Metals Acquisition Corp. II ownership disclosure: Mudita Advisors LLP reported beneficial ownership of 833,332 warrants, representing 10.87% of the class. The filing states these warrants are exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
The holdings are managed across four funds (Mudita Original Partnership LP, Mudita Eudoxus LP, Cassini Partners LP - Aristillus, and 238 Plan Associates) with shared voting and dispositive power; the filing is signed by Kevin Mandy, CFO.
Positive
None.
Negative
None.
Insights
Disclosure shows a >5% passive stake reported under Schedule 13G.
The filing records Mudita Advisors LLP as investment adviser with beneficial ownership of 833,332 warrants (10.87%), held across four managed funds. The filing follows passive ownership reporting conventions for Schedule 13G and lists shared voting/dispositive power.
Cash‑flow treatment is not stated; timing details reference 04/23/2026 and the signature date 05/05/2026. Subsequent filings would show any status change to Schedule 13D if ownership becomes active.
Warrants position is material for governance thresholds but is a derivative instrument.
The position is in warrants exercisable at $11.50 per share, which is a contingent equity exposure rather than current share ownership. The filing lists exact per‑fund allocations and a CUSIP: G60420117.
Investor impact depends on exercise decisions by the funds; the filing does not disclose intent to exercise or dispose.
Key Figures
Warrants owned:833,332 warrantsPercent of class:10.87%Exercise price:$11.50 per share+5 more
8 metrics
Warrants owned833,332 warrantsbeneficially owned reported on Schedule 13G
Percent of class10.87%percent of warrant class reported
Exercise price$11.50 per sharewarrants exercisable for one Class A ordinary share
Mudita Original Partnership LP536,758 warrantsallocation within managed accounts
Cassini Partners LP - Aristillus168,816 warrantsallocation within managed accounts
Mudita Eudoxus LP83,283 warrantsallocation within managed accounts
238 Plan Associates44,475 warrantsallocation within managed accounts
CUSIPG60420117identifier for the warrants
Key Terms
Schedule 13G, Beneficial ownership, Warrant, Shared dispositive power
4 terms
Schedule 13Gregulatory
"Item 1. (a) Name of issuer: Metals Acquisition Corp. II"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficial ownershipfinancial
"Item 4. (a) Amount beneficially owned: Mudita Advisors LLP on behalf of managed accounts 833,332"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Warrantfinancial
"Title of class of securities: Warrants, each whole warrant exercisable for one Class A ordinary share"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
Shared dispositive powerregulatory
"Shared Dispositive Power 833,332.00"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Metals Acquisition Corp. II
(Name of Issuer)
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
(Title of Class of Securities)
G60420117
(CUSIP Number)
04/23/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G60420117
1
Names of Reporting Persons
Mudita Advisors LLP
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
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
833,332.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
833,332.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
833,332.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Mudita Advisors LLP on behalf of:
Mudita Original Partnership LP
Mudita Eudoxus LP
Cassini Partners LP - Aristillus
238 Plan Associates
(b)
Address or principal business office or, if none, residence:
8 St James's Square
London
SW1Y 4JU
UK
(c)
Citizenship:
United Kingdom
(d)
Title of class of securities:
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
(e)
CUSIP Number(s):
G60420117
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:
Mudita Advisors LLP on behalf of managed accounts 833,332
Mudita Original Partnership LP (536,758)
Mudita Eudoxus LP (83,283)
Cassini Partners LP - Aristillus (168,816)
238 Plan Associates (44,475)
(b)
Percent of class:
Mudita Advisors LLP on behalf of managed accounts 10.87%
Mudita Original Partnership LP (7.00%)
Mudita Eudoxus LP (1.09%)
Cassini Partners LP - Aristillus (2.20%)
238 Plan Associates (0.58%)
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
Mudita Advisors LLP on behalf of managed accounts 833,332
Mudita Original Partnership LP (536,758)
Mudita Eudoxus LP (83,283)
Cassini Partners LP - Aristillus (168,816)
238 Plan Associates (44,475)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
Mudita Advisors LLP on behalf of managed accounts 833,332
Mudita Original Partnership LP (536,758)
Mudita Eudoxus LP (83,283)
Cassini Partners LP - Aristillus (168,816)
238 Plan Associates (44,475)
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The securities reported herein are held by four investment funds for which Mudita Advisors LLP serves as investment adviser. Each fund has the right to receive or direct the receipt of dividends and proceeds from the sale of the securities held for its account
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 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.
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.
