Summary of Metals Acquisitions Limited Half Year 2024 Earnings Conference Call Company Overview - **Company**: Metals Acquisitions Limited (NYSE: MTAL) - **Date of Call**: August 28, 2024 - **Key Participants**: Mick McMullen (CEO), Morné Engelbrecht (CFO) Key Industry and Company Insights Industry Context - The company operates in the copper mining sector, specifically in western New South Wales, Australia, with a focus on high-grade copper assets. Core Financial Performance - **Net Revenue**: US$182 million (A$272 million) for the first half of 2024, up 29% year-over-year due to increased copper prices and sales volumes [10] - **Underlying EBITDA**: US$91 million (A$136 million) with a margin of 50%, reflecting a 22% increase in sales volumes [11] - **Statutory Net Loss**: US$95 million, primarily due to a non-cash change in fair value of financial instruments [12] - **Cash Position**: Cash and cash equivalents increased by 174% to over US$88 million as of June 30, 2024, with US$70 million of free cash flow generated from operations [15] Operational Highlights - The mine's production guidance is set to exceed 50,000 tonnes of copper over the next few years, with ongoing drilling to enhance reserves [4][5] - Significant productivity improvements and mine design changes have been implemented, leading to increased confidence in future production capabilities [5][7] - The company has reduced its interest-bearing liabilities by approximately 29% since June 2023, from US$430 million to around US$320 million [17][18] Strategic Focus - The primary goal is to continue deleveraging while investing in mine operations to enhance shareholder value [22] - The company is exploring the QTS South Upper project, with drilling programs underway to upgrade reserves [33] - A ventilation project is in progress, with an estimated cost of A$42 million, expected to enhance production capacity by 25% by 2026 [36] Additional Important Insights - The company has expressed frustration regarding its share price performance despite strong operational results and market conditions [21][24] - The CEO highlighted the importance of converting EBITDA into free cash flow, with a conversion rate of about 75% [20] - The company is focused on maintaining a healthy inventory level, aiming for around US$10 million worth of inventory at any given time [60][62] Market Position - The company believes it has one of the highest EBITDA margins in the industry, positioning itself favorably against peers [20] - The management is optimistic about the potential for increased production and profitability, citing strong operational performance in recent months [25][28] Conclusion - Metals Acquisitions Limited is demonstrating strong financial and operational performance in the copper mining sector, with a clear strategy focused on deleveraging, production enhancement, and shareholder value creation. The company is optimistic about its future prospects, supported by ongoing operational improvements and strategic investments.

Financial Performance - Revenue from ordinary activities increased by 881% to US$182,160,000 in H1 FY24 compared to US$18,576,000 in H1 FY23[4] - Underlying EBITDA reached a record US$90,569,000 for H1 FY24, up 5,501% from US$1,617,000 in H1 FY23[14] - Net loss attributable to members increased by 217% to US$102,169,000 in H1 FY24 from US$32,263,000 in H1 FY23[4] - Free cash flow improved to US$37.12 million in H1 FY24, compared to a negative cash flow of US$6.27 million in H1 FY23, marking a 692% increase[30][34] - The net loss for the period after tax was US$102.17 million in H1 FY24, compared to a loss of US$32.26 million in H1 FY23, reflecting increased financing costs[30][34] - The total comprehensive loss for the period was $102,169 thousand, consistent with the net loss reported[82] Production and Operations - Record copper production of 19,650 tonnes in H1 FY24, with a peak of 5,378 tonnes in June 2024[13] - Copper production in H1 FY24 was 19,650 tonnes, a 1,432% increase from 1,283 tonnes in H1 FY23, while copper sold increased by 792% to 20,793 tonnes[33][51] - The company expects copper production to slightly increase in the second half of the year, tracking to the mid-point of 2024 guidance[16] - MAC Group's operational disruptions included a power outage and a planned maintenance shutdown, but production ramped up in May and June[32][50] Costs and Expenses - C1 cash cost decreased by 30% to US$2.08/lb in H1 FY24 from US$2.96/lb in H1 FY23[14] - All-in cash cost reduced by 27% to US$2.89/lb in H1 FY24 compared to US$3.96/lb in H1 FY23[14] - Cost of goods sold increased to A$118,158,000 in H1 FY24 from A$20,301,000 in H1 FY23, representing a 482% increase[53] - Total cash costs excluding capital spend rose to A$93,199,000 in H1 FY24, up 942% from A$8,941,000 in H1 FY23[53] - Depreciation and amortization expenses for the period were $38,365 thousand, significantly higher than $3,201 thousand in the same period of 2023[90] Cash and Liquidity - Cash and cash equivalents rose by approximately 174% to US$88,700,000 compared to December 31, 2023[13] - Cash and cash equivalents at the end of H1 FY24 were US$88.74 million, up 103% from US$43.73 million at the end of H1 FY23[30][40] - The company raised US$214 million in H1 FY24 as part of its ASX listing, contributing to net inflows from financing activities[30][48] - Cash and cash equivalents increased to US$88,738 thousand as of 30 June 2024, up from US$32,372 thousand at the end of 2023[143] Investments and Acquisitions - Strategic investment of A$2.5 million for a 4.31% interest in Polymetals Limited, enhancing access to water rights and zinc processing capacity[13] - The company incurred capital expenditure of US$11 million for the CSA Copper Mine development in H1 FY24, compared to US$2 million in H1 FY23[30][42] - The company acquired the remaining 10% interests in the Shuttleton and Mt Hope Exploration Licence tenements for A$200,000[56] Financial Position - Total current assets increased to $120,856 thousand as of June 30, 2024, from $88,936 thousand at the end of 2023, primarily driven by an increase in cash and cash equivalents[84] - Total liabilities decreased to $891,850 thousand from $1,037,441 thousand, reflecting a reduction in current liabilities[84] - The Group's current liabilities exceeded current assets by $22,416 thousand as of June 30, 2024, compared to $198,475 thousand as of December 31, 2023[103] - The Group's only customer, Glencore International AG, represents 100% of trade receivables and total revenue, indicating a high dependency on a single customer[137] Market and Price Changes - The average provisional price per tonne of provisionally priced copper sales was $9,813.77 as of June 30, 2024, compared to $8,451.90 as of December 31, 2023[114] - The silver spot price increased to US$29.24 per ounce as of 30 June 2024, compared to US$24.13 per ounce at the end of 2023, impacting the fair value of the silver stream embedded derivative[148] - The copper spot price rose to US$9,455 per tonne as of 30 June 2024, up from US$8,556 per tonne at the end of 2023, affecting the fair value of the copper stream embedded derivative[152] Compliance and Governance - The Group is in material compliance with environmental laws and regulations, with no known material environmental incidents at the CSA mine[188] - The directors confirm that the consolidated financial statements provide a true and fair view of the Group's financial position as of June 30, 2024[192] - The Company has reasonable grounds to believe it can meet its debt obligations as they become due[192]

