C3 Metals Inc. press release

C3 Metals Intersects 64.9 Metres at 3.45% Copper Equivalent, Including 23.3 Metres at 6.64% Copper Equivalent at its Khaleesi Project, Peru - Highest Grade Copper and Gold Mineralization Intersected to Date at Khaleesi

2026-11-02

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Zinc · Arsenic · Canada · Drill Results

Toronto, Ontario--(Newsfile Corp. - November 2, 2026) - C3 Metals Inc.(TSXV: CCCM) (OTCQB: CUAUF) ("C3 Metals" or the "Company") is pleased to announce results of the highest-grade copper-gold-silver mineralization intersected to date at its 100%-owned Khaleesi copper project ("Khaleesi" or "the Project") in southern Peru. Drill hole KHZ5790-005 intersected a broad interval of intense chalcopyrite mineralization hosted within the main magnetite skarn body that is being defined through the current drill program (Table 1).

Khaleesi Drilling Highlights

Hole KHZ5790-005 drilled to test a magnetite and garnet skarn body within an area of limited previous drilling intersected 64.9 metres ("m")at2.53% copper, 0.87 g/t gold, 11.6 g/t silver, 6 ppm molybdenum (3.45% CuEq)from approximately 337.6m downhole depth.

Includes high-grade interval of 23.3m at 4.75% copper, 1.84 g/t gold, 20.4 g/t silver, 5 ppm molybdenum (6.64% CuEq) from 352.1m downhole depth.

Copper mineralization is hosted in skarn lithologies with intense chalcopyrite mineralization occurring as disseminations, cm-scale veins and as massive infill (Figure 1).

Demonstrates potential for high-grade mineralization within the multi-kilometre skarn system identified at Khaleesi to date.

Follow up drilling to test geometry, continuity and potential extent of the high-grade copper-gold-silver mineralization is in progress.

Dan Symons, President and CEO, stated_, "These are the highest copper grades we have encountered to date at Khaleesi and represent a very encouraging development for this emerging copper-gold discovery. An intercept of 64.9m grading 3.45% copper equivalent, including 23.3m at 6.64% copper equivalent, demonstrates the potential for significant higher-grade mineralization within the broader system. We are still at an early stage in understanding the geometry and potential extent of this higher-grade mineralization. We are systematically stepping out from this intercept in multiple directions to test its continuity and determine its potential scale. We look forward to reporting additional results as this work progresses."_

Table 1: Assay Results from Drill Hole KHZ5790-005 at Khaleesi, Peru

| Hole ID | From (m) | To (m) | Length (m) | Cu (%) | Au (g/t) | Ag (g/t) | Mo (ppm) | CuEq (%) | | KHZ5790-005 | 218.1 | 245.1 | 27.0 | 0.22 | 0.021 | 0.69 | 4 | 0.25 | | KHZ5790-005 | 300.5 | 309.6 | 9.1 | 0.22 | 0.027 | 1.21 | 33 | 0.27 | | KHZ5790-005 | 337.6 | 402.5 | 64.9 | 2.53 | 0.873 | 11.59 | 6 | 3.45 | | Including | 352.1 | 375.4 | 23.3 | 4.75 | 1.837 | 20.42 | 5 | 6.64 | | KHZ5790-005 | 426.3 | 443.4 | 17.1 | 0.16 | 0.009 | 0.30 | 42 | 0.19 | | KHZ5790-005 | 507.5 | 549.0 | 41.5 | 0.27 | 0.012 | 0.51 | 160 | 0.36 |

Notes *Copper Equivalent (CuEq) for drill intersections is calculated based on three-year trailing average for each commodity (2023, 2024 and 2025) which equates to US$ 4.18/lb Cu, US$ 2,600/oz Au, US$ 30.54/oz Ag and US$ 21.46/lb Mo, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.907 x Au g/t) + (0.0107 x Ag g/t) + (0.00051 x Mo ppm). Since it is unclear what metals will be the principal products and as Khaleesi is an early-stage greenfield project with no metallurgical test work completed, assuming different recoveries is premature at this stage. As such an 80% recovery rate is justified. Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper assay values according to a 0.15% Cu cutoff and include a maximum of 12 meters of internal dilution. All intervals reported in this table are down hole core lengths. True thicknesses have yet to be determined. Mineral resource modelling is required before true thicknesses can be estimated.

