Metals Acquisition Limited (NYSE: MTAL) (ASX:MAC) provides a market update on the continuing exploration and resource development at the CSA Copper Mine:

Highlights

• All results reported in this release are after the cut-off date (August 31, 2023) for the 2023 Resource and Reserve and will be incorporated in the 2024 Resource and Reserve Estimate update.
• Results from QTS North include:
  • 12.5m @ 5.4% Cu from 103.0m and 19.8m @ 10.9% Cu from 177.1m in UDD23021
  • 27.3m @ 8.7% Cu from 126.0m in UDD23019
  • 8.1m @ 7.3% Cu from 143.6m, 4.9m @ 10.9% Cu from 168.8m, 4.3m @ 8.3% Cu from 177.3m and 13.3m @ 9.2% Cu from 183.7m in UDDD24063
• Results from QTS Central (“QTSC”) include:
  • 23.6m @ 5.2% Cu from 98.7 m in UDD24017
  • 6.3m @ 11.3% Cu from 84.0m in UDD24012
  • 6.6m @ 8.4% Cu from 54.3m in UDD24010
• Results for QTSS Upper A include:
  • 3.8m @ 17.1% Cu from 214.3m in QSDD061

Discussion

Underground exploration continued to focus on the down dip and along strike extensions of the QTSN and QTSC deposits, as well as the shallower, up dip portions of the East and West deposits and QTSS Upper.

Results are reported as down hole widths. A complete list of September quarter 2024 resource drilling results is contained in Table 1 at the end of this report.

MAC CEO, Mick McMullen commented, “The CSA deposits continue to deliver the high-grade intervals we have come to expect from it. The drilling of the Inferred and mineralised extensions of QTSN have shown good continuity with strike extensions adding to the tonnes per vertical metre of the mineralisation. Having a core deposit that grades in excess of 8% Cu provides us with a lot of flexibility all through the cycle. As we continue to refine mining methods and manage dilution better than in the past, we are seeing the benefit in the mill with the September quarter mill feed grade at 4% Cu.

QTSSU-A has been drilled from surface now to provide us the confidence to commence development works in the near term. In addition, we see good potential for additional discovery between this deposit and the main mine with over 600m of poorly tested strike extension in this area that the development will pass through. Our intention is to push the development past QTSSU-A to the Pink Panther prospect that is located 250m further to the South East along strike to provide both a drill platform and potential access for development if that prospect can be converted to a resource.

Finally, drilling of the high-grade Zn mineralisation above the East and West lenses has confirmed the presence as indicated by historical data and as Polymetals (“POL”) advance their planning for restart of the Endeavour mill this should dovetail well with our timing for potentially mining this material.”

CSA Copper Mine

The CSA Copper Mine is a world class mine that consists of a series of mineralized lenses that extend from surface to a depth of over 2.3km. The main deposits are QTSN, QTSC, QTSS, Eastern and Western lenses with additional mineralisation in the near surface QTSS Upper A zone. Approximately 75% of the resources are contained in QTSN.

Refer to Figure 1 below for the location of the various deposits.

Exploration Results

Drilling has been targeting conversion of Inferred resource to Measured and Indicated for inclusion in the Reserve Estimate, as well as the known mineralized lenses to add incremental resources.

The location of the significant drill results is shown in Figure 2 below.

At QTSN, the most recent drilling continues to confirm the location of the Inferred Resource and will enable it to be upgraded as well as confirmation of the smaller mineralized lenses adjacent to the existing resource. This can be seen in Figures 3 to 4. QTSN is characterised by a series of high-grade lenses (grading plus 5% Cu) that can range in width from 10-35m surrounded by a lower grade halo on the footwall.

As drilling has progressed down dip it would appear that tonnes per vertical metre are increasing and drilling is now pushed down well into the Inferred resources (refer to Fig 3 & Fig 3A) which will be helpful for upgrading of that material.

The 13.3m @ 9.2% Cu in UDD24063 is completely outside any of the current resource of known mineralisation and has significantly extended the strike length of QTSN to the south and is a high priority area for follow up infill drilling.

QTSC is located adjacent to QTSN and is centred around a depth of 1.4km and is open both up and down dip. QTSC is typically narrower than QTSN but higher grade. As seen in Figures 4 and 5 the most recent drilling continues to confirm the presence of the high-grade mineralisation below the current working level through the Inferred Resource and into mineralised material that will both extend the resource beyond its current limits and extend the Measured and Indicated material for inclusion into the 2024 Mineral Reserve.

The interval in UDD24017 is substantially thicker than typically seen at QTSC and in the middle of the Inferred resource which should have a materially positive impact for classification of this resource.

The shallow (< 400m from surface) portions of the CSA Copper Mine include substantial mineralisation around the existing workings that are the up-dip portion of the Eastern and Western lenses as seen in Figure 5. This material is at approximately the same elevation as the QTSS Upper deposit located approximately 600m to the south of the main mine as seen in Figure 5 also.

Drilling in the Pb- Zn areas over the Eastern lens has intersected high grade Zn mineralisation plus Pb and Cu immediately adjacent to existing development. MACs focus is on the Cu mineralisation within the rest of the mine, however with the agreement signed with Polymetals in the June quarter MAC now has access to Zn material processing capacity. Results returned during the quarter (refer Fig 6) from Upper Pb-Zn Eastern and Western Lenses include:

• 1.7m @ 3.3% Zn, 1.5% Pb, 0.1% Cu & 7g/t Ag from 176.8m (EWDD24003)
• 5.8m @ 8.3% Zn, 3.9% Pb, 0.2% Cu & 11g/t Ag from 190.2m (EWDD24003)
• 5.7m @ 3.5% Zn, 0.87% Pb, 0.7% Cu & 19g/t Ag from 219m (EWDD24003)

QTSS Upper A is a narrow (1.5 to 4m) but very high-grade zone of mineralisation that is much shallower than the rest of the mine. This lens starts approximately 120m below surface and extends to approximately 350m below surface.

As the majority of the mineral resource for QTSS Upper is in the Inferred category, this material is being drilling out from surface to upgrade the classification for detailed mine planning. The production guidance that MAC has published does not include any Inferred material, and as such, any production from QTSS Upper would be in excess of the production guidance.

Figure 7 illustrates the recent Cu and Zn results from this deposit which are typically narrow but very high grade and close to surface.

Qualified Person Statement

The information in this announcement that relates to Exploration Results at the CSA Copper Mine is based on information compiled or reviewed by Eliseo Apaza, a Qualified Person for the purpose of S-K 1300 who is a Member of the Australian Institute of Mining and Metallurgy. Mr Apaza is employed by a wholly owned subsidiary of the Company. Mr. Apaza has given (and not withdrawn) written consent to the inclusion in the report of the results reported here and the form and context in which it appears.

About Metals Acquisition Limited

Metals Acquisition Limited 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.

Figure 1 – CSA Copper Mine Long Section (Graphic: Business Wire)

Figure 2 – QTSN and QTSC Long Section (Graphic: Business Wire)

Figure 3 – QTSN Cross Section (4015mN) (Graphic: Business Wire)

Figure 3A – QTSN Cross Section (3665mN) (Graphic: Business Wire)

Figure 4 – QTSC Cross Section (Graphic: Business Wire)

Figure 5 – QTSS Upper A and Eastern Long section (Graphic: Business Wire)

Figure 6 – Eastern Lens Cross Section (Graphic: Business Wire)

Figure 7 –QTSS Upper Cross Section (Graphic: Business Wire)

Figure 8 –QTSS Upper Cross Section – Zn mineralisation (Graphic: Business Wire)