QMINES LIMITED — Capital/Financing Update 2021

Nov 22, 2021

Further Broad High-Grade Copper, Gold and Zinc Intersections at Mt Chalmers

Highlights

Step out drilling continues to intersect broad zones of high-grade copper, gold, silver, lead and zinc mineralisation;

Results include multiple wide and high-grade intersections with peak values of 5.3% Cu, 11.75g/t Au, 243g/t Ag, 33% Zn and 19% Pb;

Significant intersections from recent drilling include:

• 35.3m @ 2.75g/t Au, 1.4% Cu and 4g/t Ag from 96.4 metres;
  • Including 5.5m @ 9.91g/t Au and 4.0% Cu and 13g/t Ag from 96.4 metres;
• 15.5m @ 0.47g/t Au, 0.4% Cu, 42g/t Ag, 2.3% Pb and 3.9% Zn from 50 metres;
  • Including 5.0m @ 1.14g/t Au, 1.1% Cu, 119g/t Ag, 6.9% Pb and 11.3% Zn from 50 metres;
• 8.6m @ 1.98g/t Au, 0.2% Cu, 36g/t Ag, 1% Pb and 2% Zn from 49 metres; and

Recent drilling results to be included in pending resource upgrade; and

The Company's 30,000m drilling program continues with two rigs onsite where the resource remains open in all direction and further results are awaited.

Overview

QMines Limited (ASX:QML)(QMines or Company) is pleased to provide the following results from its current RC and diamond drilling programs at its flagship Mt Chalmers Project, located 17km north-east of Rockhampton in Queensland (Figure 1).

Peak grades have been intersected in multiple drill holes from the diamond drilling program, including 11.75g/t Au and 5.3% Cu from MCDD030 and 1.15g/t Au, 243g/t Ag, 3% Cu, 19% Pb and 33% Zn from MCDD020.

Management Comment

QMines Executive Chairman, Andrew Sparke, comments:

"The current drilling program is focused on near-mine resource extension drilling. It is pleasing to see further wide, high-grade and shallow intersections outside the current resource. Given recent results, and the fact that QMines is yet to drill its three near-mine Exploration Targets and four large soil anomalies, management see an opportunity to accelerate its exploration and development plans to fast-track value creation for our shareholders."

Drilling Activities Update

During October and November 2021, QMines has completed an additional fifteen diamond tails from RC pre-collars drilled with assay results from twelve holes having now been received for a total of 2,182 metres. The drilling program is now focussing on step out and extensional drilling outside the current resource. The current drilling program has completed three further diamond tails with drillholes MCDD034 and MCDD035 now underway and two drill rigs onsite in operation.

Completed diamond, RC, RC pre-collar and planned step out drill hole locations are shown in Figure 2. Significant results from the recent Mt Chalmers RC and diamond drilling programs can be seen in Table 1. Three diamond tails MCDD031-033 have been cut and delivered to ALS laboratory in Brisbane.

The RC and diamond drilling programs have been designed to expand the resource model, with several step out holes having now been drilled on the western, southern and eastern

Figure 1: Location of Mt Chalmers Project, tenure, geology & infrastructure.

here are largely outside the current resource wireframe, with additional pre-collars drilled ready to complete diamond tails.

Examples of the recent mineralised intersections can be seen in Sections AA', BB' and CC' (Figures 3-5), with several drillholes, including MCDD20, MCDD30 and MCDD036/PC018, intersecting high-grade mineralisation. The Company is drilling several holes in previously untested areas on the western side of the main pit and behind previously reported drillholes MCDD015 and MCDD014¹.

Drill hole MCDD030 (Figure 3) intersected high-grade mineralisation at 96.4 metres down hole. MCDD030 intersected 35.3 metres of chalcopyrite stringer mineralisation returning 2.75g/t Au and 1.4% Cu with a high-grade section of 5.5 metres at 9.91g/t Au and 4% Cu from 96.4 meters. MCDD031 has been drilled 50m to the east of MCDD030 and is has been cut for sampling.

¹ Multiple Wide High-Grade Intersections Outside Resource, 6 October 2021, https://wcsecure.weblink.com.au/pdf/QML/02431839.pdf

Figure 2: Diamond, RC and RC pre-collar drill hole locations, Mt Chalmers project including Sections AA', BB' and CC' (October - November 2021).

Figure 3: Section "AA' MCDD029 and MCDD030 mineralised intersections with resource wireframe (November 2021).

Section CC' (Figure 5) is a the southern-most fence drilled by the Company to date and is in an area undrilled by previous explorers. All drill holes along the fence intersected mineralisation. This drill fence is expected to extend the resource to the south, and confirms the Company's view that mineralisation remains open to the south of the pits. It also illustrates potential to increase the resource with further drilling in the new year.

QMines has recently acquired fifty acres of freehold land adjacent to the southern drill fence on the boundary of the mine site which will allow the Company to fast track drilling to the south early in Q1-2022¹.

Figure 4: Section showing BB' MCDD019-MCDD021 mineralised intersection with resource wireframe (November 2021).

Figure 5: Section showing CC' the southern-most drill fence with mineralised intersection with resource wireframe (November 2021).

Pending Resource Upgrade

The pending resource upgrade is based on drilling results completed by QMines this year and all historical holes drilled by previous explorers. The total number of holes and metres drilled to be used in the resource calculation can be seen in Table 2.

Hole Type	Number	RC Meters	Diamond Meters
Resource Drill Hole Table – QMines Drilling
Diamond	12		1,520.40
RC Pre-Collar & Diamond Tails	20	1,442.20	1,267.33
RC	9	685.00
RC Pre-Collar Drilling	13	900.00
TOTAL	54	3,027.20	2,787.73
	Resource Drill Hole Table – Historic Drilling
Diamond	32		3,393.95
RDH Pre-Collar & Diamond Tails	72	4,106.81	3894.82
RDH	237	11,824.43
TOTAL	341	15,931.24	7,288.77
GRAND TOTAL	395	18,958.44	10,076.50

Table 2: All new and historical drillholes drilled to be used in the resource upgrade.

