QMINES LIMITED (QML)

The suspension of trading in the securities of Qmines Limited will be lifted immediately following the release by QML of an announcement regarding a capital raising.

The company releases a notice of proposed issue of securities.

$5.0 million placement receives significant support from new and existing shareholders. Funds used to accelerate exploration and development at the Company's Mt Chalmers and Develin Creek projects and the remaining Develin Creek project acquisition. The strong demand demonstrates the quality of the Mt Chalmers & Develin Creek projects and the Company's growth strategy. A large drilling program at the Company's Develin Creek project targeting both infill and extensional drilling is expected to commence shortly.

The securities of QMines Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of QML, pending the release of an announcement regarding an equity raise being conducted by the Company by way of a placement.

The suspension of trading in the securities of QMines Limited will be lifted from the commencement of trading on Monday, 28 August 2023, following the release by QML of an announcement regarding a capital raise and a material acquisition.

Acquisition of 100% of the high-grade Develink Creek copper-zinc project provide immediate synergies and scale. Develin Creek has an Indicated and Inferred Resource of 4.9Mt @ 1.79% CuEq for 87,173t CuEq. Mt Chalmers and Develin Creek combined resources generate the scale required for potential development. Initial drilling program designed to improve resource confidence, update metallurgy and test for extensions. Develin Creek to be incorporated into the Mt. Chalmers Pre-Feasibility Study, expected in 1H-2024.

Fully subscribed $3.0 million placement to partly fund the Develin Creek project acquisition and continued exploration and development works. Placement deliberately sized to minimisedilution to existing shareholders and maximiseshareholder returns. Placement received strong demand demonstrating the quality of the Mt Chalmers & Develin Creek projects and the Company's growth strategy. And Drilling continues unabated with the Company planning to test several anomalies identified from the recent electromagnetic survey.

Zenith Minerals advises of the sale of its Develin Creek Copper-Zinc Project in Queensland to QMines Limited, the owner of the nearby Mt Chalmers copper-gold project. The sale provides Zenith with immediate cash and allows for the group to maintain a focus on the development of our lithium assets.

The Company requests a continuation of the voluntary suspension of its securities from ASX pending the release of an announcement in relation to the capital raise and a material acquisition. The voluntary suspension will last until the earlier of the commencement of trading on 28th August 2023 or the release to the market of an announcement in relation to completion of the capital raise and acquisition.

The securities of QMines Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of QML, pending the release of an announcement regarding a capital raise and a material acquisition.

listed entity carried for record purposes only