C3 Metals Inc. announced that it has received the Authorization to Start Activities from the Peruvian Ministry of Energy and Mines for a recently modified Declaration of Environmental Impact permit. The modified Drill Permit increases the area permitted for exploration drilling by 74% and consists of an additional 24 drill platforms and 53 additional drill holes. This increase to the Drill Permit area will allow C3 Metals to systematically test two additional skarn targets: Cresta Verde ("CVZ") and Callejon De Oro ("COZ").

These skarn targets are immediately to the northwest and south of the Montana de Cobre ("MCZ") skarn deposit. With positive initial results from an ongoing drill program at Bellas Gate, Jamaica (see press release dated September 25, 2023), a decision to restart drilling at Jasperoide is unlikely to be taken until the current drill program at Bellas Gate is completed. The MCZ deposit hosts the following near surface mineral resources: Measured & Indicated Mineral Resources - 51.9 million tonnes ("Mt") at 0.50% total copper and 0.20 g/t gold for 569.1 million pounds of copper and 326,800 ounces of gold.

Measured Mineral Resources - 28.6Mt at 0.60% total copper, 0.24 g/t gold for 380.0M pounds of copper and 218,200 ounces of gold. Indicated Mineral Resources - 23.3Mt at 0.37% total copper, 0.15 g/t gold for 189.1M pounds of copper and 108,600 ounces of gold. Inferred Mineral Resources - 4.0Mt at 0.32% total copper, 0.11 g/t gold for 28.3M pounds of copper and 14,600 ounces of gold.

The 30,000-hectare Jasperoide project consists of approximately 24,000 hectares titled concessions and an additional 6,000 hectares that have been approved and are awaiting official title. This 30,000-hectare land package sits within 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).

The Haquira copper development project (First Quantum Minerals) is located nearby along with multiple exploration projects held by large producers. C3 Metals has identified 13 skarn targets along the Jasperoide belt on the eastern side of its property and multiple skarns and an outcropping porphyry target on the Khaleesi belt on the western side of its property. Since acquiring its initial 5,700 mineral concession package in 2020, C3 Metals has expanded its mineral concession footprint by 426% to approximately 30,000 hectares.

The Company views this package as highly strategic given its geologic potential and proximity to multiple operating mines. C3 Metals believes that CVZ and the MCZ deposit formed during the same hydrothermal mineralizing event and are erosion remnants of a larger skarn body. In limited drilling at CVZ (7 holes for 3,500m), the presence of strong sulphide mineralization and porphyry fragments in drill core provide geological evidence for a blind porphyry deposit.

C3 Metals geologic modelling suggests this potential lies at depth to the northwest of CVZ. With the Drill Permit modification approved and the Authorization to Start Activities now received, the Company is in the position to systematically drill test this interpretation.