A 3D interpretation of the resource wireframes over the digital terrain model (DTM) showing holes drilled outside the resource envelope in an area of the project where little historical drilling has been undertaken can be seen in Figure 6.

5 Figure 6: 3D image of Mt Chalmers with the recent DTM, pit shell, RC and diamond drill collar locations and resource model.

Structural Geological Report

In October 2021, QMines engaged Dr Brett Davis to undertake a detailed study of the structural geological constraints of the Mt Chalmers VHMS deposit. Dr Davis spent several days reconnaissance mapping at Mt Chalmers with the primary aim of providing a detailed structural geology interpretation to better inform the upcoming resource model.

Summary

• Mapping has been restricted to all accessible areas of the pits and a geology interpretation has been compiled for areas not currently modelled by QMines. The current mapping campaign has found that historical mapping, which is restricted to a moderate-quality scan, is of good quality and only requires interrogation or amendment where scanned features are illegible;
• Structures comprising the architecture of the deposit have been divided into seven populations and tabulated on Table 3. Of these, four main structure sets are considered important for potential shape modification of mineralisation:
  • Population #2 Associated with intense zones of ~N-S trending cleavage development;
  • Population #3 The structures have localised mafic dyke emplacement and been active post-dyke, creating sheared intrusions that occupy the same planar structures;
  • Population #4 These structures are inferred as occurring at the southern end of Main Pit and traversing the West Pit. They are interpreted as a bounding structure to the interpreted geometry of the porphyritic rhyolite unit and potentially associated with Population #5;
  • Population #5 Visually obvious, moderately-dipping structures in the eastern wall of the main pit and causing SE-side down displacement;
• The presentation details the fault populations in terms of inferred kinematics, morphology, relative ages, orientations and potential.

Fault Populations

The Mt Chalmers deposit is dissected by several sets of faults, all of which have potential to modify the 3D shape of the mineralisation. The fault populations are tabulated in inferred order of formation from oldest (Population #1) to youngest (Population #7).

Geological mapping derived from historical Geopeko records combined with Dr Brett Davis' recent mapping have been digitised by Orr & Associates and can be seen in Figures 7 and 8.

The complete Dr Brett Davis structural model of the Mt Chalmers VHMS deposit report can be found on the Company's website via the hyperlink below; https://bit.ly/3CGUrwT

Figure 7: Geological interpretation draped over DTM aerial view Mt Chalmers open pits (Orr & Associates, November 2021).

Table 3: Fault Populations Mt Chalmers VHMS Deposit

Population#	Location	Orientation	InferredKinematics	PotentialDisplacementMagnitude	Characteristics
1 – Ductileshears 1	Bounding uppersurface ofmineralised zone	~N-S striking andmoderate dip toeast on east sideof Main Pit.Moderate dip tothe west on thewest side?	Sinistral oneastern side ofthe Main Pit	Probably minimal	May representdeformation of theexhalate and sericitealtered units thatcould accommodateshearing strain.
2 – Ductileshears 2	Throughout thedeposit but lesscommon inandesite	Strike is ~160-340and dip is steep toeast and west	Sinistral in plan,both W- sidedown and E-sidedown in sectiondepending onlocation relative todomalmineralisationshape	Unknown, possiblymetres to 10s ofmetres	Associated with intensezones of ~N-S trendingcleavage development.
3 - Dyke faults	Occupy samepositions asmafic dykes;only noted inMain Pit	Strike is ~140-320 and dip issteep	W-side-down,both sinistral anddextral in plan.Suggestsmovement isdominantly dipslip.	Unknown,possibly metresto 10s of metres	The structures havelocalized mafic dykeemplacement andbeen active post-dyke,creating shearedintrusions that occupythe same planarstructures.
4 - E-W toNE- SWfaults	Southern end ofMain Pit andtraversing WestPit. Inferred as aboundingstructure to theinterpretedgeometry of theporphyriticrhyolite unit.	E-W to NE-SWstrikes withinferred steepdips	Possiblysinistral basedon change incleavageorientation.	Unknown. 10's ofmetres?	Inferred as markingboundary betweensequences ofmarkedly differentorientation andcompetency.Potentialcontinuous withfault set #5
5 - WNW-ESEfaults	South of Main Pit		Dextralseparation	Several metres	Possibly part of the E-Wfault population #4
6 - NE-SWfaults	East wall of MainPit	NE-SWstriking andmoderatelydipping	Oblique,sinistral, SEside- down	Metres, butprobably notmore than 10mon individualfaults	Visually obvious in eastwall of Main Pit,progressively steepingthe sequence down tothe south.
7 - Brittlefracturearrays	Berms onnorthern side ofMain Pit	ENE-WSWstrikes andsteep dips	Dextral, E-sidedown	Probably minimal	Characterised by brittledeformation and Fecarbonate veining

Figure 8: Plan view of the geological interpretation (Orr & Associates November 2021).

Geology

The geology of the Mt Chalmers area is relatively well-known with the Mt Chalmers mineralisation being a well-preserved, volcanic-hosted massive-sulphide ("VHMS") mineralised system containing copper, gold, zinc, lead and silver. Mineral deposits of this type are deemed syngenetic, and formed contemporaneously on, or in close proximity to, the sea floor during the deposition of the host-rock units. The mineralisation is believed to have been deposited from hydrothermal fumaroles, or direct chemical sediments or subseafloor massive sulphide replacement zones and layers, together with footwall disseminated and stringer zones within the host volcanic and sedimentary rocks.

The mineralisation system at Mt Chalmers displays some similarities to Australian VHMS deposits of Cambro-Ordovician and Silurian age, however closer comparison can be made with the Kuroko-style of VHMS of Tertiary age in Japan (Taube 1990).

