# QML: FY26 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146540 Publisher: asx Original announcement: 2026-09-30T07:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:37:42.567Z Atlas analysis updated: 2026-09-30T08:37:42.567Z - Company: QMines Limited - Ticker: QML - Exchange: ASX - Region: Central Queensland - Primary commodity: Copper - Secondary commodities: Gold, Silver, Zinc, Lead - Document categories: Resource update, Drill results, Other - Extracted: 2026-09-30 08:37:43 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary QMines Limited's FY26 Annual Report details significant progress in its copper-gold exploration and development strategy, primarily focused on the Mt Chalmers Copper-Gold Project. Key achievements include the commencement of a Definitive Feasibility Study \(DFS\), supported by a $15 million strategic funding package, and successful drilling campaigns. The company also reported an updated Mineral Resource Estimate for Mount Mackenzie, showing a 32% increase in contained gold and a 30% increase in contained silver, with 70% of gold now classified as Indicated. New high-grade drill results from Mt Chalmers were also highlighted. Reasoning: QMines Limited's FY26 Annual Report highlights substantial progress in de-risking its flagship Mt Chalmers project with the commencement of a DFS and securing significant strategic funding. The updated Mt Mackenzie MRE shows strong growth in contained metal and improved confidence, despite a lower average grade. New high-grade drill results from Mt Chalmers further demonstrate exploration success. - Positive factor: Strategic funding secured - Positive factor: Definitive Feasibility Study commenced - Positive factor: Significant resource upgrades - Positive factor: High-grade drill intercepts - Positive factor: Category upgrade for Mt Mackenzie gold - Positive factor: Acquisition of key land for Botos deposit - Negative factor: Metal equivalent assumptions not disclosed for Develin Creek drill results - Negative factor: Grade dilution in Mt Mackenzie resource update Facts used in scoring: 54 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document explicitly states that exploration results have been compiled under the supervision of Tom Bartschi, a Member of the Australian Institute of Geoscientists, who qualifies as a Competent Person under the 2012 JORC Code. Evidence · text > The information in this document relating to Exploration Results has been compiled under the supervision of Tom Bartschi, a Member of the Australian Institute of Geoscientists. Mr Bartschi is a full time employee of QMines Limited and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and the activities undertaken to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartschi has consented to the inclusion of this information in the form and context in which it appears. **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The drill results for Develin Creek are reported as CuEq without disclosing the underlying price, recovery, or payability assumptions used for the calculation. Evidence · text > significant intercepts including 34m @ 2.2% CuEq from 137m \(DCRC088\) and 7m @ 6.0% CuEq from 69m \(DCRC089\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 16m @ 19.35g/t Au at Mount Mackenzie \(MMDD010\) is exceptionally high-grade for an epithermal gold deposit, well above the exceptional threshold of 5 g/t Au, and includes a peak assay of 108g/t Au. Evidence · text > including 16m @ 19.35g/t Au and 27.8g/t Ag from 8m at Vein 355 \(MMDD010, including visible gold and a peak assay of 108g/t Au - Figure 5\) **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Mt Chalmers project reports 5.1 Mt of copper at 0.72% Cu in the Proved Reserve category, indicating the highest level of confidence in economic viability. Evidence · table > Proved Context: 5.1 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Mt Chalmers project reports 4.5 Mt of copper at 0.57% Cu in the Probable Reserve category, indicating a high level of confidence in economic viability. Evidence · table > Probable Context: 4.5 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Mt Chalmers project reports 4.2 Mt of copper at 0.89% Cu in the Measured Resource category, indicating the highest level of geological confidence. Evidence · table > Measured Context: 4.2 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Mt Chalmers project reports 5.8 Mt of copper at 0.69% Cu in the Indicated Resource category, and the Develin Creek project reports 4.22 Mt of copper at 0.98% Cu in the Indicated Resource category, indicating reasonable geological confidence. Evidence · table > Indicated Context: 5.8 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mt Chalmers project reports 1.3 Mt of copper at 0.60% Cu in the Inferred Resource category, and the Woods Shaft project reports 0.54 Mt of copper at 0.50% Cu in the Inferred Resource category, indicating a speculative level of geological confidence. Evidence · table > Inferred Context: 1.3 **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The updated Mt Mackenzie MRE reports that approximately 70% of contained gold is now classified as Indicated, indicating an improvement in resource confidence. Evidence · text > approximately 70% of contained gold now classified as indicated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated Mt Mackenzie MRE shows a 55.8% increase in tonnage \(5.22 Mt vs 3.35 Mt\) compared to the prior estimate. Evidence · text > updated Mineral Resource Estimate \(MRE\) for Mount Mackenzie, announced on 5 August 2026, subsequent to year end. ... comprises 5.22Mt @ 1.01g/t Au and 6.7g/t Ag for 170,000oz gold and 1.12 million ounces of silver \(0.4g/t Au cut-off\), ... delivers a 32% increase in contained gold and a 30% increase in contained silver relative to the Resource acquired from Resources & Energy Group, with approximately 70% of contained gold now