Mr. Dan Symons reports

C3 METALS SUMMARIZES SUCCESSFUL 2023 EXPLORATION PROGRAM AND PLANS UP TO 20,000M OF DRILLING IN JAMAICA DURING 2024

C3 Metals Inc. has provided an update on 2023 exploration results and strategy for 2024 at the company's 100-per-cent-owned copper-gold projects in Jamaica. Exploration work has confirmed 16 porphyry and over 40 epithermal copper-gold prospects along a 30-kilometre strike extent.

Drill holes completed during 2023 highlight significant porphyry potential that remains open at depth and along strike.

2023 highlights:

• Over 9,300 metres drilled through end of 2023;
• At the Bellas Gate project, drilling intersected significant porphyry- and epithermal-style copper-gold mineralization, including:
  • Broadest zone of porphyry copper-gold mineralization ever drilled at Bellas Gate:
    • Provost prospect drill hole PVT0900-002 intersected 390.7 m at 0.37 per cent copper and 0.19 gram per tonne gold (0.50 per cent copper equivalent) from 64.1 m, including 279.5 m at 0.43 per cent copper and 0.24 g/t gold (0.60 per cent CuEq). See press release dated Sept. 25, 2023.
  • Higher-grade bornite copper-gold mineralization confirmed at Provost:
    • Drill hole PVT0825-001 intersected 280.7 m at 0.37 per cent copper and 0.21 g/t gold (0.51 per cent CuEq) from 227 m, including 61.7 m at 0.50 per cent copper and 0.39 g/t gold (0.77 per cent CuEq). See press release dated Nov. 27, 2023.
  • Bonanza-grade epithermal copper-silver mineralization intersected at Provost:
    • Drill hole PVT0900-003 intersected 112 m at 0.35 per cent copper and 0.13 g/t gold (0.44 per cent CuEq) from 305.8 m and terminated in an epithermal vein in the last 1.1 m of the hole grading 1.27 per cent copper and 4,090 g/t silver. See press release dated Oct. 11, 2023.
  • Intersection of near-surface, high-grade copper-gold mineralization at Camel Hill:
    • Drill hole CMH8350-001 assayed 207.8 m at 0.43 per cent copper and 0.20 g/t gold (0.57 per cent CuEq) from 22 m, including 135 m at 0.52 per cent copper and 0.27 g/t gold (0.71 per cent CuEq). See press release dated Oct. 4, 2023.
  • Drilling confirms a porphyry cluster coincident with a four-kilometre-long alteration zone that remains open along strike and to depth;
  • Mapping and sampling confirm an epithermal vein field over five km by 2.5 km that includes historically mined areas during the 1800s.
• Drilling performance of C3 Metals recently acquired man-portable rig has exceeded expectations, drilling to approximately 600 m depth or 50 per cent over nameplate capability.

Dan Symons, president and chief executive officer, stated: "We've achieved tremendous exploration success in Jamaica during 2023. An extensive remapping campaign was critical to improving our understanding of the geology, the creation of a 3-D geologic model and overall potential of this underexplored district. We have up to 20,000 m of drilling planned for 2024. Our immediate focus is a four km trend of copper-gold mineralization at the Bellas Gate project that is open in multiple directions and to depth. We also intend to advance multiple additional targets across our 30 km strike extent to drill status through fieldwork and collection of additional geophysical data. With a well-funded treasury following the closing of an oversubscribed and upsized private placement on Nov. 15, 2023, we are well positioned to expand upon our 2023 exploration success in 2024."

The 2023 exploration program focused on a comprehensive remapping campaign over the Bellas Gate and Arthurs Seat mineral concessions in order to advance C3's understanding of the geology, refine the company's geologic interpretation and develop a first-pass 3-D regional geology model for use in planning future drill targets. All geologic data have been incorporated into a regional geology model, which is significantly enhancing targeting copper-gold-silver mineralization. The 2023 drilling campaign confirmed a cluster of high-level, uneroded porphyry systems and associated fully preserved epithermal base and precious metal veins (low, intermediate and high sulphidation). Drill hole assays confirm significant potential for a meaningful copper-gold porphyry discovery in this highly prospective, yet significantly underexplored, porphyry-epithermal belt.

2024 exploration plans

The 2024 Jamaica drill program will largely focus on the Bellas Gate project where two district-scale porphyry copper-gold and epithermal copper-gold-silver vein corridors extend over 10 km of strike extent. C3 Metals plans to systematically evaluate these two mineralized corridors and anticipates drilling up to 20,000 m on high-priority targets in 2024.

