Metals Acquisition Corp. II (NYSE:MTAL), a Cayman Islands-incorporated blank check company, filed its quarterly report on Form 10-Q for the quarter ended June 30, 2026, disclosing financial results following the March 2026 closing of its Initial Public Offering.

Key Highlights

  • Net income: The company reported net income of $1,751,145 for the three months ended June 30, 2026, and $1,928,457 for the six months ended June 30, 2026.
  • Trust Account: Cash and marketable securities held in the Trust Account totaled $232,411,975 as of June 30, 2026, up from $0 at December 31, 2025.
  • Class A shares subject to redemption: 23,000,000 Class A ordinary shares are subject to possible redemption at a redemption value of $10.10 per share as of June 30, 2026.
  • Shareholders' deficit: Total shareholders' deficit was $(7,361,907) as of June 30, 2026, compared to equity of $3,511 at December 31, 2025.
  • IPO over-allotment: On March 13, 2026, the underwriters exercised their over-allotment option in full, removing the forfeiture condition from 1,000,000 Founder Shares.
  • Deferred underwriting fee: A deferred underwriting fee payable of $9,200,000 was recorded as of June 30, 2026.
  • Share count: As of August 12, 2026, there were 23,000,000 Class A ordinary shares and 7,666,667 Class B ordinary shares issued and outstanding.

Metals Acquisition Corp. II Q2 2026 Financial Position Following IPO Close

According to the filing, Metals Acquisition Corp. II completed its Initial Public Offering in the first quarter of 2026, with the underwriters exercising their over-allotment option in full on March 13, 2026. The company is classified as a shell company, a smaller reporting company, and an emerging growth company. Its total assets stood at $234,512,624 as of June 30, 2026, the large majority of which consists of cash and marketable securities held in Trust at $232,411,975. At December 31, 2025, total assets were only $132,072, reflecting the pre-IPO stage of operations at that date.

The company reported general and administrative expenses of $326,947 for the three months ended June 30, 2026, and $483,518 for the six months ended June 30, 2026, resulting in a loss from operations for both periods. Interest earned on cash and marketable securities held in the Trust Account offset those losses, totaling $2,078,092 for the three-month period and $2,411,975 for the six-month period, according to the filing. Basic and diluted net income per share for both Class A redeemable and Class B non-redeemable ordinary shares was $0.06 for the three months ended June 30, 2026, and $0.09 for the six months ended June 30, 2026.

The filing also disclosed that 5,066,666 Private Placement Warrants were sold during the period, generating proceeds of $7,600,000, and that the fair value of Public Warrants at issuance was recorded at $3,020,667. Accretion for Class A ordinary shares to their redemption amount totaled $17,624,729 in the first quarter and an additional $2,078,092 in the second quarter. The company's accumulated deficit reached $(7,362,674) as of June 30, 2026. Total liabilities were $9,462,556, which included the $9,200,000 deferred underwriting fee payable.

What Was Disclosed

Metals Acquisition Corp. II disclosed its unaudited condensed financial statements for the quarter and six months ended June 30, 2026, covering its post-IPO balance sheet, income from Trust Account interest, operating expenses, share counts, and key equity transactions including accretion and warrant issuances.