SYDNEY, AUSTRALIA: Metals Acquisition Limited (MAC), a global metals and mining company, has commenced trading on the Australian Securities Exchange (ASX) today under the ticker ‘MAC’, after raising A$325 million in an oversubscribed initial public offering (IPO) of CHESS Depositary Interests (CDIs).

The company, which is also listed on the New York Stock Exchange (NYSE), issued 19,117,648 CDIs at the top of the indicative price range, being A$17.00 per CDI. Given the level of demand under the bookbuild process in connection with the offer, MAC decided to increase the raise from A$300 million to A$325 million.

Based on the final price of A$17.00 per CDI, at listing Metals Acquisition Limited has an implied total market capitalisation of approximately A$1.18 billion, making it the biggest ASX mining listing based on market capitalisation in over 5 years.

MAC’s goal is to acquire and operate metals and mining assets in high-quality, stable jurisdictions around the world that are critical in the electrification and decarbonisation of the global economy.

The company’s foundational asset is the CSA Copper Mine (CSA) near Cobar, western New South Wales, which MAC acquired from Glencore last year for A$1.64 billion (US$1.1 billion). CSA is the highest-grade copper mine in Australia.

Metals Acquisition Limited will use the IPO proceeds to repay a A$127 million (US$82.9 million) deferred consideration facility to Glencore in connection with the acquisition of CSA (which was paid in full on 16 February 2024). It will also commit further working capital to improve the mine’s production, development opportunities and undertake in-mine, near-mine and regional exploration.

Backed by a strong board and management team, MAC is led by CEO Mick McMullen, who has more than 30 years of senior leadership experience in the exploration, financing, development, and operations of mining companies globally.

Mr. McMullen grew up in western NSW and was previously CEO and President of Canadian gold producer, Detour Gold Corporation, where he increased Detour’s market capitalisation from C$2.1 billion to C$4.9 billion over seven months leading to the C$4.9 billion acquisition of Detour by Kirkland Lake Gold Ltd.

He was also CEO at US palladium and platinum producer, Stillwater Mining Company, increasing its market capitalisation from US$1.3 billion to US$2.2 billion, and its eventual US$2.7 billion sale to Sibanye Gold Ltd.

Mr. McMullen said: “We are very pleased to have achieved an ASX listing and thank our new shareholders for their support for Metals Acquisition Limited.

An Australian IPO and listing will allow us to pursue a range of organic and inorganic growth opportunities in Australia and globally to continue building shareholder value.”

“While we have made significant progress in improving overall operational performance at our CSA Copper Mine to date, our initial focus will be to assess further exploration, development, and production improvement opportunities.”

“With a disciplined M&A strategy, we will continue to evaluate prospects for growth through acquiring and operating assets in stable mining jurisdictions that will benefit from a turnaround and optimisation program to enhance value.”

“The listing is an important milestone for the company as we continue to expand and work towards our long-term goal of owning and operating multiple metals and mining assets that are critical to the electrification and decarbonisation of the global economy and become a notable player in the industry.”

“As we grow, we are focused on ESG stewardship and a firm commitment to the health and safety of our employees, contractors, and communities.”