CCCM.V · 2024-03-01 12:00:00

C3 Metals Enters into 50/50 Joint Venture Agreement with Geophysx Jamaica to Combine Past Producing Pennants Gold Mine and Main Ridge Project to Create Super Block Project

Mergers & Acquisitions Partnerships & JV

C3 Metals Enters into 50/50 Joint Venture

Agreement with Geophysx Jamaica to

Combine Past Producing Pennants Gold Mine

and Main Ridge Project to Create Super Block

Project

Toronto, Ontario--(Newsfile Corp. - March 1, 2024) -

C3 Metals Inc.

(TSXV: CCCM) (OTCQB: CUAUF)

("C3 Metals" or the "Company") is pleased to announce it and its subsidiaries have entered into a joint

venture agreement (the "JV Agreement") with Geophysx Jamaica Limited ("Geophysx") to combine the

past producing Pennants Gold Mine with its Main Ridge Project to create the Super Block Project.

Metals will act as the operator of the joint venture ("JV").

Super Block Project

JV Highlights and Benefits for C3 Metals' shareholders:

JV Property:

Exposure to the past producing Pennants Gold Mine and other highly prospective

copper and gold exploration targets that appear to overlap C3 Metals' and Geophysx's mineral

concessions.

Past producing Pennants Gold Mine:

Operated as an open pit between 2002 and 2004 with estimated production of

approximately 16,000 gold ounces (Source: Jamaica Mines and Geology Division).

Reported non-compliant NI 43-101 historical mineral resource of

75,500 tonnes at

20.4 g/t gold

1,2

Historical high-grade drill intersections

from the mine property (drill results are

historical in nature and have not been independently confirmed):

1.7m at 430.0 g/t gold;

3.8m at 56.4 g/t gold;

4.6m at 25.6 g/t gold;

9.2m at 18.4 g/t gold;

and

3.1m at 17.0 g/t gold.

The Main Ridge project:

Rock and soil sampling defined a coherent gold anomaly extending 4km southeast and

northwest of the former Pennants Gold Mine along the Bennett Fault.

Rock chip samples assayed

up to

35.8 g/t gold at surface

The Rio Minho Fault, a parallel fault to the north of the Bennett Fault, is host to strong

copper-silver mineralization defined over a 4km strike length.

Channel sample results

include:

16.0m at 1.22% copper and 7.8 g/t silver.

2.0m at 6.07% copper and 19.4 g/t silver.

Geophysx is a known brand in Jamaica with considerable financial bandwidth.

Geophysx is a private

mineral exploration company that has explored the whole island of Jamaica and is the dominant mineral

exploration license holder in the nation.

It is managed by its founder, Robert "Bobby" Stewart.

The

Stewart family is a hospitality and industrial powerhouse in the island.

The JV gives C3 Metals leverage

to Geophysx's relationships and acumen in Jamaica.

Conversely, the JV gives Geophysx leverage to C3

Metals' technical team.

Dan Symons, President and CEO of C3 Metals, stated

, "We are very excited to enter into this JV with

Geophysx.

The Pennants mine was a small, high-grade producer of some 16,000 ounces of gold.

believe the potential for additional discovery to be very high.

Historical data, surface sampling, and

geophysical data suggest that mineralization at Pennants potentially extends over 4km.

C3 Metals'

will maintain its primary focus on copper-gold along a cluster of porphyries within our Bellas Gate

project.

We see this JV as an excellent opportunity to add unrealized value to our Company.

The

synergies of putting these properties together are very clear.

"We would also like to take the opportunity to welcome Mr. Stewart as a strategic, 5% shareholder of

C3 Metals through our November 2023 private placement.

Bobby and I share a vision of the

stakeholder value that can be created through the systematic exploration of the Super Block Project."

Bobby Stewart, President of Geophysx, commented:

"We're very happy to be partnering with C3 Metals

on the Main Ridge Super Block Project.

As fellow explorers, we've come to know the company,

their

team, their skill set, and their values.

We have always been an advocate of combining our two halves

of the mineral system around Main Ridge, as a necessity to build value and create a potentially very

successful project here.

