QMINES LIMITED — Investor Presentation 2021

Oct 31, 2021

==> picture [149 x 48] intentionally omitted <==

November 2021 Conference Presentation Australia’s First Zero Carbon Copper & Gold Developer…

==> picture [43 x 56] intentionally omitted <==

Important Information

DISCLAIMER

This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. QMines Limited ACN 643 212 104 (QMines) and its directors, officers, employees, advisers, agents and consultants make no representations or warranties as to the accuracy, reliability or completeness of this document including the accuracy or attainability of any forward-looking statements, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded.

COMPETENT PERSON (EXPLORATION)

The information in this document that relates to mineral exploration and exploration targets is based on work compiled under the supervision of Mr Hamish Grant, a member of the Australian Institute of Geoscientists (AIG). Mr Grant is QMines’ principal geologist and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC 2012 Mineral Code). Mr Grant consents to the inclusion in this document of the exploration information in the form and context in which it appears.

COMPETENT PERSON (RESOURCE)

The information in this document that relates to the Mineral Resource Estimate and Exploration Targets is based on information compiled by Mr Simon Tear, a member of the Australian Institute of Mining and Metallurgy. Mr Tear is a director and consultant geologist with H&S Consultants Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to be a Competent Person for the reporting of Mineral Resources according to the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tear consents to the inclusion in this document of the information relating to Mineral Resources and exploration information in the form and context in which it appears.

MT CHALMERS PROJECT

The historical exploration results in relation to the Mt Chalmers project contained in this document have been reported in accordance with the JORC 2012 Mineral Code and the Competent Person has undertaken sufficient work to disclose the historical exploration results in accordance with the JORC 2012 Mineral Code.

LIMITED HISTORY

The Company was incorporated on 4 August 2020 and has only limited operating history and limited historical financial performance. Exploration and production has previously been conducted on the area of land the subject of the tenements, however, the Company is yet to conduct sufficient exploration activities or had the opportunity to confirm the historical information in relation to these tenements.

FUTURE PERFORMANCE

This document contains references to certain targets and plans of QMines which may or may not be achieved. Any forward-looking statements are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by QMines and the Competent Person, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. The performance of QMines may be influenced by a number of factors, risks and uncertainties, many of which are outside the control of QMines and its directors, officers, employees, advisers, agents and consultants.

==> picture [83 x 36] intentionally omitted <==

2

Executive Summary

Mt Chalmers is one of the highest ² gold grade VHMS deposits globally…

¹ Overview

• Queensland focused copper and gold development company;

• Owns 100% of four advanced projects covering 1,096km²;

• Projects include two historic copper and gold miners (Mt Chalmers and Warroo); and

• Seeking to become Australia’s first zero carbon copper and gold developer.

¹ Historic Production & Current Resource

Production / Resource:	Project:	JORC Code Category:	Tonnes (Mt):	Grade (% Cu):	Grade (g/t Au):	Grade (g/t Ag):
Historic Production	Mt Chalmers	N/A	1.24	2.0	3.6	19
Current Resource	Mt Chalmers	Inferred	3.9	1.15	0.81	8.4

==> picture [367 x 293] intentionally omitted <==

==> picture [83 x 36] intentionally omitted <==

33

¹ QMines Prospectus, Annexure A, Independent Geologists Report pages 97-104 ² The Gold Content of VMS Deposits, Patrick M Langevin, 11 May 2010.

What We’ve Delivered in Just 6 Months…

==> picture [47 x 46] intentionally omitted <==

==> picture [47 x 46] intentionally omitted <==

==> picture [47 x 46] intentionally omitted <==

73,000t Cu Eqv Resource¹

The Company has a second resource update due out this quarter (Q4-2021) which will aim to grow the its size and the JORC category.

Successful ASX Listing

Successfully listed on the ASX on the 6[th] May 2021 raising $11.5 million.

4 Exploration Targets¹

Reported 4 Exploration Targets (JORC 2012) at Mt Chalmers and Silverwood that underpin further resource upgrade potential.

==> picture [53 x 54] intentionally omitted <==

==> picture [51 x 51] intentionally omitted <==

==> picture [54 x 54] intentionally omitted <==

4 Project Acquisitions

Projects include two historic copper and gold mines (Mt Chalmers & Warroo) and two exploration projects.

219 Acres of Land Acquired

Four strategic land acquisitions completed at Mt Chalmers comprising 219 acres of land, staff accommodation and office facilities.