classified as indicated **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The updated Mt Mackenzie MRE delivers a 32% increase in contained gold \(170,000oz vs 151,000oz\) and a 30% increase in contained silver \(1.12 Moz vs 0.902 Moz\) relative to the acquired resource. Evidence · text > delivers a 32% increase in contained gold and a 30% increase in contained silver relative to the Resource acquired from Resources & Energy Group **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report explicitly states that the Ore Reserve Estimate was compiled by Gary McCrae, a Competent Person, and the Mineral Resource Estimate by Stephen Hyland, a Competent Person and Qualified Person. Evidence · text > The information in this report relating to the Open Pit Optimisation and the Ore Reserve Estimate is based on work compiled by Gary McCrae, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. ... The information in this report relating to Mineral Resource estimation is based on work completed by Stephen Hyland, a Competent Person and Fellow of the Australasian Institute of Mining and Metallurgy. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All resource estimates are reported in accordance with the JORC Code \(2012\) and estimated by a Competent Person as defined by the JORC Code. Evidence · text > All resource estimates are reported in accordance with the JORC Code \(2012\) and estimated by a Competent Person as defined by the JORC Code **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Stephen Hyland, the Competent Person for the Mineral Resource Estimate, is also a Qualified Person under the rules of the Canadian Instrument NI 43-101. Evidence · text > Mr Hyland is also a Qualified Person under the rules of the Canadian Instrument NI 43 101. **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The updated Mt Mackenzie MRE shows a 27.9% decline in gold grade \(1.01 g/t vs 1.40 g/t\) and a 20.2% decline in silver grade \(6.7 g/t vs 8.4 g/t\) compared to the prior estimate. Evidence · text > updated Mineral Resource Estimate \(MRE\) for Mount Mackenzie, announced on 5 August 2026, subsequent to year end. ... comprises 5.22Mt @ 1.01g/t Au and 6.7g/t Ag for 170,000oz gold and 1.12 million ounces of silver \(0.4g/t Au cut-off\), ... delivers a 32% increase in contained gold and a 30% increase in contained silver relative to the Resource acquired from Resources & Energy Group, with approximately 70% of contained gold now classified as indicated **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date for the Mt Chalmers Ore Reserve and Mineral Resource Estimate is April 30, 2024, and for the Woods Shaft Mineral Resource Estimate is November 22, 2022, both of which are more than two years old. Evidence · text > Mt Chalmers Copper-Gold Project - Definitive Feasibility Study ... The project is underpinned by an April 2024 Pre-Feasibility Study \(PFS\), which demonstrated a maiden Ore Reserve of 9.6Mt \(Proved and Probable\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated JORC \(2012\) Mineral Resource Estimate for the Mount Mackenzie Gold and Silver Project. Evidence · text > Subsequent to year end, QMines announced an updated JORC \(2012\) Mineral Resource Estimate \(MRE\) for its 100% owned Mount Mackenzie Gold and Silver Project ## Extracted facts Stored fact records: 54. Some facts used in scoring do not have a stored record. ## Drill Results (10) ### 26MCDD008 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-0) Mt Chalmers · copper #### Identity - Hole ID: 26MCDD008 - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 0.31 - Grade Unit: % - Intercept: 8 m - From: 56 m - To: 64 m - Intercept Depth: 56 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26MCDD008:56-64 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: While part of a significant polymetallic intercept, the copper grade itself is weak for a VMS deposit. - Positive factor: Shallow depth - Positive factor: Polymetallic nature - Negative factor: Copper grade is weak for VMS deposit type Evidence · text > Drill hole 26MCDD008 tested a shallow polymetallic lens returning 8m at 5.14g/t Au, 132g/t Ag, 4.68% Zn and 0.31% Cu from 56m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26MCDD008 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-1) Mt Chalmers · gold #### Identity - Hole ID: 26MCDD008 - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 0.84 - Grade Unit: g/t - Intercept: 10 m - From: 67 m - To: 77 m - Intercept Depth: 67 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26MCDD008:67-77 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This second shallow interval shows good silver and zinc grades, with a moderate gold grade, contributing to the overall polymetallic potential. - Positive factor: Good silver grade - Positive factor: Good zinc grade - Positive factor: Shallow depth - Positive factor: Polymetallic nature - Negative factor: Gold grade is moderate for VMS deposit type Evidence · text > together with a second interval of 10m at 2.24% Zn, 115g/t Ag and 0.84g/t Au from 67m. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26MCDD008 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-2) Mt Chalmers · silver #### Identity - Hole ID: 26MCDD008 - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 115 - Grade Unit: g/t - Intercept: 10 m - From: 67 m - To: 77 m - Intercept Depth: 67 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26MCDD008:67-77 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This second shallow interval shows exceptional silver and good zinc grades, indicating significant polymetallic mineralization close to surface. - Positive factor: Exceptional silver grade - Positive factor: Good zinc grade - Positive factor: Shallow depth - Positive factor: Polymetallic nature Evidence · text > together with a second interval of 10m at 2.24% Zn, 115g/t Ag and 0.84g/t Au from 67m. