C3 Metals: Exploring a High-Grade Copper Gold Porphyry in Jamaica with Freeport-McMoRan as a Partner

Key Concepts

• Copper-Gold Porphyry Prospects: Large, economically significant mineral deposits often requiring substantial capital investment.
• Low Sulfidation Epithermal Gold System: A type of gold deposit characterized by specific mineral assemblages and geological settings.
• Scarn Deposits: Mineral deposits formed by the contact metasomatism between intrusive igneous rocks and carbonate rocks.
• First Mover Advantage: Being the initial company to explore a specific region or mineral type, potentially securing prime assets.
• Earn-in Agreement: A contractual arrangement where one party can earn an interest in a project by meeting certain funding or work commitments.
• Joint Venture (JV): An agreement between two or more parties to undertake a specific business project together.
• Net Smelter Return (NSR): A royalty on the net revenue generated from the sale of minerals.
• ESG (Environmental, Social, and Governance): Factors considered in responsible business practices, particularly relevant in mining.
• "Elephant Territory": A geological area known to host very large mineral deposits, often attracting major mining companies.

C3 Metals: A Multi-Asset Strategy in Jamaica and Peru

This summary details the operations and strategic approach of C3 Metals, as presented by CEO Dan Simmons at the Precious Metals Summit in Zurich, November 2025. The company is focused on copper-gold exploration in Jamaica and Peru, leveraging a multi-asset portfolio and strategic partnerships.

Jamaica: Copper-Gold Porphyry Exploration

1. Project Overview and First Mover Status: C3 Metals holds 210 square kilometers of exploration licenses in Jamaica, situated along a major fault zone. The company is recognized as a "first mover" in copper-gold exploration in the country. This initial move has since been validated by the presence of other private companies and major players like Freeport-McMoran in the region.

2. Freeport-McMoran Earn-in Agreement:

• Project Details: C3 Metals conducted extensive geological mapping, geochemical data collection, and geophysical surveys, identifying 16 porphyry prospects over a 30 km strike extent.
• Drill Testing: Four of these prospects were drill-tested in 2022-2023, yielding good mineralization. Geological interpretations suggested the need for deeper drilling, similar to the approach taken at the Flo Doul project in Argentina.
• Partnership Terms: In 2024, C3 Metals entered into an earn-in agreement with Freeport-McMoran, the world's largest copper producer. Freeport can earn up to a 75% interest in the project by funding $75 million USD.
• Future Implications: If Freeport successfully earns its 75% stake, C3 Metals would retain a 25% interest. However, Simmons notes that typically, in such successful earn-ins, the major company often negotiates an exit for the junior partner to gain 100% ownership.

3. Exploration and Development Plan (2025-2026):

• Current Activities: The company is currently evaluating and ranking drill prospects and conducting scouting. A man-portable drill rig capable of reaching 500 meters depth is in use, with assay results pending.
• 3D IP Program: A 3D Induced Polarization (IP) program is underway to detect sulfide minerals down to 700-1000 meters depth.
• Deep Drilling Program (2026): C3 Metals plans a significant drill program in 2026, involving approximately 10,000 meters of drilling with holes exceeding 1,000 meters. This is driven by observations of improving grades at depth in some initial holes, aiming to reach the "borite core" of the system.

4. Jamaica Gold Project:

• Location: Situated west of the Freeport earn-in area.
• Partnership: C3 Metals partnered with local Jamaican private company Geophysics Jamaica Limited.
• Pennants Gold Mine: The acquired ground includes the historic Pennants Gold Mine, a small-scale operation that closed in 2004. It had a reported historic resource grade of 20 grams per ton (g/t) gold, indicating very high-grade mineralization.
• Joint Venture: In March of the previous year, a 50-50 joint venture was formed, combining C3 Metals' and Geophysics Jamaica's ground. C3 Metals is the operator.
• Project Scope: The JV encompasses a 5 km gold trend with the old mine at its center.
• Drilling Progress: Seven holes of a planned 14-hole program have been completed, with three results pending. The initial four holes have been announced. This program aims to inform a phase two exploration strategy.