The Mt Chalmers mineralisation is situated in the early Permian Berserker Beds, which occur in the fault-bounded Berserker Graben, a structure 120km long and up to 15km wide. The graben is juxtaposed along its eastern margin with the Tungamull Fault and in the west with the Parkhurst Fault (Figure 1). The Berserker Bed lithologies consist mainly of acid to intermediate volcanics, tuffaceous sandstone and mudstone (Kirkegaard and Murray 1970). The strata are generally flat lying, but locally folded. Most common lithotypes are rhyolitic and andesitic lavas, ignimbrites or ash flow tuffs with numerous breccia zones.

Rocks of the Berserker Beds are weakly metamorphosed and, for the most part, have not been subjected to major tectonic disturbance, except for normal faults and localised high strain zones that are interpreted to have developed during and after basin formation. Recent geological work by the Queensland Department of Natural Resources and Mines places volcanic and sedimentary units of the prospective Chalmers Formation, the host unit to the Mt Chalmers copper-gold mineralisation, at the base of the Berserker Beds.

The Ellrott Rhyolite and the Sleipner Member andesite were emplaced synchronously with the deposition of the Chalmers Formation. Late Permian to early Triassic gabbroic and dioritic intrusions occur parallel to the Parkhurst Fault. Smaller dolerite sills and dykes are common throughout the region and in the Berserker Beds.

Figure 9: Stringer zone sulphides (chalcopyrite, pyrite) hosted in silica-chlorite altered, felsic pyroclastic breccia.

Discussion

Kuroko style of mineralisation usually occurs as clusters of mineralised zones, which appears to be the case for Mt Chalmers, and it may be one of several deposits. In addition, the interpreted structural dislocation for the mine area may have caused the break-up of larger mineral bodies structurally dispersing lenses within the general Mt Chalmers area.

The recent drilling program has demonstrated the potential to upgrade and increase the resource at Mt Chalmers, with drill targeting focussed mainly on peripheral footwall stringer zones. Extensional drilling will continue based on the recent results, testing areas previously undrilled. The alteration halo appears to extend beyond the massive sulphide mound of the ore body and historical drilling at Mt Chalmers does not appear to have fully tested the extensive stratabound stringer zones in the footwall below, and extending from the historically mined sulphide mound.

The geometry of the Mt Chalmers ore body indicates a relatively flat lying, asymmetrical massive sulphide mound with both historical and recent drilling results intersecting higher grade Cu-Au massive sulphides proximal to the interpreted source rhyolite dome. High grade Pb, Zn, Ag in the massive sulphide and exhalate ore body distal from the interpreted source rhyolite dome. Similar metal zoning has also been observed in the stringer/disseminated zone beneath the Massive Sulphide ore body where Cu-Au grades are typically higher proximal to the dome, and Pb, Zn, Ag grades are typically higher distal from the dome.

Historical drilling is largely constrained in and around the existing Mt Chalmers mine. It appears that the Western Lode may have been transported downslope from the source and areas of low relief during seafloor sulphide deposition may be potential zones for transported high-grade mineralisation. This theory is largely untested at Mt Chalmers and drilling is currently underway on the western flank of the pits as seen in Figure 2 where the Company has now commenced diamond drilling.

What's Next?

Ongoing drilling results from the planned +30,000m drilling program with two rigs currently in operation;

Downhole EM on several holes already drilled with results to be released upon completion;

Expanded soil sampling utilising Niton Portable PAS XRF delivering realtime soil geochemical data for future drill targeting;

Planned 1,800-line kilometre Heli-EM survey expected to commence in H1-2022 to identify further drill targets; and

Pending resource upgrade.

* The current resource for the Mt Chalmers Project is located on the QMines website. It can be found in the recent QMines Prospectus in ANNEXURE A – Independent Geologists Report,https://qmines.com.au/prospectus-2/

Competent Persons Statement

The information in this announcement that relates to exploration results is based on information compiled by Hamish Grant, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Hamish Grant is contracted by QMines Limited as Project Geologist. Hamish has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Hamish Grant consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

Hole ID	MGAEast*	MGANorth*	mRL Dip		MGAAzi*	MaxDepth	Mfrom	Mto	Int(m)	Au(g/t)	Ag(g/t)	Cu(%)	Pb(%)	Zn(%)
MCDD019	259673.4	7421136.9	92.9	-60	105	60.1	31	39.2	8.2	0.26	3.8	1.0
MCDD020	259817.9	7421097.6	105	-55	330	78.7	49	57.6	8.6	1.98	36	0.2	1.0	2.0
MCDD021	259841.2	7421119.7	102	-55	115	72.0	47.5	63	15.5	0.47	42	0.4	2.3	3.9
Including							50	55	5	1.14	119	1.1	6.9	11.3
MCDD022	259839.3	7421064.9	107	-90	Vertical	129.4	44	49	5	0.97	39	0.2	0.6	0.8
and							117	120	3	0.13	10	0.2	0.7	2.2
MCDD023	259860.8	7421067.6	107	-90	Vertical	165.5	123	127	4	0.11	8.7	0.4	0.8	1.7
MCDD024	259903.5	7421064.2	111	-90	Vertical	141.0	103	105	2	0.14	9.4		0.8	1.6
and							112	115	3	1.70	7.7		0.2	1.3
and							119.7	130	10.3	0.21	8.7	0.1	0.8	1.4
MCDD025	259947.8	7421054.9	110	-90	Vertical	144.4	84	116.9	32.9	0.21	4.9		0.2	0.4
MCDD026	259932.1	7421104.4	104	-90	Vertical	123.3	32	87.3	55.3	0.10	2			0.3
MCDD027	260013.2	7421095.1	115	-90	Vertical	132.5	105	114.1	9.1	0.15	3	0.4
MCDD028	260000.0	7421060.0	115	-90	Vertical	189	153.7	185	31.3	0.11	3
MCDD029	260048.9	7421284.6	126	-90	Vertical	207.0	93.9	122	28.1	0.10	2	0.3
MCDD030	260066.8	7421288.4	126	-90	Vertical	166.4	96.4	131.7	35.3	2.75	4	1.4
including							96.4	101.9	5.5	9.91	13	4.0
MCDD036/PC018	259746.6	7421296.6	96	-90	Vertical	57.0	38	48	10	0.45	21.1	0.21	1.0	3.4
MCDD031	260132.6	7421285.1	132	-90	Vertical	200.0				Assays Pending
MCDD032	260055.7	7421207.7	129	-90	Vertical	158.8				Assays Pending
MCDD033	260069.9	7421317.1	134	-90	Vertical	157.1				Assays Pending
MCDD034	259959.2	7421165.5	91.3	-80	245	120.0				Diamond Tail Underway
MCDD035	259702.7	7421326.6	90.2	-80	Vertical	165.0				Diamond Tail Underway
Pre-Collar 014	260002.2	7421079.8	114	-90	Vertical	145.0				Completed
Pre-Collar 019	259724.6	7421277.2	96	-90	Vertical	38.0				Completed
Pre-Collar 020	259690.8	7421243.5	86	-90	Vertical	45.0				Completed
Pre-Collar 021	259670.1	7421230.2	95	-90	Vertical	91.0	Completed
Pre-Collar 022	259641.7	7421223.6	94	-90	Vertical	104.0	Completed
Pre-Collar 023	259702.7	7421326.6	95	-90	Vertical	86.0	Completed
Pre-Collar 024	259701.2	7421314.0	100	-90	Vertical	81.0	Completed
Pre-Collar 025	259692.1	7421300.3	101	-90	Vertical	82	Completed

