QMines Limited (ASX:QML), a Queensland-focused copper and gold exploration and development company, has announced the completion of its 100% acquisition of the Mt Mackenzie Gold and Silver Project from Resources & Energy Group Ltd (ASX:REZ). The final conditions of the acquisition term sheet have been met, solidifying QMines’ position in Central Queensland. The acquisition was initially announced to the market on 19 June 2025.
Located near QMines’ existing Mt Chalmers and Develin Creek projects, Mt Mackenzie is a high-grade, advanced-stage project boasting a JORC 2012 Mineral Resource of 3.4Mt @ 1.18g/t gold and 9g/t silver, containing 129,000oz of gold and 862,000oz of silver. This strategic move significantly enhances QMines’ resource base and reinforces its focus on precious metals. The company now controls three advanced-stage copper and gold projects within trucking distance of each other.
The total acquisition cost is $2.485 million, comprising $1 million in cash ($100,000 deposit and $900,000 on completion) and the issuance of 33 million QMines shares at $0.045 each, subject to a 12-month voluntary escrow. The $900,000 cash component was paid using funds from a convertible note announced on 16 April 2025, with the share consideration expected to be issued imminently. Resources & Energy Group now holds approximately 7% of QMines’ issued share capital, becoming its third-largest shareholder.
Andrew Sparke, Executive Chairman of QMines, expressed his enthusiasm for the acquisition, stating that Mt Mackenzie aligns perfectly with the company’s vision of establishing a long-life, multi-asset copper and gold operation in Central Queensland. QMines is currently preparing its maiden drilling program at Mt Mackenzie, with further details to be announced soon. The company believes this acquisition places them in a strong position to increase production scale, extend mine life, and deliver greater value for shareholders.
