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QMines has secured a $15 million strategic investment from QIC’s Critical Minerals and Battery Technology Fund to accelerate development of its Mt Chalmers copper and gold project in Queensland, strengthening project funding, reducing shareholder dilution, and supporting a fully funded pathway through Definitive Feasibility Study and Final Investment Decision.
QIC Backs QMines with $15M Strategic Investment for Mt Chalmers Development
QMines Limited has secured a $15 million strategic investment from the QIC Critical Minerals and Battery Technology Fund (QCMBTF) to accelerate development of its Mt Chalmers copper and gold project in central Queensland.
The funding package includes a $5 million equity investment and a further $10 million royalty investment in exchange for a 2% Net Smelter Return (NSR) royalty. QMines says the structure significantly reduces shareholder dilution while providing sufficient capital to progress the project through its Definitive Feasibility Study (DFS), Front-End Engineering Design (FEED) study, and construction readiness ahead of Final Investment Decision (FID).
The transaction positions QCMBTF as QMines’ largest shareholder and provides the company with strong institutional backing as it moves closer to production.
Funding Supports Fully Funded Pathway to Final Investment Decision
Combined with QMines’ existing cash reserves, the investment is expected to fund the company through completion of DFS and into FID, removing one of the key risks typically faced by development-stage mining companies.
Funds will be used to complete the Mt Chalmers DFS, support environmental approvals and permitting, continue drilling programs, and advance early-stage development activities.
Executive Chairman Andrew Sparke said: “We are excited to announce this truly transformational transaction for QMines 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 Mt Chalmers copper and gold mine back into production.”
He added: “Importantly, the structure of this transaction significantly reduces dilution for our shareholders while de-risking the development pathway.”
Executive Chairman Andrew Sparke
Institutional Due Diligence Validates Mt Chalmers Project Potential
QMines said the investment followed an extensive due diligence process by QCMBTF, providing strong independent validation of the Mt Chalmers project and its long-term development potential.
Sparke 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 Mt Chalmers Project and its long-term development potential.”
He also welcomed QCMBTF as the company’s largest shareholder, stating: “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.”
Brownfield Infrastructure and Regional Strategy Strengthen Development Case
QCMBTF said the Mt Chalmers project aligns strongly with its investment strategy focused on scalable, near-term critical minerals assets with strong development fundamentals.
The project benefits from a defined reserve base and brownfield infrastructure advantages, while QMines’ broader strategy includes centralising processing at Mt Chalmers and integrating satellite deposits such as Develin Creek and Mt Mackenzie to create a regional production hub.
QCMBTF Fund Manager Joshua Risson said: “Mt Chalmers’ defined reserve base, brownfield infrastructure advantages and clear pathway to production aligns with QCMBTF’s strategy of targeting scalable, near-term critical minerals assets with strong development fundamentals.”
He added: “By centralising processing at Mt Chalmers and integrating satellite deposits, QMines’ regional growth strategy offers attractive operational synergies, blending flexibility and extended mine life potential.”
Strategic Importance for Critical Minerals Supply Chains
Risson also highlighted the project’s role in supporting Queensland’s position in global critical minerals supply chains.
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.”
As demand for copper continues to grow across electrification, renewable energy infrastructure, battery manufacturing, and industrial decarbonisation, projects like Mt Chalmers are becoming increasingly important for strengthening domestic and international supply resilience.
Mt Chalmers Reserve Base Supports Long-Term Production Outlook
The Mt Chalmers project currently holds total Ore Reserves of 9.6 million tonnes at 0.65% copper, 0.48 g/t gold, 0.27% zinc, and 5.2 g/t silver.
The broader Mt Chalmers Mineral Resource Estimate totals 11.3 million tonnes, while additional resources at Develin Creek, Woods Shaft, and Mt Mackenzie support QMines’ strategy to establish a regional processing hub in Central Queensland.
QMines said the transaction materially de-risks the pathway to development and allows management to focus on execution rather than near-term capital raising.
This article was produced by the editorial team at Mining Outlook and published as part of the Outlook Publishing global network of B2B industry magazines.
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