The Queensland Investment Corporation is backing QMines’ Mount Chalmers copper-gold development near Rockhampton with a $15 million investment.

The QIC Critical Minerals and Battery Technology Fund (QCMBTF) backing is expected to see the project through the definitive feasibility study, FEED study and construction readiness stages as the company pushes towards production.

Fund manager Joshua Risson said the project’s defined reserve base, brownfield infrastructure advantages and clear pathway to production aligned with QCMBTF’s strategy of targeting scalable, near-term critical minerals assets with strong development fundamentals.

“By centralising processing at Mount Chalmers and integrating satellite deposits, QMines’ regional growth strategy offers attractive operational synergies, blending flexibility and extended mine life potential,” he said.

“QCMBTF remains committed to backing commercial robust projects such as QMines’ that position Queensland as a trusted supplier in global critical mineral supply chains.”

The investment by QCMBTF will consist of:

• $5 million in cash, in consideration for the issue of 95,602,294 fully paid ordinary shares in QMines to QCMBTF at an issue price of $0.0523 per share (equity investment);
• $10 million in cash, in consideration for QMines granting a 2 per cent NSR royalty to QCMBTF (royalty investment).

QMines (ASX: QML) executive chairman Andrew Sparke described it as a truly transformational transaction for the company and its shareholders.

“Securing $15 million in funding allows QMines to complete the definitive feasibility study and places the company in a very strong position to advance its historic Mount Chalmers copper and gold mine back into production,” he said.

“The level of due diligence undertaken by QCMBTF has been extensive, and their decision to invest is a strong validation of the quality of the Mount Chalmers project and its long-term development potential.

“Importantly, the structure of this transaction significantly reduces dilution for our shareholders while de-risking the development pathway.

“We are also very pleased to welcome QCMBTF as our largest shareholder. Their support brings institutional strength, credibility and long-term alignment as we execute on our strategy to become a near-term copper and gold producer in Central Queensland.”

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