UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report
of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
of the Securities
Exchange Act of 1934
| For the month of |
October |
|
2024 |
| |
|
|
|
| Commission File Number |
001-41722 |
|
|
| METALS
ACQUISITION LIMITED |
| (Translation of registrant’s
name into English) |
| |
3rd Floor, 44 Esplanade, St.
St. Helier, Jersey, JE49WG
Tel: +(817) 698-9901 |
| (Address of principal executive
offices) |
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Incorporation By Reference
This Report on Form 6-K, including all exhibits hereto, shall
be deemed to be incorporated by reference into the registration statement on Form F-3 (Registration No. 333-276216) of Metals
Acquisition Limited (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date
on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| | METALS
ACQUISITION LIMITED |
| | (Registrant) |
| Date: |
October 21, 2024 |
|
By: |
/s/ Michael James McMullen |
| |
|
|
|
Name: Michael James McMullen |
| |
|
|
|
Title: Chief Executive Officer |
Exhibit 99.1
21 October 2024
SEPTEMBER 2024 QUARTERLY REPORT
STRONG QUARTERLY
PRODUCTION AND LOWER CASH COST
ST. HELIER, Jersey - (BUSINESS WIRE) - 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 (“MAC” or the “Company”)
is pleased to release its September 2024 quarterly activities report (“Q3 2024” or “September quarter”).
HIGHLIGHTS
TRIFR
of 14.2 a slight decrease in TRIFR quarter on quarter with further remediation strategies
implemented.
Strong and consistent quarterly copper production
with lower cash cost
| · | Copper production of 10,159 tonnes at the CSA
Copper Mine (“CSA” or “CSA Mine”) is the second strongest copper production under MAC’s ownership
following on from the record June quarter |
| · | Copper production for 2024 tracking to mid-point
of annual guidance at 40,500 tonnes of copper |
| · | Double lift stope strategy implemented in the
June quarter driving high grade consistent copper production, delivering 21,023 tonnes of copper production for the June and
September quarters at an average grade of 4.1% Cu from the benefit of lower dilution than reserve assumptions |
| · | Q4 2024 mine plan targeting another record December quarterly
copper production |
| · | C1 of US$1.90/lb1
improved by ~6% compared to the June quarter, driven by a reduction in milling costs, treatment and refining charges and an increase
in development costs capitalised |
Key copper growth projects expected to drive
25% increase in annual production by 2026
| · | MAC aiming to be a +50ktpa Copper producer by
2026 |
| · | Ventilation project – work well underway
on development drives to first major raise bore ventilation locations with procurement strategies advancing and completion targeted by
mid-2026 |
| · | QTS South Upper – procurement of equipment
and manning requirements commenced with planning taking place to start development in Q4 2024 and ore mining expected to commence from
Q3 2025 |
| · | Polymetals (“POL”) announced
that it secured financing to fund its mine restart in H1 2025 – the value of MAC’s investment in POL has increased by ~21%
since its initial investment. MAC has the right to invest a further A$2.5 million at A$35c a share when POL is fully funded for restart
of operations |
Generating material
operational free cash flow
| · | Operational
free cash flow of ~US$30 million2 for the quarter with an average realised copper sales
price of US$4.18/lb3 (Q3 2024 Copper spot average at US$4.17/lb) |
| · | Cash and cash equivalents of ~US$81 million after
repayment of ~US$8 million in senior debt principal and US$2.1 million of exploration and expenditure |
| · | MAC
also had ~US$9.0 million of receivable outstanding Quotational Period receipts, ~US$6.4 million of unsold concentrate and a strategic
investment in POL valued at ~A$2.94 million as at 30 September 2024 |
1 See “Non-IFRS financial information” and
refer to Table 2 for reconciliation of C1 Cash Cost
2 See “Non-IFRS financial information”
3 Realised provisional sales price excluding hedging impact
4 Valued at close of trading on ASX on 14 October 2024
A$150 million (~US$103 million) equity raise
completed subsequent to quarter end
| · | Raised
gross proceeds of ~A$150 million (~US$103 million)5 at an issue price of A$18.00 per
New CDI |
| · | Placement was well supported with support from
new and existing institutional and sophisticated investors |
| · | Proceeds will enable MAC to retire the high-cost
Mezzanine debt facility while also providing additional flexibility to pursue strategic inorganic growth opportunities |
| · | Pro-forma
liquidity as at 30 September 2024 of ~US$226 million6 |
ESG
Safety
The TRIFR for the CSA Copper Mine decreased from
an average of 14.4 in Q2 2024 to 14.2 in Q3 2024. This is below the NSW underground metalliferous TRIFR average for 2022 of 15.5. Although
a decrease quarter on quarter, Q3 2024 has not been favourable for safety performance with one LTI recorded for the period. Plans have
been initiated in the prior quarter to remediate the increase in TRIFR as compared to 2023 via increased awareness with extensive training
and coaching, as well as increased safety presence on site. Increased leadership field safety interactions have been a core focus of Q3
2024.
Figure 1 - CSA Copper Mine Recordable Injuries
by Quarter
Regulatory
The CSA Mine Rehabilitation Objectives Statement,
Final Landform and Rehabilitation Plan, the Annual Rehabilitation Report and the CSA Mine Forward Program have all been approved by the
NSW Resources Regulator. Planning for the CSA Annual Plan is underway and due for submission by April 2025.
The Environment Protection Authority annual return
was submitted during the quarter with no reportable incidents, pollution events, or licence breaches recorded during the reporting period,
demonstrating our clear commitment to managing environmental performance, and an owner operator mentality in a small community setting.
5 Placement proceeds converted into US$ based on an A$:US$
exchange rate of 0.6869, which represents the average exchange rate for the week from 30 September 2024 to 4 October 2024 (inclusive)
6
Includes equity raised of ~US103 million gross proceeds of ~A$150 million (~US$103 million) at an issue price of A$18.00
per New CDI as announced on 9 October 2024
Production and cost summary
Table 1 – Production and cost summary
(unaudited)
| |
Units |
Q4
2023 |
Q1
2024 |
Q2
2024 |
Q3
2024 |
QoQ
Change (%) |
| Copper
Production |
Tonnes |
9,832 |
8,786 |
10,864 |
10,159 |
(6.5%) |
| Sustaining capital |
US$ million |
$10.0 |
$13.0 |
$12.8 |
$12.5 |
(2.0%) |
| Cash
cost (C1)7 |
US$/lb |
$1.99 |
$2.15 |
$2.028 |
$1.90 |
(6.1%) |
| Total
cash cost9 |
US$/lb |
$2.73 |
$3.17 |
$2.72 |
$2.71 |
(0.4%) |
| Group
Net Debt10 |
US$ million |
$260 |
$253 |
$232 |
$232 |
0% |
Metals Acquisition Limited’s CEO, Mick
McMullen, said:
“Following
a record June quarter, our CSA Copper Mine operational team delivered another strong and consistent September quarter in line
with our mine plan, reaching copper production of 10,159 tonnes, while improving safety performance. This marks another
milestone as we produced 21,023 tonnes of copper for the last two quarters. Based on the reserve plan, we expect copper production to
increase over the remaining quarter of the year.
