Drill Results Routine +

C3 Metals Continues to Intersect Broad Zones of Near-Surface Copper Mineralization at the Khaleesi Project, Peru

C3 Metals Confirms Khaleesi Copper System Viability Amidst Market Correction

By The Northwire Desk — AI Analysis Apr 29, 2026 · 07:01 CCCM · 0.94 C3 Metals Inc.

Executive Summary

Drilling Results: C3 Metals announced completion of Phase 1 drilling at its Khaleesi Project in Peru (12 holes, 6,300m).
Mineralization Confirmation: All 12 holes intersected copper mineralization across a 1,000m x 500m footprint.
Key Intercepts: Notable results include 148.05m @ 0.42% CuEq and high-grade intervals up to 5.56% CuEq.
Future Plans: Transitioning to Phase 2 drilling targeting the "heat engine" or core of the system (up to 15,000m planned).
Corporate Action: Board granted 2,779,750 stock options at a strike price of CAD$1.10 per share.
Context: This follows previous drilling updates from January through March 2026 which established the initial mineralization model.

Material Impact

Expectation vs. Reality: The results are consistent with previous announcements (Jan/Feb/Mar) confirming a large-scale skarn/porphyry system. It validates the geological model but does not introduce new, unexpected valuation drivers like a resource estimate or major financing.
Market Sentiment: Despite positive technical data, the stock price has declined significantly from its December 2025 peak ($1.48) to current levels (~$0.94). This suggests the market is pricing in exploration risk and capital dilution concerns rather than celebrating incremental drilling results.
Option Grant Risk: The option grant at $1.10 is above the current trading price of ~$0.94. While this signals management confidence, it represents a potential overhang if the stock remains depressed, as options are typically granted at market rates to avoid tax complications or shareholder dilution concerns.
Capital Position: The company closed a $28M bought deal in February 2026. With C$31M cash reported in March and Phase 2 drilling planned, capital runway appears sufficient for the near term, but continued exploration will require monitoring of burn rates.

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Company Overview

Company: C3 Metals Inc. (TSX.V: CCCM).
Strategy: Copper and gold-focused growth with district-scale assets in Jamaica and Peru.
Flagship Project: Khaleesi Copper-Gold Project, Southern Peru.
- Status: Greenfield exploration; maiden drilling completed Phase 1.
- Geology: Skarn/Porphyry system within the Andahuaylas-Yauri belt (near Las Bambas).
- Ownership: 100% owned.
Secondary Projects:
- Bellas Gate (Jamaica): 100% owned, Freeport-McMoRan earn-in agreement up to 75%.
- Super Block (Jamaica): 50% JV with Geophysx Jamaica; gold-focused epithermal system.

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