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26MCDD008 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-3) Mt Chalmers · zinc #### Identity - Hole ID: 26MCDD008 - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 2.24 - Grade Unit: % - Intercept: 10 m - From: 67 m - To: 77 m - Intercept Depth: 67 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: 26MCDD008:67-77 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This second shallow interval shows exceptional zinc and good silver grades, indicating significant polymetallic mineralization close to surface. - Positive factor: Exceptional zinc grade - Positive factor: Good silver grade - Positive factor: Shallow depth - Positive factor: Polymetallic nature Evidence · text > together with a second interval of 10m at 2.24% Zn, 115g/t Ag and 0.84g/t Au from 67m. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### MMDD007 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-4) Mount Mackenzie South · gold #### Identity - Hole ID: MMDD007 - Project: Mount Mackenzie South - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 3.01 - Grade Unit: g/t - Intercept: 1 m - From: 171 m - To: 172 m - Hole Depth: 171 m - Intercept Depth: 171 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MMDD007:171-172 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This narrow but high-grade intercept is significant for identifying a deeper, copper-bearing feeder position, opening up new exploration potential. - Positive factor: High gold grade - Positive factor: High silver grade - Positive factor: Copper-bearing feeder position identified - Negative factor: Narrow intercept length Evidence · text > 1m @ 3.01g/t Au, 93.8g/t Ag and 1.55% Cu from 171m \(MMDD007\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MMDD007 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-5) Mount Mackenzie South · silver #### Identity - Hole ID: MMDD007 - Project: Mount Mackenzie South - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 93.8 - Grade Unit: g/t - Intercept: 1 m - From: 171 m - To: 172 m - Hole Depth: 171 m - Intercept Depth: 171 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MMDD007:171-172 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This narrow but exceptional silver grade intercept is significant for identifying a deeper, copper-bearing feeder position, opening up new exploration potential. - Positive factor: Exceptional silver grade - Positive factor: High gold grade - Positive factor: Copper-bearing feeder position identified - Negative factor: Narrow intercept length Evidence · text > 1m @ 3.01g/t Au, 93.8g/t Ag and 1.55% Cu from 171m \(MMDD007\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MMDD007 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-6) Mount Mackenzie South · copper #### Identity - Hole ID: MMDD007 - Project: Mount Mackenzie South - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 1.55 - Grade Unit: % - Intercept: 1 m - From: 171 m - To: 172 m - Hole Depth: 171 m - Intercept Depth: 171 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MMDD007:171-172 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This narrow but high-grade copper intercept is significant for identifying a deeper, copper-bearing feeder position, opening up new exploration potential. - Positive factor: High copper grade - Positive factor: Identifies deeper copper-bearing feeder position - Negative factor: Narrow intercept length Evidence · text > 1m @ 3.01g/t Au, 93.8g/t Ag and 1.55% Cu from 171m \(MMDD007\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DCRC089 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-7) Develin Creek · copper #### Identity - Hole ID: DCRC089 - Project: Develin Creek - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 6 - Grade Unit: % - Intercept: 7 m - From: 69 m - To: 76 m - Intercept Depth: 69 m #### Classification - Deposit Type: vms - Program: resource - Sample Type: drill - Group ID: DCRC089:69-76 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 6 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept shows an exceptional copper equivalent grade over a moderate length, confirming high-grade mineralization, but the lack of metal equivalent assumptions reduces confidence. - Positive factor: Exceptional copper equivalent grade - Positive factor: Confirms high-grade mineralization - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 7m @ 6.0% CuEq from 69m \(DCRC089\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### 26MCRD002 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-52) Mt Chalmers · copper #### Identity - Hole ID: 26MCRD002 - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 2.88 - Grade Unit: % - Intercept: 35 m - From: 107 m - To: 142 m #### Classification - Deposit Type: vms - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: While part of a significant polymetallic intercept, the copper grade itself is weak for a VMS deposit. - Positive factor: Shallow depth - Positive factor: Polymetallic nature - Negative factor: Copper grade is weak for VMS deposit type Evidence · text > 35m at 2.88% Cu, 0.75g/t Au and 3.3g/t Ag from 107m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 26MCRD006 [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-drill-facts-53) Mt Chalmers · copper #### Identity - Hole ID: 26MCRD006 - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: QML #### Geometry - Grade: 1.99 - Grade Unit: % - Intercept: 32 m - From: 138 m - To: 170 m #### Classification - Deposit Type: vms - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: While part of a significant polymetallic intercept, the copper grade itself is weak for a VMS deposit. - Positive factor: Shallow depth - Positive factor: Polymetallic nature - Negative factor: Copper grade is weak for VMS deposit type Evidence · text > 32m at 1.99% Cu, 0.39g/t Au and 2.6g/t Ag from 138m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (44) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-8) Mt