QMINES LIMITED — Capital/Financing Update 2024

Sep 29, 2024

==> picture [135 x 23] intentionally omitted <==

----- Start of picture text ----- 30 SEPTEMBER 2024----- End of picture text -----

A N N O U N C E M E N T

CLEANSING NOTICE

QMines Limited ( ASX:QML ) ( QMines or Company ) advises that it has issued:

• 55,851,065 fully paid ordinary shares ( Shares ) at an issue price of $0.047 per share as Tranche 2 of a capital raise approved by Shareholders;

• 1,085,117 Shares at a deemed issue price of $0.047 to employees in part consideration for salaries payable as approved by Shareholders;

• 582,834 Shares at a deemed issue price of $0.096 in consideration for services provided; and

• 10,261,194 Shares at a deemed issue price of $0.067 in part consideration of the remaining 49% of the Develin Creek Project

and gives this notice under section 708(5)(e) of the Corporations Act 2001 (Cth) ( Act ).

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. By giving this notice, the Shares noted above fall within the exemption in section 708A(5) of the Act.

For the purposes of section 708A(6) of the Act, the Company gives a notice that:

1. the Company issued the Shares without disclosure under Part 6D.2 of the Act; and

2. this notice is given under section 708A(5)(e) of the Act; and

3. as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

4. as at the date of this notice, there is no information to be disclosed under section 708(6)(e) of the Act which is excluded information (as defined in sections 708A(7) and 708A(8) of the Act).

==> picture [492 x 169] intentionally omitted <==

1

CONTACTS

About QMines

QMines Limited ( ASX:QML ) is a Queensland focused copper and gold development company. The Company owns rights to 100% of the Mt Chalmers (copper-gold) and Develin Creek (copper-zinc) projects, located within 90km of Rockhampton in Queensland.

Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982.

The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.[1, 2]

QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper and gold production.

Project & Ownership

Mt Chalmers 100% Develin Creek 100%

QMines Limited

ACN 643 312 104

Directors & Management

Andrew Sparke Executive Chairman

James Anderson General Manager Operations

Peter Caristo Non-Executive Director Elissa Hansen (Technical) Non-Executive Director & Company Secretary

Glenn Whalan Geologist (Competent Person)

Compliance Statement

Unlisted Options

5,750,000 ( $0.375 strike, 3 year term)

Shares on Issue

342,109,398

With reference to previously reported Exploration results and mineral resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parametres underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

1. ASX Announcement - Mt Chalmers Resource Upgrade. 22 Nov 2022

2. ASX Announcement - QMines Delivers Fight Resource at Develin Creek. 22 Sept 2022

Contacts

Registered Address Suite J, 34 Suakin Drive, Mosman NSW 2088

Postal Address

PO Box 36, Mosman NSW 2088

Telephone + 61 (2) 8915 6241

Email info@qmines.com.au Website qmines.com.au

Peter Nesvada Investor Relations peter@qmines.com.au

Andrew Sparke Executive Chairman andrew@qmines.com.au

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

CONTACTS

==> picture [277 x 351] intentionally omitted <==

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

qmines.com.au