Robust ESG Strategy

Developed a comprehensive ESG roadmap that includes our net zero commitment by 2030. Our aim is to become Australia’s first zero carbon copper and gold developer.

==> picture [83 x 36] intentionally omitted <==

4

¹. Metals price assumptions for copper equivalent estimates are US$6,655/t Cu, US$1,900/oz Au and US$25/t Ag. Exchange rate is AUD$0.70. Assumed metallurgical recoveries of 90% for gold and 50% for silver. Exploration Targets are reported in accordance with the JORC 2012 Code & Guidelines.

Corporate Overview ¹

ASX Code QML Shares on Issue 111.4M Options on Issue 4.2M Market Capitalisation ($0.37) 41.2M Cash at Bank (30 Sept 2021) $7.5M Freehold Property Ownership $1.4M Enterprise Value ($0.37) $33.7M

Market Capitalisation: $41 million

==> picture [353 x 352] intentionally omitted <==

----- Start of picture text -----

SHAREHOLDER BREAKDOWN
35% 43%
13%
9%
Founders & Directors Seed Investors
IPO Investors Project Vendors
----- End of picture text -----

==> picture [83 x 36] intentionally omitted <==

¹ Options have an exercise price of $0.375 and a 3 year term. Market Capitalisation and Enterprise Value calculated on 29[th] October 2021. Rounding errors may occur. Shareholder breakdown at time of IPO. Freehold property ownership relates to the purchase price of four rural property acquisitions.

5

Mt Chalmers Project ¹ ²

Overview

• Located 17km North-East of Rockhampton in Queensland;

• QMines owns 100% of the project comprising 316km²;

• Mt Chalmers produced 1.24Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag up to 1982; and

• Mount Chalmers is one of the highest gold grade VHMS deposits globally.

Current Resource

• Inferred Resource (JORC 2012) of 3.9Mt @ 1.15% Cu, 0.81g/t Au and 8.4g/t Ag; and

• The companies second resource upgrade is due this quarter (Q4-2021).

Exploration Targets

• Three Exploration Targets at Woods Shaft, Botos and Mt Warminster; and

• Exploration Targets demonstrate significant resource growth potential.

==> picture [304 x 409] intentionally omitted <==

Mt Chalmers Project, Drilling, Geology and recently identified soil anomalies. ³

==> picture [83 x 36] intentionally omitted <==

66

¹ QMines Prospectus, Annexure A, Independent Geologist Report, pages 93-104. Exploration Targets are reported in accordance with the JORC 2012 Code & Guidelines. ² The Gold Content of VMS Deposits, Patrick M Langevin, 11 May 2010.

³ https://wcsecure.weblink.com.au/pdf/QML/02402944.pdf

Mt Chalmers Project

The Mt Chalmers deposit is relatively shallow, flat lying and open in all directions…

==> picture [464 x 360] intentionally omitted <==

Long section through Mt Chalmers showing the shallow and high-grade nature of the ore body.

==> picture [83 x 36] intentionally omitted <==

7

Mt Chalmers Growth Strategy

Organic Growth

==> picture [92 x 92] intentionally omitted <==

Near Mine Targets¹ Brownfield

==> picture [91 x 92] intentionally omitted <==

3 Exploration Targets² Brownfield

==> picture [83 x 83] intentionally omitted <==

4 Large Soil Anomalies³ Greenfield

==> picture [290 x 178] intentionally omitted <==

Visible Chalcopyrite Stringer Veins from Near Mine Exploration (MCDD015).

==> picture [290 x 163] intentionally omitted <==

Potential Inorganic Growth⁴

==> picture [92 x 92] intentionally omitted <==

==> picture [92 x 92] intentionally omitted <==

==> picture [91 x 92] intentionally omitted <==

Project Acquisitions

Land Acquisitions

Corporate Transactions

Current Drill Program Testing Near Mine Resource Extension Targets.

• ¹ https://wcsecure.weblink.com.au/pdf/QML/02431839.pdf

• ² QMines Prospectus, Annexure A, Independent Geologist Report, pages 93-104. Exploration Targets are reported in accordance with the JORC 2012 Code & Guidelines. ³ https://wcsecure.weblink.com.au/pdf/QML/02402944.pdf

==> picture [83 x 36] intentionally omitted <==

88

⁴ Potential Inorganic Growth refers to potential growth strategies however there is no guarantee that these will be achieved.

