Disclaimer January 2025 Q4 2024 Quarterly Presentation IMPORTANT: You must read the following in conjunction with this document Summary information in relation to MAC This presentation contains summary information about MAC Copper 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 notice. The information in this document does not p ...

Group 1 - Metals Acquisition Ltd (MTAL) is currently outperforming its Basic Materials peers with a year-to-date return of 2.6%, while the average return for Basic Materials companies is -2.5% [4] - The Zacks Rank for Metals Acquisition Ltd is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] - Over the past 90 days, the Zacks Consensus Estimate for MTAL's full-year earnings has increased by 94.1%, reflecting stronger analyst sentiment [4] Group 2 - Metals Acquisition Ltd is part of the Mining - Non Ferrous industry, which ranks 52 in the Zacks Industry Rank, and has slightly underperformed its industry with a year-to-date gain of 2.6% compared to the industry's average gain of 9.8% [6] - Rayonier Advanced Materials (RYAM), another stock in the Basic Materials sector, has significantly outperformed with a year-to-date return of 115.3% and a Zacks Rank of 1 (Strong Buy) [5] - The Paper and Related Products industry, to which Rayonier Advanced Materials belongs, has seen a year-to-date increase of 43.2% [6]

Group 1 - Metals Acquisition Ltd (MTAL) is part of the Basic Materials sector, which includes 235 individual stocks and currently holds a Zacks Sector Rank of 12 [2] - The Zacks Rank system indicates that MTAL has a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] - Over the past 90 days, the Zacks Consensus Estimate for MTAL's full-year earnings has increased by 206.5%, indicating improved analyst sentiment [4] Group 2 - Year-to-date, MTAL has returned approximately 2.8%, outperforming the Basic Materials sector average return of -3.8% [4] - In the Mining - Non Ferrous industry, which includes 12 stocks, MTAL is ranked 59 and has slightly underperformed its industry with a year-to-date return [6] - Another stock in the Basic Materials sector, Silvercorp (SVM), has significantly outperformed with a year-to-date increase of 50.2% [5]

Financial Data and Key Metrics Changes - The company reported a strong result of just over 10,000 tonnes of copper at a head grade of 4% milled for Q3 2024, maintaining a strong EBITDA margin of about 50% and converting approximately 77% of that margin to cash [3][4] - C1 cash costs came in at the bottom end of the guidance at USD 1.90 per pound, continuing a downward trend [3][4] - Pro forma liquidity at the end of Q3 was approximately USD 226 million, significantly enhancing the company's financial flexibility [4][8] Business Line Data and Key Metrics Changes - The company achieved a total cash cost of about USD 2.70 per pound, consistent with the previous quarter, despite a slight decrease in production quarter-on-quarter [17] - Free cash flow from operations for Q3 was around USD 30 million, indicating strong cash generation potential [10][17] Market Data and Key Metrics Changes - Copper prices experienced a slight decline during the quarter, but the company managed to achieve spot prices for its sales [4][17] - The company expects Q4 to be the strongest quarter of the year, with production anticipated to align closely with guidance [4][17] Company Strategy and Development Direction - The company aims to increase copper production to over 50,000 tonnes within the next couple of years, supported by ongoing capital projects like the Vent project and QTS South Upper [3][6][36] - The recent equity raise of AUD 150 million (USD 103 million) has strengthened the balance sheet and provided flexibility for strategic opportunities [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of guidance for the year, with expectations for continued operational consistency and improvements in production efficiency [36][38] - The company is focused on reducing high-cost debt and simplifying its capital structure, with plans to retire the mezzanine debt as soon as possible [15][70] Other Important Information - The company has made significant progress in exploration activities, confirming high-grade copper and zinc hits, which are expected to enhance reserves [5][28] - Safety metrics are improving, with a focus on reducing recordable injuries and maintaining strong community relations [34][35] Q&A Session Summary Question: Development meters and mine plan - The development meters are related to the mine plan and the implementation of a double lift stope strategy, which requires fewer operating meters per ore tonne [40][41] Question: QTS Upper's impact on guidance - Material from QTS Upper is expected to be additive to current guidance, as the company is not mill constrained [42] Question: Discussions with Sprott regarding mezzanine facility - Ongoing discussions with Sprott and other lenders are in progress, with the equity raise positioning the company favorably for these conversations [45][46] Question: Production growth expectations for 2025 - Production growth is expected to come from both grade and tonnes, with a focus on maintaining metal tonnes through better dilution control [48][49] Question: Timeline for resource reserve update - The resource reserve update is expected to be released towards the end of February, with a cut-off at the end of October [53] Question: Mill capacity and growth - The mill currently has a capacity of 80,000 tonnes of copper per year, with potential growth from new ore sources and improved underground productivity [64][65] Question: TC/RCs and cost implications - The company is on annual benchmark TC/RCs, with expectations for lower rates in the upcoming year, potentially saving around USD 0.09 per pound off C1 costs [66][67]

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]

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 ...

Financial Data and Key Metrics Changes - The company recorded a statutory loss after tax of US$145 million for FY 2023, with significant administration expenses of US$79 million, including one-off items related to the acquisition [17] - The underlying EBITDA was impacted by fair value adjustments and non-cash items totaling around US$71 million, with US$47 million attributed to depreciation and amortization [43][44] - The company raised approximately A$325 million (equivalent to US$214 million) through its ASX IPO, enhancing its liquidity and balance sheet strength [22] Business Line Data and Key Metrics Changes - The CSA copper mine, acquired on June 16, 2023, has been producing at a C1 cost of just under US$2 per pound, with copper prices recently reaching US$4.20 per pound [13][24] - The mine has a current reserve of about 8 million tons at 4% copper, with ongoing drilling to update resource estimates [39][41] Market Data and Key Metrics Changes - The company has renegotiated offtake agreements with Glencore, removing previous historical constraints and aligning pricing with industry indexes [18] - The copper market remains strong, with the company benefiting from rising copper prices, which are expected to positively impact cash flows [53][55] Company Strategy and Development Direction - The company aims to grow organically, focusing on extending the reserve life of the CSA copper mine and exploring additional assets [41] - There is a strategic emphasis on reducing interest-bearing liabilities and improving the capital structure to support growth initiatives [52] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant non-recurring items in the financial results and emphasized the importance of upcoming resource and reserve estimates [56] - The company is optimistic about the copper price environment and its potential to enhance cash flows and operational flexibility [55][53] Other Important Information - The company has a hedge book in place covering approximately 30% of production for 2024 and 2025, with a realized loss of about US$600,000 in 2023 [45] - The company is also looking to secure longer-term financing options and establish a letter of credit facility for environmental bonds [26] Q&A Session Summary Question: Update on debottlenecking the mine and ventilation improvements - Management indicated that improvements will not be seen until next year, as current work is underway but not a quick fix [31] Question: Cash flow and shipment details - The company had a couple of shipments this quarter, with a deferred shipment recognized in April, totaling around US$48 million [32] Question: Drilling results and mineable grades - Management noted that while drilling results are promising, it is too early to speculate on their impact on the next resource and reserve update [34][63] Question: Zinc and lead mineralization in the mine - There is ongoing work to assess the potential of zinc and lead mineralization, with drilling currently in progress [71]

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. ...