The correct explanation for why lead is malleable lies in the nature of metallic bonding. The appropriate statement is:
Metallic bonds involve many valence electrons shared by many atoms, so the bonds can move around as the metal is pounded.
In metallic bonding, the valence electrons are not bound to any specific atom but instead form a "sea of electrons" that are free to move throughout the lattice of positively charged metal ions. This delocalization allows the layers of atoms in the metal to slide over one another when subjected to stress, such as pounding. As a result, the metal can be shaped or flattened without breaking apart, which is the property we refer to as malleability.