Mr. Dan Symons reports

C3 METALS COMMENCES FOLLOW UP DRILLING TO EXPAND PORPHYRY COPPER-GOLD MINERALIZATION AT BELLAS GATE, JAMAICA

C3 Metals Inc. has noted that two drill rigs have been mobilized to Jamaica to commence follow-up drilling at the company's highly prospective Bellas Gate copper-gold project in Jamaica. C3 Metals holds a 100-per-cent interest in the Bellas Gate, Arthurs Seat and Main Ridge licences that cover an extensively mineralized porphyry/epithermal copper-gold district along the Crawle River-Rio Minho fault zone (CRFZ).

BC Diamond Drilling (BCDD) has been contracted for a minimum of 6,000 metres of diamond drilling using a drill rig with a depth capacity of greater than 1,000 metres, and C3 Metals has purchased a man-portable rig to drill an initial 2,500 metres testing near-surface porphyry and epithermal prospects to a nominal vertical depth of approximately 400 metres.

Dan Symons, president and chief executive officer of C3 Metals, commented: "The average depth of all previous drilling is less than 225 metres, and over 40 per cent of all drill holes ended in strong copper-gold mineralization. Airbourne magnetic and IP [induced polarization] geophysics data indicate that multiple near-surface porphyries may converge at depth into a very large system. Based on historical drilling, our 2022 drill program and an extensive remapping campaign, we have identified multiple high-level copper-gold porphyries clustered along two discrete northwest-trending belts at Bellas Gate.

"We are pleased to announce that two drill rigs have been mobilized to Jamaica: a large rig capable of testing the depth extent of our highest-priority porphyry targets, and a company-owned, man-portable rig that will cost-effectively test the near-surface strike extent of these porphyry and epithermal systems. The objective of this drilling program is to determine both the extent of the near-surface porphyry copper-gold mineralization intersected to date and to test the deeper parts of these systems for a high-grade core. With 16 porphyry and 40 epithermal targets identified over a 30-kilometre strike extent, there is no shortage of drill-ready targets. With both rigs now mobilized to Jamaica, we are pleased to announce that the drill program is commencing."

Program highlights:

• CRFZ is an emerging, new porphyry and epithermal district that extends for over 30 km with 16 porphyry and 40 epithermal prospects identified to date, from Bellas Gate to Main Ridge.
• The Bellas Gate project is transected by two district-scale structural features, referred to as the Camel and Connors belts.
• Previous drilling by C3 Metals and others have confirmed near-surface copper-gold mineralization at multiple porphyry centres along these belts, including:
  • Connors -- 309 m at 0.44 per cent copper (Cu) and 0.33 gram per tonne (g/t) gold (Au) (from 15 m) in hole CON9325-001 (refer to press release dated Sept. 12, 2022).
  • Camel Hill -- 178.5 m at 0.37 per cent Cu and 0.16 g/t Au (from 10 m) in hole CMH8400-001 (refer to press release dated Nov. 28, 2022).
  • Provost -- 292 m at 0.30 per cent Cu and 0.14 g/t Au (from 29 m) in hole PVT-16-0021.
  • Geo Hill -- 158.2 m at 0.32 per cent Cu and 0.15 g/t Au (from three m) in hole GE092-011.
• Historical drilling is shallow, with an average hole depth of less than 225 metres for porphyry prospects and less than 200 metres for epithermal prospects.
• The BCDD rig enables C3 Metals to evaluate the depth and grade potential of multiple porphyries, where over 40 per cent of previous drilling terminated in strong copper-gold mineralization.

Two thousand twenty-three drilling program

Historical drilling at Bellas Gate is generally shallow, with an average hole depth of less than 225 m for porphyry prospects and less 200 m for epithermal vein prospects.

Over the past six months, the company's exploration team undertook detailed mapping across the entire Bellas Gate project. Mapping and structural data were compiled and incorporated into a 3-D geology block model, which show two district-scale structural features referred to as the Connors and Camel belts. Clusters of high-level, copper-gold porphyries occur along each belt, with widespread intermediate-sulphidation epithermal-vein-style copper, gold and silver mineralization, distal to the porphyries.

All known porphyries at Bellas Gate are gold-rich, with chalcopyrite-pyrite mineralization dominantly hosted in volcanic andesite rocks, and less commonly in diorite porphyry dikes and stocks. Previous drilling confirms copper-gold mineralization is open at depth and along strike. The current drill program will target higher-grade, bornite-rich mineralization that is typically associated with the core of these systems.

An initial 6,000 metres of deeper drilling (six to eight holes of 700 m to 1,100 m in depth) and 2,500 metres of shallow drilling (10 holes of 100 m to 500 m in depth) is planned at Bellas Gate. The objective of planned drilling is two-fold:

1. Demonstrate continuity of copper-gold mineralization below 400 metres vertical depth at multiple porphyry prospects and test for increased copper-gold grades in the bornite-rich potassic-altered cores typical of porphyry systems.
2. Evaluate and expand the strike extent of the known near-surface porphyry mineralization and test new priority porphyry and epithermal-vein prospects.

References for historical data

Data from the drill results herein are historical results and it is unknown what type of quality control programs were performed at the time. The qualified person (QP) also advises that true width of the above results cannot be determined at this time.

Stock option grant

Pursuant to the company's stock option plan approved by shareholders at its annual general and special meeting held on March 3, 2023, the board of directors has granted 16.2 million stock options to directors, officers, employees and consultants of the company. A total of 6.25 million options will vest immediately, while 9.95 million options will vest over a period of 12 months, subject to regulatory acceptance. After vesting, each incentive stock option will allow the holder to purchase one common share in the company at a price of five cents. The incentive stock options have a term of five years, expiring on Aug. 8, 2028, or following departure of the optionholder. Following this stock option grant, the company will have a total of 51.16 million stock options outstanding, representing approximately 7.42 per cent of the outstanding common shares of the company.

About C3 Metals Inc.

C3 Metals is a junior minerals exploration company focused on creating substantive value through the discovery and development of large copper and gold deposits. The company holds the 24,000-hectare Jasperoide project 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). C3 Metals also holds a 100-per-cent interest in five licences covering 20,700 hectares of highly prospective copper-gold terrain of Jamaica. Mining dates to the 1600s and 1800s, when Spanish and British mining companies targeted high-grade copper in veins. The company also holds a 2-per-cent royalty in Tocvan's Rogers Creek project.

QP statement

Stephen Hughes, PGeo, is vice-president of exploration and a director for C3 Metals, and is a qualified person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.

Technical program

C3 Metals adheres to a strict quality assurance/quality control (QA/QC) protocol for handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.

Samples are analyzed by four-acid digest ICP-MS (inductively coupled plasma mass spectrometry) finish for 63 elements, including pathfinder REE (rare earth elements), with pulps from samples reporting greater than 1 per cent copper being reassayed by the ore-grade method. Gold is analyzed by 30-gram fire assay AAS (atomic absorption spectroscopy) finish, with pulps from samples reporting greater than five parts per million (ppm) reassayed by one-kilogram screen fire assay. The company inserts blanks and certified reference standards in the sample sequence for quality control.

We seek Safe Harbor.