Table 1: Significant intercepts Mt Chalmers RC and diamond core program October-November 2021*

*Note MGA 94_56

• In reported exploration results, length weighted averages are used for any non-uniform intersection sample lengths. Length weighted average is (sum product of interval x corresponding interval assay grade), divided by sum of interval lengths and rounded to two decimal points.

• No top cuts have been considered in reporting of grade results, nor was it deemed necessary for the reporting of significant intersections.

• No metal equivalent values have been reported.

* Downhole intersections contained in this announcement in the vertical drill holes reported, represent true widths of the assayed mineralised intersections contained in Table 1.

* Downhole intersections contained in the announcement in drill holes at 60-degree dip represent approximately 87% true width of the assayed mineralised intersections contained in Table 1.

About QMines

QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. QMines vision is to become Australia's first zero carbon copper and gold developer. The Company owns 100% of four advanced projects covering a total area of 1,096km². The Company's flagship project, Mt Chalmers, is located 17km North East of Rockhampton.

Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 3.6g/t Au, 2.0% Cu and 19g/t Ag between 1898-1982. Mt Chalmers has an Inferred Resource (JORC 2012) of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag. ¹

QMines' objective is to grow its resource base, consolidate assets in the region and assess commercialisation options. The Company has commenced an aggressive exploration program (+30,000m) providing shareholders with significant leverage to a growing resource and exploration success.

Projects

Mt Chalmers (100%) Silverwood (100%) Warroo (100%) Herries Range (100%)

Directors & Management

ANDREW SPARKE Executive Chairman

ELISSA HANSEN (Independent) Non-Executive Director & Company Secretary

PETER CARISTO (Independent) Non-Executive Director (Technical)

JAMES ANDERSON General Manager Operations

HAMISH GRANT Project Geologist

QMines Limited ACN 643 212 104

Shares on Issue 111,372,748

Unlisted Options

4,200,000 ($0.375 strike, 3 year term)

This announcement has been approved and authorised by the Board of QMines Limited.

QMines Limited (ASX:QML)

Registered Address: Suite J, 34 Suakin Drive, Mosman NSW 2088 Postal Address: PO BOX 36 Mosman NSW 2088 Website: www.qmines.com.au Telephone: +61 (2) 8915 6241 Email: info@qmines.com.au

Peter Nesveda, Investor Relations Email: peter@qmines.com.au Andrew Sparke, Executive Chairman Email: andrew@qmines.com.au

¹ Refer to the Independent Geologist Report commencing on page 84 of the Prospectus dated 16 March 2021 available at

https://qmines.com.au/prospectus-2/. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus dated 16 March 2021 and that all material assumptions and technical parameters underpinning the resources estimates in the Prospectus dated 16 March 2021 continue to apply and have not materially changed.

JORC Code, 2012 Edition – Table 1 Mt Chalmers Mineral Resources

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation thatare Material to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases, moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information.	•The Mt Chalmers deposit has been drilled with a combination ofpercussion drilling ("PDH" open hole percussion, reverse circulationdrilling ("RC")) and diamond core holes ("DD") amounting to 395drill holes for 29,034metres.•Sampling consists of either 1sampled to 2kg for RC samples or 1samples yielding approximately a 3-5•At the laboratory, all samplematerialRC sample submission isrepresentative sample from which a sub-sample of 30	m intervals of chip material subkg sample.from each diamond core andcrushed and pulverized to give a 200	m sawn or split half coregg is taken for
	•base metal analysis and a 50 g charge for gold.•There is no documentation concerning the analytical method used

Criteria	JORC Code explanation	Commentary
		by Peko, but the work was completed at the Mt Morgan ("MML")minesite laboratory and presumably the analysis was to industrystandard for the time. The Federation sample prep and analysiswas completed by a commercial laboratory using a mixture of ICPand 50 g charge fire assay with atomic absorption spectroscopy("AAS") for base metals and gold, respectively.•The mineralisation is considered a classic example of a Kuroko-stylevolcanogenic massive sulphide deposit. The stratabound Cu andAu (Pb, Zn, Ag) mineralisation is strongly related to a combinationof pyrite-rich host lithologies and spatial positioning relative to acentral rhyolite dome.•The deposit was mined in three phases: 1890 –1912; during WorldWar 2 and 1979-1981 by MML•In 2021 QMINEShas undertaken drilling operations at Mt Chalmersdrilling 11 diamond core holes for 1,575 metres, 685 of RC, 157 metresof pre-collars and 407 metres diamond core tails•The company drilled HQ triple tube with diamond coresampling consisting of between 300 mm and 1.5 metreintervals of core.•Samples were cut with a Sandvik wet core saw yielding 1-5kg core samples (dependent on sample intervals) into calicosampling bags. 4 individual calicos are placed in polyweavebags and sealed for delivery to the assay lab.•Samples are sent by road to ALS Laboratories in Brisbane,crushed, pulverised and riffle split delivering 200 g pulp forbase metal and precious metal assay.
Drillingtechniques	•Drill type (e.g.core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by whatmethod, etc).	•Percussion drilling was with a Mayhew 1000 or a Mayhew 1500 rigwith 114.5 mmdown hole hammer bit.•For the Peko diamond drilling core sizes ranged from NQ to BQwhereas for Federation diamond drilling was mostly HQ size withsome NQ where needed.•Many holes were initially drilled using an open holepercussion orRC drilling method and tailed with a DD hole.•The vast majority of drillholes were vertical.•No core orientation data is available.