Chalmers · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 0.72 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Proven Reserve with a good copper grade, but its effective date is over two years old, reducing its novelty. - Positive factor: Proven Reserve category - Positive factor: Good copper grade - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.72 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-9) Mt Chalmers · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 0.58 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proven Reserve includes a moderate gold grade, but its effective date is over two years old, reducing its novelty. - Positive factor: Proven Reserve category - Negative factor: Moderate gold grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.58 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-10) Mt Chalmers · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 0.25 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proven Reserve includes a weak zinc grade, and its effective date is over two years old, reducing its novelty. - Positive factor: Proven Reserve category - Negative factor: Weak zinc grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.25 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-11) Mt Chalmers · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 4.7 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proven Reserve includes a weak silver grade, and its effective date is over two years old, reducing its novelty. - Positive factor: Proven Reserve category - Negative factor: Weak silver grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 4.70 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-12) Mt Chalmers · other Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: other - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 5.8 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Proven Reserve includes a sulfur grade, which is typically a byproduct or penalty element, and its effective date is over two years old, reducing its novelty. - Positive factor: Proven Reserve category - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.80 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-13) Mt Chalmers · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 0.57 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Probable Reserve with a good copper grade, but its effective date is over two years old, reducing its novelty. - Positive factor: Probable Reserve category - Positive factor: Good copper grade - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.57 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-14) Mt Chalmers · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 0.37 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable Reserve includes a weak gold grade, and its effective date is over two years old, reducing its novelty. - Positive factor: Probable Reserve category - Negative factor: Weak gold grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.37 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-15) Mt Chalmers · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 0.29 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable Reserve includes a weak zinc grade, and its effective date is over two years old, reducing its novelty. - Positive factor: Probable Reserve category - Negative factor: Weak zinc grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.29 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-16) Mt Chalmers · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 5.5 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable Reserve includes a weak silver grade, and its effective date is over two years old, reducing its novelty. - Positive factor: Probable Reserve category - Negative factor: Weak silver grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.50 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-17) Mt Chalmers · other Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: other - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 3.6 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Probable Reserve includes a sulfur grade, which is typically a byproduct or penalty element, and its effective date is over two years old, reducing its novelty. - Positive factor: Probable Reserve category - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 3.60 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-18) Mt Chalmers · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 0.89 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Measured Resource with a good copper grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Measured Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.89 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-19) Mt Chalmers · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 0.69 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured Resource includes a moderate gold grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Measured Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Moderate gold grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.69 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-20) Mt Chalmers · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 0.23 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured Resource includes a weak zinc grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Measured Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak zinc grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.23 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-21) Mt Chalmers · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 4.97 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured Resource includes a weak silver grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Measured Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak silver grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 4.97 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-22) Mt Chalmers · other Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: other - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 5.37 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured Resource includes a sulfur grade, which is typically a byproduct or penalty element, and its effective date is over two years old, reducing its novelty. - Positive factor: Measured Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.37 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-23) Mt Chalmers · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 0.69 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Indicated Resource with a good copper grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Indicated Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.69 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-24) Mt Chalmers · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 0.28 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a weak gold grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak gold grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.28 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-25) Mt Chalmers · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 0.19 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a weak zinc grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak zinc grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.19 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-26) Mt Chalmers · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 3.99 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a weak silver grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak silver grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 3.99 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-27) Mt Chalmers · other Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: other - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 3.77 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a sulfur grade, which is typically a byproduct or penalty element, and its effective date is over two years old, reducing its novelty. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 3.77 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-28) Mt Chalmers · copper Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.6 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource has a good copper grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.60 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-29) Mt Chalmers · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.19 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak gold grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak gold grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.19 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-30) Mt Chalmers · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak zinc grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak zinc grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.27 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-31) Mt Chalmers · silver Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 5.41 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak silver grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak silver grade for VMS deposit type - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.41 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-32) Mt Chalmers · other Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: other - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 2.02 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a sulfur grade, which is typically a byproduct or penalty element, and its effective date is over two years old, reducing its novelty. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 2.02 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-33) Develin Creek · copper #### Identity - Project: Develin Creek - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:9723d3eb369af8f29568 - Deposit or zone: Develin Creek #### Resource Data - Category: indicated - Tonnes: 4220000 - Grade: 0.98 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource shows a good copper grade and high confidence, with 90% of the resource now classified as Indicated, representing a significant upgrade. - Positive factor: Indicated Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Positive factor: High confidence in resource classification \(90% Indicated\) Evidence · table > 0.98 Context: 4.22 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-34) Develin Creek · zinc #### Identity - Project: Develin Creek - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:9723d3eb369af8f29568 - Deposit or zone: Develin Creek #### Resource Data - Category: indicated - Tonnes: 4220000 - Grade: 1.08 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource shows a good zinc grade and high confidence, with 90% of the resource now classified as Indicated, representing a significant upgrade. - Positive factor: Indicated Resource category - Positive factor: Good zinc grade - Positive factor: JORC and NI 43-101 compliant - Positive factor: High confidence in resource classification \(90% Indicated\) Evidence · table > 1.08 Context: 4.22 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-35) Develin Creek · gold #### Identity - Project: Develin Creek - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:9723d3eb369af8f29568 - Deposit or zone: Develin Creek #### Resource Data - Category: indicated - Tonnes: 4220000 - Grade: 0.16 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a weak gold grade, but benefits from high confidence in resource classification and JORC/NI 43-101 compliance. