C3 Metals Inc. (TSX-V: CCCM) (OTCQB: CUAUF) is pleased to announce that, further to its press release of September 23, 2024, it has completed its non-brokered private placement through the issuance of 14,999,999 common shares in the capital of the Company at a price of $0.30 per Common Share for gross proceeds of $4.5 million.

All securities issued in connection with the Placement are subject to a hold period until February 10, 2025 and the resale rules of applicable securities legislation.

Proceeds from the Placement will be used primarily for exploration programs at the Company’s projects in Jamaica; for exploration programs, permitting and property costs for Company projects in Peru; and, for working capital and general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Pursuant to the Placement, Robert L. Gipson acquired 7,000,000 Common Shares. Prior to the completion of the Offering, Mr. Gipson beneficially owned and controlled, directly or indirectly, 5,999,999 Common Shares, representing approximately 9.70% of the Company’s issued and outstanding Common Shares on an undiluted basis and partially diluted basis. Following the completion of the Placement, Mr. Gipson beneficially owns and controls, directly or indirectly, an aggregate of 12,999,999 Common Shares, representing approximately 16.91% of the Company’s issued and outstanding Common Shares on an undiluted basis and partially diluted basis. Depending on market and other conditions, or as future circumstances may dictate, Mr. Gipson may from time to time increase or decrease his holdings of Common Shares or other securities of the Company. A copy of the early warning report will be available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca.

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 30,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru. Mineralization is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). The Company has identified over 15 skarn prospects and two porphyry prospects 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 gold. 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 and a 50% interest in 9,870 hectares in a joint venture with Geophsyx Jamaica Ltd, the largest mineral tenure holder in the country. Barrick Gold 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).