QMines (ASX: QML) has delivered a larger, higher-confidence gold resource at its Mount Mackenzie
project in Central Queensland.

The updated estimate held 5.22 million tonnes at 1.01 grams a tonne gold, for 170,000 ounces of
gold and 1.12 million ounces of silver.

About 70 per cent of the contained gold was now classified as Indicated, up from about half in the
estimate QMines acquired.

Indicated resources totalled 3.77 million tonnes at 0.99 grams gold for 120,000 ounces, with the
balance classified as Inferred.

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The company said the higher confidence strengthened the base for future mining studies and
development.

QMines said contained gold had grown 32 per cent since it acquired the project in 2020, on a comparison it noted was not like-for-like.

The upgrade was the first Mount Mackenzie estimate to include QMines’ own drilling, a 73-hole, 9,798-metre campaign at North Knoll.

The deposit remained open along strike and at depth, and no ore reserve or mining study had yet been completed.

The estimate, prepared by Hyland Geological and Mining Consultants, was QMines’ ninth resource update since it listed in 2021.

Mount Mackenzie sits about 140 kilometres north-west of Rockhampton, among QMines’ Central Queensland copper and gold projects.

QMines exploration manager Tom Bartschi welcomed the upgrade.

“This is the first Mount Mackenzie Mineral Resource Estimate informed by QMines drilling and
represents a clear advancement from the Resource base the Company acquired.

“On the respective published reporting bases, the updated Resource contains 32% more gold and 30% more silver than
the May 2020 estimate from the previous owner. Contained gold in the Indicated category has also
increased from 66koz to 120koz, with approximately 70% of the updated gold Resource now
classified as Indicated.

“Just as importantly, the program has transformed our understanding of the deposit. The drilling and
statistical review demonstrate that gold at Mount Mackenzie is not randomly distributed. It is
controlled by alteration, structural preparation and position within the mineral system, and those
controls are now much better constrained.

“Advanced argillic alteration has emerged as the strongest logged gold vector, while moderately
broken silica-rich ground has been confirmed as a favourable structural setting for mineralisation.

“The drilling also shows that the deposit comprises a shallow enriched gold position overlying deeper,
structurally controlled mineralised zones.

“These learnings have enabled a more representative geological model and provide clearer targeting criteria for future Resource growth drilling, particularly at depth and west of North Knoll.”