Higher grade stopes at the CSA Copper Mine
continue to form a large proportion of our annual production and played a key role again during the quarter, with milled copper grade
achieved of 4.0%.
MAC successfully completed an equity raise,
totalling approximately A$150 million or approximately US$103 million of gross proceeds. The oversubscribed placement was supported by
the new and existing institutional and sophisticated investors both in Australia and offshore. This broad support is a testament to the
high-quality nature of the CSA Copper Mine and the significant work that has been undertaken by management to deliver on a range of operational
improvements over the past year.
Proceeds of the Placement, together with existing
cash, will enable MAC to optimise its balance sheet, while also providing additional flexibility to pursue strategic inorganic growth
opportunities. We thank all shareholders for their continued support.
We have also commenced two key capital projects
to grow our copper production by a further 25% by 2026 to over 50,000 tonnes of copper production per annum; our growth projects include
the expansion of the mine to include QTS South Upper and the Ventilation project, which are brought online Q3 2025 and mid-2026 respectively.
Finally, we are proposing a special resolution
at the AGM to change the company name to MAC Copper Limited. The change of the company name better reflects the business activities of
the Company as we continue toward being the next high quality copper miner of scale.”
7 See “Non-IFRS Information” and refer to Table
2 for reconciliation of C1 Cash Cost.
8 Q2 2024 adjusted post finalisation of half year accounts
with additional freight and TCRCs included accrued for recognition of June pre-sales
9 Excludes corporate costs from parent entity. See “Non-IFRS
financial information” and refer to Table 2 for reconciliation of Total Cash Cost
10 Senior Debt + Mezzanine Facility – Cash and cash
equivalents (excluding streams)
Operations
Table 2 - Quarterly Operational Performance
of the CSA Copper Mine (unaudited)
|
CSA Copper Mine Metrics
(unaudited) |
Units |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
QoQ %
variance |
| U/g development - Capital |
Metres |
841 |
466 |
449 |
735 |
64% |
| U/g development - Operating |
Metres |
448 |
703 |
611 |
359 |
(41%) |
| Rehab |
Metres |
153 |
246 |
113 |
145 |
28% |
| Total development |
Metres |
1,441 |
1,415 |
1,173 |
1,239 |
6% |
| Ore Mined |
Tonnes |
268,685 |
256,031 |
271,469 |
238,937 |
(12%) |
| Tonnes Milled |
Tonnes |
266,105 |
260,297 |
266,936 |
260,953 |
(2%) |
| Copper grade processed |
% |
3.8% |
3.5% |
4.2% |
4.0% |
(5%) |
| Copper Recovery |
% |
97.6% |
97.6% |
97.9% |
97.2% |
(1%) |
| Copper Produced |
Tonnes |
9,832 |
8,786 |
10,864 |
10,159 |
(6%) |
| Silver Produced |
Ounces |
114,969 |
102,182 |
134,072 |
112,299 |
(16%) |
| Copper Sold |
Tonnes |
8,819 |
8,112 |
12,984 |
10,244 |
(21%) |
| Achieved
Copper price11 |
US$/lb |
3.85 |
3.87 |
4.41 |
4.18 |
(12%) |
| Mining Cost |
US$/t Mined |
$75.5 |
$95.7 |
$91.9 |
$85.9 |
(7%) |
| Processing Cost |
US$/t Milled |
$25.5 |
$25.7 |
$31.9 |
$26.3 |
(18%) |
| G+A Cost |
US$/t Milled |
$29.6 |
$33.1 |
$25.6 |
$27.5 |
7% |
| Total Operating Cost |
US$/t milled |
$130.6 |
$154.6 |
$149.3 |
$139.6 |
(6%) |
| Development Cost |
US$/metre |
$9,667 |
$15,478 |
$9,330 |
$12,825 |
37% |
| Capital
Expenditure12 |
US$ million |
$10.0 |
$13.0 |
$12.8 |
$12.5 |
(2%) |
| Tonnes Milled per employee |
t/employee |
189 |
184 |
186 |
174 |
(6%) |
| Mining |
US$/lb prod |
0.94 |
1.27 |
1.04 |
0.92 |
(12%) |
| Processing |
US$/lb prod |
0.31 |
0.35 |
0.36 |
0.31 |
(14%) |
| General and Admin |
US$/lb prod |
0.36 |
0.44 |
0.28 |
0.32 |
12% |
| Treatment and refining |
US$/lb prod |
0.36 |
0.17 |
0.26 |
0.23 |
(11%) |
| Work in Progress inventory |
US$/lb prod |
(0.01) |
(0.14) |
0.03 |
0.02 |
(34%) |
| Freight and other costs |
US$/lb prod |
0.17 |
0.17 |
0.21 |
0.24 |
18% |
| Silver Credits |
US$/lb prod |
(0.14) |
(0.10) |
(0.16) |
(0.14) |
(12%) |
| C1 Cash Cost |
US$/lb prod |
1.99 |
2.15 |
2.0213 |
1.90 |
(6%) |
| Leases |
US$/lb prod |
0.07 |
0.08 |
0.07 |
0.07 |
8% |
| Inventory WIP |
US$/lb prod |
0.01 |
0.14 |
(0.03) |
(0.02) |
(34%) |
| Royalties |
US$/lb prod |
0.20 |
0.13 |
0.13 |
0.20 |
52% |
| Sustaining capital |
US$/lb prod |
0.46 |
0.67 |
0.53 |
0.56 |
5% |
| Total Cash Cost |
US$/lb prod |
2.73 |
3.17 |
2.72 |
2.71 |
0% |
| Total Revenue |
US$ millions |
88.3 |
66.0 |
120.0 |
87.5 |
(27%) |
Unless stated otherwise all references to dollar
or $ are in USD.
