Metals Acquisition Limited (NYSE: MTAL) (“MAC” or the “Company”) has announced robust demand for its initial public offering (IPO) in Australia, with both new investors and existing institutional shareholders showing strong interest. In response to the heightened demand, MAC has decided to upsize the proceeds raised by A$25 million, bringing the total to A$325 million.

Top Indicative Price Range

The final price for the Offer has been set at the top end of the indicative price range, at A$17.00 per CHESS depository interest (CDI). This decision reflects the confidence of investors in MAC’s prospects and signifies strong support for the Company’s dual listing on the Australian Securities Exchange (ASX).

Settlement and Trading Dates

Subject to approval from the ASX, settlement of the Offer is expected to occur on 14 February 2024 (AEST), with the issuance of CDIs (and underlying Shares) scheduled for 15 February 2024 (AEST). The CDIs are anticipated to commence trading on the ASX under the ticker symbol “MAC” on 20 February 2024 (AEST).

Utilization of Proceeds

The proceeds from the Offer will serve various purposes, including repaying Glencore’s deferred consideration facility related to the acquisition of the CSA Copper Mine in New South Wales, Australia. Additionally, the funds will bolster working capital, support exploration programs, and finance mine development at the CSA Copper Mine. Moreover, a portion of the proceeds will cover the costs associated with the offer and other administrative expenses.

Leadership’s Remarks

MAC’s Chair, Patrice Merrin, expressed gratitude for the support received, emphasizing the significant balance sheet flexibility the additional funds provide to the Company. CEO Mick McMullen echoed Merrin’s sentiments, highlighting the strategic decision to dual-list MAC on the ASX and acknowledging the efforts of all involved in bringing the offering to fruition.

Key Advisors

Barrenjoey Markets Pty Limited and Canaccord Genuity (Australia) Limited are serving as joint lead managers to the IPO. Additionally, legal advisors Gilbert + Tobin, Skadden, Arps, Slate, Meagher & Flom, and Ogier are assisting the Company in relation to the offer and ASX listing.

Forward-Looking Statements

MAC cautions investors that forward-looking statements involve significant risks and uncertainties, and actual results may differ from expectations. Factors such as supply and demand dynamics, commodity prices, and operational risks could impact MAC’s performance. Investors are advised to exercise caution and conduct thorough due diligence before making any investment decisions.

As MAC prepares for its ASX listing, investors are encouraged to monitor developments closely and stay informed about the Company’s progress and future prospects.