QMines Raises AU$7.5 million to Fast-Track Mt Mackenzie Drilling

QMines Limited (ASX: QML) announced that at the time of writing it has secured AU$7.5 million through a two-tranche placement, strongly supported by existing and new investors. The funds will accelerate exploration and development across the company’s Mt Mackenzie, Mt Chalmers, and Develin Creek projects, while also supporting debt reduction and land acquisitions to de-risk future operations.

The placement will issue up to 136.4 million shares at AU$0.055 each, with tranche one to be completed under existing placement capacity and tranche two subject to shareholder approval. Canaccord Genuity and Wilsons Advisory acted as joint lead managers.

Proceeds will primarily fund a large-scale infill and extensional drilling program at Mt Mackenzie, where prior results include 100m at 2.86 g/t Au and 13 g/t Ag, and 88m at 2.70 g/t Au and 16 g/t Ag. Drilling is scheduled to commence shortly, targeting resource expansion and project advancement.

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