11 Realised provisional sales price excluding hedging impact
12 Sustainable capex
13 Q2 2024 adjusted post finalisation of half year accounts
with additional freight and TCRCs included accrued for recognition of June pre-sales
The September quarter demonstrated consistent
mining processes that delivered above 10kt of copper production for two consecutive quarters. Production further benefited from a grade
of 4.0% for the quarter with August copper grade recorded at 4.36%. The grade achieved continues to demonstrate the high-quality
ore body present at CSA mine.
The double lift extraction sequence was again
successfully deployed during Q3 2024 after being implemented in the previous quarter, resulting in less mining dilution achieved with
stronger grades and less total ore tonnes for the same metal.
Figure 2 - CSA Copper Mine Quarterly Copper
Production (tonnes)
The average received copper price before hedge
settlements was lower when comparing to the prior period with the June quarter at US$4.18/lb, down ~5% compared to US$4.41/lb for
the June quarter, with the average spot copper price over the September quarter at ~US$4.17/lb14.
In addition, the Australian dollar exchange rate
was broadly flat compared to the prior quarter.
C1 cash costs decreased by ~6% quarter on quarter
from US$2.02/lb15 in the June quarter to US$1.90/lb for September quarter. The drivers of the lower C1 is a combination
of a reduction in milling costs, treatment and refining charges and an increase in development costs capitalised which had a positive
impact of approximately US$0.24/lb offset by lower production tonnes, which negatively impacted the C1 by US$0.12/lb.
14 Realised provisional sales price excluding hedging impact
15 Q2 2024 adjusted post finalisation of half year accounts
with additional freight and TCRCs included accrued for recognition of June pre-sales
Figure 3 - CSA Copper Mine C1 Cash Costs16
- US$/lb produced
MAC management continues to implement additional
productivity measures to further reduce C1 costs as is evident in the declining C1 that has been achieved since the June 2024 quarter
depicted above.
Q2 2024 adjusted post finalisation of half year accounts with additional
freight and TCRCs included accrued for recognition of June quarter pre-sales. Directionally
we expect that copper TCRCs for 2025 will settle at materially lower levels than for 2024 and MAC will benefit from this from January 2025
onwards.
Figure 4 provides an illustration of tonnes milled
per employee which remains relatively stable quarter on quarter.
| Figure 4 - CSA Mine Tonnes Milled per Employee | |
Figure 5 - CSA Mine Mining Unit Rate US$/t |
| | |
|
 | |
 |
Apart from copper production, the largest driver
of C1 costs is the mining unit rate as mining accounts for approximately 60% of total site operating costs.
Mining unit rates are trending down with better
cost control initiatives implemented. September 2024 mining rates decreased further with additional capital development metres achieved
(64% increase as seen in Figure 7), resulting in increased mining development costs being capitalised in Q3 2024. Additional capital metres
have been completed in the quarter with a focus on the North decline and both the return and fresh air drives.
16 See “Non-IFRS Information” and refer to
Table 2 for reconciliation of C1 Cash Cost
| Figure 6 - CSA Mining Development Costs US$/metre | |
Figure 7 - CSA Copper Mine Capital Development metres |
| | |
|
 | |
 |
Processing costs per tonne milled decreased in
the September 2024 quarter after the June 2024 quarter was negatively impacted by the plant shutdown in April 2024. Tonnes
processed for the September 2024 quarter were 261kt at a copper recovery rate of 97.2%.
G&A unit rates increased slightly during the
current quarter after the June 2024 quarter included a once-off re-allocation of stock consumables to mining and processing previously
allocated to G&A, reducing the G&A unit rate.
| Figure 8 - CSA Copper Mine Processing Unit Rate US$/t | |
Figure 9 - CSA Copper Mine Site G+A Unit Rate US$/t |
| | |
|
 | |
 |
As seen in Figure 10, capital spend (including
capitalized development) decreased slightly over the quarter, largely driven by diamond drilling and vent expansion drilling. MAC continues
to spend capital in accordance with its previous guidance of approximately US$52 million for FY 2024.
Figure 10 - CSA Copper Mine Site Capital
US$m
MAC raises ~A$150 million (~US$103
million) through successful placement
As announced on 9 October 2024, MAC raised
approximately A$150 million (approximately US$103 million) (before costs) at an issue price of A$18.00 per New CDI.
The placement was well supported with support
from new and existing institutional and sophisticated investors both in Australia and offshore, which is testament to the high-quality
nature of the CSA Copper Mine and the significant work that has been undertaken by management to deliver on a range of operational improvements
over the past year.
Proceeds of the Placement, together with existing
cash, will enable MAC to optimise its balance sheet and de-lever following the acquisition of the CSA Copper Mine from Glencore plc in
mid-2023, while also providing additional flexibility to pursue strategic inorganic growth opportunities.
Cash position, liquidity and
debt facilities
The Company’s unaudited cash holding at
the end of Q3 2024 was ~US$81 million for an unaudited net debt17 position of ~US$232 million. Post the equity raise noted
above, the pro-forma net debt as at 30 September 2024 amounted to ~US131 million, which represents a pro-forma net gearing of 16%.
The reduction in the underlying cash position
(before the equity raise) at quarter end is largely driven by the reduced pre-sales in the September quarter of ~US$13 million as
compared to the June quarter of ~US$37 million resulting from a timing difference in cash receipts in the September quarter.
Copper tonnes sold in Q3 2024 reduced by 2,741 as a result of the additional pre-sales in June.
The unaudited cash position also reflects outgoings
of ~US$8.1 million repaid on the Senior Debt Facility at the end of the quarter, ~US$8.9 million in interest payments for the Senior debt
(US$3.9 million) and Mezzanine facility (US$5.0 million) and ~US$4.6 million in Silver and Copper stream payments.
As of 30 September 2024, the pro-forma liquidity
was ~US$226 million which includes cash of ~US$81 million, US$25 million undrawn revolving facility, ~US$103 million equity raised subsequent
to quarter-end, ~US$17 million of outstanding Quotational Period receipts, unsold concentrate and the strategic investment held in POL
at valuation of ~A$2.918 million.
17 Net debt is calculated taking senior debt (+) mezzanine
debt (-) cash and cash equivalents excluding streams
18 Valued at close of trading on ASX on 14 October 2024
Figure 11 – Q3 2024 Cash flow waterfall (US$M)
Exploration
During the September quarter, US$2.1 million
was invested in exploration.
