, QMines Limited announced a strategic investment of $15 million from the QIC Critical Minerals and Battery Technology Fund. Managed by Queensland Investment Corporation (QIC), this investment is set to propel the development of the Mt Chalmers copper and gold project located in central Queensland.
Breaking down the $15 million funding, it includes a $5 million equity investment through fully paid ordinary shares and a $10 million royalty investment. This royalty investment will grant a 2% Net Smelter Return royalty, making QIC the largest shareholder in QMines.
Executive Chairman Andrew Sparke highlighted the transaction’s importance, stating, “Securing $15 million in funding enables QMines to finalise the Definitive Feasibility Study, placing the Company in a prime position to rejuvenate its historic Mt Chalmers copper and gold mine and bring it back into production.”
Funding Utilisation and Project Goals
Existing cash reserves combined with the new funding will support several critical areas. These include the completion of the Definitive Feasibility Study (DFS), environmental approvals, permitting, and ongoing drilling. This financial boost will help advance early-stage development activities and move towards a Final Investment Decision (FID) without requiring immediate equity raisings.
By structuring the transaction to include both equity and royalty components, QMines aims to minimise shareholder dilution while accessing non-dilutive capital. This approach also mitigates risks linked to the project’s development stage.
A thorough due diligence process by QIC preceded the investment decision. Independent validation emphasises the development potential of the Mt Chalmers Project. Following this, completing the Feasibility Study and ensuring construction readiness are the next steps.
With QIC’s institutional support, QMines intends to leverage long-term cash flows and commodity upside inherent in the Mt Chalmers Project. The strategic investment positions QMines to become a key player in copper and gold production in Central Queensland.
QMines expressed gratitude to the QIC and Burnvoir Corporate Finance teams for their support, and they anticipate a fruitful partnership as the company progresses towards becoming a significant copper and gold producer in Central Queensland.
Last updated: 20 April 2026, 2:34 pm