[](https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_001full.jpg)

Figure 1. Six drill core photos showing intense chalcopyrite mineralization in drill hole KHZ5790-005:

(Top Left) Sample showing thick bands of chalcopyrite at 345.5m (interval assayed 1.5m @ 5.39% Cu, 2.85g/t Au and 18.7g/t Ag) (Top Right) Semi massive chalcopyrite in garnet skarn at 352.8m (interval assayed 1.9m @ 6.77% Cu, 1.79g/t Au and 34.5g/t Ag) (Mid Left) Semi massive chalcopyrite infilling a brecciated skarn at 361.2m (interval assayed 2.0m @ 8.80% Cu, 3.09g/t Au and 31.9g/t Ag) (Mid Right) Strong chalcopyrite in magnetite and garnet skarn at 372.6m (interval assayed 2.0m @ 4.22% Cu, 1.37g/t Au and 18.7g/t Ag) (Bottom Left) Banded garnet and magnetite skarn with chalcopyrite as infill at 378.10m (interval assayed 1.5m @ 1.71% Cu, 0.17g/t Au and 11.4g/t Ag) (Bottom Right) Strong chalcopyrite and pyrite in garnet skarn at 395.2m (interval assayed 1.8m @ 3.68% Cu, 1.71g/t Au and 15.4g/t Ag).

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_001full.jpg

Table 2. Detailed Geochemistry Results of High-Grade Copper-Gold-Silver Interval in KHZ5790-005

[](https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_002full.jpg)

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_002full.jpg

[](https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_003full.jpg)

Figure 2. Geology plan map of the completed drill holes to date, with copper (Cu - oranges) and molybdenum (Mo - blues) mineralization plotted along the trace of the holes, projected to surface.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_003full.jpg

Drill hole KHZ5790-005 intersected variably altered and mineralized gabbroic diorite before entering a substantial garnet and magnetite skarn sequence at approximately 313m downhole depth. The highest copper grades occur within this skarn sequence, where chalcopyrite is present as disseminations, veins and locally semi-massive mineralization.

Preliminary geological interpretation suggests that the high-grade mineralization may be associated with a favourable carbonate horizon and the hinge of a broad fold. These potential geological controls will be evaluated through ongoing step-out drilling to better understand the geometry and continuity of the mineralized zone.

Below the main high-grade interval, the hole continued to encounter additional skarn and intrusive rocks with lower-grade copper mineralization extending to approximately 549m downhole depth.

[](https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_004full.jpg)

Figure 3. Cross-section through line KHZ5850, highlighting drill hole KHZ5790-005 and significant copper-gold-silver mineralization intersected. Assay results are pending for KHZ5790-006 and KHZ5790-007.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_004full.jpg

To date, approximately 16,830m of drilling has been completed in 38 holes (from 17 drill platforms) with one additional hole in progress (Table 3). Drilling is targeting a northeast trending contact zone between carbonate rocks of the Ferrobamba Formation and a multi-phase intrusive complex along the well-known Andahuaylas-Yauri copper belt.

Next Steps

Drone magnetic and gravity surveys were recently completed over 1,500 hectares, and the data is currently being inverted. The Company is also undertaking a 3DIP survey over the property, which commenced in late September and is expected to be completed during November 2026. Data from magnetic, gravity and 3DIP surveys will be incorporated into 3D inversions that can be utilized in conjunction with surface and existing drill data and models to target for blind skarn and a potential porphyry source or causative intrusive.

The Company continues drilling and is prioritizing 50m to 100m step-out holes to better understand the geometry, continuity and potential extent of the high-grade copper-gold-silver mineralization intersected in KHZ5790-005.

The Company looks forward to reporting geophysics survey results and additional assay drill results as they become available.

