QMines (ASX:QML) is hoping to square away more deals in 2025 as it ramps up its mergers and acquisitions drive in Queensland.
Fresh off finalising its recent acquisition of the Mount Mackenzie Gold and Silver Project, the company is on the hunt for its next target.
Executive Chairman Andrew Sparke says QMines has been focusing on consolidating several deposits and several historic mines around the Rockhampton region in central Queensland.
“We are the dominant landowner in that region now,” he tells Mining.com.au during the Noosa Mining Investor Conference being held at Peppers Noosa Resort this week.
“We’ve got the most scale now. We’re well-backed. We’ve got a strong balance sheet. We are in discussions on several other things, and a few of those companies and project owners are here at the conference at Noosa. Watch this space.
“Can’t say much more than that, but I’ll just say that M&A continues to be a big part of our strategy to grow the business plan.”
Sparke says the company is also pursuing organic growth as well and is expecting to release a lot of drill results from Develin Creek very soon.
“We’ve got 8km of drilling in the labs right now about to drop. They’re absolutely imminent,” he says.
“They’re from a very high-grade copper and zinc project called Develin Creek. We’ve had two drill rigs going since May. We’ve got several resource upgrades on the way.
“We’ve already pushed out seven or eight resource updates since listing, so we’re just motoring.”
QMines has already released a resource upgrade and completed an optimisation study for the Mount Mackenzie project within a couple of weeks of finalising the acquisition.
The resource for the project now stands at 3.3 million tonnes @ 1.4 grams per tonne gold and 8.4g/t silver for a total of 151,000 ounces of gold and 900,000 ounces of silver.
Mount Mackenzie represents a third source of material, coupled with Mount Chalmers and Develin Creek material.
The optimisation study was undertaken as part of a Prefeasibility Study (PFS) update that will include material from QMines’ three wholly owned projects.
The current Mount Chalmers PFS is based on a 1-million-tonne-per-annum process plant designed to produce three concentrates from blended material mined at Mount Chalmers.
The updated PFS due for delivery in H1 2026 will evaluate the installation of a larger processing plant of up to 2 million tonnes per annum located at Mount Chalmers.
Mining.com.au is an official media partner of the Noosa Mining Investor Conference.
Write to Angela East at Mining.com.au
Images: QMines
