MAC Copper Ownership: OR Royalties Holds 4 M Shares, 4.85% Passive Stake

Rhea-AI Filing Summary

OR Royalties International Ltd. has filed Amendment No. 1 to Schedule 13G reporting a 4.85% passive stake in MAC Copper Ltd. (CUSIP G60409110). The filing, triggered as of 31 Dec 2024, discloses beneficial ownership of 4,000,000 ordinary shares out of 82,462,034 shares outstanding (per the issuer’s 20-F dated 28 Mar 2025). OR Royalties holds sole voting and dispositive power over the entire position and reports no shared voting or dispositive power. Because the holding is below the 5% threshold, the filer affirmatively notes “Ownership of 5 percent or less of a class,” indicating the position is not intended to influence control and is filed under the passive Rule 13d-1(c) framework. The filing lists Bermuda as the filer’s place of organization, and President Michael Spencer signed the certification on 7 Jul 2025.

Investors typically watch Schedule 13G/A amendments for changes in large shareholdings. In this case, the disclosed stake is moderate but not controlling; it may signal continuing institutional interest without an activist agenda. No additional financial metrics, transactions, or strategic commentary are provided in the document.

Positive

• Moderate institutional interest: OR Royalties’ 4.85% stake may indicate confidence in MAC Copper’s prospects without activist pressure.

Negative

• None.

Insights

Financial Analyst

TL;DR: Passive 4.85% stake—informational, low immediate impact.

The amendment reveals OR Royalties owns 4 million shares of MAC Copper, equivalent to 4.85% of the float. Because the stake sits marginally under the 5% reporting threshold and is filed on Schedule 13G rather than 13D, it suggests a non-activist, portfolio-style investment. The disclosure neither adds capital nor alters governance; therefore, valuation implications are minimal. Still, knowledge of a single holder controlling nearly 5% of outstanding stock can inform liquidity analysis and institutional ownership statistics.

Corporate Governance Specialist

TL;DR: Sub-5% holding poses no control risk or governance shift.

OR Royalties certifies it does not seek to influence control, and sole voting/dispositive power is confined to 4.85% of shares. The position is below thresholds that would trigger further governance scrutiny or anti-takeover provisions. There is no group formation, no subsidiary involvement, and no indication of coordinated action. Consequently, board composition and shareholder vote dynamics remain unchanged.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

MAC Copper Ltd

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G60409110

(CUSIP Number)

12/31/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G60409110

1

Names of Reporting Persons

OR Royalties International Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.85 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Row 11: Based on 82,462,034 Shares outstanding as of February 28, 2025 (as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 28, 2025).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MAC Copper Ltd
(b)	Address of issuer's principal executive offices: 3RD FLOOR, 44 ESPLANADE, ST, ST. HELIER, JERSEY, JE4 9WG
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of the Reporting Person's cover page.
(b)	Percent of class: 4.85%, which is calculated based on 82,462,034 Shares outstanding as of February 28, 2025 (as reported on the Issuer's Form 20-F filed with the Securities and Exchange Commission on March 28, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of the Reporting Person's cover page.
	(ii) Shared power to vote or to direct the vote: See Row 6 of the Reporting Person's cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of the Reporting Person's cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of the Reporting Person's cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

OR Royalties International Ltd.

Signature:	/s/ Michael Spencer
Name/Title:	President
Date:	07/07/2025

FAQ

How many MAC Copper (MTAL) shares does OR Royalties own?

OR Royalties reports holding 4,000,000 common shares.

What percentage of MAC Copper’s outstanding shares does this represent?

The stake equals 4.85% of the company’s 82,462,034 shares outstanding.

Is OR Royalties filing as an activist investor?

No. The Schedule 13G filing and certification state the shares are held without intent to influence control.

Does OR Royalties share voting power with any other party?

No. The filing lists 0 shared voting or dispositive power; all authority is held solely by OR Royalties.

Why was Amendment No. 1 necessary?

The document is labeled Amendment No. 1, indicating an update to a prior filing; specific changes are not detailed in this excerpt.

When was the ownership information effective?

The report is based on ownership as of 31 December 2024 and was signed on 7 July 2025.