Criteria	JORC Code explanation	Commentary
		•QMines Operations –2021drilling was undertaken using a multipurpose UDR 650 track mounted rig, and a Hydco 1000 Dualpurpose truck mounted rig. RCdrilling utilised114.5 mm diameterRC rods and 140 mmpercussion face-samplinghammer withauxiliary air packs with onboard air. Diamond tails being drilled byatrack mounted Hyundai Dasco 7000 diamond core rig.•Coring was HQ triple tube with the core sample being orientatedusing REFLECX ACT111 core orientation tool.
Drillsamplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	•No historic sample recovery data is available for either the DD orthe RC drilling. Historical reports indicate 90% recovery from thePeko drilling except for weathered and oxide zones (these zoneshave been mined out).•No documentation of RC sampling procedures is available•Peko investigated the risk of sample bias due to loss of fines. Onlya small number of samples were collected, too few for anythingconclusive, but there were indications ofa small preferentialconcentration of sulphides in the samples of retained drill cuttingswith an associated increase in Cu, Ag and possibly Au grade (resultsfor Au were reported as erratic).•The drilling methods are considered to be of industry standardatthe time of drilling and would normally have been expected to givereliable results suitable for resource estimation.•With a lack of recovery data it is not possible to establish if there isa relationship between sample recovery and metal grade.•QMines Operations –2021diamond drilling core recovery wasexcellent with between 93 -95% of all diamond core recoveredfrom both the mineralised and unmineralized zones. RC samplingrecovered dry samples every metre drilled with each metre rockchipped logged and collected in chip trays.•Drilling method is consistent with current industry practices withno sample bias and is representative in nature.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.	•All drilling was competently logged with the production ofhardcopy logs and cross sections. All hardcopies had appropriatelevels of informationfor a resource estimate to be completed.•McDonald Speijers Pty Ltd ("MS"), consultant resource geologists,built the current digital database in 1995 from sighting the original

Criteria	JORC Code explanation	Commentary
	•Whether logging is qualitative or quantitative innature. Core(or costean, channel, etc) photography.•The total length and percentage of the relevantintersections logged.	drill logs and kept records. John Macdonald, Principal Geologistwith MS, transcribed and compiled some of the hardcopy dataincluding visual verification into digital data.•Logging consisted of a series of codes that were a mixture ofquantitative and qualitative data.•Geologicalinformationoriginallyconsistedoflithologydescriptions, alteration, mineralisation and oxidation levels. Not allof this data is available in a digital format.•QMines Operations –2021drilling programs have beencompetently logged by Company geologists with all logging datadigitised electronically into Panansonic Toughbook.•Logging codes were established prior to commencement ofdrilling operations by H & S Consultants and were a mixture ofquantitative and qualitative data.•Geologicalinformationoriginallyconsistedoflithologydescriptions, alteration, mineralisation and oxidation levels. Alldata is available in a digital format.•All core trays have been digitally photographed and storedin theCompany NAS drive.
Sub-samplingtechniquesandsamplepreparation	•If core, whether cut or sawn and whether quarter,half or all core taken.•If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.•For all sample types, the nature, qualityandappropriatenessofthesamplepreparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grainsize of the material being sampled.	•Peko diamond core was sampled under geological control, butgenerally averaged about 1m in sample length. Most of it wassampled using a mechanical core splitter with 50% taken forsample prep and assay. Some mineralised intervals were cut witha diamond saw with 50% of the interval sent to the MML laboratoryat the Mt Morgan mine site forpreparation and assay. Noinformation is available about sample prep procedures used forthis work.•Peko percussion drilling involved dry cuttings being collected viacyclones and riffled to give a sample of about 2 kg for submissionto the laboratory. The RC samples were submitted to the MMLlaboratory at the Mt Morgan mine site for preparation and assay.No information is available about sample prep procedures used forthis work.•Wet samples were collected in 2 ways. In the West Lode areasamples were collected in a fine gauze catcher and mixed on agroundsheet before being coned and quartered. Sample intervalsranged from 1-2m. This sample collection method would have led

Criteria	JORC Code explanation	Commentary
		to large losses of fines. In the Main Lode area wet samples werecollected in half 44-gallon drums and transferred to hessian bags.When dry they were riffle split. This was a better method, but fineswould still have been lost when water flows were high and thecollecting drum overflowed.•The larger core from the 1995 Federation diamond holes waslogged and mineralised intervals were selected on the basis ofvisual assessment. Quarter core samples (HQ core size) werecollected using a diamond saw with the samples sent for sampleprep and assay.•The Federation core samples were submittedto AustralianLaboratory Services P/L for preparation at their Rockhamptonfacility and assay at their Townsville laboratory. The samplepreparation scheme involved jaw crushing to an unknown sizefollowed by pulverisation of the total sample in a Labtechnics LM5mill to a nominal 90% passing -75um.•A barren quartz flush was used after each set of sulphide-richsamples at an unknown insertion ratio.•QMines Operations–2021recovereddiamond core was cut usinga Sandvik core cutting wet saw.•Core was cut in half (parallel to the long-core axis) for submissionwith duplicates cut in quarters(parallel to the long-core axis)•ALS Laboratories dry the samplesprior to crushing and pulverising.All sample material from each diamond core and RC samplesubmission is crushed and pulverized to a nominal 90% passing75µ giving a 200 g representative sample from which a sub-sampleof 30 g is taken for base metal analysis and a 50 g charge for gold.•RC sampling was collected using an OX engineering cyclone witha cone splitter delivering 10% representative sampling per linealmetre drilled. Duplicate samples aretaken every 25 and 75 metredrilled in the drilling sequencewith duplicate samples being 50-50% split sample from the same cone splitter.•RC sampling recovery was dry with pre collars being completed atthe water table.
Qualityofassaydataand	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRF	•Peko samples were submitted to the MML laboratory at the MtMorgan mine site for analysis. No technical details have beenlocated regarding sample preparation procedures or assaying