Investors are directed to the separate September quarterly
exploration update released dated 21 October 2024 for the detailed results.
Three Year Production Guidance
The copper production guidance provided to the
market covering 2024, 2025 and 2026 remains unchanged:
Table 3 - CSA Copper Mine Production Guidance
| Year
|
2024 |
2025 |
2026 |
| |
Low
|
High
|
Low |
High
|
Low |
High |
| Copper
Production (t) |
38,000 |
43,000 |
43,000 |
48,000 |
48,000 |
53,000 |
This 3-year production guidance is based primarily
on Ore Reserves but also on Measured and Indicated Mineral Resources (as at 31 August 2023) and, given that all the deposits are
open and a large drill program is underway, we consider it likely that there will be changes over the relevant period as the Company’s
overall plan to continue operational and production improvement continues to develop.
Changes to Board of Directors
Appointment of Ms Anne Templeman-Jones
As announced on 22 July 2024, Ms Templeman-Jones
has been appointed as a Non-Executive Director of the Company’s Board of Directors, effective 22 July 2024. Ms Templeman-Jones,
is an accomplished listed company director with substantial financial, operational risk, regulatory, governance and strategy experience
from a number of industries, including banking and finance, engineering services in the energy sector, consumer goods and manufacturing.
In addition to Metals Acquisition Limited, Ms
Templeman-Jones recently served as a Non-Executive Director, and was responsible for a diverse range of committee chairs and memberships
for Commonwealth Bank of Australia (Director March 2018 to October 2024) and Trifork Ag (Director since April 2021). From
November 2017 until 1 July 2024, Ms Templeman-Jones was a director of Worley Limited.
Change of Glencore Nominee Director
As announced on 22 July 2024, Mr Mohit Rungta
will replace Mr Matt Rowlinson and Mr John Burton as Glencore’s nominee Director to the Company’s Board of Directors. Glencore
is entitled to nominate one Director for every 10% it holds in the Company. Following completion of the Company’s ASX listing, warrant
redemption and recent placement Glencore now has a 12.13% interest (entitling it to one nominee).
Hedging
During the quarter, the Company delivered 3,105
tonnes of copper into the hedge book at an average price of US$3.72/lb. At the end of June 2024, the remaining copper hedge book
consisted of the following:
Table 4 – Hedge position
| |
Copper |
| |
2024 |
2025 |
2026 |
Total |
| Future
Sales (t) |
3,105 |
12,420 |
5,175 |
20,700 |
| Future
Sales ($/t) |
3.72 |
3.72 |
3.72 |
3.72 |
Conference Call
The Company will host a conference call and webcast
to discuss the Company’s third quarter 2024 results on Monday, October 21, 2024 at 6:00 pm (New York time) / Tuesday, October 22,
2024 at 9:00 am (Sydney time).
Details for the conference call and webcast are
included below.
Webcast
Participants can access the webcast
at the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=lgTwEDVD
Conference Call
Participants can dial into the live call by dialing
one of the numbers below and request the operator connect to the Metals Acquisition Limited call.
| Toll Free Dial In: | |
+1-844-763-8274 |
| International Dial In: | |
+1-647-484-8814 |
| Australia: | |
+61-3-8592-6289 |
Replay
A replay of the webcast will be available for
three months via the webcast link above and or by visiting the Events section of the company’s website.
-ENDS-
This report is authorised for release by the Board
of Directors.
Contacts
|
Mick McMullen
Chief Executive Officer
Metals Acquisition Limited
investors@metalsacqcorp.com |
Morné Engelbrecht
Chief Financial Officer
Metals Acquisition Limited |
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL; ASX: MAC)
is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in
the electrification and decarbonization of the global economy.
Estimates of Mineral Resources and Ore Reserves
and Production Target
This release contains estimates of Ore Reserves
and Mineral Resources as well as a Production Target. The Ore Reserves, Mineral Resources and Production Target are reported in MAC’s
ASX Announcement dated 23 April 2024 titled ‘Updated Resource and Reserve Statement and Production Guidance’ (the “R&R
Announcement”). The Company is not aware of any new information or data that materially affects the information included in
the R&R Announcement, and that all material assumptions and technical parameters underpinning the estimates or Ore Reserves and Mineral
Resources in the R&R Announcement continue to apply and have not materially changed. The material assumptions underpinning the Production
Target in the R&R Announcement continue to apply and have not materially changed. It is a requirement of the ASX Listing Rules that
the reporting of ore reserves and mineral resources in Australia comply with the JORC Code. Investors outside Australia should note that
while exploration results, mineral resources and ore reserves estimates of MAC in this release comply with the JORC Code, they may not
comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards
of Disclosure for Mineral Projects) of the Canadian Securities Administrators; or (ii) the requirements adopted by the Securities
and Exchange Commission (SEC) in its Subpart 1300 of Regulation S-K. Information contained in this release describing mineral deposits
may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian
or US securities laws.
Forward Looking Statements
This release includes “forward-looking statements.”
The forward-looking information is based on the Company’s expectations, estimates, projections and opinions of management made in
light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management
of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove
to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of copper, continuing commercial production
at the CSA Copper Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating
cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain
financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the
expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove
to be accurate.
MAC’s actual results may differ from expectations,
estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words
or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation,
MAC’s expectations with respect to future performance of the CSA Copper Mine. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements.
Most of these factors are outside MAC’s control and are difficult to predict. Factors that may cause such differences include, but
are not limited to: the supply and demand for copper; the future price of copper; the timing and amount of estimated future production,
costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated
reclamation expenses; claims and limitations on insurance coverage; the uncertainty in Mineral Resource estimates; the uncertainty in
geological, metallurgical and geotechnical studies and opinions; infrastructure risks; and other risks and uncertainties indicated from
time to time in MAC’s other filings with the SEC and the ASX. MAC cautions that the foregoing list of factors is not exclusive.
MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not
undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
More information on potential factors that could
affect MAC’s or CSA Copper Mine’s financial results is included from time to time in MAC’s public reports filed with
the SEC and the ASX. If any of these risks materialize or MAC’s assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There may be additional risks that MAC does not presently know, or that
MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect MAC’s expectations, plans or forecasts of future events and views as of the date
of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC
may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so,
except as required by law. These forward-looking statements should not be relied upon as representing MAC’s assessment as of any
date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-IFRS financial information
MAC’s results are reported under International
Financial Reporting Standards (“IFRS”), noting the results in this report have not been audited or reviewed. This release
may also include certain non-IFRS measures including C1, Total Cash costs and Free Cash Flow. These C1, Total Cash cost and Free Cash
Flow measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources
and assess operational management. Non-IFRS measures have not been subject to audit or review and should not be considered as an indication
of or alternative to an IFRS measure of financial performance.
