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Metals Acquisition Corp. II
Mick McMullen's MAC II raised $250M in a June 2025 SPAC IPO to acquire a critical-minerals asset, following the 2023 CSA Australia copper mine deal.
Metals Acquisition Corp. II
Metals Acquisition Corp. II registered with the SEC in April 2025 and completed its initial public offering on NYSE American in June 2025, raising $250 million from public investors (per the firm's SEC filings, 2025). Led by CEO Mick McMullen and CFO Morné Engelbrecht, the blank-check company explicitly targets the critical-minerals sector — copper, lithium, nickel, rare earths — where McMullen's prior SPAC, Metals Acquisition Corp. I, successfully combined with the CSA copper mine in New South Wales, Australia in June 2023. MAC II invests via a single SPAC structure at the corporate level, seeking a minority or majority stake in a production-stage or near-production mining asset. The strategy does not employ a fund-of-funds, club-deal, or separate managed account model. MAC I demonstrated the blueprint: raise public equity, then acquire an operating asset that generates cash flow immediately — CSA Mine produced approximately 40,000 tonnes of copper in 2023. MAC II's prospectus indicates similar appetite for an asset in politically stable jurisdictions, with stated geographic interest in North America, South America, and Australia (per the firm's S-1 filing, 2025). McMullen and Engelbrecht are the core team, operating from New York with deal-sourcing support from mining industry networks built during the MAC I process. No additional offices or adjacent investment vehicles — such as a permanent capital vehicle or philanthropic foundation — have been disclosed. The SPAC raised funds through a standard unit structure of Class A ordinary shares and warrants. June 2025: Completed MAC II IPO at $250 million, pricing 25 million units at $10.00 per unit on NYSE American (per SEC filings and exchange data, 2025). The structural differentiator for MAC II is not the SPAC wrapper itself but the operator-led repeat-sponsor model. McMullen sourced, acquired, and now oversees the MAC I asset as CEO of the combined company — a path that blurs the line between financial sponsor and mining operator. MAC II is likely to replicate that governance stance, where the sponsor intends to remain involved post-combination, not flip shares. This creates a diligence signal: the sponsor's personal operating reputation in mining is embedded in the SPAC's credit story in a way most blank-check mining vehicles cannot claim.
General information
Firm type
Asset Manager
Year founded
2025
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Mick McMullen
Chief Executive Officer
Morné Engelbrecht
Chief Financial Officer
Sector focus
Frequently asked questions
What is the relationship between MAC II and MAC I?
Metals Acquisition Corp. II is a successor SPAC managed by the same sponsor team that formed Metals Acquisition Corp. I. MAC I completed a business combination with the CSA copper mine in Australia in June 2023, and shares of the combined company trade on NYSE. MAC II is a separate entity with a new $250 million trust, raised in June 2025, and no cross-ownership with MAC I's operating assets.
What kind of mining assets does MAC II target?
MAC II focuses on critical-minerals assets aligned with the energy transition — primarily copper, lithium, nickel, and rare earths. The SPAC's prospectus specifies a preference for production-stage or near-production assets in mining-friendly jurisdictions such as the US, Canada, Australia, Chile, and Peru. Early-stage exploration projects are not the stated target.
Who runs Metals Acquisition Corp. II?
Mick McMullen serves as CEO and director; he was previously CEO of MAC I and is a mining engineer by background. Morné Engelbrecht is the CFO, having held the same role at MAC I. Both are named in the MAC II S-1 registration statement filed in April 2025 and subsequent amendments.
Does MAC II operate as a fund or a holding company?
MAC II is structured as a special purpose acquisition company — a listed blank-check vehicle. It holds $250 million in trust pending a single acquisition of a mining business. It is not a diversified fund, does not make multiple investments, and has no permanent capital beyond the trust. Post-combination, the surviving entity will be an operating mining company.
How does MAC II's structure differ from a typical mining private equity fund?
Unlike a mining PE fund, MAC II is a publicly traded SPAC with a limited life — typically 18-24 months — to identify and close one acquisition. LP commitments are not drawn down over time; instead, investors buy shares at IPO and retain redemption rights at the time of the business combination. The sponsor's carried interest is embedded in the initial share structure rather than a traditional management-fee-and-carry model.
What jurisdictions does MAC II evaluate for an acquisition?
The firm's S-1 filing identifies North America, South America, and Australia as the primary geographic focus. MAC I's experience with Glencore's CSA Mine in New South Wales — a regulated, mature jurisdiction — suggests MAC II will also prioritize assets with established mining codes and infrastructure.
Has MAC II disclosed any specific acquisition targets?
As of the June 2025 IPO pricing, MAC II had not publicly identified a specific acquisition target. SPAC regulations prohibit pre-IPO deal negotiations that have progressed to a definitive agreement, though the sponsor's network in the mining sector — evidenced by MAC I's CSA deal — is the primary stated sourcing advantage.
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