Table 3: Drill Collars, Completed and In-Progress Holes at Khaleesi, Peru

| Hole ID | Depth | Easting | Northing | Elevation | Azimuth | Dip | Status | | KHZ5140-001 | 551.70 | 178483.00 | 8435130.00 | 4420 | 250 | -60 | COMPLETE | | KHZ5140-002 | 517.30 | 178478.00 | 8435140.00 | 4420 | 330 | -50 | COMPLETE | | KHZ5140-003 | 434.20 | 178478.00 | 8435140.00 | 4420 | 90 | -51 | COMPLETE | | KHZ5140-004 | 451.80 | 178483.00 | 8435133.00 | 4420 | 215 | -50 | COMPLETE | | KHZ5150-001 | 300.00 | 179570.00 | 8435125.00 | 4302 | 0 | -65 | COMPLETE | | KHZ5200-001 | 497.40 | 179253.00 | 8435194.00 | 4334 | 25 | -65 | COMPLETE | | KHZ5325-001 | 857.80 | 178443.00 | 8435320.00 | 4412 | 5 | -55 | COMPLETE | | KHZ5450-001 | 200.70 | 178720.00 | 8435457.00 | 4420 | 155 | -65 | COMPLETE | | KHZ5500-001 | 536.30 | 179629.00 | 8435492.00 | 4295 | 115 | -55 | COMPLETE | | KHZ5550-001 | 531.30 | 179089.00 | 8435573.00 | 4366 | 305 | -60 | COMPLETE | | KHZ5675-001 | 300.00 | 178644.00 | 8435669.00 | 4461 | 151 | -45 | COMPLETE | | KHZ5675-002 | 351.00 | 178644.00 | 8435669.00 | 4461 | 85 | -46 | COMPLETE | | KHZ5775-001 | 509.80 | 179674.00 | 8435773.00 | 4332 | 40 | -61 | COMPLETE | | KHZ5775-002 | 605.50 | 179676.00 | 8435771.00 | 4332 | 151 | -55 | COMPLETE | | KHZ5780-001 | 250.40 | 178679.00 | 8435777.00 | 4455 | 101 | -50 | COMPLETE | | KHZ5790-001 | 301.30 | 178966.00 | 8435797.00 | 4405 | 110 | -50 | COMPLETE | | KHZ5790-002 | 578.40 | 178968.32 | 8435798.57 | 4405 | 220 | -65 | COMPLETE | | KHZ5790-003 | 259.30 | 178966.23 | 8435796.61 | 4405 | 60 | -65 | COMPLETE | | KHZ5790-004 | 172.50 | 178966.38 | 8435796.75 | 4405 | 160 | -55 | COMPLETE | | KHZ5790-005 | 571.90 | 178966.00 | 8435796.00 | 4405 | 290 | -65 | COMPLETE | | KHZ5790-006 | 524.90 | 178973.00 | 8435799.00 | 4405 | 301 | -78 | COMPLETE | | KHZ5790-007 | 413.80 | 178973.00 | 8435799.00 | 4405 | 280 | -50 | COMPLETE | | KHZ5800-001 | 626.10 | 178769.90 | 8435797.40 | 4435 | 90 | -55 | COMPLETE | | KHZ5800-002 | 521.10 | 178772.00 | 8435797.00 | 4435 | 168 | -65 | COMPLETE | | KHZ5825-001 | 517.00 | 179251.00 | 8435824.00 | 4347 | 240 | -60 | COMPLETE | | KHZ5825-002 | 488.70 | 179256.00 | 8435829.00 | 4347 | 120 | -65 | COMPLETE | | KHZ5825-003 | 507.20 | 179256.00 | 8435829.00 | 4347 | 270 | -70 | COMPLETE | | KHZ5825-004 | 515.80 | 179251.52 | 8435827.26 | 4347 | 280 | -50 | COMPLETE | | KHZ5825-004A | 50.10 | 179253.00 | 8435827.00 | 4347 | 280 | -50 | ABANDONED | | KHZ5850-001 | 582.00 | 178493.00 | 8435855.00 | 4507 | 128 | -60 | COMPLETE | | KHZ5860-001 | 491.90 | 178143.00 | 8435859.00 | 4471 | 225 | -65 | COMPLETE | | KHZ5860-002 | 236.10 | 178145.60 | 8435860.50 | 4471 | 53 | -55 | COMPLETE | | KHZ5950-001 | 564.80 | 178782.00 | 8435948.00 | 4422 | 79 | -65 | COMPLETE | | KHZ5950-003 | --- | 178782.00 | 8435948.00 | 4422 | 90 | -83 | INPROGRESS | | KHZ5960-001 | 506.90 | 179206.00 | 8435953.00 | 4361 | 250 | -70 | COMPLETE | | KHZ5960-002 | 211.00 | 179201.28 | 8435952.23 | 4361 | 85 | -45 | COMPLETE | | KHZ5960-004 | 608.00 | 179200.00 | 8435952.00 | 4361 | 43 | -87 | COMPLETE | | KHZ5960-005 | 587.20 | 179200.00 | 8435952.00 | 4361 | 90 | -76 | COMPLETE |

About the Khaleesi Project

The Khaleesi project is located in the Andahuaylas-Yauri Belt in southeastern Peru, home to large copper skarn and porphyry deposits and operating mines such as Las Bambas (MMG), Constancia (Hudbay Minerals), Antapaccay (Glencore), and others (Figure 4).

