Metals Acquisition Limited announces updated Resource and Reserve Statement and 3 Year Production Guidance

Metals Acquisition Limited (ASX: $MAC) has released its Resource and Reserve Statement as at 31 August 2023, showing a 67% increase in mine life to 11 years based on Ore Reserves only. The statement also highlights a 64% increase in contained copper after replacement of depletion to 0.5Mt in Ore Reserves at an average grade of 3.3% Cu. The company's CEO, Mick McMullen, expressed satisfaction with the results, emphasizing the potential for further growth and optimization of the mine plan following the completion of MAC's dual listing on the ASX and a successful equity raise of A$325 million.

Executive Commentary on Resource and Reserve Statement

MAC CEO, Mick McMullen, commented on the Resource and Reserve Statement, stating, 'This upgrade confirms our belief in the long-term potential of the CSA Copper Mine. The significant increase in Ore Reserves and the extended mine life provide a strong foundation for our future plans. We are committed to converting the Measured and Indicated Resources to Ore Reserve estimates, further enhancing the mine's potential.' McMullen also highlighted the historical short mine life of 5 to 6 years and emphasized the opportunity to focus on mining more copper faster and at lower costs.

Summary of Resource and Reserve Statement and Production Guidance

Metals Acquisition Limited's Resource and Reserve Statement as at 31 August 2023 demonstrates a substantial increase in mine life and contained copper, indicating a positive outlook for the CSA Copper Mine. The company's CEO, Mick McMullen, expressed confidence in the mine's long-term potential and emphasized the ongoing efforts to convert additional resources to Ore Reserve estimates. The three-year production guidance is based primarily on Ore Reserves and measured and indicated Mineral Resources, with potential for further optimization as the company's operational and production improvement plan continues to develop. The company's focus on mining more copper faster and at lower costs reflects its commitment to maximizing the mine's potential and capitalizing on the extended mine life.