Financial Data and Key Metrics Changes - The company reported a record production of 10,864 tons of copper, up 24% quarter on quarter [32] - Cash and cash equivalents increased by 25% quarter on quarter from USD 71 million to over USD 88 million [38] - Net debt reduced to approximately USD 320 million, reflecting a strong cash position [15] Business Line Data and Key Metrics Changes - Copper grade increased significantly by about 20% to 4.2% for the quarter [4] - C1 cash costs decreased by 11% quarter on quarter to USD 1.92 per pound [32] - Average realized copper price was USD 4.41 per pound, in line with spot prices [32] Market Data and Key Metrics Changes - The company is on track to meet its guidance of producing between 38,000 and 43,000 tons of copper for the year [9] - The highest monthly revenue number in the history of the mine was recorded in June [4] Company Strategy and Development Direction - The company is focusing on capital projects, having spent just under USD 13 million during the quarter, aligning with the annualized guidance of USD 52 million [5] - A significant increase in the life of mine reserve has been announced, extending it to 11 years [9] - The company is exploring a lower-cost lift and transfer over to the Northern tailings facility to optimize costs while maintaining environmental compliance [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the mine's capabilities, indicating that the strong performance in Q2 bodes well for production in the remainder of the year [17] - The company acknowledged challenges in safety performance but noted improvements in safety initiatives [23][24] - Management expects Q3 to be slightly weaker than Q2, with Q4 anticipated to be strong [86] Other Important Information - The company made a small investment in Polymetals, which provides a low-cost processing solution for imports [34] - The company has welcomed a new board member, Anne Templeman-Jones, to strengthen its governance [10] Q&A Session Summary Question: What is the expected balance of the year in terms of tonnes and grade? - Management indicated that Q3 might be slightly weaker than Q2, while Q4 is expected to be strong [86] Question: Can you elaborate on the presales and their impact on cash flow? - Presales were made to match cash outflows, with pricing open until loading on the ship [89] Question: What is the expected spending profile for the ventilation project? - The ventilation project spending will be part of the sustaining CapEx, with a minimum of AUD 42 million allocated for growth CapEx [91] Question: Can you provide details on the double-lift stooping strategy? - The strategy allows for significant metal recovery from certain stopes, improving production efficiency [98] Question: What is the timeline for the raise boring in the ventilation project? - The raise boring is not expected to occur within the next nine months as development is still underway [121]

Company Participants Conference Call Participants Hello and welcome to the Metals Acquisition First Quarter 2024 Results Conference. At this time, all parties are in a listen-only mode. Later, you will have an opportunity to ask questions. [Operator Instructions] Please note that this call is being recorded and I will be standing by should you require any assistance. Mick McMullen So, CSA, obviously, we own is a very high-grade copper mine sitting in a Tier 1 jurisdiction in Western New South Wales. And as ...

Mineral Reserves Continuing updating mine plans as new information received 42% INCREASE IN RESOURCES 8,786t Cu produced US$13m capital spend BALANCE SHEET QUISITION Investor Presentation April 2024 Disclaimer This presentation contains summary information about Metals Acquisition Limited ARBN 671 963 198 ("MAC" or "Company"), its subsidiaries and their activities which is current as at the date of this document, unless otherwise indicated. The information in this document remains subject to change without ...

Metals Acquisition Limited (NYSE:MTAL) Q4 2023 Results Conference Call April 3, 2024 6:00 PM ET Company Participants Mick McMullen - Chief Executive Officer Morne Engelbrecht - Chief Financial Officer Dan Vujcic - Chief Development Officer Chris Rosario - General Counsel Sandy Noyes - Head of Investor Relations Conference Call Participants David Radclyffe - Global Mining Research Eric Windmill - Scotiabank Operator Good day, everyone, and welcome to today’s Metals Acquisition 2023 Financial Results Presenta ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2024 Commission File Number 001-41722 METALS ACQUISITION LIMITED (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: (Translation of registrant's name into English) 3rd Floor, 44 Esplanade, St. ...