[](https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_005full.jpg)

Figure 4: Regional map showing C3 Metals' mineral concession package in relation to other large-scale operations, development projects and exploration projects.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2661/321929_8ab841c5647ccbb9_005full.jpg

Khaleesi is located 8km west of the Company's Jasperoide Project, where the Company confirmed 13 skarn prospects along a 28km iron-skarn belt. Montana de Cobre ("MCZ") is the only skarn along the 28km iron-skarn belt that the Company has systematically drill tested to date, yieldinga near surface Measured and Indicated Mineral Resource of 51.9 million tonnes at 0.50% total copper and 0.20 g/t gold for 569.1 million pounds of copper and 326,800 ounces of gold.1

The Khaleesi project is situated along a highly favorable limestone-intrusive rock contact zone that bisects the tenement area and trends north-northeasterly. The limestone rock unit is part of the highly receptive Ferrobamba Formation, and the intrusive rock comprises the well-known Andahuaylas-Yauri Batholith. At this contact zone is a multiphase intrusive complex that also appears to trend northeast-southwest, that follows and exploits the contact zone, which is mostly covered by a thin layer of glacial till.

For additional information, contact:

Dan Symons President and CEO +1 416 716 6466 dsymons@c3metals.com

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 holds approximately 31,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru, which contain the Company's Jasperoide and Khaleesi projects. 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 13 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 gold1. The Company is also actively exploring in Jamaica where it has identified 16 porphyry, 40 epithermal and multiple volcanic redbed copper prospects over a 30km strike extent. The Company holds a 100% interest in 17,855 hectares of exploration licenses, of which Freeport-McMoRan Exploration Corporation, a wholly-owned affiliate of Freeport-McMoRan Inc. (NYSE: FCX), has the option on 13,020 hectares to earn up to a 75% interest by funding up to US$75 million of exploration and project related expenditures. The Company also holds a 50% interest in 9,870 hectares in a joint venture with Geophsyx Jamaica Ltd., the largest mineral tenure holder in the country. Barrick Mining Corp. announced on May 1, 2024 that it had entered into an earn-in agreement with Geophysx Jamaica Ltd. on approximately 400,000 hectares of exploration licenses, several of which surround C3 Metals' mineral concessions. 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).

Related Link: www.c3metals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

QP Statement

Stephen Hughes, P.Geo. 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.

Copper Equivalent Formula

Copper Equivalent (CuEq) for drill intersections is calculated based on three-year trailing average for each commodity (2023, 2024 and 2025) which equates to US$ 4.18/lb Cu, US$ 2,600/oz Au, US$ 30.54/oz Ag and US$ 21.46/lb Mo, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.907 x Au g/t) + (0.0107 x Ag g/t) + (0.00051 x Mo ppm). Since it is unclear what metals will be the principal products and as Khaleesi is an early-stage greenfield project with no metallurgical test work completed, assuming different recoveries is premature at this stage. As such an 80% recovery rate is justified.

Technical Program

C3 Metals adheres to a strict 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 were cut at C3 Metals' Khaleesi Project camp, Cusco Region, Perú, by Company personnel. Before entering the cutting room, the drill core samples are marked lengthwise with a yellow line, and the core saw followed these lines to cut each sample. Diamond drill core was sampled in maximum 3-metre intervals, stopping at geological boundaries, and using a rock saw. Core diameter is a mix of PQ3 and HQ3, depending on the depth of the drill hole. Samples were bagged, tagged and packaged for shipment via local freight transport service to the ALS preparation laboratory in Arequipa, Arequipa Region, Perú. Entire samples were dried and weighed, then crushed to 85% passing 10 mesh (2mm). From this, a 1.5 kg split was pulverized to 90% passing 200 mesh (75µm).

The prepared, pulp samples were sent via ALS to the ALS assay laboratory in Lima, Lima Region, Perú, for copper, gold and multi-element analysis. ALS is an accredited laboratory which is independent of the Company. Gold assays were done by fire assay fusion (Au-AA23) with AAS finish on a 30g sample. Copper was assayed by ICP-AES following a 4-acid digestion via the ME-MS61r package for a suite of 60 elements. Any copper sample over detection limit (i.e., greater than 10,000ppm or 1% Cu) was additionally assayed via ICP-AES using the package ME-OG62. High and low copper, gold and iron standards, as well as blanks and duplicates (coarse crush split and pulp), were randomly inserted into the sampling sequence for quality control. On average, 11% of the submitted samples are quality control samples. No data quality problems were indicated by the QA/QC program.

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.