Metals Acquisition Limited Announces “Redemption Fair Market Value” in Connection With Redemption of Public and Private Placement Warrants

Metals Acquisition Limited (NYSE: MTAL; ASX: MAC)

Metals Acquisition Limited ARBN 671 963 198 (NYSE: MTAL; ASX: MAC), a private limited company incorporated under the laws of Jersey, Channel Islands (the “Company”), today announced the “Redemption Fair Market Value” in connection with its previously announced redemption of its public warrants and private placement warrants (the “Warrants”) to purchase ordinary shares of the Company, par value $0.0001 per share (the “Ordinary Shares”).

On May 6, 2024, the Company announced that it will redeem all of its Warrants that remain outstanding at 5:00 p.m. New York City time on June 5, 2024 (the “Redemption Date”) for a redemption price of $0.10 per Warrant. Warrant holders may elect to exercise their Warrants for cash or on a “cashless basis” before 5:00 p.m. New York City time on the Redemption Date, subject to the terms of the Company’s previously issued notice of redemption (the “Notice of Redemption”). The “Redemption Fair Market Value” announced today is used to determine the number of Ordinary Shares that will be issued to Warrant holders who exercise their warrants on a “cashless basis” (a “Make-Whole Exercise”). Based on the Redemption Fair Market Value, Warrant holders who exercise their Warrants by surrendering them pursuant to a Make-Whole Exercise prior to the Redemption Date will receive 0.3063 Ordinary Shares per Warrant.

Today, at the direction of the Company, the information agent, Georgeson LLC (the “Information Agent”), and the warrant agent, Continental Stock Transfer & Trust Company (the “Warrant Agent”), have delivered a notice (the “Notice of Redemption Fair Market Value”) to each of the registered holders of the outstanding Warrants, informing them that: (i) the Redemption Fair Market Value is $13.33, and (ii) as a result, holders of Warrants who exercise their Warrants on a “cashless basis” will receive 0.3063 Ordinary Shares per Warrant.

Deadline for Warrant Exercise

Warrant holders have until immediately prior to 5:00 p.m. New York City time on the Redemption Date to exercise their Warrants (1) for cash, at an exercise price of $11.50 per Ordinary Share (the “Cash Exercise Price”), or (2) on a “cashless basis” pursuant to a Make-Whole Exercise, in which case the holder will receive 0.3063 Ordinary Shares per Warrant. If any holder of Warrants would be entitled to receive a fractional interest in an Ordinary Share, the number of Ordinary Shares the holder will be entitled to receive will be rounded down to the nearest whole number of Ordinary Shares.