Criteria	JORC Code explanation	Commentary
laboratorytests	instruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have been established.	methods. The Mt Morgan operation has since shut down and thelaboratory no longer operates.•Federation initially used an ICP method (1C587) for Cu, Pb, Zn, S,Ag, As, Ba, Fe and Mn. After about the first 3-4 batches of samplesthe laboratory introduced an AAS method (A101) to check Cu, Pb,Zn and Ag assays for higher grade samples. Fire assaying of a 50gcharge with an AAS finish (PM209) was used for gold.•Peko submitted 352 samples for check assaying to AustralianLaboratory Services (ALS) in Brisbane on a regular basis duringtheir drilling programmes, although results for Au, Ag and Pb inparticular were not always available. The drill logs recorded theresults for these "duplicates" and MS were able to compile andanalyse. They concluded there was no significant bias for Cu, Au, Agand Zn. However, there was a significant positive bias with thecheck laboratory for Pb but this was not significant for the resourceas Pb is not treated as an economic commodity. The MML silverresults were adjudged to have poor precision but for relatively lowsilver values.•Federation undertook check assaying at an independentlaboratory but the results are not available.•There are no reports from any of the drilling campaigns of anystandards being used to assess the accuracy of the analysis.•Despite the lack of documentation describing the analyticalmethods and the lack of QAQC it is reasonable to assume that theanalysis was to an industry standard for the time and that theresults would be reasonable, especially for the level of classificationof the resource estimate.•QMines Operations –2021samples for assaywere submitted toALS Laboratories in Brisbane.•Ag, As, Ba, Cu, Pb, S and Zn were determined by ALS(ME-ICP61) byICP-AES on a four acid digest, Au was determined using ALSmethod AA25 (fire assay with AAS on a 30g pulp). Samplepreparationand base metal analysiswas undertaken in Brisbaneand Fire Assay undertaken byALS in Townsville.•The Company submits batches to ALS from drill programs as theycome to hand•There is no significant bias in assayed results from duplicatesassayed

Criteria	JORC Code explanation	Commentary
		•Certified Reference Materials (CRM) and blanks (supplied byGEOSTATS Pty Ltd) are inserted at regular intervals with suitableCRMs beingused to monitor laboratory accuracy. Duplicatesareutilised to monitor laboratory reproducibility.•Internal laboratory QAQC reports are delivered by ALS withcertification of assay method used and certified assay results. Theseresults are delivered to the project Geologist, Drill hole data basemanager and the Company•
Verification ofsampling andassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.•Discuss any adjustment to assay data.	•Historical drillhole intersections have now been digitised andviewed by QMines Geologists and by HGMS resource Geologist.•QMines has cross checked selected data, while building a newgeological database, based on scanned open files held by theQueensland Dept of Mines, all drillhole collars were checked andrandom drill logs checked. No issues were noted.•QMines state that all available data was compiled and verified byJohn Macdonald, Principal Geologist with McDonald Speijers PtyLtd and documented in "MOUNT CHALMERS DEPOSIT UPDATEDMINERAL RESOURCE ESTIMATE & REVIEW OF ASSOCIATED DATACOLLECTION PROCEDURES"•John Macdonald used a complete set of original drill logs, plusmine records which at the time were available at the MML minesite offices.•There is no documentation of any adjustment to the data that hasincluded inserting half lower detection limit values into thedatabase, insertions of blank values where no sample recorded etc.•QMines Operations –2021significant intersections have beenvalidated by the Company's project geologist.•A number of historical holes have been twinned as part of thevalidation process of historical data.•Documentation and digitisation of historical data has beenundertaken by Lisa Orr of Orr and Associates the Companygeological data base manager with all historical data verified. Drillhole data base is stored in an Access database and housedindependently in an external NAS drive and backed up in a cloudstorage system.

Criteria	JORC Code explanation	Commentary
Locationofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•The earliest grid shown on plans was an exploration gridestablished by CEC which originated at the North Shaft, which wasassigned coordinates of zero for both easting and northing.•Peko subsequently established a mine grid, again using the NorthShaft as the origin, which was assigned coordinates of 5000mE &5000mN. A network of local control stations was set out by MMLstaff surveyors.•All previous data (such as drill collar locations) were converted byPeko to mine grid which appears to have been used consistentlyfor both exploration and production work.•Control points for the Peko mine grid survive and this grid was alsoused for all Federation and MS work. A Rockhampton basedsurveyor (R E Harris) who previously worked as a mine surveyor onthe project with MML conducted all surface surveys for Federation.•Local mine control survey points are still in existence, and thesehave been re-surveyed by QMines using a Differential GlobalPositioning System.•QMines has converted the Local Grid to GDA94 zone 56 grid usingArcGIS software, using a combination of local mine control surveypoints and landmarks.•The current topography was defined using a photogrammetricsurvey conducted by Capricorn Survey Consultants Pty Ltd onbehalf of Federation in May-June 1995. This was based onphotography flown in November 1992 and used ground controlsestablished by MML in the 1970's to provide a tie in between AMGand mine grid coordinates.•Pre-open pit topography was available as photogrammetriccontour plans dated November 1978, generated by Geo-Spectrum(Aust) for MML. These were presented at 1:500 and 1:1000 scale overthe mine area with contour intervals of 1m and 2m, respectively.They were apparently based on photography flown in 1973.•MS digitised the 1:1000 scale plan over the area of the resourcemodel to allow volumes to be estimated for the Peko pit and forsubsequent excavations at the south end of the pit, pit backfill andsurface dumps•Percussion holes, which make up 73% of the total number of holesavailable, were not surveyed downhole. However, it should benoted that virtually all of them were vertical and are considered by