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Positive factor: High confidence in resource classification \(90% Indicated\) - Negative factor: Weak gold grade for VMS deposit type Evidence · table > 0.16 Context: 4.22 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-36) Develin Creek · silver #### Identity - Project: Develin Creek - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:9723d3eb369af8f29568 - Deposit or zone: Develin Creek #### Resource Data - Category: indicated - Tonnes: 4220000 - Grade: 6 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated Resource includes a weak silver grade, but benefits from high confidence in resource classification and JORC/NI 43-101 compliance. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Positive factor: High confidence in resource classification \(90% Indicated\) - Negative factor: Weak silver grade for VMS deposit type Evidence · table > 6.0 Context: 4.22 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-37) Develin Creek · copper #### Identity - Project: Develin Creek - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:0174336f614a2ca3371c - Deposit or zone: Develin Creek #### Resource Data - Category: inferred - Tonnes: 480000 - Grade: 0.61 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource shows a good copper grade, compliant with JORC and NI 43-101, but its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant Evidence · table > 0.61 Context: 0.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-38) Develin Creek · zinc #### Identity - Project: Develin Creek - Commodity: zinc - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:0174336f614a2ca3371c - Deposit or zone: Develin Creek #### Resource Data - Category: inferred - Tonnes: 480000 - Grade: 0.41 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak zinc grade, but benefits from JORC/NI 43-101 compliance, though its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak zinc grade for VMS deposit type Evidence · table > 0.41 Context: 0.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-39) Develin Creek · gold #### Identity - Project: Develin Creek - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:0174336f614a2ca3371c - Deposit or zone: Develin Creek #### Resource Data - Category: inferred - Tonnes: 480000 - Grade: 0.1 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak gold grade, but benefits from JORC/NI 43-101 compliance, though its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak gold grade for VMS deposit type Evidence · table > 0.10 Context: 0.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-40) Develin Creek · silver #### Identity - Project: Develin Creek - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:0174336f614a2ca3371c - Deposit or zone: Develin Creek #### Resource Data - Category: inferred - Tonnes: 480000 - Grade: 3.5 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-02-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource includes a weak silver grade, but benefits from JORC/NI 43-101 compliance, though its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Negative factor: Weak silver grade for VMS deposit type Evidence · table > 3.5 Context: 0.48 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-41) Woods Shaft · copper Historical result Needs review: historical\_restatement #### Identity - Project: Woods Shaft - Commodity: copper - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:69576f43c68057147887 - Deposit or zone: Woods Shaft #### Resource Data - Category: inferred - Tonnes: 540000 - Grade: 0.5 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-11-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource shows a good copper grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.50 Context: 0.54 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-42) Woods Shaft · gold Historical result Needs review: historical\_restatement #### Identity - Project: Woods Shaft - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:69576f43c68057147887 - Deposit or zone: Woods Shaft #### Resource Data - Category: inferred - Tonnes: 540000 - Grade: 0.95 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-11-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-22T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource shows a good gold grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: Good gold grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 0.95 Context: 0.54 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-43) Mt Mackenzie · gold #### Identity - Project: Mt Mackenzie - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a6f18ca34c7e9e4732cd - Deposit or zone: Mt Mackenzie #### Resource Data - Category: indicated - Tonnes: 3770000 - Grade: 0.99 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-08-05 - Prior Tonnes: 3350000 - Prior Grade: 1.4 - Prior Contained Metal: 151000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This updated Indicated Resource shows significant tonnage and contained gold growth, along with a category upgrade, but is offset by a notable decline in average gold grade. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Positive factor: Significant tonnage growth \(+55.8%\) - Positive factor: Strong contained gold growth \(+12.6%\) - Positive factor: Category upgrade \(70% of contained gold now Indicated\) - Negative factor: Significant grade decline \(-27.9%\) Evidence · table > 0.99 Context: 3.77 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.99 against 1.4 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-44) Mt Mackenzie · silver #### Identity - Project: Mt Mackenzie - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a6f18ca34c7e9e4732cd - Deposit or zone: Mt Mackenzie #### Resource Data - Category: indicated - Tonnes: 3770000 - Grade: 7.3 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-08-05 - Prior Tonnes: 3350000 - Prior Grade: 8.4 - Prior Contained Metal: 902000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This updated Indicated Resource shows significant tonnage and contained silver