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Metals Acquisition Ltd
ASX:MAC

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Metals Acquisition Ltd
ASX:MAC
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Price: 18.52 AUD Market Closed
Market Cap: 1.4B AUD

Metals Acquisition Ltd
Investor Relations

Metals Acquisition Ltd. engages in mineral exploration and development. The business of the Company is the operation of the CSA copper mine in New South Wales, Australia. The CSA Mine is a high grade, producing, underground copper mine. The Company, through Cobar Management Pty Ltd (CMPL), holds a Mining Lease (CML5) over the CSA deposit, which is supplemented by Mining Purpose Leases, MPL 193 and MPL 1094. The CSA Mine is surrounded by two Exploration Licenses, EL5693 and 5983. CML5 covers an area of approximately 2,474 hectares (ha), the MPLs total approximately 30 ha, while the surrounding exploration tenements (EL5693 and 5983) cover approximately 366 square kilometers. In addition, CMPL has a joint venture with AuriCula Mines Pty Limited (AuriCula) covering the Shuttleton and Mt Hope Exploration Licence tenements south of Cobar.

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Last Earnings Call
Fiscal Period
Q2 2025
Call Date
Jul 23, 2025
AI Summary
Q2 2025

Production Surge: MAC Copper delivered a 23% quarter-on-quarter increase in copper production, reaching just under 10,600 tonnes, supported by higher grades and improved operational stability after transaction-related disruptions.

Strong Cash Flow: The quarter saw record operating free cash flow of about $42 million, driven by increased output, higher grades, and improved copper prices.

Cost Reduction: Unit cash costs (C1) dropped to $1.48 per pound for the quarter and as low as $0.94 per pound in June, aided by higher production and favorable ore grades.

Guidance Maintained: Full-year production guidance is unchanged at 43,000–48,000 tonnes, with expectations to finish in the lower half of the range due to anticipated lower grades in Q3.

Balance Sheet Strength: Liquidity stood at $196 million and cash at $102 million at quarter-end, with net gearing well below 20% following refinancing and lower interest costs.

Growth Projects Progress: Major development works at the ventilation project and Merrin Mine are advancing on schedule, both tracking for key milestones in Q4.

Harmony Transaction: The sale to Harmony Gold is progressing with required restructuring agreements executed and a shareholder vote planned for August 29.

Key Financials
Copper Production
10,600 tonnes
Copper Grade
4.4%
C1 Cash Cost
$1.48/lb (June: $0.94/lb)
Operating Free Cash Flow
$42 million
Liquidity
$196 million
Cash on Balance Sheet
$102 million
Net Debt
$123 million
Net Gearing
17%
Growth Capital Expenditure
$10.8 million (Ventilation Project: $7.3 million, Merrin Mine: $3.5 million)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael James W. McMullen B.Sc., M.A.
CEO & Director
No Bio Available
Mr. Christopher P. Rosario
General Counsel & Joint Company Secretary
No Bio Available
Mr. Slobodan Vujcic
Chief Development Officer
No Bio Available
Mr. Trevor Graham Hart ACIS, AGIA, BBus, CPA
Joint Company Secretary
No Bio Available
Mr. Morne Engelbrecht BCom (Hons), CA(SA), MAICD
CFO & Chief Accounting Officer
No Bio Available

Contacts

Address
Saint Helier
3Rd Floor, 44 Esplanade, St
Contacts