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QMines Ltd.
(Sydney:QML)
QMines Ltd. (QML) vs. iShares MSCI Australia ETF (EWA)
QMines Ltd. Business Overview & Revenue Model
QMines Ltd. Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.97K | 88.23K | 178.21K | 22.17K | 0.00 | 2.51K |
| Gross Profit | -53.49K | 88.23K | 178.21K | 22.17K | -234.62K | -9.05K |
| EBITDA | -3.23M | -2.72M | -2.88M | -5.66M | -2.93M | -1.57M |
| Net Income | -3.73M | -2.94M | -3.37M | -5.70M | -3.17M | -1.58M |
Balance Sheet | ||||||
| Total Assets | 35.95M | 27.91M | 21.49M | 16.39M | 12.79M | 14.38M |
| Cash, Cash Equivalents and Short-Term Investments | 5.84M | 3.50M | 607.79K | 2.29M | 1.03M | 9.05M |
| Total Debt | 1.61M | 1.74M | 1.36M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 2.66M | 2.61M | 3.41M | 455.11K | 386.80K | 336.67K |
| Stockholders Equity | 33.29M | 25.30M | 18.08M | 15.94M | 12.40M | 14.04M |
Cash Flow | ||||||
| Free Cash Flow | -8.77M | -6.19M | -6.07M | -4.65M | -8.01M | -3.53M |
| Operating Cash Flow | -6.94M | -4.46M | -4.57M | -4.49M | -4.88M | -2.91M |
| Investing Cash Flow | -1.75M | -1.81M | -1.49M | -169.09K | -3.13M | -616.00K |
| Financing Cash Flow | 13.05M | 9.18M | 4.37M | 5.91M | 0.00 | 12.58M |
QMines Ltd. Technical Analysis
QMines Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$55.57M | -1.38 | -48.78% | ― | ― | ― | |
47 Neutral | AU$33.03M | -2.63 | -12.73% | ― | ― | 48.47% | |
46 Neutral | AU$7.06M | -3.07 | -57.65% | ― | ― | -66.67% | |
44 Neutral | AU$43.02M | -8.57 | -8.12% | ― | ― | 43.48% | |
43 Neutral | AU$28.91M | 8.28 | 2.76% | ― | ― | 26.92% | |
43 Neutral | AU$400.21M | -3.44 | -31.56% | ― | ― | 86.21% |
QMines Ltd. Corporate Events
QMines has reported bonanza-grade gold and silver assays from diamond drill hole MMDD010 at the Vein355 prospect within its Mount Mackenzie Project in Central Queensland. The hole confirmed a coherent shallow mineralised breccia, including standout intercepts such as 1 metre at 108 grams per tonne gold and 61.9 grams per tonne silver from 11 metres, within broader high-grade zones.
In parallel, the company has reprocessed and applied 3D inversion to historical Induced Polarisation data, significantly sharpening the model of the shallow hydrothermal architecture at Mount Mackenzie. This work has outlined five undrilled near-surface targets across a 1.2 kilometre by 750 metre area and identified two lithocap-style centres plus three sulphide-bearing structural conduits, indicating a much larger high-sulphidation system and supporting potential for substantial expansion of gold and silver mineralisation.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Ltd. has released its 2026 Interim Report for the half year ended 31 December 2025, outlining the group’s consolidated financial performance, position, and cash flows. The report package includes the directors’ report, general information, full financial statements, accompanying notes, and an independent auditor’s report, providing investors and stakeholders with an updated view of the company’s financial health and governance.
The interim disclosure offers transparency on how the business is tracking midway through its financial year and can influence market perceptions of its risk profile and capital management. By publishing an auditor’s independence declaration and a detailed review by directors, QMines reinforces its compliance posture and gives the market tools to assess its operational trajectory ahead of future capital or strategic decisions.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has reported further strong drill results from its first deep diamond program at the Mount Mackenzie project, intersecting multiple high-grade gold and silver zones that remain open along strike and at depth. The latest holes also delivered the strongest copper intercept to date, confirming high-grade mineralisation persists to around 300 metres and highlighting a vertically extensive system.
