QMines Limited: Qmines Lists on ASX Following Successful Copper IPO
6 May 2021
Initial Public Offering raises $11.55 million at $0.30 per share;
- Funds raised to explore and develop advanced Queensland Projects;
- Exploration underway at Flagship Mt Chalmers Project;
- Maiden 1,575m (11-hole) Diamond Drilling program now complete;
- 3,000m RC Drilling to commence mid-May;
- Strong support from European and Australian investors; and
- Well-funded to execute large drilling program and growth strategy.
Overview
Initial Public Offering
QMines Limited (QMines or Company) (ASX:QML) is pleased to announce the successful completion of its Initial Public Offer (IPO) and commencement of trading on the Australian Securities Exchange on 6th May 2021. With gross proceeds of $11.55 million, the capital raising exceeded the minimum subscription of $10 million under the Prospectus. Lead Manager to the Offer, Shaw and Partners introduced strong support from European and Australian investors.
Exploration Program Underway at Mt Chalmers Project
The Company is now well funded to undertake a large exploration and drilling program at its flagship Mount Chalmers Project, located east of Rockhampton in Central Queensland. The Project currently has an Inferred Resource (JORC 2012) of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag. 1, 2
Diamond Drilling Program Recently Completed
The Company’s maiden diamond drilling program was completed at the end of April, with 11 new holes drilled totaling 1,575m. The average depth of the hole was 143m.
Figure 1: Location of QMines Projects – Mt Chalmers, Silverwood, Herries Range, Warroo.
QMines Chairman, Andrew Sparke, said, “The support we have received from new and existing shareholders, the vendors, the Queensland Government and local community has been very pleasing and we are delighted to welcome a number of institutional and sophisticated investors to the share register.
“I would like to make a special thank you to our Lead Manager Shaw and Partners, legal counsel Steinepreis Paganin, investigating accountant RSM Corporate, Independent Geologist H&S Consultants and all the QMines’ team for all their hard work and tireless efforts to make this IPO and listing possible.
“We are excited to be able to bring this homegrown copper and gold story to ASX. We thank all our shareholders for their support and belief in the projects and our team. We look forward to updating you very shortly with some exciting drill results and a number of other planned initiatives.”
About QMines
QMines Limited (ASX: QML) is a Queensland based copper and gold exploration and development company. QMines is seeking to become Australia’s first zero carbon copper and gold developer. The Company owns 100% of four advanced projects with a total area of 978km². The Company’s flagship project, Mt Chalmers, is located 17km North East of Rockhampton. The Project is a high-grade historic mine that produced 1.2Mt @ 3.6g/t Au, 2.0% Cu and 19g/t Ag between 1898- 1982. Mt Chalmers has an Inferred Resource (JORC2012) of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag.1,2
QMines’ objective is to grow its resource base, consolidate assets in the region and assess commercialisation options. The Company has commenced an aggressive exploration program providing shareholders with significant leverage to a growing resource and exploration success.
Directors
ANDREW SPARKE
Executive Chairman
DANIEL LANSKEY
Managing Director
ELISSA HANSEN
Non-Executive Director & Company
Secretary
QMINES LIMITED
ACN 643 212 104
SHARES ON ISSUE
110,528,415 Fully Paid Ordinary
UNLISTED OPTIONS
4,200,000 exercisable at $0.375 expiring on 6 May 2024
ASX CODE
QML
This announcement has been approved and authorised by the Board of QMines Limited.
QMINES LIMITED
Registered Address: Suite J, 34 Suakin Drive, Mosman NSW 2088
Website: www.qmines.com.au
Telephone: +61 (2) 8915 6241
Daniel Lanskey, Managing Director Email: [email protected]
Peter Nesvada, Investor Relations Email: [email protected]
Notes:
¹ Refer to the Independent Geologist Report commencing on page 84 of the Prospectus dated 16 March 2021 available at https://qmines.com.au/prospectus-2/
2 The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus dated 16 March 2021 and that all material assumptions and technical parameters underpinning the resources estimates in the Prospectus dated 16 March 2021 continue to apply and have not materially changed.