Geophysx Jamaica is passionate about realizing a new and exciting industry

here in Jamaica which can bring tremendous social and economic benefit through sustainable and

environmentally sound mineral exploration and development.

We truly believe that this partnership

will be good for Jamaica, and are excited to begin the planned work program with our new partners."

Under the terms of the JV Agreement, C3 Metals will contribute approximately 4,400 hectares and

Geophysx will contribute 5,470 hectares, with a total of 9,870 hectares forming the Super Block Project

JV area (Figure 1).

C3 Metals will continue to hold a 100% interest in 17,855 hectares, including the

Bellas Gate project where the Company is actively drilling with two rigs.

The Bellas Gate project remains

C3 Metals' primary focus.

Figure 1: Map showing the Super Block Project JV area and C3 Metals' 100% owned Arthurs Seat and

Bellas Gate concessions.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/199988_aab4bff3140a3b08_001full.jpg

Figure 2: Map of Super Block Project JV showing gold and copper prospects.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/199988_aab4bff3140a3b08_002full.jpg

Next Steps for the Super Block Project JV

C3 Metals, as the operator of the JV, intends to conduct immediate field work to prepare for a drill

program that is anticipated to commence during the second half of 2024.

Work for the initial program

includes:

Merging historical drilling, geochemical and geophysical datasets to create a geologic model for

the Super Block Project;

A boots-on-the-ground mapping and sampling campaign across the Super Block Project, focused

across the two main splay faults known to host gold and copper-silver mineralization (the Bennett

and Rio Minho faults, respectively);

In addition to the past producing Pennants Gold Mine, nine intermediate to low sulphidation

epithermal prospects have been identified to date;

Five gold prospects

Four copper-silver prospects

Prospects will be ranked and prioritized following this work, with drilling anticipated to commence

during the second half of 2024.

Key JV Agreement Terms

Under the terms of the JV:

Each party has an initial 50% interest in the Super Block Project.

Each party will elect two members to a Management Committee, which will include the President

from each party and one additional member.

C3 Metals will act as the operator of the Super Block Project.

In this role, C3 Metals will be responsible for proposing annual work plans and budgets to be

approved by the Management Committee.

C3 Metals will receive a 5% operator administrative fee until such time a production decision

is made on the Super Block Project.

The Management Committee has approved a 2024 work program and budget of approximately

US$950,000 or approximately US$475,000 per party.

Both parties must contribute to funding further development at the Super Block Project on a pro

rata basis or have their interest diluted as per the standard formula outlined by the Rocky Mountain

Mineral Law Foundation.

Should either party of the JV be diluted to a 5% interest, such interest will be converted to a 3% net

smelter royalty on the Super Block Project of which 2% can be repurchased for US$2,000,000.

The JV Agreement was executed on February 24, 2024 and is subject to termination in the event certain

conditions subsequent are not satisfied on or before July 15, 2024, including the subdivision of existing

mineral tenures by the Ministry of Agriculture, Fisheries and Mines (Jamaica) to form the Super Block

Project.

For additional information, contact:

Dan Symons

President and CEO

+1 416 716 6466

[email protected]

ABOUT C3 METALS INC.

C3 Metals Inc. is a mineral exploration company focused on creating substantive value for its

shareholders through the discovery and development of large copper and gold deposits.

The Company

is actively exploring in Jamaica where it has identified 16 porphyry and 40 epithermal prospects over a

30km strike extent.

The Company holds an 100% interest in 17,855 hectares of exploration licenses and

a 50% interest in 9,870 hectares in a joint venture with Geophsyx Jamaica Ltd, the largest mineral tenure

holder in the country.

Mining is currently the second largest industry in Jamaica, and historical mining

dates back to the colonial eras of the 1500s (Spanish) and 1800s (British).

The Company also holds

approximately 24,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt

of Southern Peru.

Mineralization at Jasperoide is hosted in a similar geological setting to the nearby

major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore).

Jasperoide, the Company has identified over 15 skarn prospects and an outcropping porphyry system

over two parallel 28km belts.

The Company has published a maiden resource estimate on the first of

these skarn targets, which contained Measured & Indicated Resources of 52Mt at 0.5% copper and 0.2

g/t gold.