Geological indicators, including an enargite-bearing assemblage and pathfinder geochemistry, suggest a well-developed lithocap with growing evidence for an untested copper-gold porphyry feeder at depth. With 20 additional holes awaiting assays and two rigs continuing to drill, the campaign is expanding the scale of North Knoll and could materially influence QMines’ growth prospects and attractiveness to investors seeking exposure to large porphyry-style discoveries.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has reported the observation of visible gold in diamond core from hole MMDD010 at the Vein 355 prospect within its Mount Mackenzie gold and silver project in Central Queensland. The mineralisation is hosted in vuggy, strongly oxidised volcanic breccia with silica veinlets and oxidised sulphides, pointing to a highly permeable breccia horizon consistent with an epithermal vein setting.
The company has prioritised adjacent fractured and rubbly intervals in the same hole for rush assaying, with nine holes now completed at Vein 355 and further drilling under way to test continuity along strike. While no assay results are yet available, the early visual evidence of gold supports the geological model and, if confirmed by laboratory data, could enhance the project’s high-grade potential and inform future exploration strategy.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has reported a substantial upgrade to the Mineral Resource Estimate at its Develin Creek Copper–Zinc–Gold–Silver Project in Queensland. The resource now totals 4.70 million tonnes, with 90% classified as Indicated, reflecting improved geological understanding and results from recent infill and extension drilling programs.
Indicated Mineral Resources at Develin Creek have increased 46% to 4.22 million tonnes at 0.98% copper and 1.08% zinc, materially de‑risking the project and supporting Phase 2 mine planning. The mineralisation remains open along strike and at depth, and optimisation studies have commenced to move Develin Creek toward development readiness and integration into QMines’ broader Mt Chalmers hub strategy.
This is QMines’ eighth resource upgrade since listing and underscores a consistent track record of resource growth across its portfolio. Management views Develin Creek as a key future production source, with further upside potential expected from ongoing exploration and a separate resource upgrade underway at the Mt Mackenzie project.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has commenced a Definitive Feasibility Study for its Mt Chalmers copper-gold project in Central Queensland, marking a transition from explorer to potential producer. The study spans mining, processing, infrastructure, environmental approvals and risk management, building on a previously completed pre-feasibility study to support a future development decision.
The company is pursuing a phased development strategy starting with a 1Mtpa base-case operation to accelerate first production and cashflow while reducing upfront capital and project risk. Management expects early cash generation to lessen reliance on equity raisings, limit shareholder dilution, support self-funded growth and position QMines to benefit from favourable copper and gold price conditions, while drilling continues at the high-grade Mt Mackenzie gold-silver project.
The most recent analyst rating on (AU:QML) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Limited has issued 9,090,909 fully paid ordinary shares under provisions of the Corporations Act that allow on-sale of securities without a prospectus, confirming its ongoing compliance with Australian corporate reporting and disclosure requirements and indicating there is no undisclosed price-sensitive information associated with the issue. The company reported that exploration and diamond drilling at its Mt Mackenzie project is continuing, with partial assay results to be released once quality control and data validation are complete, and disclosed that it is in early, non-binding discussions regarding a potential corporate transaction, which could influence its strategic direction though there is no certainty any deal will proceed.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Limited has applied to the ASX for quotation of 9,090,909 new fully paid ordinary shares, issued as part consideration for a loan that was previously approved by shareholders at the company’s annual general meeting. The move formalizes the conversion of a portion of debt into equity, modestly expanding the company’s share base and signalling a step toward strengthening its capital structure and reducing leverage, with implications for dilution among existing shareholders and the company’s future funding flexibility.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines advanced its Central Queensland exploration portfolio in the December 2025 quarter, progressing maiden multi-rig drilling at the high-grade Mount Mackenzie gold and silver project and completing the 2025 drilling program at the Develin Creek copper and zinc project. At Mount Mackenzie, the company drilled 17 reverse circulation and three diamond holes for 2,640 metres of an initial 5,000-metre program, returning broad intervals of high-grade gold and silver mineralisation consistent with a high sulphidation epithermal system, laying the groundwork for follow-up work in 2026. At Develin Creek, four RC and two diamond holes were completed for 1,139 metres, with assays confirming multiple zones of high-grade copper-equivalent mineralisation and improving geological continuity within the Sulphide City system, supporting the potential for resource growth. The quarter also saw QMines strengthen its balance sheet through a strongly supported A$7.5 million placement and a fully underwritten A$1.5 million share purchase plan, providing funding to continue its multi-asset exploration strategy and enhance the development prospects of its key copper and gold assets.