A cluster of copper-gold mineralized porphyries has been identified associated with a four km zone of strong porphyry alteration mapped at surface. Drilling will progressively step out along strike to determine the potential for continuous copper-gold mineralization in this highly prospective zone.

Work is also planned to further develop other priority copper-gold prospects, which include:

• Coffee -- magnetic anomaly and coincident 2.5 km by 2.5 km copper-in-soil anomaly;
• Pleasant Hill -- magnetic and induced polarization anomalies and coincident 700 m by 600 m copper-in-soil anomaly;
• Cocoa Ridge -- magnetic anomaly and coincident 900 m by 500 m copper-in-soil anomaly;
• Stamford Hill -- Charing Cross epithermal field -- Spanish and British historical adits and shafts exploited multiple high-grade copper-gold-silver epithermal veins up to 10 m wide;
• Arthurs Seat -- an untested porphyry target. Discrete magnetic anomaly over a high-tenor, 1,200 m by 800 m copper-in-soil anomaly.

Additionally, induced polarization (IP) geophysics survey work is planned at Bellas Gate and Arthurs Seat in 2024. Completing an IP survey will be a major step to aid in the systematic evaluation of numerous porphyry and epithermal prospects.

Mr. Symons continued: "To date, we have confirmed there is a high probability for drilling success in areas where we have coincident strong copper- and selenium-in-soil geochemistry together with a magnetic-high geophysical anomaly and a chargeability high in IP geophysics. When all four of these exploration criteria are present, our drilling success to date has been very high. During the first half of 2024, we will continue to drill along the known existing mineralized structural corridors at Bellas Gate. We also plan to further develop additional porphyry and epithermal targets through additional soil geochemistry and an IP survey in areas where we lack this important data. We believe we are at the beginning stages of a new, meaningful, district-scale copper-gold discovery in Jamaica and look forward to providing regular results from our exploration program throughout 2024."

After a short break for the drill crews during the holiday season, drilling has resumed with two drill rigs. Both rigs are currently drilling at Provost to test the strike and depth extent of this high-priority porphyry target. With a well-financed treasury following the closing of an oversubscribed and upsized private placement on Nov. 15, 2023, two drill rigs turning, and up to 20,000 m of drilling planned for 2024, C3 Metals expects to provide regular news flow from its exploration program in Jamaica.

About C3 Metals Inc.

C3 Metals 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 30 km strike extent across its 20,700-hectare exploration licences package. 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). At Jasperoide, the company has identified over 15 skarn prospects and an outcropping porphyry system over two parallel 28 km belts. The company has published a maiden resource estimate on the first of these skarn targets, which contained measured and indicated resources of 52 million tonnes at 0.5 per cent copper and 0.2 g/t gold.

Qualified person statement

Stephen Hughes, PGeo, is vice-president, 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 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 were cut at C3 Metals' operations base in Bellas Gate, St. Catherine, Jamaica, by company personnel. Diamond drill core was sampled in maximum three-metre intervals, stopping at geological boundaries, and using a rock saw. Core diameter is a mix of HQ3 and NQ3 depending on the depth of the drill hole. Samples were bagged, tagged and packaged for shipment by DHL air freight service to the ALS preparation laboratory in Sudbury, Ont., Canada, where entire samples were crushed to 70 per cent passing 10 mesh (two millimetres), and a 250-gram split was pulverized to 85 per cent passing 200 mesh (75 micrometres).

The prepared samples were sent to the ALS assay laboratories in Vancouver, Canada, for copper, gold and silver assays, and multielement inductively coupled plasma. ALS is an accredited laboratory which is independent of the company. Gold assays were by fire assay fusion with atomic absorption spectroscopy finish on a 30-gram sample and the overlimit gold assay was completed by fire assay and gravimetric finish on 30-gram sample. Copper and silver were assayed by inductively coupled plasma atomic emission spectroscopy following a four-acid digestion on the ME-ICP61 package for a suite of 33 elements and the overlimit copper by four-acid digestion and assayed by ICP-AES on each sample with copper greater than 10,000 parts per million (1 per cent). Copper and gold standards as well as blanks and duplicates (coarse crush split) were randomly inserted into the sampling sequence for quality control. On average, 9 per cent of the submitted samples are quality control samples. No data quality problems were indicated by the QA/QC program.

We seek Safe Harbor.