5. Permitting and ESG in Jamaica:

• Mining Jurisdiction: While not traditionally recognized as a major mining jurisdiction by copper-gold investors, mining is Jamaica's second-largest industry, primarily driven by a long-standing bauxite mining sector (over 75 years of operation, historically a top-five global producer).
• Regulatory Environment: Jamaica has a robust mining law and a prescriptive permitting process for exploration. The government is supportive, allowing unlimited drill pads and holes within concession areas.
• Government Support: The government actively supports new mineral exploration to diversify the economy as the bauxite industry faces inevitable decline. C3 Metals is encouraged by the government's proactive stance.

Peru: Copper Belt Exploration

1. Project Consolidation and Location: C3 Metals entered Peru a few years ago, initially acquiring a 57 km² footprint and consolidating its position to 310 km². Unlike Jamaica, Peru is a well-established world-class copper-producing belt.

• Proximity to Major Mines: The project is located less than 45 km from MMG's Las Bambas mine and Hudbay Minerals' Constancia mine. Other major players like Glencore, Freeport, Anglo American, BHP, Rio Tinto, Barrick, Fresnillo, and First Quantum Minerals are also operating in the vicinity. C3 Metals positions itself as the junior among these giants.

2. Initial Exploration and Resource:

• Targets Identified: 15 skarn and 1 porphyry prospects have been identified.
• First Resource: Drilling of one skarn target resulted in a pit-constrained resource of 52 million tons at 0.5% copper and 0.2% gold. This translates to 570 million pounds of copper and 326,000 ounces of gold within the pit.

3. Kesi Project - Top Geologic Target:

• Significance: The Kesi project, located on the western side of the property, is considered C3 Metals' top geologic target and has never been drill-tested.
• Geophysical Signatures: It exhibits massive magnetic and chargeability highs.
• Soil Geochemistry: Copper in soils is running at 0.1% copper over a kilometer.
• Drilling Commenced: Drill permits are secured, and drilling began at the end of September. First results are expected by the end of the current month.

4. Long-Term Strategy in Peru:

• Focus on Discovery and Value Addition: C3 Metals' strategy is to discover deposits and add value through drilling, rather than necessarily building large mines themselves.
• Exploration Approach: The company aims to test the "low-hanging fruit" within the first 500 meters of depth.
• Partnership Optionality: If significant discoveries are made within this shallow zone, C3 Metals will aggressively delineate resources. For deeper targets, the company has the option to bring in a partner, anticipating a competitive process given the project's location and potential.

Shareholder Base and Strategic Vision

1. Project Attractiveness and Shareholder Support:

• Multi-Asset Portfolio: The company's diverse portfolio of projects is a key factor in attracting shareholders.
• Funding Alleviated: The Freeport earn-in agreement has significantly reduced funding concerns for the company's various projects.
• Operating Company Perspective: C3 Metals approaches exploration from the perspective of an operating company, understanding the tonnage and grade requirements for economic viability. This focus on "big projects" is designed to attract major mining companies.

2. Conclusion and Outlook: Dan Simmons expresses confidence in C3 Metals' strategy, highlighting the company's presence in "elephant territory" surrounded by major players. The partnership with Freeport-McMoran in Jamaica is seen as a significant validation and de-risking event. The company's focus on discovery and value creation through drilling, coupled with a strong multi-asset portfolio, positions it for future success.

Key Takeaways: C3 Metals is strategically positioned in highly prospective copper-gold regions in Jamaica and Peru. The company is leveraging its first-mover advantage in Jamaica, securing a significant earn-in partner in Freeport-McMoran for its porphyry copper-gold project, and advancing a high-grade gold project through a joint venture. In Peru, C3 Metals is exploring within a world-class copper belt, with a focus on identifying and delineating significant resources, particularly at its Kesi project. The company's approach is driven by a deep understanding of what major mining companies seek, aiming to add value through exploration and strategic partnerships.