Metals Acquisition Limited Announces Strategic Investment in Polymetals Resources Limited (ASX

POL)

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

Metals Acquisition Limited ARBN 671 963 198 (NYSE: MTAL; ASX: MAC) (“MAC” or the “Company”) is pleased to announce that it has signed a subscription agreement representing a strategic investment with Polymetals Resources Limited (“POL”).

Highlights of the investment include:

• MAC to invest an initial A$2.5 million in total at a price of A$0.35/share for an initial 4.31% interest in POL.
• MAC to invest an additional A$2.5 million in total at a price of A$0.35/share subject to satisfaction of certain conditions precedent including:
  • POL securing sufficient funding to restart the Endeavour mine and processing plant;
  • POL and MAC entering into a tolling agreement to treat zinc ore delivered by MAC to POL (with a treatment charge of costs + 35%);
  • POL and MAC entering into a Water Offtake agreement whereby POL will allow MAC to draw 150ML of water annually from the Endeavor mine pipeline for a term of 4.5 years. MAC will have an option to extend beyond the initial 4.5 years on terms to be agreed in good faith between the parties; and
  • MAC securing any necessary third-party consents (including from its secured lenders and Glencore Plc) to undertake the transactions contemplated.
• MAC will have the right to appoint one director to the POL board whilst MAC holds >7% of the issued shares in POL.

POL holds the rights to the Endeavor silver zinc lead Mine approximately 40km to the north of the CSA Copper Mine. Endeavor produced approximately 92M oz Ag, 2.6Mt Zn and 1.6Mt Pb over a 38-year mine life and is one of the more prolific producers in the Cobar Basin.

Strategically having the option to treat potential high grade zinc mineralisation near surface from the CSA Copper Mine at Endeavor can potentially create significant value for our shareholders. Additionally with securing 150ML of water offtake for the next 4.5 years (with an option to extend) also increases the potential throughput we can achieve at the CSA Copper Mine for a low cost.

The POL management team has over 30 years of experience exploring, developing and operating mines in the Cobar Basin and have acquired the mine with a view to restarting operations. The asset comes with significant infrastructure including an underground mine with a decline and hoisting system, 1.2MTPA processing plant, grid power, water, railway, and workshop facilities.