Metals Acquisition II, a blank-check company targeting metals and mining, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of one warrant, exercisable at $11.50.
Metals Acquisition II is led by Executive Chair Michael McMullen, who has previously served as CEO of MAC Copper, Detour Gold, and Stillwater Mining. He is joined by CFO Morne Engelbrecht, who was previously CFO of MAC Copper, and CEO of Beach Energy (ASX: BPT). The SPAC plans to target metals and mining, including the acquisition, operation, financing, and strategic repositioning of natural resource businesses in high quality, stable jurisdictions.
Management's previous SPAC, Metals Acquisition (MTAL.XX), merged with Australian copper mine CSA Copper Mine in June 2023, and subsequently rebranded as MAC Copper. The combined company was acquired by Harmony (NYSE: HMY) in October 2025 for A$1.1 billion.
Metals Acquisition II plans to list on the NYSE under the symbol MTAL.U. Cohen & Company Securities acted as sole bookrunner on the deal.