growth, along with a category upgrade, but is offset by a notable decline in average silver grade. - Positive factor: Indicated Resource category - Positive factor: JORC and NI 43-101 compliant - Positive factor: Significant tonnage growth \(+55.8%\) - Positive factor: Exceptional contained silver growth \(+24.2%\) - Positive factor: Category upgrade \(70% of contained gold now Indicated\) - Negative factor: Significant grade decline \(-20.2%\) Evidence · table > 7.3 Context: 3.77 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 7.3 against 8.4 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-45) Mt Mackenzie · gold #### Identity - Project: Mt Mackenzie - Commodity: gold - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:29e8e214d93db837f4a2 - Deposit or zone: Mt Mackenzie #### Resource Data - Category: inferred - Tonnes: 1450000 - Grade: 1.07 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-08-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This updated Inferred Resource shows a good gold grade and is the first to incorporate QMines' drilling, indicating continued exploration potential, though its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: Good gold grade - Positive factor: JORC and NI 43-101 compliant - Positive factor: First MRE to incorporate QMines drilling Evidence · table > 1.07 Context: 1.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-46) Mt Mackenzie · silver #### Identity - Project: Mt Mackenzie - Commodity: silver - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:29e8e214d93db837f4a2 - Deposit or zone: Mt Mackenzie #### Resource Data - Category: inferred - Tonnes: 1450000 - Grade: 4.9 - Grade Unit: g/t - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-08-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This updated Inferred Resource includes a weak silver grade, but is the first to incorporate QMines' drilling, indicating continued exploration potential, though its lower confidence category reduces its overall positive impact. - Positive factor: Inferred Resource category - Positive factor: JORC and NI 43-101 compliant - Positive factor: First MRE to incorporate QMines drilling - Negative factor: Weak silver grade for epithermal deposit type Evidence · table > 4.9 Context: 1.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-47) Mt Chalmers · sulfur Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: sulfur - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:c060117be3ce6cf532d3 - Deposit or zone: Mt Chalmers #### Resource Data - Category: proven - Tonnes: 5100000 - Grade: 5.8 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Proven Reserve with a good copper grade, but its effective date is over two years old, reducing its novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proven Reserve category - Positive factor: Good copper grade - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.80 Context: 5.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-48) Mt Chalmers · sulfur Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: sulfur - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Gary McCrae - Resource group id: resource:d27b62aef20d2e9d942d - Deposit or zone: Mt Chalmers #### Resource Data - Category: probable - Tonnes: 4500000 - Grade: 3.6 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Probable Reserve with a good copper grade, but its effective date is over two years old, reducing its novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category - Positive factor: Good copper grade - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 3.60 Context: 4.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-49) Mt Chalmers · sulfur Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: sulfur - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:e58f82a7ed28e1c82288 - Deposit or zone: Mt Chalmers #### Resource Data - Category: measured - Tonnes: 4200000 - Grade: 5.37 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Measured Resource with a good copper grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 5.37 Context: 4.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-50) Mt Chalmers · sulfur Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: sulfur - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:a76947e01e4dca75a364 - Deposit or zone: Mt Chalmers #### Resource Data - Category: indicated - Tonnes: 5800000 - Grade: 3.77 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-confidence Indicated Resource with a good copper grade, compliant with JORC and NI 43-101, but its effective date is over two years old, reducing its novelty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 3.77 Context: 5.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/qml-fy26-annual-report--ae5b02be-9c0a-4b7a-b802-94cf803d5934#fact-resource-facts-51) Mt Chalmers · sulfur Historical result Needs review: historical\_restatement #### Identity - Project: Mt Chalmers - Commodity: sulfur - Region: australia\_qld - Reported Region: Central Queensland - Ticker: QML #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen Hyland - Resource group id: resource:673c5effc0fd3e751cce - Deposit or zone: Mt Chalmers #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 2.02 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2024-04-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-04-30T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred Resource has a good copper grade, compliant with JORC and NI 43-101, but its lower confidence category and stale effective date reduce its overall positive impact. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category - Positive factor: Good copper grade - Positive factor: JORC and NI 43-101 compliant - Negative factor: Stale estimate \(effective date >2 years old\) Evidence · table > 2.02 Context: 1.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.4 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.