Criteria	JORC Code explanation	Commentary
		QMines to have had very limited deviation.•For pre-Federation diamond drill holes, logs and sections onlyshowed evidence of down hole surveying for 1 hole but the surveydetails are not recorded in the log. The remainder of the diamonddrill holes are assumed not to have been surveyed downhole.•Federation drill holes were surveyed at intervals of approximately50m using an Eastman single shot borehole survey camerasupplied by the drilling contractors.•QMines have assumed that all pre-1995 holes were straight, simplyusing the recorded collar bearings and dips for downhole surveys.This will no doubt result in some errors in the 3D location ofsamples, but since hole depths are typically about 50-150m andmost holes are vertical into flat-dipping rocks, serious holedeviations are not expected to have been common.•QMines Operations have implemented a complete conversion ofall historical drill collar surveys and local gridding utilised beprevious explorers with local mine surveyors undertaking theconversion with the local work being validated by MINECOMPSurveying.•Conversion from local grid to GDA 94 MGA Zone 56.•All drill hole collars are picked up by and validated by the sitesurveyors.•The Company has flown a new Digital Terrain Model (DTM) usingdrone survey technology.•The quality and accuracy of the DTM has been validated andprocessed independently of the data capture by MINECOPSurveying.
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.•Whether sample compositing has beenapplied.	•The Peko drilling was initially on a nominal pattern of 40m x 40mwhich was subsequently infilled to a nominal 20m x 20m over mostof the deposit, but with considerable local variation in holespacings.•Federation locally infilled or extended the 40m x 40m pattern, buton an irregular basis because of the access difficulties presented bythe water-filled open pit.•At the northern end of the stringer zone where the mineralisationbecomes deeper the pattern ranges from about 40m x 40m to40m x 80m.•Downhole sampling was at 1m intervals.

Criteria	JORC Code explanation	Commentary
		•The data point spacing is appropriate for the use in generatingMineral Resources at the appropriate levels of confidence.•No sample compositing has been undertaken.•QMines Operations –2021drill programs have been designed tovalidate historical drill hole data, expand the resource envelope andmake new discoveries.•Line and drill hole spacing is not applicable•No composite sampling has been applied
Orientation ofdatainrelationtogeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.•If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•The deposit is generally flat-lying and virtually all drillholes arevertical thus giving a good intersection angle with themineralisation.•There is no obvious sampling bias with the drilling orientation.
Samplesecurity	•The measures taken to ensure sample security.	•There is no documentation describing the process of securingsamples at site and their transportation to the laboratory.•QMines Operations–2021samples are cut onsite by Companyworkers, inserted into individual numbered calico sample bagsthen 4 calico bags are inserted into sealed cable tied polyweavebags. Polyweave bags are numbered in sequence.•Samples are then delivered by Company staff to Centurion FreightRockhampton, loaded into bulka bags by Company staff andshipped directly to ALS Laboratory Brisbane overnight.
Auditsorreviews	•The results of any audits or reviews of samplingtechniques and data.	•MS essentially completed an audit of the sampling techniques withthe 2005 Mineral Resources.The audit concluded that "Afterextensive validation and editing MS are satisfied that the drill holedatabase files used for resource estimation are reasonablycomplete and free of serious errors, within the practical limitationsimposed by the age of some of the data".•QMines Operations–2021sampling techniques have beenestablished by the Company Project Geologist. Results arereviewed and validated by the Company database geologymanager.•Exploration results are not audited independently

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenure status	•Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or national parkand environmental settings.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•QMines Pty Ltd has two 100% owned subsidiaries, Dynasty Gold PtyLtd and Rocky Copper Pty Ltd, through which the Company has a100% beneficial interest in the Mt Chalmers Project. The MtChalmers Project is held in EPM 25935 and EPM 27428 located 25kilometres east of the City of Rockhampton in coastal centralQueensland, Australia. The project covers an area of historic goldand copper mining, which comprises an area of 198 km2•The Project is free and unencumbered by either joint ventures orany other equity participation of the tenement.•QMines has yet to negotiate any landowner provisions orGovernment royalties or yet to commence environmental studieswithin the project area. Currently the QueenslandDepartment ofNatural Resources & Mines is conducting remediation works onminor acid mine waste draining from a mineralised mullock dump.•All the tenements are for "all minerals" excepting coal.•Note that the granted tenements allow QMines to carry out manyof their planned drilling programs under relevant access proceduresapplying to each tenement.•All the EPMs are subject to the Native Title Protection Conditionswith respect to Native Title.•Declared Irrigation Areas, Declared Catchment Areas, DeclaredDrainage Areas, Fossicking areas and State Forest, are all landclassifications that restrict exploration activity. These are notaffecting QMines' main prospects but may have impact on regionalprograms in places.•All annual rents and expenditure conditions have been paid andfully compliant
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	•CEC and Peko are generally recognisedas competent companiesusing appropriate techniques for the time. Written logs andhardcopy sections are considered good.•Federation was a small explorer that was entirely focussed ondefining the Mt Chalmers resource. They used a very competentgeologist, Alex Taube, for the drilling programme. Alex Taube is

