SCHEDULE: FIL Limited Discloses 7.1% Stake in MAC COPPER LTD

FIL Limited and its affiliates have reported a 7.1% beneficial ownership stake in MAC COPPER LTD's Class A Common Stock as of September 30, 2025.

Summary

• FIL Limited, along with its affiliates Pandanus Partners, L.P. and Pandanus Associates, Inc., has disclosed a beneficial ownership of 5,849,635 shares of MAC COPPER LTD's Class A Common Stock.
• This aggregate amount represents 7.1% of the total outstanding Class A Common Stock.
• FIL Limited holds sole voting power over 5,773,747 shares and sole dispositive power over 5,849,635 shares.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of MAC COPPER LTD.
• Relevant entities beneficially owning shares include FIL Investment Management (Hong Kong) Limited and Fidelity Investments Canada ULC.
• Pandanus Partners, L.P. owns a significant portion of FIL Limited's voting stock, typically between 25% and 48.5% of total votes.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a reputable institutional investor like FIL Limited is generally viewed positively, indicating investor confidence. The passive nature of the investment (not for control) reduces potential uncertainty.

Positives

• A significant institutional investor, FIL Limited, has taken a substantial 7.1% stake in MAC COPPER LTD, indicating confidence in the company's long-term prospects.
• The acquisition is stated to be in the ordinary course of business, suggesting a passive investment rather than an activist intent to influence control.

Risks

• The filing itself does not detail risks specific to MAC COPPER LTD. It only states the reporting persons' intent not to influence control, which could be a risk if the market expected an activist investor.

Future Outlook

NA

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake could be seen as a vote of confidence, potentially stabilizing or positively influencing share price.
• Management: The statement that the investment is not for the purpose of influencing control suggests that current management can continue their strategic direction without immediate pressure from this specific shareholder.

Key Dates

Recommendation

The filing indicates a significant, passive stake by a major institutional investor, FIL Limited, which is generally a positive signal of confidence in MAC COPPER LTD. However, the filing itself does not provide new operational or financial data about MAC COPPER LTD to warrant a 'buy' or 'sell' recommendation. It primarily confirms a substantial ownership position, suggesting a 'hold' as investors await further company-specific news or financial results.

Keywords

MAC COPPER LTD, FIL Limited, Pandanus Partners, Pandanus Associates, Class A Common Stock, Beneficial Ownership, SEC Filing, Schedule 13G, Institutional Investor, Copper Mining