The Queensland Investment Corporation (QIC) saw a boost to its Critical Minerals Fund (QCMF), placing the fund up at $250 million, following the 2026-27 Queensland State Budget that was announced earlier this week.
By expanding the fund’s capital base, QIC holds a strengthened capacity to invest in Queensland critical minerals projects by accelerating development pathways at all stages.
To date, the QCMF has committed over $155 million to critical minerals projects through nine investments, issuing capital through royalty, debt, and equity.
QCMF’s investment portfolio offers exposure to copper, rare earths, vanadium, silica, silver-indium, high purity alumina, and industrial processing projects.
Fund Manager Joshua Risson says the additional capital added to the fund is representative of the scale of the opportunity emerging across Queensland’s critical minerals sector.
“Queensland is increasingly recognised as a globally competitive destination for critical minerals investment, underpinned by world-class resource endowments, established mining expertise, growing downstream processing capability, and access to international markets,” Risson says.
“With global demand only increasing, the opportunity now is to accelerate the development of high-quality projects and ensure they can access the capital required to progress through key milestones.
“Many projects require capital for works like drilling programs, feasibility studies, permitting, and early-stage development work that can materially improve project quality, reduce risk, and enhance bankability.”
Also listed in the 2026-27 Queensland State Budget, the government is delivering its $749.1 million Natural Resources and Mines, Manufacturing, and Regional and Rural Development Budget to strengthen the critical minerals sector.
The government says it is focused on accelerating workstreams for the extraction, processing, and exporting of its highly sought-after critical minerals to the world, with a new fund to drive investment into emerging projects and catalytic infrastructure.
The budget intends to allow former mine sites with ‘high-value’ critical minerals to be re-commercialised in order to extract critical minerals from abandoned mining tailings.
Minister for Natural Resources and Mines, Minister for Manufacturing and Minister for Regional and Rural Development Dale Last says the budget will “just get it done” for the resources sector.
“This Budget sends a clear signal Queensland is open for business and serious about growing the industries that underpin our economy,” Last says.
“We are backing the resources sector with targeted investment to fast-track exploration, support critical minerals development, and give proponents the confidence to invest and get projects moving.”
One recent recipient of funding from the QCMF is QMines (ASX:QML), which received a $15 million investment to support development activities at its Mt Chalmers Copper and Gold Project in Central Queensland.
As reported by Mining.com.au in April 2026, QMines entered binding agreements with QIC Critical Minerals and Battery Technology Fund (QCMBTF) trustee QBF No.1 for $5 million in cash, in consideration of the issuance of 95.6 million shares to QCMBTF at $0.052 each, and $10 million in cash, in consideration of granting a 2% net smelter return royalty.
QCMF is a $250 million Queensland Government initiative managed by QIC, deploying capital through flexible structures including equity, debt, and hybrid arrangements to support commercially viable projects.
Write to Maddison Elliott at Mining.com.au
Images: QIC
