Metals Acquisition Limited provided a market update on the continuing exploration and resource development at the CSA Copper Mine: Highlights: The 2023 Resource and Reserve estimate is scheduled for release in second quarter 2024; 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 subsequent Resource and Reserve Estimate update. Results from QTS North ("QTSN") include: 14m @ 7.9% Cu from 159m in UDD20139; 16m @ 10.4% Cu from 102m in UDD23024; 19.2m @10.4% Cu from 114.8m in UDD23025; Results from QTS Central ("QTSC") include: 11.5m @ 11.8% Cu from 180.5m in UDD22052; 6.9m @ 11.3% Cu from 114.5m in UDD 22040; 25.6m @ 6.1% Cu from 152.4m in UDD22049A; 14.5m @ 9.0% Cu from 146.5m in UDD2254; Results from the near surface QTS South Upper A ("QTSSUA") include: 1.7m @ 21.3% Cu from 281.2m in QSDD057C; 3.0m @ 13.9% Cu from 268.7m in QSDD059; 4.3m @ 14.2% Zn, 3.9% Pb and 0.8% Cu from 294.4m in QSDD060. 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.

At QTSN, the most recent drilling has confirmed the location of the Inferred Resource and enabled it to be upgraded as well as confirmation of the smaller mineralized lenses adjacent to the existing resource. 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. 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. 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 extend the resource beyond its current limits. QTSS Upper A is a narrow (1.5 to 3m) but a 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. Drilling from surface was targeting upgrading the confidence level of the mineralization to allow inclusion in the new 2023 Resource and Reserves Estimate and for mine planning purposes. This lens is narrower than the average QTSN and QTSC lenses but share a higher grade with QTS Central.

In a mine known for high grade copper material the QTSS Upper A lens stands out based on intercepted grades of 1.7m @ 21.3% Cu in QSDD057C and 3m @ 13.9% Cu in QSDD059. These are truly exceptional Cu grades and even with diluted stope shapes for mining purposes the grade from this lens is high. Of note also is the intercepted 4.3m @ 14.2% Zn, 3.9% Pb and 0.8% Cu in QSDD060 immediately downhole of the 0.5m @ 9.1% Cu in the same hole.

The CSA Copper Mine started life as a high-grade Zn, Pb, and Cu mine in the upper portions of the mine and there exists high grade Zn and Pb zones immediately in the footwall of the higher grade Cu zones that require further investigation.