SPAC Metals Acquisition II prices $200 million IPO, targeting metals and mining
IPO Overview
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.
About the Company
We are a special purpose acquisition company incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to throughout this prospectus as our initial business combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us. While we may consider an initial business combination in any industry or region, we plan to leverage our management team’s experience in the metals and mining sector, including the acquisition, operation, financing and strategic repositioning of natural resource businesses in high quality, stable jurisdictions.