ESG Roadmap

We have committed to achieving net zero by 2030 and we are acting now to achieve this…

==> picture [960 x 235] intentionally omitted <==

----- Start of picture text -----

Phase Out Organisational
Fossil Fuels Integrity Through Develop Projects
20% reduction Rigorous Governance to Deliver “Green”
to date 66% Board Copper & Gold
independence² In progress
Use 100% Minimum 50% Collaborate with
Renewable Local Procurement Supply Chain
Electricity 50% currently Towards Net Zero
60% reduction to In progress
date¹
----- End of picture text -----

2021

“Towards a sustainable future…”

2030

==> picture [83 x 36] intentionally omitted <==

9

¹ https://wcsecure.weblink.com.au/pdf/QML/02442767.pdf ² https://wcsecure.weblink.com.au/pdf/QML/02421222.pdf

Zero Carbon Initiatives

==> picture [114 x 114] intentionally omitted <==

==> picture [115 x 114] intentionally omitted <==

==> picture [108 x 108] intentionally omitted <==

==> picture [108 x 108] intentionally omitted <==

==> picture [108 x 108] intentionally omitted <==

Renewable Fuel for Drill Rigs & Vehicles

Onsite Renewable Power Generation²

Preparing Climate Active Certification

Carbon Neutral Certification¹

Onsite Wastewater Management²

Acting now to achieve net zero Andrew Sparke, Executive Chairman

==> picture [295 x 200] intentionally omitted <==

Onsite Solar Panels at Mt Chalmers.

==> picture [289 x 195] intentionally omitted <==

QMines sponsorship of the local Nerimbera Magpie’s football club.

==> picture [83 x 36] intentionally omitted <==

1 10 0

¹ https://qmines.com.au/wp-content/uploads/2021/10/2021_05_04-QMines-Self-Assessment-validation.pdf

² https://wcsecure.weblink.com.au/pdf/QML/02442767.pdf

Near Term Pricing Catalysts¹

									Initial						Climate	Climate
									Metallurgical						Active
									Results			Potential			Certification
				Second Resource Update				Structural Geological Report				Divestment of Non-Core Assets				EM Survey Commences				Drilling – Soil Anomaly 1
		Potential				Downhole EM							Tenements
		Land				Commenced							Granted
		Acquisition																Drilling -		Third
Renewable																		Exploration		Resource
Fuel MOU																		Target 1		Update
				Q4	-	2021									H1 - 2022

==> picture [25 x 9] intentionally omitted <==

----- Start of picture text -----

2021
----- End of picture text -----

==> picture [28 x 9] intentionally omitted <==

----- Start of picture text -----

2022
----- End of picture text -----

DRILL RESULTS

==> picture [83 x 36] intentionally omitted <==

11

¹ This timeline is indicative only and subject to change without notice. Given the impacts of COVID-19 on boarder and travel restrictions, there may be delays to these timeframes.

Why Invest?

==> picture [47 x 46] intentionally omitted <==

High-Grade Historic Producer

With historic production grade of 2% Cu and 3.6g/t Au, the Mount Chalmers deposit is one of the highest gold grade VHMS deposits globally.¹

==> picture [47 x 47] intentionally omitted <==

Multiple Known Deposits

VHMS deposits typically occurs in clusters. QMines has identified 3 deposits outside the Mt Chalmers resource demonstrating significant growth potential.

Scarcity of Quality Copper Assets

==> picture [47 x 46] intentionally omitted <==

Pure copper plays account for just 1% of ASX-listed metals and mining stocks, compared to 17% in gold².

Share in our exciting future…

==> picture [54 x 53] intentionally omitted <==

Low Capex Advantage

Mt Chalmers is close to rail, airport, bitumen roads, water, power, communications and accommodation facilities. Existing infrastructure provides a low-capex advantage and potential for a faster path to production.

==> picture [54 x 54] intentionally omitted <==

Large Drilling Program

Large, fully funded, drilling campaign of +30,000m commenced providing significant leverage to a growing resource and exploration success.

==> picture [54 x 54] intentionally omitted <==

Strong ESG Credentials

Developed a comprehensive ESG roadmap that includes our net zero commitment by 2030. Our aim is to become Australia’s first zero carbon copper and gold developer.

==> picture [83 x 36] intentionally omitted <==

12

¹ The Gold Content of VMS Deposits, Patrick M Langevin, 11 May 2010.