C1 Cash Cost
C1 costs are defined as the costs incurred to
produce copper at an operational level. This includes costs incurred in mining, processing and general and administration as well freight
and realisation and selling costs. By-product revenue is credited against these costs to calculate a dollar per pound metric. This metric
is used as a measure operational efficiency to illustrate the cost of production per pound of copper produced.
Total Cash Cost
Total cash costs include C1 cash costs plus royalties
and sustaining capital less inventory WIP movements. This metric is used as a measure operational efficiency to further illustrate the
cost of production per pound of copper produced whilst incurring government-based royalties and capital to sustain operations.
Free Cash Flow
Free cash flow is defined as net cash provided
by operating activities less additions to property, plant, equipment and mineral interests. This measure, which is used internally to
evaluate our underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors
with the ability to evaluate our underlying performance.
Exhibit 99.2
21 October 2024
Metals Acquisition Limited Reports Drill Results Including 19.8m
@ 10.9% Cu, 27.3m @ 8.7% Cu, 3.8m @ 17.1% Cu and 23.6m @ 5.2% Cu
ST. HELIER, Jersey--(BUSINESS WIRE)--Metals Acquisition Limited (NYSE:
MTAL) (ASX:MAC):
Metals Acquisition Limited (“MAC”
or the “Company”) today provides a market update on the continuing exploration and resource development at the CSA Copper
Mine:
Highlights
| · | All results reported in this release are after
the cut-off date (August 31, 2023) for the 2023 Resource and Reserve and will be incorporated in the 2024 Resource and Reserve Estimate
update. |
| · | Results from QTS North (“QTSN”) include: |
| o | 12.5m @ 5.4% Cu from 103.0m and 19.8m @ 10.9% Cu from 177.1m in UDD23021 |
| o | 27.3m @ 8.7% Cu from 126.0m in UDD23019 |
| o | 8.1m @ 7.3% Cu from 143.6m, 4.9m @ 10.9% Cu from 168.8m, 4.3m @ 8.3% Cu from 177.3m and 13.3m @ 9.2% Cu
from 183.7m in UDDD24063 |
| · | Results from QTS Central (“QTSC”)
include: |
| o | 23.6m @ 5.2% Cu from 98.7 m in UDD24017 |
| o | 6.3m @ 11.3% Cu from 84.0m in UDD24012 |
| o | 6.6m @ 8.4% Cu from 54.3m in UDD24010 |
| · | Results for QTSS Upper A include: |
| o | 3.8m @ 17.1% Cu from 214.3m in QSDD061 |
Discussion
Underground exploration continued to focus on
the down dip and along strike extensions of the QTSN and QTSC deposits, as well as the shallower, up dip portions of the East and West
deposits and QTSS Upper.
Results are reported as down hole widths. A complete
list of September quarter 2024 resource drilling results is contained in Table 1 at the end of this report.
MAC CEO, Mick McMullen commented “The
CSA deposits continue to deliver the high-grade intervals we have come to expect from it. The drilling of the Inferred and mineralised
extensions of QTSN have shown good continuity with strike extensions adding to the tonnes per vertical metre of the mineralisation. Having
a core deposit that grades in excess of 8% Cu provides us with a lot of flexibility all through the cycle. As we continue to refine mining
methods and manage dilution better than in the past, we are seeing the benefit in the mill with the September quarter mill feed grade
at 4% Cu.
QTSSU-A has been drilled from surface now to
provide us the confidence to commence development works in the near term. In addition, we see good potential for additional discovery
between this deposit and the main mine with over 600m of poorly tested strike extension in this area that the development will pass through.
Our intention is to push the development past QTSSU-A to the Pink Panther prospect that is located 250m further to the South East along
strike to provide both a drill platform and potential access for development if that prospect can be converted to a resource.
Finally, drilling of the high-grade Zn mineralisation
above the East and West lenses has confirmed the presence as indicated by historical data and as Polymetals (“POL”) advance
their planning for restart of the Endeavour mill this should dovetail well with our timing for potentially mining this material.”
CSA Copper Mine
The CSA Copper Mine is a world class mine that
consists of a series of mineralized lenses that extend from surface to a depth of over 2.3km. The main deposits are QTSN, QTSC, QTSS,
Eastern and Western lenses with additional mineralisation in the near surface QTSS Upper A zone. Approximately 75% of the resources are
contained in QTSN.
Refer to Figure 1 below for the location of the
various deposits.
Exploration Results
Figure 1 – CSA Copper Mine Long Section
Drilling has been targeting conversion of Inferred
resource to Measured and Indicated for inclusion in the Reserve Estimate, as well as the known mineralized lenses to add incremental resources.
The location of the significant drill results
is shown in Figure 2 below.
Figure 2 – QTSN and QTSC Long Section
At QTSN, the most recent drilling continues to
confirm the location of the Inferred Resource and will enable it to be upgraded as well as confirmation of the smaller mineralized lenses
adjacent to the existing resource. This can be seen in Figures 3 to 4. QTSN is characterised by a series of high-grade lenses (grading
plus 5% Cu) that can range in width from 10-35m surrounded by a lower grade halo on the footwall.
As drilling has progressed down dip it would appear
that tonnes per vertical metre are increasing and drilling is now pushed down well into the Inferred resources (refer to Fig 3 &
Fig 3A) which will be helpful for upgrading of that material.
Figure 3 – QTSN Cross Section (4015mN)
Figure 3A – QTSN Cross Section (3665mN)
The 13.3m @ 9.2% Cu in UDD24063 is completely
outside any of the current resource of known mineralisation and has significantly extended the strike length of QTSN to the south and
is a high priority area for follow up infill drilling.
QTSC is located adjacent to QTSN and is centred
around a depth of 1.4km and is open both up and down dip. QTSC is typically narrower than QTSN but higher grade. As seen in Figures 4
and 5 the most recent drilling continues to confirm the presence of the high-grade mineralisation below the current working level through
the Inferred Resource and into mineralised material that will both extend the resource beyond its current limits and extend the Measured
and Indicated material for inclusion into the 2024 Mineral Reserve.
