QIC's $15M Investment in Mt Chalmers Clears All Conditions and QMines Becomes Debt-Free

A month ago, QIC committed $15 million to Mt Chalmers. Now, every condition on that investment has been satisfied.

There is one more piece to the story. In parallel, QMines has converted a $1 million convertible note held by one of its largest shareholders. Following that conversion, QMines is now debt-free. Security over the Mt Mackenzie tenements has been released, and the balance sheet is clean ahead of the arrival of the QIC funds.

The investment itself covers what comes next: DFS completion, permitting, and development activities at Mt Chalmers. Combined with existing cash reserves, that is a funded runway to Final Investment Decision.

Conditions precedent met. Debt cleared. Development pathway intact.

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