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QMines has secured $5.5 million in fresh funding to accelerate development of its Mt Chalmers copper-gold project in Queensland, exceeding its original $5 million placement target.
The capital raising attracted support from existing and new investors, including the Queensland Critical Minerals Fund, managed by the Queensland Investment Corporation.
QMines received firm commitments to issue approximately 105.6 million shares at 5.2 cents each, representing a 13.3 per cent discount to the company’s last traded share price.
The placement follows a previously announced $15 million strategic funding package for Mt Chalmers from the Queensland Critical Minerals Fund in April.
The company intends to direct the proceeds towards completing the Mt Chalmers definitive feasibility study, progressing approvals and permitting, and acquiring freehold land required for the proposed development.
“The support for the placement confirms backing for our strategy to bring Mt Chalmers into production,” QMines executive chairman Andrew Sparke said.
“The additional capital strengthens our ability to secure strategic land, progress the [definitive feasibility study] and maintain momentum across our extensive drilling programs.”
Funding will also support exploration at Mt Chalmers and nearby targets, including Botos and Woods Shaft, where a multi-rig drilling campaign is underway.
QMines reported a funding position of approximately $17.5 million, comprising $10.7 million in existing cash, the new placement proceeds and up to $1.4 million in deferred proceeds from the sale of its QDrilling business.
Mt Chalmers, located near Rockhampton, is being advanced as a staged copper-gold development, with QMines initially targeting a mining operation processing one million tonnes annually.
“Our immediate focus remains the staged development of Mt Chalmers, initially targeting a 1Mtpa operation, while testing opportunities to expand the resource base and future mine plan,” Sparke said.
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