QMines completes acquisition of Mt Mackenzie gold-silver project, expanding its resource base and strengthening its Central Queensland growth strategy.
QMines Limited has officially completed its acquisition of the Mt Mackenzie Gold and Silver Project, having satisfied all remaining conditions under the acquisition term sheet. The purchase, initially announced on 19 June 2025, marks a significant milestone for the company in its ongoing strategic expansion within Central Queensland.
The Mt Mackenzie Project, previously owned by Resources & Energy Group Ltd, is an advanced-stage, high-grade gold and silver asset located near QMines’ existing Mt Chalmers and Develin Creek projects. The project boasts a JORC 2012-compliant Mineral Resource of 3.4 million tonnes at 1.18g/t gold and 9g/t silver, translating to 129,000 ounces of gold and 862,000 ounces of silver. This acquisition substantially increases QMines’ exposure to precious metals and strengthens its hub-and-spoke development model, enabling cost-efficient resource sharing among its closely situated assets.
The total acquisition cost is $2.485 million, which includes a $1 million cash payment and the issuance of 33 million QMines shares at an implied price of $0.045 per share. Of the cash payment, a $100,000 deposit was previously paid, and the remaining $900,000 has now been settled using proceeds from a $1 million convertible note announced on 16 April 2025. The share component is expected to be issued today and will be under a 12-month voluntary escrow.
Through this transaction, Resources & Energy Group retains indirect exposure to Mt Mackenzie’s future performance by becoming a substantial shareholder in QMines. They now hold approximately 7% of QMines' total issued capital, positioning them as the third-largest shareholder in the company. The Board of QMines has welcomed Resources & Energy Group as a significant partner and stakeholder moving forward.
QMines has already begun preparing for its maiden drilling campaign at Mt Mackenzie, with more information to be released once the planning is finalized. The project is expected to play a crucial role in the company’s plans to expand production capacity and prolong the operational life of its mining activities in the region.
Commenting on the acquisition, QMines Executive Chairman Andrew Sparke said, “We are thrilled to officially welcome the Mt Mackenzie Project into our portfolio. This high-quality asset aligns with our strategy to build a long-life, multi-asset copper and gold business in Central Queensland. With three advanced-stage projects now under our control, we are better positioned to scale production, extend mine life, and increase shareholder value. We thank the Resources & Energy Group for their support and look forward to progressing Mt Mackenzie as part of our next growth phase.”
