As 2026 kicks off on a copper price high, QMines (ASX:QML) executive chairman Andrew Sparke says it is a genuinely exciting time to be in the red metal game, particularly for well-positioned developers.

QMines is among a raft of juniors advancing copper projects across Queensland, and Mr Sparke said pricing was a key catalyst in realising the state’s potential to be a long-term copper province again.

“Rising copper prices are critical for unlocking the next generation of Queensland copper projects,” he said.

“Sustained higher prices improve project economics, accelerate study work and make funding more accessible, particularly for projects that already benefit from existing infrastructure, like QMines.

“Importantly, it also encourages a more coordinated, regional development approach rather than isolated, standalone projects.

“From a broader perspective, this is positive not just for companies but for regional communities, employment and the state’s role in supplying critical metals globally.”

Strong line-up of projects

Among the many explorers actively advancing copper and copper/gold projects in Queensland are Carnaby Resources (Greater Duchess copper-gold project), True North Copper (Cloncurry Copper Project, Mount Oxide), Revolver Resources (Dianne), Alma Metals/Canterbury Resources (Briggs), and Cannindah Resources (Mount Cannindah).

North-West Queensland producer Austral Resources is also on the march, seeing a lift in share prices today after key announcements this week on its acquisition of the Lady Loretta tenements and a new alliance with Transition Resources, which will look into toll treatment at Austral’s Rocklands processing plant.

Meanwhile Eloise mine owner AIC Mines is developing its new Jericho mine, while Harmony Gold Mining Company has given the green light for the $2.3 billion-plus Eva copper mine development, about 75km north-east of Cloncurry.

QMines holds the Mount Chalmers copper project near Rockhampton and is using that as a development hub, with the Develin Creek copper-zinc project adding high-grade satellite feed within trucking distance. It acquired the Mount Mackenzie gold-silver project last year and has recently announced a string of high-grade intercepts.

With copper, gold and silver prices at record levels, more than $2 million in company shares changed hands on Wednesday and QMines attracted a favourable report from East Coast Research. This revised its target share price upwards to $0.213 – a 288 per cent total upside from the $0.055 price that was current on Wednesday.

Rewards for clear development pathway

Mr Sparke said the copper price rises came as the sector saw the convergence of long-term structural demand, electrification, decarbonisation and energy transition — with a very real shortage of new supply coming through the system.

“For companies like QMines, with established resources in tier-one jurisdictions such as Queensland, this environment rewards scale, execution and credibility,” he said.

“The market is increasingly differentiating between early-stage exploration stories and those that are actively de-risking projects through drilling, studies and consolidation.

“Developers that can demonstrate a clear pathway toward development, rather than just discovery, are starting to stand out.

“Queensland, in particular, has the infrastructure, workforce and regulatory framework that allows projects to move from exploration into development quickly and efficiently. That puts QMines in a strong position as copper fundamentals continue to tighten.”

Quality the filter for M&A appetite

BDO deal advisory partner Andrew Hack said higher prices usually lifted M&A activity, but not in the way many expected.

“You don’t see an immediate wave of takeovers,” he said.

“What shows up first is majors, mid-tiers and private capital moving to secure future pipeline. That typically means farm-ins, JVs and strategic placements, not outright bids.

“Quality is the filter. Scale that matters, low jurisdictional risk, and a credible path to approvals.”

Mr Hack said greenfield concepts without a clear timeline did not necessarily benefit, even in a strong market.

“Projects with access to roads, power, water and existing processing infrastructure take execution risk off the table and attract attention sooner,” he said.

“Higher prices also mean more creative structures: royalties, streams and offtake-linked equity. Quieter deals, but often the first signal a project is on someone’s radar.”

He said improving prices could make caretaker assets operational again, but transaction appetite was still driven by long-term price decks and margin sustainability rather than near-term price spikes.