Metals Acquisition Limited Announces 2024 Annual General Meeting – Chair and CEO Presentation

Metals Acquisition Limited ARBN 671 963 198 (NYSE: MTAL; ASX: MAC)

In accordance with ASX Listing Rule 3.13.3, please see attached the Chair address to be delivered by Patrice Merrin, Chair and the CEO presentation to be delivered by Mick McMullen, Chief Executive Officer and Director at the Metals Acquisition Limited ARBN 671 963 198 (NYSE: MTAL; ASX: MAC), a private limited company incorporated under the laws of Jersey, Channel Islands 2024 Annual General Meeting to be held at 5:00pm (New York time) today and 9.00am (Sydney time) November 22, 2024.

This announcement is authorised for release by Chris Rosario and Trevor Hart, Joint Company Secretaries.

About Metals Acquisition Limited

Metals Acquisition Limited (NYSE: MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

Chair Address - Patrice Merrin

On behalf of the Metals Acquisition Limited Board and our dedicated management team I would like to welcome you to the 2024 Annual General Meeting of Metals Acquisition Limited (MAC or Company).

As we reflect on the significant developments at MAC since we acquired the CSA Copper Mine in June 2023, I am filled with pride and optimism for our journey ahead. Our teams, both at site and in corporate, have worked tirelessly to reinvigorate the asset.

The safety of our teams remains our highest priority. Our efforts in this regard have been unwavering, allowing us to navigate challenges while protecting the wellbeing of our workforce. We will continue to prioritise the safety of our people.

2024 has been an exceptional year for MAC, our focus this year was to simplify our capital structure and deleverage our balance sheet; deliver strong production and operational improvements; and continue building shareholder value.

We advanced this milestone by successfully listing on the ASX and raising A$325 million. This achievement underscores the confidence our new shareholders have in our vision and strategy. The market shares this same view as we continued to establish global visibility through the inclusion in the Russell 3000 Index, the S&P/ASX 300 Index and more recently the MSCI Global Small Miners index.

Furthermore, in early May, we successfully executed the redemption of warrants, and in October we completed a A$150 million equity raise. With these additional resources, we have optimized our balance sheet and are well-equipped to explore both organic and inorganic growth opportunities, solidifying MACs position in the mining sector.

Our strategic investment with Polymetals Resources Limited exemplifies our commitment to collaboration within the Cobar Basin. The CSA Copper Mine appears to host high grade zinc mineralisation near surface and adjacent to existing development. This partnership is a logical way of securing a processing option for any zinc ore we might mine without distracting our operations from the core business of mining and recovering copper.

As we look ahead, our commitment to environmental, social, and governance (ESG) stewardship remains steadfast. We recognize the responsibility we bear in ensuring the sustainable and responsible development of mineral resources, operating safely in collaboration with local communities. We look forward to publishing our inaugural sustainability report in Q1 2025.

During the year we strengthened our team and welcomed Leanne Heywood, Anne Templeman-Jones and Mohit Rungta to our Board of Directors and Morne Engelbrecht as our CFO. Their experience and dedication will be instrumental as we navigate the complexities of our business landscape.

As we look ahead, we are committed to becoming a +50 ktpa copper producer by 2026. Our growth projects, including the expansion of the mine to incorporate QTS South Upper and the Ventilation project, are key to achieving this goal.

Our disciplined M&A strategy continues to guide us as we evaluate prospects that will allow us to acquire and operate assets in stable mining jurisdictions. These initiatives are essential for maximizing value and achieving our long-term goal of becoming a leading player in the electrification and decarbonization of the global economy.

We are excited about the future of MAC as we continue to refine our operational strategies and expand our resource base.

In closing, I would like to express my gratitude to our dedicated team for their exceptional efforts and to all our shareholders for your continued support. Together, we are well-positioned to achieve our goals and drive shareholder value.

CEO Address – Mick McMullen

Good morning/evening everyone, and welcome to Metals Acquisition Limited’s (MAC or Company) Annual General Meeting for 2024. It’s a pleasure to address our shareholders, board members, and valued employees who continue to contribute to MAC’s success in the global copper mining sector.

Since our acquisition of the CSA mine in June 2023 we have been working tirelessly to optimise operations and the Company is proud of what we have achieved.

Since acquiring CSA we have paid down around US$168 million in interest-bearing liabilities, underscoring our commitment to financial discipline and a stronger balance sheet. In the third quarter of 2024, we achieved a copper production of 10,159 tonnes with an impressive grade of 4%, putting us firmly on track to reach our full-year guidance range of 38-43kt. Our efforts have also positioned us with a clear pathway toward producing over 50kt of copper annually within the next two years.

This ongoing performance, combined with strategic de-leveraging, places MAC in a position of resilience and strength.

Our commitment to cost efficiency is evident, with Q3 C1 cash costs at US$1.90 per pound, representing a 6% reduction from Q2. This reflects both our efforts to control operational costs and the benefits of our recent improvements at the CSA site.

As of the end of Q3, MAC held approximately US$81 million in cash, with an additional US$25 million undrawn revolving facility, creating a pro-forma liquidity of around US$226 million. This financial flexibility empowers us to pursue strategic opportunities that align with our long-term growth plans.

Our efforts in exploration have continued to yield promising results, with recent drilling confirming high-grade copper targets. We invested US$2.1 million in exploration during Q3 alone, and our drilling projects have upgraded both inferred and mineralized material, expanding our resources and reserves at CSA. This continued resource growth solidifies our long-life copper exposure, with significant reserve increases achieved in 2024.

To support our production targets, we launched several capital projects, including a ventilation project that will enhance CSA’s production capacity to over 50kt annually. These projects are not only critical for our production but also reinforce our commitment to safe and sustainable operations.

Safety and sustainability are at the core of MAC’s operations. Following an increase in Total Recordable Injury Frequency Rate in Q2, we implemented additional proactive measures and are pleased to report a slight reduction in Q3. This includes strengthened field leadership and enhanced safety inspections to ensure a safe work environment across all levels of the operation.

On the environmental front, I’m proud to report that our annual return to the Environmental Protection Authority had no reportable incidents, pollution events, or license breaches. We’re exploring further options to optimize and reduce the environmental impact of our Tailings Storage Facilities as we continue our responsible mining approach.

Looking ahead, MAC’s strategic priorities remain focused on operational excellence, growth, and value creation for shareholders. We are on track to reach a production rate exceeding 50kt per year by 2026, with the continued strength of our balance sheet and liquidity enabling us to consider further M&A activities that fit our operational expertise and are located in stable, high-quality jurisdictions.

In conclusion, 2024 has been a year of progress and achievement.

MAC is well-positioned to continue delivering value to our shareholders while advancing our operational and sustainability goals. I am confident in our pathway to growth, our financial resilience, and our commitment to responsible and efficient copper production.

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