QMines Limited (ASX:QML), a Queensland focused copper and gold exploration and development company, has announced it has secured firm commitments to raise $7.5 million through a two-tranche placement. The placement, priced at $0.055 per share, will involve the issue of up to 136,363,637 fully paid ordinary shares. The company said the placement was strongly supported by existing shareholders as well as new professional and sophisticated investors, reflecting confidence in QMines’ projects and growth strategy.
According to the announcement, the raised capital will be used to accelerate exploration and development activities at the company’s key projects, including Mt Mackenzie (gold/silver), Mt Chalmers (gold/copper), and Develin Creek (gold/copper/zinc/silver). A significant portion of the funds is earmarked for a large drilling program at the Mt Mackenzie project, targeting infill and extensional drilling. Previous drilling at Mt Mackenzie has yielded promising results, including intercepts of 100m @ 2.86g/t Au and 13g/t Ag from 20 metres, and 88m @ 2.70g/t Au and 16g/t Ag from 32 metres.
The placement will be executed in two tranches, with the first tranche of 81,054,194 shares to be issued under the company’s existing placement capacity. The second tranche, comprising 55,309,443 shares, is subject to shareholder approval. The first tranche shares are expected to be issued on 2nd October 2025. Canaccord Genuity (Australia) Limited and Wilsons Corporate Finance Limited acted as Joint Lead Managers for the placement and will receive a 6% cash fee plus 10,000,000 options.
QMines Executive Chairman, Andrew Sparke, expressed gratitude for the strong support from shareholders and new investors. He highlighted the company’s commitment to demonstrating the scale and development potential of its projects. Funds will also be allocated to pay down outstanding loans and purchase additional freehold land at Mt Chalmers.