² Australia’s Latest Resources Boom Is Driving a Surge In IPOs, Bloomberg, 18 April 2021.

Appendix: A Team That Delivers

Incentivised management with a trackrecord of generating shareholder returns...

==> picture [76 x 76] intentionally omitted <==

Mr Andrew Sparke Executive Chairman

• Former Director of Alt Resources Ltd (ASX:ARS), Torian Resources Ltd (ASX:TNR) and Landstead Investors Pty Ltd, a UK based resources fund;

• Managing Director of Olive Capital Pty Ltd, an Australian boutique corporate advisory firm; and

• Holds a Bachelor of Business (Marketing) a Masters in Finance and is a graduate member of the Australian Institute of Company Directors (GAICD).

==> picture [75 x 76] intentionally omitted <==

Ms Elissa Hansen

Non-Executive Director ( Independent ) & Company Secretary

• Experience in advising company boards on corporate governance, compliance and investor relations;

• Chartered Secretary with strong governance and compliance skills;

• Director and/or Company Secretary of a number of public, listed and private companies; and

• Current and former director of Zoono Group (ASX:ZNO) and Torian Resources (ASX:TNR).

==> picture [76 x 76] intentionally omitted <==

Mr Peter Caristo

Non-Executive Director

( Independent )

• Experienced exploration geologist with over 24 years’ experience in the mineral exploration industry;

• Peter has held senior positions in Newcrest Mining (ASX:NCM), OceanaGold (ASX:OGC) and Mining Associates; and

• Peter is the current Chair of the Queensland Branch of the Australian Institute of Geoscientists.

==> picture [76 x 76] intentionally omitted <==

Mr James Anderson

General Manager Operations

• Significant operational experience of ASX listed resources companies;

• Founder and former CEO of Alt Resources Ltd (ASX:ARS); and

• Alt was recently acquired by a large private equity group generating significant value for shareholders.

==> picture [83 x 36] intentionally omitted <==

13

Appendix: Copper Grade vs Energy Consumption

High-grade, shallow ore bodies require less energy consumption to achieve same metals output…

==> picture [472 x 293] intentionally omitted <==

Relationship between copper specific energy and copper equivalent grade.

==> picture [83 x 36] intentionally omitted <==

14

Source: Benchmarking comminution energy consumption for the processing of copper and gold ores, G.R Ballantyne & M.S Powell, 2014

==> picture [177 x 99] intentionally omitted <==

Appendix: Historic Production, Mineral Resource & Exploration Targets¹

Historic Production

Project	Project	Tonnes (Mt)	Tonnes (Mt)	Grade (% Cu)	Grade (% Cu)	Grade (% Cu)	Grade (g/t Au)	Grade (g/t Au)	Grade (g/t Ag)	Grade (g/t Ag)
Mt Chalmers		1.24		2.0			3.6		19
Mineral Resource
Project	Code Category		Tonnes (Mt)		Grade (% Cu)	Grade (g/t Au)		Grade (g/t Ag)		Cut Off Grade
Mt Chalmers	Inferred		3.9		1.15	0.81		8.4		0.75% Cu Eqv

Exploration Targets

Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)	Exploration Target Tonnes (Mt) Grade (% Cu) Grade (g/t Au) Grade (g/t Ag) Grade (% Zn) Grade (% Pb)
Woods Shaft	1.0 - 1.5	0.2 - 0.3	0.6 – 1.0	–	–	–
Botos	1.5 – 2.5	0.1 – 0.2	0.5 – 0.8	30 - 50	1.1 – 1.4	0.5 – 0.7
Mt Warminster	1.5 – 1.8	0.1 – 0.2	–	8 - 12	0.5 – 0.7	0.25 – 0.35
Silverwood	0.8 – 1.0	0.3 – 0.5	–	15 - 25	3.2 – 3.7	0.3 – 0.5

==> picture [83 x 36] intentionally omitted <==

15

¹ QMines Prospectus, Annexure A, Independent Geologists Report. Note: The potential quantity and grade of the exploration targets is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

==> picture [151 x 47] intentionally omitted <==

Contact

Andrew Sparke Executive Chairman Mobile: +61 422 283 022 Email: andrew@qmines.com.au

Peter Nesveda

Investor Relations Mobile: +61 412 357 375 Email: peter@qmines.com.au Australia’s First Zero Carbon Copper & Gold Developer…

==> picture [42 x 55] intentionally omitted <==