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QMines (ASX:QML) lands on the ASX following $11.5M IPO

Mining
ASX:QML      MCAP $13.97M
13 May 2021 16:10 (AEST)

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Queensland-based gold and copper play QMines (QML) made its ASX debut this week under the ticker code QML.

The company raised $11.55 million through its initial public offering (IPO), exceeding its prospectus’ minimum subscription of $10 million.

QMines’ issued shares to investors for 30 cents each under the IPO, with lead manager Shaw and Partners gathering strong support from Australian and European investors.

The money will fund a large drilling campaign at its flagship Mt Chalmers project, North East of Rockhampton, which will include 3000 metres of RC drilling due to start this month.

The company, which hopes to become Australia’s first zero-carbon copper and gold developer, has already completed its maiden 1575-metre, 11-hole diamond drilling program at Mt Chalmers at an average depth of 143 metres. Assay results are expected before the end of the June quarter. 

While QMines’ owns four advanced projects, it’s hedging its bets on the high-grade, historical Mt Chalmers, which produced 1.2 million tonnes at 3.6g/t of gold between 1898 and 1982. 

Mt Chalmers’ open pit also has an inferred copper resource of three million tonnes at 1.15 per cent. 

QMines’ Chairman, Andrew Sparks, said shareholders should look forward to a steady news flow in the coming months.

“We are excited to be able to bring this homegrown copper and gold story to ASX,” Sparks said.

“We look forward to updating you very shortly with some exciting drill results and a number of other planned initiatives,” he said.

“The support we have received from new and existing shareholders, the vendors, the Queensland Government and local community has been very pleasing and we are delighted to welcome a number of institutional and sophisticated investors to the share register.”

Shares closed 3.45 per cent lower at 28 cents, giving the company a market cap of more than $32 million.

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