MAC Copper Ltd.

MAC Copper Ltd. is a junior copper producer headquartered in St Helier, Jersey, operating primarily in Australia. The company's portfolio consists of 1 operating mine. Key assets include CSA. The business model centers on a single, established, high-grade underground operation utilizing mechanized long-hole open stoping with cemented paste fill as the primary extraction method. A modified Avoca stoping technique is applied in narrower lenses to optimize recovery. The operational approach involves crushing ore underground before hoisting it to the surface for milling and processing through a dedicated concentrator, which possesses excess capacity relative to current mine production rates. Metallurgical performance is characterized by consistently high recoveries. The enterprise is supported by established infrastructure, including power from a state energy network with diesel backup, and a water supply system combining a water board allocation with on-site recycling, surface capture, and borefields. A key structural component of the business model is a life-of-mine offtake agreement committing all production to a single customer, which provides revenue certainty but also introduces significant counterparty concentration risk. Competitive positioning is derived from operating a high-grade deposit with a long history of capital investment, which presents an advantage over developing new greenfield projects.

Strategic focus centers on maximizing production from the existing asset while expanding its resource base through continued near-mine exploration and infill drilling. Operational priorities emphasize improving mine sequencing based on geotechnical data, enhancing equipment utilization, and managing costs through contract renegotiations and process efficiencies. A key initiative involves exploring the use of battery electric vehicles to replace the diesel-powered mining fleet, aiming to reduce ventilation requirements and improve working conditions. The growth strategy includes evaluating and potentially acquiring additional assets or entering into joint ventures. A recent strategic investment was made in Polymetals Resources Limited in May 2024 to secure access to water rights and future processing optionality for a different mineral type, demonstrating a measured approach to diversification. Capital allocation is directed towards sustaining and expanding the primary operation, with financing sourced from a combination of debt facilities, operational cash flow, and equity raises.

Executive leadership is headed by CEO Michael McMullen, who brings over 30 years of industry experience, including previous CEO roles at Detour Gold and Stillwater Mining Company, where he had a track record of increasing market capitalization and optimizing operations. The board of directors is composed of 8 members and is divided into 3 classes with staggered 3-year terms to ensure continuity. Board oversight is structured through 4 primary committees: the Audit and Risk Committee, the Compensation Committee, the Nominating and Corporate Governance Committee, and the Health, Safety, Environment, Community and Sustainability (HSECS) Committee. As a foreign private issuer, the company follows certain home country governance practices, which exempt it from NYSE requirements for a majority-independent board and fully independent compensation and nominating committees. The governance framework is further defined by a formal Code of Business Conduct and Ethics applicable to all directors, officers, and employees.

Workplace safety is a primary focus, with performance measured by the Total Recordable Injury Frequency Rate (TRIFR) and supported by remediation strategies to achieve zero recordable injuries. Environmental management includes the operation of a Southern Tailings Storage Facility (STSF), with construction on a stage 10 lift underway and planning initiated for a subsequent stage 11 expansion to ensure long-term capacity. The company maintains a rehabilitation bond with the government to cover future closure obligations. Community engagement initiatives include providing university scholarships, supporting local air services, and making donations to community projects. The climate action strategy involves exploring the implementation of battery electric vehicles to replace the diesel fleet and actively engaging with third parties to source renewable energy. The organization operates under a documented environmental management system designed to meet all legal and regulatory requirements.

The current corporate structure was established in June 2023 through the merger of Metals Acquisition Corp and Metals Acquisition Limited, and the concurrent acquisition of the operating subsidiary Cobar Management Pty. Limited from Glencore Operations Australia Pty Limited. In May 2024, the company made a strategic investment in Polymetals Resources Limited to secure access to water rights and potential future processing capacity. A joint venture with AuriCula Mines Pty Limited was terminated in 2024, with the company acquiring the partner's interest in the related exploration licenses. Major shareholders with over 5% ownership include Glencore Operations Australia Pty Limited, United Super Pty Ltd, Fourth Sail Capital LP, and BlackRock, Inc. Glencore retains the right to appoint one director to the board for every 10% of ordinary shares it beneficially owns. Additionally, BEP Special Situations VI LLC holds a director nomination right contingent on maintaining a shareholding of at least 1.25 million ordinary shares.