Criteria	JORC Code explanation	Commentary
		widely respected for his knowledge about VHMS deposits in NorthQueensland.
Geology	•Deposit type, geological setting and style ofmineralisation.	•The Mt Chalmers mineralisation is situated in the early PermianBerserker Beds, which occur in the fault-bounded BerserkerGraben, a structure 120km long and up to 15km wide. The grabenis juxtaposed along its eastern margin with the Tungamull Fault andin the west, with the Parkhurst Fault.•The Berserker Beds lithology consists mainly of acid to intermediatevolcanics, tuffaceous sandstone and mudstone, (Kirkegaard andMurray 1970). The strata are generally flat lying, but locally folded.Most common are rhyolitic and andesitic lavas, ignimbrites or ashflow tuffs with numerous breccia zones. Rocks of the Berserker Bedsare weakly metamorphosed and, for the most part, have not beensubjected to major tectonic disturbance, except for normal faultsthat are interpreted to have developed during and after basinformation.•Late Permian to early Triassic gabbroic and dioritic intrusions occurparallel to the Parkhurst Fault. Smaller dolerite sills and dykes arecommon throughout the region and the Berserker Beds.•Researchers have shown that the Mt Chalmers mineralisation is awell-preserved, volcanic-hosted massive-sulphide ("VHMS –Kurokostyle") mineralised system containing zinc, copper, lead, gold andsilver. Mineral deposits of this type are syngenetic and formedcontemporaneously on, or in close proximity to, the sea floor duringthe deposition of the host-rock units deposited from hydrothermalfumaroles, direct chemical sediments or replacements (massivesulphides), together with disseminated and stringer zones withinthese host rocks.•The oldest rocks in the area, the 'footwall sequence' of pyritic tuffs,are seen only in the Mt Chalmers open pit and in drill holes awayfrom the mine. The rock is usually a light coloured eutaxitic tuff withcoarse fragments, mainly of chert, porphyritic volcanics and chloriticfiamme(fiammeare aligned, "flame-like" lenses found in weldedignimbrite and other pyroclastic rocks and indicate subaerialdeposition. Eutaxitic texture, the layered or banded texture in thisunit,is commonly caused by the compactionand flattening of glass

Criteria	JORC Code explanation	Commentary
		shards and pumice fragments around undeformed crystals). Thealteration (silicification, sericitisation and pyritisation)of this basalunit becomes more intense close to mineralisation.•The 'mineralisedsequence' overlying the 'footwall sequence'consists mainly of tuffs, siltstones and shales and contains stratiformmassive sulphide mineralisation and associated exhalites: thinbarite beds, chert and occasionally jasper, hematitic shale and thinlayers of bedded disseminated sulphides. Dolomite has beenrecorded in the mineralised sequence close to massive sulphides.This sequence represents a hiatus in volcanic activity and a periodof water-lain deposition.•The 'hanging wall sequence' is a complex bedded series of unalteredcrystal and lithic rhyolitic tuffs and sediments with breccia zonesand occasional chert and jasper.•A mainly conformable body of andesite, ranging from 10m to 250mthick, intrudes the sequence; it usually occurs just above the'mineralised sequence'. A quartz-feldspar porphyry body intrudesthe volcanic sequence and in places intrudes the andesite.The rocks in the mine area are gently dipping, about 20o to the north•in the Main Lode mine area and similarly dipping south at the WestLode: the predominant structure is a broad syncline trending northnorth-west. Slaty cleavage is strongly developed in some of therocks,notably in sediments and along fold axes. Such cleavage isprominent in areas close to the mineralisation.•Domingof the rocks close to the mineralisation has beeninterpreted by detailed work in the open cut to be largely due tolocalised horst block-faulting (Taube 1990), but the doming mightalso be a primary feature in part. Steep dips are localised and usuallythe result of block faulting. The Main Lode outcrop and West Lodeoutcrop are variably silicified rocks which, by one interpretation,may have been pushed up through overlying rocks in the mannerof a Mont Pelée spine (Taube 1990), but in any case, form a dome ofrhyolite / high level intrusions of the Ellrott Rhyolite. Thesurrounding mineralised horizon is draped upon the flanks of domalstructures.

Criteria	JORC Code explanation	Commentary
DrillholeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation aboveosea level in metres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understandingof the report, the Competent Person should clearlyexplain why this is the case.	•Exploration Results are reported in the body of the relevantannouncements in Table 1
Dataaggregationmethods	•InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used forsuchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•QMines Operations–2021•In reported exploration results, length weighted averages areused for any non-uniform intersection sample lengths. Lengthweighted average is (sum product of interval x correspondinginterval assay grade), divided by sum of interval lengths androunded to two decimalpoints.•No top cuts have been considered in reporting of grade results,nor was it deemed necessary for the reporting of significantintersections.•No metal equivalent values have been reported.•Mt Chalmers VHMS is a polymetallic base and precious metalmineral system, cut off grades used by the Company incalculating mineralized intersections are 2500ppm Cu, 0.1ppmAu and 1ppm Ag, 0.5% Zn and 0.5% Pb
Relationshipbetweenmineralisation widths and	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should be	•QMines Operations –2021•At Mt Chalmers, the drilling has generally intersected themineralisation at high angles.•The majority ofholes drilled at Mt Chalmers Copper Project arevertical in nature.

Criteria	JORC Code explanation	Commentary
interceptlengths	reported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	•Holes drilled on 60 degree dip are reported in the Significantintercept table. True widths in 60 degree dip are not reported. TrueWidth is approximately 87% of the down hole intersection.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•Maps, sections, mineralised intersections, plans and drill collarlocations are included in the body of the relevant announcement.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticedtoavoidmisleadingreportingofExploration Results.	•Table 1 in the body of the announcement
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousorcontaminating substances.	•CEC and Peko completed some brownfields exploration to assistwith defining the resource including Induced Polarisation surveysand Sirotem (electromagnetic method) surveys.•Federation concentrated on defining the resource estimates.•No other exploration data is considered meaningful at this stage.•QMines Operations–2021the company delivered soil geochemicalgrids obtained from the Geological Survey of Queensland consistingof 19,000 samples collected by various workers and digitized by theCompany during 2021.
Further work	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	•Infill and resource expansion drilling is being undertaken toupgrade and potentially expand the current resource estimates.