The interval in UDD24017 is substantially thicker
than typically seen at QTSC and in the middle of the Inferred resource which should have a materially positive impact for classification
of this resource.
Figure 4 – QTSC Cross Section
The shallow (< 400m from surface) portions
of the CSA Copper Mine include substantial mineralisation around the existing workings that are the up-dip portion of the Eastern and
Western lenses as seen in Figure 5. This material is at approximately the same elevation as the QTSS Upper deposit located approximately
600m to the south of the main mine as seen in Figure 5 also.
Figure 5 – QTSS Upper A and Eastern Long
section
Drilling in the Pb- Zn areas over the Eastern
lens has intersected high grade Zn mineralisation plus Pb and Cu immediately adjacent to existing development. MAC’s focus is on
the Cu mineralisation within the rest of the mine, however with the agreement signed with Polymetals in the June quarter MAC now
has access to Zn material processing capacity. Results returned during the quarter (refer Fig 6) from Upper Pb-Zn Eastern and Western
Lenses (“Pb-Zn”) include:
| · | 1.7m @ 3.3% Zn, 1.5% Pb, 0.1% Cu & 7g/t
Ag from 176.8m (EWDD24003) |
| · | 5.8m @ 8.3% Zn, 3.9% Pb, 0.2% Cu & 11g/t
Ag from 190.2m (EWDD24003) |
| · | 5.7m @ 3.5% Zn, 0.87% Pb, 0.7% Cu &
19g/t Ag from 219m (EWDD24003) |
Figure 6 – Eastern Lens Cross Section
QTSS Upper A is a narrow (1.5 to 4m) but very
high-grade zone of mineralisation that is much shallower than the rest of the mine. This lens starts approximately 120m below surface
and extends to approximately 350m below surface.
As the majority of the mineral resource for QTSS
Upper is in the Inferred category, this material is being drilling out from surface to upgrade the classification for detailed mine planning.
The production guidance that MAC has published does not include any Inferred material, and as such, any production from QTSS Upper would
be in excess of the production guidance.
Figure 7 illustrates the recent Cu and Zn results
from this deposit which are typically narrow but very high grade and close to surface.
Figure 7 –QTSS Upper Cross Section
Figure 8 –QTSS Upper Cross Section -
Zn mineralisation
Qualified Person Statement
The information in this announcement that relates
to Exploration Results at the CSA Copper Mine is based on information compiled or reviewed by Eliseo Apaza, a Qualified Person for the
purpose of S-K 1300 who is a Member of the Australian Institute of Mining and Metallurgy. Mr Apaza is employed by a wholly owned subsidiary
of the Company. Mr. Apaza has given (and not withdrawn) written consent to the inclusion in the report of the results reported here
and the form and context in which it appears.
This announcement is authorised for release by
Mick McMullen, Chief Executive Officer and Director.
Contacts
Mick McMullen
Chief Executive Officer
Metals Acquisition Limited
investors@metalsacqcorp.com |
Morné Engelbrecht
Chief Financial Officer
Metals Acquisition Limited |
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL; ASX:MAC)
is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in
the electrification and decarbonization of the global economy.
Cautionary and Forward Looking Statements
This release has been prepared by Metals Acquisition
Limited (“Company” or “MAC”) and includes “forward-looking statements.” The forward-looking information
is based on the Company’s expectations, estimates, projections and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to
be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions
have been made by the Company regarding, among other things: the price of copper, continuing commercial production at the CSA Copper Mine
without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the
ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and
when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions
which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented
by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.
MAC’s actual results may differ from expectations,
estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words
or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation,
MAC’s expectations with respect to future performance of the CSA Copper Mine. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements.
Most of these factors are outside MAC’s control and are difficult to predict. Factors that may cause such differences include, but
are not limited to: the supply and demand for copper; the future price of copper; the timing and amount of estimated future production,
costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated
reclamation expenses; claims and limitations on insurance coverage; the uncertainty in Mineral Resource estimates; the uncertainty in
geological, metallurgical and geotechnical studies and opinions; infrastructure risks;; and other risks and uncertainties indicated from
time to time in MAC’s other filings with the SEC and the ASX. MAC cautions that the foregoing list of factors is not exclusive.
MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not
undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
More information on potential factors that could
affect MAC’s or CSA Copper Mine’s financial results is included from time to time in MAC’s public reports filed with
the SEC and the ASX. If any of these risks materialize or MAC’s assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There may be additional risks that MAC does not presently know, or that
MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect MAC’s expectations, plans or forecasts of future events and views as of the date
of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC
may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so,
except as required by law. These forward-looking statements should not be relied upon as representing MAC’s assessment as of any
date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements
JORC / SK-1300
MAC is subject to the reporting requirements of
both the Securities Exchange Act of 1934 (US) and applicable Australian securities laws (including the ASX Listing Rules), and as a result,
has separately reported its Exploration Results according to the standards applicable to those requirements. U.S. reporting requirements
are governed by S-K 1300, as issued by the SEC. Australian reporting requirements are governed by Australasian Joint Ore Reserve Committee
Code, 2012 edition (JORC). Both sets of reporting standards have similar goals in terms of conveying an appropriate level of consistency
and confidence in the disclosures being reported, but the standards embody slightly different approaches and definitions. All disclosure
of Exploration Results in this report are reported in accordance with S-K 1300. For JORC and ASX Listing Rule compliant disclosure
(including JORC Table 1 analysis) please see the Company’s separate release to be released on ASX on 22 October 2024.
Table 1 – Significant Drill Results for
QTSN, QTSC, QTSSU-A & Eastern Systems
Cu Results
| Hole |
East
(MG) |
North
(MG) |
RL.
