Quarterly Activities/Appendix 5B Cash Flow Report

• Drilling at Mount Mackenzie continued with multiple significant intercepts including 16m @ 19.35g/t Au and 27.8g/t Ag
• Reprocessed IP data identified five new near surface targets at Mount Mackenzie
• Develin Creek Mineral Resource estimate increased by 14% to 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag
• Mt Chalmers Definitive Feasibility Study commenced with multiple active workstreams progressing

QMines Limited (QML) announced its March Quarterly Activities Report, detailing significant progress across its Central Queensland portfolio. The Mount Mackenzie Gold Silver Project remained the principal exploration focus, with drilling returning multiple high-grade intercepts including 16m @ 19.35g/t Au and 27.8g/t Ag. Reprocessing of historical IP data also identified five new near surface targets at Mount Mackenzie. At Develin Creek, the company reported a 14% increase in the Mineral Resource Estimate to 4.70Mt @ 0.94% Cu, 1.00% Zn, 0.15g/t Au and 5.7g/t Ag. Field activities at Develin Creek were limited to site support and rehabilitation. At the Mt Chalmers Copper Gold Project, the company commenced the Definitive Feasibility Study with activities focused on geotechnical, environmental, mineralogical and geological inputs. Subsequent to the quarter, QMines announced a $15 million funding package with the Queensland Investment Corporation, which is expected to fully fund the company through completion of the Mt Chalmers DFS and toward a Final Investment Decision. The company also repaid two outstanding loan facilities, simplifying its balance sheet and reducing near-term financial obligations as it progresses its strategy of becoming Queensland's next copper and gold producer.

The company believes the combination of strengthened funding support, reduced debt obligations and continued advancement of technical studies places QMines in a strong position to progress its strategy of becoming Queensland's next copper and gold producer.