Metals Acquisition Limited Reports Drill Results Including 50.4m @ 8.9% Cu and Provides an Operational Update

Metals Acquisition Limited (NYSE: MTAL):

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Figure 1 – CSA Copper Mine Recordable Injuries Trailing 12 months (Graphic: Business Wire)

Metals Acquisition Limited (“MAC” or the “Company”) today provides a market update on the following aspects of the CSA Copper Mine:

• Total Reportable Injury Frequency Rate (TRIFR) of 10 and 10.2 per million hours for July and August, respectively
• July and August 2023 production (the first two full months of MAC’s ownership) of 7,294 tonnes of copper
• Additional results from drilling previously not included in the 2022 Resource Estimate, including 50.4m @ 8.9% Cu and 36 g/t Ag from 170.6m in UDD20134
• Drilling at the shallow QTS South Upper mineralisation accelerated to support rapid mine development with first drill hole returning 3.4m @ 8.7% Cu and 21 g/t Ag in QSDD055A
• Downhole Electromagnetic Survey (“DHEM”) indicates the continuation of sulphide mineralisation for at least 800m below the deepest drill hole at the CSA Copper Mine

MAC CEO, Mick McMullen commented, “Since acquiring the CSA Copper Mine just over two months ago, our team has been working hard to produce as per our plan, identify and action new opportunities to unlock value, while also doing so safely. We continue to see great potential to create value for shareholders through exploration in the immediate mine environment as further evidenced by the results shared today. I would also like to thank our entire team for all of the hard work they have put in.”

Safety

The TRIFR for the CSA Copper Mine has remained steady at 10 and 10.2 for July and August 2023, respectively (refer Figure 1). Whilst MAC believes that this can be lowered in the future, MAC believes that remaining at this relatively low level is a great result coming immediately after a change of ownership.

Production

MAC took ownership of the CSA Copper Mine on June 16, 2023. Production during July and August 2023 (the first two complete months of ownership) totalled 7,294 tonnes of copper. MAC believes this is a positive result considering all the potential disruptions that can come from a change of ownership.

Mill throughput in July 2023 of 118kt of ore was a record and the focus is on increasing ore from the mine to fill the excess plant capacity.

Drilling and Exploration

QTSN and QTSC Drilling

Drilling has continued in the main QTSN and QTSC deposits to convert Inferred resources to higher confidence levels and to expand the known mineralisation. As of this date, there is an approximate 12,500m backlog of core to be assayed and additional effort is being focussed on bringing this information into the database.

Results from the most recent drillholes include highly encouraging intervals including:

• 50.4m @ 8.9% Cu and 36 g/t Ag from 170.6m in UDD20134 (QTSN)
• 3.2m @ 13.2% Cu and 41 g/t Ag from 173.9m in UDD20137 (QTSN)
• 8.4m @ 4.0% Cu and 41 g/t Ag from 92.3m in UDD22038 (QTSC)

The location of the most recent drill holes is shown in the Long Section below (Refer Figure 2). There is very limited step out drilling currently underway to extend the overall resource.

Refer to Table 1 below for a complete list of results.

Holes UDD20134 and UDD20137 are targeting the S Lens area in the southern portion of QTSN (Refer Figure 3).

Whilst they are at a similar mine relative level (RL) they are separated along strike (N/S) by 32m in the S Lens position. This separation is what produces the difference in intersection thicknesses as the lenses pinch and swell both along the strike and down dip.

In QTSC, 4 holes were drilled below the current stoping levels to upgrade the resource classification and test mineralization extent at depth. All 4 holes target the QC1 zone which is comprised of a number of internal lenses as shown in Figure 4.

DHEM Exploration

In massive sulphide deposits, DHEM is a standard tool for detecting sulphides that are proximal to drill holes that have yet to be intersected. The CSA Mine style mineralisation responds well to this style of exploration targeting tool but has not been widely used in the underground holes due to the difficulties associated with the ground conditions.

Recent efforts to utilise the technique at CSA have been successful, with the main “QTSN”, “K” and “L3” lenses in the QTSN deposit being shown to extend for at least 800m deeper than the deepest drillhole. This technique indicates the presence of sulphides, but the tonnes and grade of this can only be determined through future drilling.

The scale of these DHEM conductors can be seen in the Long Section and Cross Section (Figures 5 and 6 respectively) below, relative to the existing mineralisation that has supported mining since 1967.

QTS South Upper Drilling

The QTS South Upper mineralisation sits above the QTS South Deposit and is present approximately 120m below surface. Work is underway to complete a mineral resource using the existing drilling and to prepare a mine plan for development in the near term. Previous drill results included (Refer to Table 2 for a full list of drill results):

• 4.05m @ 17.1% Cu and 39 g/t Ag from 282m in QSDD027 and
• 4.9m @ 12.7% Cu and 30 g/t Ag from 227.4m in QSDD046

A surface drill rig has been mobilised to drill a small number of additional definition holes with the first hole intersecting 3.4m of massive sulphide (refer to Figure 7) grading 8.7% Cu and 21 g/t Ag in QSDD055A from 292.1m. Drilling of the remaining holes is being prioritized to enable their inclusion in the 2023 resource statement.

Note on Qualified Person(s)

The drilling results contained in this news release have been prepared in accordance with Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission (“Subpart 1300”).This news release has been reviewed by Patrick John Adams, BSc. FAusIMM Principal Geologist and Rebecca Prain BSc. Managing Director from Cube Consulting for Metals Acquisition Limited. Acting within the scope of their expertise, Patrick John Adams, BSc. FAusIMM Principal Geologist and Rebecca Prain, as Qualified Persons as defined by Subpart 1300, has reviewed the information provided and finds it to be accurate and reflect facts.

About Metals Acquisition Limited

Metals Acquisition Limited (NYSE: MTAL) 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.

Table 1 - Drill Results QTSN and QTSC

Table 2 - Drill Results for QTS S Upper