(MG) |
EOH
(m) |
Azimuth
(MG) |
Dip |
From
(m) |
To (m) |
Length
(m) |
Cu % |
Ag g/t |
System |
| UDD21145 |
5,873.10 |
3,862.57 |
8,475.64 |
250.10 |
110.0 |
-5.0 |
94.5 |
101.0 |
6.5 |
4.8 |
26 |
QTS North |
| UDD22118 |
5,844.25 |
4,216.52 |
8,513.65 |
410.50 |
52.4 |
-35.0 |
283.8 |
290.8 |
7.0 |
4.8 |
14 |
QTS North |
| UDD23008 |
5,872.81 |
3,863.55 |
8,474.09 |
371.00 |
85.6 |
-59.4 |
108.7 |
112.0 |
3.3 |
4.7 |
19 |
QTS North |
| UDD23011 |
5,872.90 |
3,862.90 |
8,474.10 |
326.00 |
103.8 |
-58.9 |
110.9 |
114.9 |
4.0 |
7.3 |
35 |
QTS North |
| |
|
|
|
|
|
|
118.1 |
121.8 |
3.7 |
3.3 |
0 |
QTS North |
| |
|
|
|
|
|
|
181.8 |
187.2 |
5.4 |
5.5 |
42 |
QTS North |
| |
|
|
|
|
|
|
254.0 |
257.3 |
3.3 |
3.3 |
15 |
QTS North |
| UDD23019 |
5,903.65 |
3,963.35 |
8,417.72 |
250.00 |
83.0 |
-46.0 |
34.7 |
38.7 |
4.0 |
3.0 |
0 |
QTS North |
| |
|
|
|
|
|
|
82.6 |
88.2 |
5.6 |
6.5 |
25 |
QTS North |
| |
|
|
|
|
|
|
103.8 |
107.5 |
3.7 |
5.0 |
13 |
QTS North |
| |
|
|
|
|
|
|
126.0 |
153.3 |
27.3 |
8.7 |
37 |
QTS North |
| |
|
|
|
|
|
|
161.0 |
164.3 |
3.3 |
3.1 |
13 |
QTS North |
| UDD23035 |
5,850.64 |
4,148.23 |
8,443.31 |
330.00 |
110.5 |
-22.2 |
173.5 |
176.6 |
3.1 |
3.1 |
12 |
QTS North |
| |
|
|
|
|
|
|
185.2 |
189.7 |
4.5 |
5.5 |
29 |
QTS North |
| |
|
|
|
|
|
|
205.0 |
211.7 |
6.7 |
6.7 |
41 |
QTS North |
| |
|
|
|
|
|
|
214.7 |
218.3 |
3.6 |
3.7 |
17 |
QTS North |
| |
|
|
|
|
|
|
222.2 |
227.1 |
4.9 |
2.6 |
5 |
QTS North |
| UDD23098 |
5,850.23 |
4,149.51 |
8,442.73 |
330.30 |
82.5 |
-45.0 |
187.9 |
203.6 |
15.7 |
4.0 |
18 |
QTS North |
| |
|
|
|
|
|
|
209.9 |
230.6 |
20.7 |
3.7 |
11 |
QTS North |
| |
|
|
|
|
|
|
262.0 |
268.0 |
6.0 |
3.5 |
11 |
QTS North |
| UDD23099 |
5,850.42 |
4,149.58 |
8,442.78 |
300.00 |
82.5 |
-40.0 |
174.8 |
187.1 |
12.3 |
3.9 |
20 |
QTS North |
| |
|
|
|
|
|
|
192.0 |
199.0 |
7.0 |
4.5 |
7 |
QTS North |
| |
|
|
|
|
|
|
201.1 |
212.1 |
11.0 |
4.3 |
8 |
QTS North |
| |
|
|
|
|
|
|
229.0 |
232.0 |
3.0 |
4.4 |
28 |
QTS North |
| |
|
|
|
|
|
|
243.9 |
249.0 |
5.1 |
5.3 |
10 |
QTS North |
| UDT24020A |
5,839.18 |
4,209.38 |
8,443.29 |
497.00 |
63.5 |
-34.0 |
275.8 |
280.6 |
4.8 |
6.2 |
13 |
QTS North |
| UDD20143 |
5,873.03 |
3,862.78 |
8,474.16 |
400.00 |
105.7 |
-48.0 |
95.5 |
101.9 |
6.4 |
5.3 |
24 |
QTS North |
| UDD23021 |
5,903.13 |
3,964.45 |
8,417.63 |
280.00 |
55.0 |
-49.0 |
103.0 |
115.5 |
12.5 |
5.4 |
17 |
QTS North |
| |
|
|
|
|
|
|
131.4 |
135.9 |
4.5 |
4.2 |
11 |
QTS North |
| |
|
|
|
|
|
|
138.4 |
142.9 |
4.5 |
3.1 |
4 |
QTS North |
| |
|
|
|
|
|
|
177.1 |
196.9 |
19.8 |
10.9 |
37 |
QTS North |
| |
|
|
|
|
|
|
228.4 |
231.7 |
3.3 |
6.9 |
41 |
QTS North |
| UDD23093 |
5,850.58 |
4,148.66 |
8,443.05 |
332.03 |
101.2 |
-31.0 |
192.0 |
198.9 |
6.9 |
3.5 |
8 |
QTS North |
| |
|
|
|
|
|
|
208.0 |
231.0 |
23.0 |
3.9 |
13 |
QTS North |
| UDD23094 |
5,850.38 |
4,148.58 |
8,442.79 |
362.00 |
103.8 |
-39.0 |
171.6 |
174.6 |
3.0 |
4.6 |
35 |
QTS North |
| |
|
|
|
|
|
|
204.3 |
207.9 |
3.6 |
3.2 |
7 |
QTS North |
| Hole |
East
(MG) |
North
(MG) |
RL.
