QMines Limited announced its third Mineral Resource Estimate (MRE) for the Mt Chalmers deposit and maiden MRE for the Woods Shaft deposit at its flagship Mt Chalmers Project, located 17km north-east of Rockhampton in Queensland. Hyland Geological and Mining Consultants (HGMC) have completed a new MRE based on additional drilling, improved geological modelling and a significant increase in bulk density readings. Importantly, the updated Mt Chalmers MRE delivers a more robust and expanded MRE with an increase to the Measured and Indicated categories which now accounts for 88% of the Mt Chalmers MRE, and 84% of the combined resource base which includes the Woods Shaft deposit.

This MRE includes the maiden MRE for the Woods Shaft deposit, located 700 metres to the southwest of the Mt Chalmers main deposit. The new MRE further strengthens the Company's view that Mt Chalmers has future development potential. QMines' first MRE at Mt Chalmers was completed in February 2021 by Mr. Simon Tear of H&S Consulting (H&SC) which was published in QMines Prospectus dated 16 March 2021.

This maiden resource was based on a 2005 resource estimate by McDonald Spiejers as part of a prospectus for Echo Resources which itself was based on a 1996 estimate by McDonald Spiejers. The Company's second MRE was completed in November 2021 by Mr. Stephen Hyland of HGMC and announced on 1st December 2021.¹ This MRE included data from the maiden resource and the results from QMines drilling undertaken in 2021. HGMC estimated a 38% increase to 5.8Mt @ 1.7% copper equivalent (CuEq) for 101,000t contained CuEq with 78% in the Measured & Indicated categories.

The Company's third Mineral Resource Estimate is a new independent estimate undertaken by HGMC for QMines. The MRE includes all historical drillhole data and all drilling results delivered by the Company since listing on the ASX in May 2021 with all relevant drilling announcements. The Mt Chalmers resource (excluding Woods Shaft) now stands at 11.3Mt @ 0.76% Cu, 0.42g/t Au, 4.52g/t Ag, 0.22% Zn and 0.08% Pb for 85.6Kt Cu, 153,240oz Au, 1.6Moz Ag, 24.4kt Zn and 9.6kt Pb.

Measured and Indicated categories now account for 88% of the total Mt Chalmers resource. Maiden Woods Shaft Resource: The Woods Shaft deposit is located 700 metres to the southwest of the Mt Chalmers main deposit. Drilling has defined mineralisation to extend over 250m in strike and up to 40m wide.

Mineralisation is from surface to a depth of 90m in places and contains gold and base metal mineralisation. The Woods Shaft deposit is a gold/copper dominant VHMS deposit. The mineral resource estimate is predominantly from the preserved stringer zone.

The Woods Shaft deposit was reported as an Exploration Target prior to listing, details of which can be found in the Company's Prospectus, Independent Geologist Report, prepared by H&S Consultants Pty Ltd.¹ Recent drilling has provided sufficient confidence in historic drilling results to calculate a maiden Inferred Mineral Resource Estimate. The total Inferred resource for Woods Shaft stands at 540kt @ 0.5% Cu and 0.95g/t Au for 2,700t Cu and 16,440 oz Au. Mt Chalmers Project Resource: The Mt Chalmers project has demonstrated continual growth since QMines acquisition in January 2021.

This includes three resource updates on the historic Mt Chalmers deposit and now the addition of a maiden Inferred resource at Woods Shaft. QMines remains focused on growing the resource by converting the two remaining Exploration Targets to mineral resources and by drilling a number of new copper and zinc soil anomalies and other regional targets with a view to making a potential discovery. On a copper equivalent basis, the total resource now stands at 11.86Mt @ 1.22% CuEq for 144,700t CuEq, an increase of 43% on a metal basis from the 1 December 2021 update.

The total project resource base now includes contributions from Woods Shaft.