Metals Acquisition Limited Announces Updated Resource And Reserve Statement And 3-Year Production Guidance

Metals Acquisition Limited (NYSE:MTAL, ASX:MAC)))))

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Metals Acquisition Limited ARBN 671 963 198 (NYSE:MTAL, ASX: MAC))))), a private limited company incorporated under the laws of Jersey, Channel Islands ("MAC" or the "Company") is pleased to release its Resource and Reserve Statement (as at 31 August 2023) ("R+R") and 3 Year Production Guidance for the CSA Copper Mine in NSW.

In accordance with Item 1300 of Regulation S-K (17 CFR Part 229) ("S-K 1300"), all Mineral Resources are reported exclusive of Mineral Reserves.

Resource and Reserve Statement

Highlights from the R+R include:

• 67% increase in mine life to 11-years (end of 2034) based on Mineral Reserves only, compared to the 6-year mine life in the 2022 Resources and Reserves Statement
• 64% increase in contained copper ("Cu") after replacement of depletion to 0.5Mt in Mineral Reserves (Refer Table 3 for breakdown) at an average grade of 3.3% Cu
• Measured and Indicated Mineral Resources increased to 229 ktonnes of Cu from zero in the prior (Refer Table 2 for breakdown) at an average grade of 4.9% Cu
• An additional 184 ktonnes of Cu in the Inferred Mineral Resources, an approximate 5% reduction on the prior year as Inferred material was promoted to Measured and Indicated Categories
• 83% increase in contained Cu after replacement of depletion in the Measured and Indicated Resources categories
• 2023 Mineral Reserve only extends 95m vertically below the current decline position
• Above increases have come after only ten months of ownership and based on data from two and a half months post-closing of the acquisition with the effective date for the R+R being 31 August 2023
• All deposits (other than QTSSU-A (feasibility study), are open in at least one direction and drilling is continuing to further increase the R+R, subject to exploration success and economic factors

The effective date for the R+R is 31 August 2023 and as such, any new information received after that time has not been incorporated into the R+R at this stage.

Work is continuing on updating the mine plans as new information is received and importantly following on from the completion of MAC's dual listing on the ASX and public offer that raised A$325 million of equity the Company is pushing forward with its growth capital spending to further optimise the mine plan.

MAC CEO, Mick McMullen commented "Whilst this Resource and Reserve Statement is a snapshot in time based on information available back in August 2023, it does validate our belief that the CSA Copper Mine can be a long-life asset. Importantly, despite the near doubling of the Mineral Reserves and a 67% increase in the mine life, we still have 4.7Mt @ 4.9% Cu (230Kt Cu) in the Measured and Indicated Category and 3.3Mt @ 5.5% Cu (180Kt Cu) in the Inferred Category that are not included in the Mineral Reserves and work is underway to convert these to our Mineral Reserve estimates in the future.

We have always believed that the CSA Copper Mine would have a long future and this Resource and Reserve Statement upgrade confirms this and also provides us with the underlying Mineral Resource base from which to put long term plans in place that simply hasn't been possible for the last generation when the mine has always had a 5 to 6-year reserve mine life ahead of it. There has perhaps been a view by some observers that the CSA Copper Mine has a relatively short mine life, with today's Resource and Reserve Statement announcement we can dispel that view and now focus on mining more Copper faster and at lower costs. We are but ten months into our ownership of the mine and it has a lot of potential to be uncovered still."

Three Year Production Guidance

Based on the updated R+R, the Company is providing the following production guidance for the next three years:

Table 1 - CSA Copper Mine Production Guidance

This three-year production guidance is based primarily on Mineral Reserves but also on measured and indicated Mineral Resources (as at 31 August 2023) and, given that all the deposits are open and a large drill program is underway, MAC considers it likely that there will be changes over the relevant period as the Company's overall plan to continue operational and production improvement continues to develop.

The 42% and 64% increase in contained Cu after replacement of depletion for Mineral Resources and Mineral Reserves respectively in the R+R has come after ten months of ownership and based on data from two and a half months post-closing of the acquisition.

The CSA Copper Mine has been producing for almost 60 years with very limited exploration away from the known deposits and there is potential to further optimise this production plan.

As discussed below, exploration in the top 850m of the deposit is just starting and initial results highlight strong potential to open additional mining fronts.