(MG) |
EOH
(m) |
Azimuth
(MG) |
Dip |
From
(m) |
To (m) |
Length
(m) |
Cu % |
Ag g/t |
System |
| |
|
|
|
|
|
|
224.5 |
235.0 |
10.5 |
3.9 |
19 |
QTS North |
| UDD23096 |
5,850.03 |
4,148.46 |
8,442.61 |
422.00 |
110.0 |
-50.5 |
212.5 |
218.1 |
5.6 |
3.8 |
9 |
QTS North |
| |
|
|
|
|
|
|
222.5 |
230.0 |
7.5 |
4.0 |
0 |
QTS North |
| |
|
|
|
|
|
|
249.8 |
254.0 |
4.2 |
3.6 |
10 |
QTS North |
| |
|
|
|
|
|
|
257.7 |
265.0 |
7.3 |
2.8 |
12 |
QTS North |
| |
|
|
|
|
|
|
275.0 |
280.0 |
5.0 |
6.3 |
16 |
QTS North |
| |
|
|
|
|
|
|
292.0 |
295.5 |
3.5 |
2.9 |
30 |
QTS North |
| UDD24062 |
5,871.71 |
3,859.79 |
8,476.46 |
210.00 |
140.0 |
8.0 |
110.0 |
114.0 |
4.0 |
6.0 |
35 |
QTS North |
| |
|
|
|
|
|
|
134.9 |
144.3 |
9.4 |
2.9 |
23 |
QTS North |
| UDD24063 |
5,870.81 |
3,860.53 |
8,474.32 |
565.50 |
145.0 |
-35.0 |
143.6 |
151.7 |
8.1 |
7.3 |
47 |
QTS North |
| |
|
|
|
|
|
|
168.8 |
173.7 |
4.9 |
10.9 |
44 |
QTS North |
| |
|
|
|
|
|
|
177.3 |
181.6 |
4.3 |
8.3 |
42 |
QTS North |
| |
|
|
|
|
|
|
183.7 |
197.0 |
13.3 |
9.2 |
53 |
QTS North |
| |
|
|
|
|
|
|
201.3 |
206.5 |
5.2 |
4.7 |
18 |
QTS North |
| UDD24136 |
5,870.90 |
3,861.60 |
8,474.08 |
466.70 |
130.0 |
-50.0 |
135.4 |
139.0 |
3.6 |
3.4 |
40 |
QTS North |
| |
|
|
|
|
|
|
150.8 |
156.0 |
5.2 |
4.1 |
24 |
QTS North |
| |
|
|
|
|
|
|
173.0 |
182.0 |
9.0 |
2.7 |
11 |
QTS North |
| |
|
|
|
|
|
|
220.5 |
224.3 |
3.8 |
3.2 |
11 |
QTS North |
| UDD23032 |
5,872.95 |
3,862.98 |
8,474.12 |
300.00 |
101.0 |
-52.5 |
93.0 |
96.3 |
3.3 |
8.6 |
59 |
QTS North |
| |
|
|
|
|
|
|
98.6 |
102.4 |
3.8 |
3.1 |
10 |
QTS North |
| UDD23041 |
5,839.10 |
4,207.41 |
8,443.54 |
330.00 |
98.0 |
-33.0 |
184.4 |
198.5 |
14.1 |
6.3 |
21 |
QTS North |
| |
|
|
|
|
|
|
201.9 |
206.7 |
4.8 |
5.2 |
10 |
QTS North |
| |
|
|
|
|
|
|
249.0 |
252.9 |
3.9 |
10.3 |
15 |
QTS North |
| UDD24060 |
5,872.94 |
3,860.32 |
8,476.48 |
350.00 |
125.0 |
7.0 |
124.3 |
128.0 |
3.7 |
3.9 |
39 |
QTS North |
| UDD24016 |
6,078.18 |
3,585.93 |
8,619.57 |
106.60 |
114.4 |
-41.0 |
75.7 |
79.4 |
3.7 |
6.2 |
8 |
QTS Central |
| UDD24017 |
6,077.89 |
3,585.86 |
8,619.29 |
150.20 |
117.5 |
-50.1 |
86.7 |
92.7 |
6.0 |
4.5 |
0 |
QTS Central |
| |
|
|
|
|
|
|
98.7 |
122.3 |
23.6 |
5.2 |
14 |
QTS Central |
| UDD24005 |
6,078.86 |
3,589.07 |
8,620.35 |
90.00 |
55.9 |
-14.1 |
71.7 |
76.3 |
4.6 |
6.7 |
15 |
QTS Central |
| UDD24008 |
6,078.80 |
3,587.39 |
8,620.08 |
88.70 |
82.5 |
-25.1 |
57.5 |
66.5 |
9.0 |
5.2 |
10 |
QTS Central |
| UDD24009 |
6,078.08 |
3,587.36 |
8,619.51 |
116.00 |
79.8 |
-49.5 |
95.7 |
98.8 |
3.1 |
3.1 |
5 |
QTS Central |
| UDD24010 |
6,078.90 |
3,586.42 |
8,620.58 |
80.00 |
100.4 |
-15.3 |
54.3 |
60.9 |
6.6 |
8.4 |
106 |
QTS Central |
| UDD24012 |
6,078.38 |
3,586.59 |
8,619.63 |
101.00 |
100.1 |
-44.7 |
84.0 |
90.3 |
6.3 |
11.3 |
20 |
QTS Central |
* Note: Boreholes intersections criteria based
on Copper grade >2.5% and >3m.
| Hole |
East (MG) |
North (MG) |
RL. (MG) |
EOH
(m) |
Azimuth
(MG) |
Dip |
From
(m) |
To
(m) |
Length
(m) |
Cu % |
Ag g/t |
System |
| QSDD061 |
6,378.57 |
3,030.45 |
10,259.66 |
289.10 |
280.3 |
-66.6 |
214.3 |
218.1 |
3.8 |
17.1 |
41 |
QTSSU-A |
| QSDD062 |
6,378.96 |
3,030.28 |
10,260.04 |
212.50 |
272.4 |
-58.3 |
193.7 |
196.6 |
2.9 |
4.1 |
12 |
QTSSU-A |
| QSDD071 |
6,436.06 |
2,903.27 |
10,258.00 |
347.20 |
274.5 |
-67.3 |
312.0 |
314.4 |
2.4 |
6.8 |
22 |
QTSSU-A |
* Note: The intersects criteria is not apply to
Eastern and QTS South Upper A due to their mineralization styles as narrow vein.
Zinc Results
| Hole |
East
(MG) |
North
(MG) |
RL.
(MG) |
EOH
(m) |
Azimuth
(MG) |
Dip |
From
(m) |
To (m) |
Length
(m) |
Cu % |
Ag g/t |
Pb % |
Zn % |
| EWDD24003 |
5,860.00 |
3,720.00 |
10,272.00 |
581.10 |
268.4 |
-57.2 |
176.8 |
178.5 |
1.7 |
0.1 |
7 |
1.5 |
3.3 |
| |
|
|
|
|
|
|
190.2 |
196.0 |
5.8 |
0.2 |
11 |
3.9 |
8.3 |
| |
|
|
|
|
|
|
219.0 |
224.7 |
5.7 |
0.7 |
19 |
0.8 |
3.5 |
| QSDD071 |
6,436.06 |
2,903.27 |
10,258.00 |
347.20 |
274.5 |
-67.3 |
302.7 |
305.2 |
2.5 |
1.2 |
18 |
6.9 |
16.2 |
* Note: The intersects criteria is not apply to
Eastern and QTS South Upper A due to their mineralization styles as narrow vein.
MAC Copper (NYSE:MTAL)
Historical Stock Chart
From Nov 2024 to Dec 2024
MAC Copper (NYSE:MTAL)
Historical Stock Chart
From Dec 2023 to Dec 2024
