Metals Acquisition Limited provided a market update on the following aspects of the CSA Copper Mine: Total Reportable Injury Frequency Rate (TRIFR) of 10 and 10.2 per million hours for July and August, respectively; July and August 2023 production (the first two full months of MAC's ownership) of 7,294 tonnes of copper; Additional results from drilling previously not included in the 2022 Resource Estimate, including 50.4m @ 8.9% Cu and 36 g/t Ag from 170.6m in UDD20134; Drilling at the shallow QTS South Upper mineralisation accelerated to support rapid mine development with first drill hole returning 3.4m @ 8.7% Cu and 21 g/t Ag in QSDD055A; Downhole Electromagnetic Survey ("DHEM") indicates the continuation of sulphide mineralisation for at least 800m below the deepest drill hole at the CSA Copper Mine. Whilst they are at a similar mine relative level (RL) they are separated along strike (N/S) by 32m in the S Lens position. This separation is what produces the difference in intersection thicknesses as the lenses pinch and detect both along the strike and down dip.

In QTSC, 4 holes were drilled below the current stoping levels to upgrade the resource classification and test mineralization extent at depth. All 4 holes target the QC1 zone which is comprised of a number of internal lenses. In massive sulphide deposits, DHEM is a standard tool for detecting sulphides that are proximal to drill holes that have yet to be intersected.

The CSA Mine style mineralisation responds well to this style of exploration targeting tool but has not been widely used in the underground holes due to the difficulties associated with the ground conditions. Recent efforts to utilise the technique at CSA have been successful, with the main "QTSN", "K" and "L3" lenses in the QTSN deposit being shown to extend for at least 800m deeper than the deepest drillhole. The QTS South Upper mineralisation sits above the QTS South Deposit and is present approximately 120m below surface.

Work is underway to complete a mineral resource using the existing drilling and to prepare a mine plan for development in the near term. Previous drill results included: 4.05m @ 17.1% Cu and 39 g/t Ag from 282m in QSDD027 and 4.9m @ 12.7% Cu and 30 g/t Ag from 227.4m in QSDD046. A surface drill rig has been mobilised to drill a small number of additional definition holes with the first hole intersecting 3.4m of massive sulphide grading 8.7% Cu and21 g/t Ag in Q SDD055A from292.1m.

Drilling of the remaining holes is being prioritized to enable their inclusion in the 2023 resource statement.