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MAC Copper Ltd ASX:MAC

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

28 Feb 2024 to today

Commentary Showing 2 of 5

DateManagerActionSummary

31 May 2025Blackwattle Investment PartnersHeldBlackwattle Investment Partners continues to hold MAC Copper Ltd because the fund's medium-term valuation is significantly higher than the USD $12.25 (A$18.80) bid from Harmony Gold, without even considering the potential for future regional consolidation. Blackwattle Investment Partners notes the CSA copper mine in Cobar, NSW, is one of the highest-grade copper mines in Australia, management has been executing well on production and cost reduction since acquiring the asset from Glencore in 2024, and the stock has continued to trade at a small premium to the bid price — suggesting other market participants also view the asset as undervalued.

Copper MiningMonthly Report

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30 May 2025First SamuelHeldFirst Samuel notes the takeover of Metals Acquisition Corporation, another portfolio position owned in combination with Aurelia Metals, by Harmony Gold Mining Company, a USD9 billion company listed in South Africa and New York, which may seek to consolidate other regional Cobar players as it develops the MAC mine and gains a better understanding of the region.

Copper MiningArticle

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3 more comments on MACPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on MAC.

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About MAC Copper Ltd

Materials, Metals and Mining

MAC Copper (ASX:MAC), owner of the CSA copper mine in New South Wales, was acquired by Harmony Gold. In May 2025, Blackwattle reported MAC rose 29% after a bid from Harmony Gold, noting its key asset is the CSA copper mine, and First Samuel described the takeover of another portfolio position. Endeavor noted impressive quarterly results in July 2024, after buying in at $17 per share, while Blackwattle highlighted MAC's mandate to acquire and operate quality mines in quality jurisdictions. MAC Copper operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 5 comments from 3 fund managers, Blackwattle, First Samuel and Endeavor. MAC Copper, formerly Metals Acquisition Limited, is a Jersey-incorporated company listed on the NYSE and ASX that acquired and operates the CSA underground copper mine near Cobar in New South Wales, one of Australia's highest-grade copper mines.

Market cap: $530m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in MAC Copper Ltd (ASX:MAC)?

Fund managers including Endeavor Asset Management, Blackwattle Investment Partners and First Samuel have invested in MAC Copper Ltd (ASX:MAC).

What opportunities or catalysts do fund managers highlight for MAC Copper Ltd?

Managers highlight Harmony Gold's takeover, the high-grade CSA copper mine and strong quarterly results, according to Blackwattle, First Samuel and Endeavor.

What are the key risks to the MAC Copper Ltd investment thesis, according to fund managers?

Endeavor notes strong quarterly results were overshadowed by weakness in July 2024, and with the takeover, holders lose ongoing exposure.

What does MAC Copper Ltd (ASX:MAC) do?

Mac Copper Limited (MAC), formerly Metals Acquisition Limited, is a Jersey, Channel Islands private limited company listed on the NYSE. It focuses on the acquisition and operation of mining assets. The company’s core asset is its 100% owned CSA Copper Mine, located near Cobar, New South Wales. MAC acquired the CSA Copper Mine from Glencore PLC in June 2023.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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