Exploration Program At The CSA Mine Identifies High-Grade Ore Body

ST. HELIER, JERSEY - Metals Acquisition Limited reported on the ongoing resource infill and near mine exploration drill program at the CSA Mine. All drill results are from drilling that has been completed after the December 2022 Mineral Resource Estimate (MRE). Results demonstrate the continuity of the deposits at the CSA Mine and the high-grade nature of the deposits. Results are being incorporated into the 2023 Resource and Reserve update. Results include: 1) 4.6m @ 9.2% Cu and 43 g/t Ag from 142m in UDD20128. 2) 25.5 @ 12.7% Cu and 55 g/t Ag from 150.5m in UDD20128. 3) 20.7m @ 14.4% Cu and 61 g/t Ag from 150.5m in UDD20147A. 4) 7m @ 10.9% Cu and 50 g/t Au from 144m in UDD20129. 5) 8.1 m @ 11.1% Cu and 46 g/t Ag from 152.2 m in UDD20129A. 6) 28.7m @ 10.6% Cu and 41 g/t Ag from 179.8 m in UDD20140. 7) 6.7m @ 10.4% Cu and 45 g/t Ag from 179m in UDD21053. 8) 21.5m @ 7.7% Cu and 32 g/t Ag from 139.7 in UDD21049. 9) 4.3m @ 11.8% Cu and 45 g/t Ag from 189.0m in UDD22100.

Mick McMullen, CEO, said: "These drill results are simply stunning and showcase the high-grade ore body of the CSA Mine. There are very few similar grade mines available for investors to directly participate in that are also located in Tier 1 jurisdictions. The mine has been out of the public domain for 24 years and these type of drill results are a testament of MAC’s rationale for acquiring the operation.

The mine has continued with the resource infill and near mine exploration program since the completion of the last resource update in December 2022. This has been aimed at improving confidence in the Inferred Resource and identifying additional mineralization that could be converted to a Mineral Resource.

Drilling has continued to demonstrate the continuity and high-grade nature of the CSA ore bodies. These holes are predominately across the QTSN and QTSC deposits and are indicative of the high-grade mineralization found at the CSA Mine. Additionally, within QTSN and QTSC the drilling has highlighted potential lode extensions down dip and along section and opportunities for thicker lode interpretations. In the QTSN deposit drilling has been targeted at the boundary of the Measured and Inferred resource to upgrade the classification as well as deeper into the Inferred resource to both upgrade the classification and to push the Inferred resource boundary deeper. Mineralisation is known to extend at least 400m below the base of the current Inferred resource and drilling is targeting converting this to a resource over time, subject to results.

In the QTSC deposit, drilling has successfully intersected mineralisation up dip of the current resource in UDD22100. Mineralisation at QTSC is typically narrower than QTSN but very high grade. This mineralization is close to existing development and can be brought into the mine plan relatively easily. These results confirm our view that the CSA Mine has the potential to continue to be one of the highest-grade copper mines globally for the foreseeable future with potential to expand the mineral resource. Drilling is continuing and results will be incorporated into the updated 2023 Mineral Resource Estimate which can then be used for the updated 2023 Reserve estimate.”