News

Toronto, Ontario--(Newsfile Corp. - October 27, 2026) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ("C3 Metals" or the "Company") is pleased to announce results from two additional holes drilled at its 100%-owned Khaleesi copper project ("Khaleesi" or "the Project") in southern Peru. Drilling has further extended mineralization 200 metres ("m") eastward along section line KHZ5950 (Figure 1), with drill holes KHZ5960-004 and KHZ5960-005 intersecting broad intervals of near-surface copper mineralization. Drill hole KHZ5960-004 also intersecteed a higher copper grade interval at depth (Table 1).

Khaleesi Highlights

• KHZ5960-004 intersected pervasive porphyry and skarn-style alteration with primary and secondary copper mineralization. A near surface 101.9m zone of mineralized gabbroic diorite reported 0.31% copper, 0.025 g/t gold, 1.06 g/t silver, 64 ppm molybdenum (0.38% CuEq) from 28.4m downhole depth. This was followed downhole by a 70.9m intercept of magnetite and pyroxene + garnet skarn that reported 0.53% copper, 0.036 g/t gold, 0.88 g/t silver, 112ppm molybdenum (0.62% CuEq) from 376.6m downhole depth.
• KHZ5960-005 similarly intersected near surface primary and secondary copper mineralization but did not intersect the magnetite skarn at depth. A near surface 81.3m zone of mineralized diorite reported 0.27% copper, 0.021 g/t gold, 0.84 g/t silver, 54 ppm molybdenum (0.33% CuEq) from 36.7m downhole depth.
• Mineralization remains open in multiple directions.

Dan Symons, President and CEO, stated, "Drilling at Khaleesi continues to demonstrate the broad distribution of copper mineralization. These two recent drill holes intersected significant intervals of near-surface mineralization, with one hole also intersecting higher-grade copper-bearing skarn at depth. As we continue to advance our understanding of this large mineralized system, our exploration strategy remains focused on identifying and testing prospective areas across the project. We recently completed magnetic and gravity surveys over 1,500 hectares. Also, a 3DIP survey is currently underway. Together, these geophysical datasets will provide important additional information to help refine our geological model and prioritize drill targets over an expanded project area."

Table 1: Assay Results from Two Recent Drill Holes at Khaleesi, Peru

Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Au (g/t)	Ag (g/t)	Mo (ppm)	CuEq* (%)
KHZ5960-004	28.40	130.30	101.90	0.31	0.025	1.06	64	0.38
KHZ5960-004	174.30	179.90	5.60	0.51	0.052	0.86	118	0.63
KHZ5960-004	303.80	319.30	15.50	0.19	0.014	0.49	28	0.23
KHZ5960-004	376.60	447.50	70.90	0.53	0.036	0.88	112	0.62
KHZ5960-004	480.00	492.00	12.00	0.28	0.032	0.83	86	0.37
KHZ5960-005	36.70	118.00	81.30	0.27	0.021	0.84	54	0.33
KHZ5960-005	142.00	209.50	67.50	0.20	0.020	0.53	124	0.29
KHZ5960-005	370.70	402.50	31.80	0.19	0.016	0.53	54	0.24
KHZ5960-005	437.50	445.00	7.50	0.21	0.027	0.59	132	0.31

 

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.

Figure 1. 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/2661/321050_531661a784142942_001full.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 2). Drilling is targeting a northeast trending contact zone between a multi-phase intrusive complex and carbonate rocks of the Ferrobamba Formation along the well-known Andahuaylas-Yauri copper belt.

Drill holes KHZ5960-004 and KHZ5960-005 were designed as approximate 100m eastern step out holes to follow up on drill hole KHZ5960-001 (see press release dated June 24, 2026). Hole KHZ5960-001 was drilled beneath glacial till and intersected a 109.0m near surface zone of gabbroic diorite hosted, copper-gold-silver-molybdenum veinlet mineralization assaying 0.29% copper, 0.028 g/t gold, 0.99 g/t silver, 115 ppm molybdenum (0.39% CuEq) from 45.0m downhole depth. This intercept was followed downhole by a 118.0m zone of magnetite skarn hosted copper-gold-silver-molybdenum mineralization with 0.30% copper, 0.024 g/t gold, 0.85 g/t silver, 75 ppm molybdenum (0.37% CuEq) from 354.9m downhole depth (see press release dated June 24, 2026).

Figure 2. Cross-sections through line KHZ5950, highlighting drill holes KHZ5960-004 and 005 and significant copper mineralization intersected. 

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/321050_531661a784142942_002full.jpg

Next Steps

As previously reported, drone magnetic and gravity geophysical surveys were recently expanded by over 65% from 900 hectares to 1,500 hectares due to the success of these surveys in identifying multiple coincident magnetic and gravity anomalies (see press release dated September 17, 2026). These expanded geophysical surveys are now complete, and the data is being inverted. To date, the combination of magnetics and gravity has proven valuable at targeting copper mineralization hosted in magnetite skarns that sit below a thin layer of glacial till cover. Existing drill core magnetic susceptibility and specific gravity measurements confirm the model, increasing confidence of the magnetic and gravity geophysical datasets.

The Company also initiated a 3DIP survey during late September 2026. The 3DIP survey is currently 65% completed and is on track to be completed during Q4 2026. 3DIP data is crucial for drill targeting potential porphyry sources or causative intrusive for two reasons:

1. It detects chargeability highs from surface to a depth of approximately 1km to indicate the presence and intensity of sulphide minerals; and,
2. It provides conductivity and resistivity data to a depth approximately 1km to indicate rock units that are more conductive or resistive to mineralizing fluid flow.

The magnetic, gravity and 3DIP data will all be inverted and will be utilized in conjunction with surface and existing drill data and models to target for additional skarn bodies and a potential porphyry source or causative intrusive.

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

Table 2: 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	98.90	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 3).

Figure 3: 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/2661/321050_531661a784142942_003full.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, yielding a 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.

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.

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¹ Based on the assumptions and parameters outlined in the NI 43-101 Technical Report titled Jasperoide Copper-Gold Project Cusco Region, Peru dated July 5, 2023.