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has reset its development strategy for the flagship Mt Chalmers copper–gold project, adopting a single-asset, expandable 1 million tonne per annum phased development plan that prioritises rapid first production, early cashflow and reduced execution risk. Building on a 2024 Pre-Feasibility Study that outlined a low-cost, high-margin operation with a 10.4-year mine life, strong cashflow and robust returns, the company is moving toward a Definitive Feasibility Study under materially improved market conditions, including higher copper, gold and silver prices and lower treatment and refining charges, setting up a clearer approvals pathway and multiple value inflection points for shareholders.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Limited has strengthened its leadership team with the appointment of veteran project specialist Richard Wittig as Development Manager and experienced geologist Thomas Bartschi as Exploration Manager and Site Senior Executive, moves aimed at accelerating the advancement of the Mt Chalmers copper-gold project and enhancing operational readiness. The new roles deepen the company’s technical, development and statutory site capabilities at a time when QMines is shifting from exploration to development, while the retirement of General Manager Operations James Anderson marks a generational change in its operational leadership as the company targets key development milestones and disciplined project execution in the coming years.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Limited has issued 1,500,000 fully paid ordinary shares under provisions of the Corporations Act that allow on-sale of the securities without a disclosure document, confirming it is compliant with its continuous disclosure and financial reporting obligations and that there is no excluded information that needs to be disclosed. The company also notes that exploration and drilling programs at its Mt Mackenzie project are continuing, indicating ongoing investment in growing its resource base and advancing its portfolio of Queensland copper and gold assets.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines has reported further high-grade gold and silver intercepts from its maiden reverse circulation drilling campaign at the Mount Mackenzie project, with 22 of 36 planned holes completed for 3,240 metres of a 5,000-metre program. The latest assays from 12 holes at the North Knoll deposit show multiple shallow, broad zones of mineralisation with stacked, high-grade shoots, and confirm the presence of a deeper continuous gold-silver zone that extends below previously known mineralisation and remains open along strike and at depth. These results support the interpretation of a robust high-sulphidation epithermal system considered amenable to open-pit mining, reinforcing the continuity and growth potential of the resource and bolstering geological confidence for future mine design and optimisation studies as drilling continues with multiple rigs on site and further assays pending.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Limited has disclosed a change in director Andrew Sparke’s indirect holdings following the conversion and issuance of securities tied to his various investment vehicles. Sparke, through Turkey Investments Pty Ltd, Olive Capital Pty Ltd and Sparkle AS Investments Pty Ltd, saw 950,000 performance rights convert into fully paid ordinary shares and was granted a further 17 million performance rights, increasing Turkey’s holdings to 28.44 million shares and 17.95 million performance rights; the changes stem from the achievement of vesting conditions and shareholder-approved performance rights issued at the company’s November 2025 annual meeting, signalling ongoing equity-based alignment of the director’s interests with company performance.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMines Ltd has issued 37 million unquoted performance rights under its employee incentive scheme, with the new securities not intended to be quoted on the ASX. The move increases the company’s pool of unquoted equity-linked remuneration, aligning staff and management incentives with shareholder outcomes and signalling a continued focus on retaining and motivating key personnel through performance-based rewards.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMINES Limited has applied to the ASX for quotation of 1.5 million new fully paid ordinary shares, issued on 8 January 2026 as consideration for services provided to the company. The issuance, disclosed via an Appendix 2A filing, slightly expands the company’s share base and indicates the use of equity-based compensation arrangements, which can help preserve cash while potentially diluting existing shareholders by a modest amount.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.
QMINES Limited has applied to the Australian Securities Exchange for quotation of 2,250,000 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares, issued on 5 January 2026, will increase the company’s quoted capital base on the ASX, potentially enhancing liquidity for shareholders and modestly diluting existing holdings as the new securities commence trading.
The most recent analyst rating on (AU:QML) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on QMines Ltd. stock, see the AU:QML Stock Forecast page.