C3 Metals Announces Earn-In Agreement with Freeport-McMoRan
Toronto, Ontario – C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) (“C3 Metals” or the “Company”) is thrilled to share that on February 10, 2025, it and certain subsidiary companies have reached an agreement with Freeport-McMoRan Exploration Corporation (“Freeport”), a wholly-owned affiliate of Freeport-McMoRan Inc., regarding C3 Metals’ 100%-owned Bellas Gate, Browns Hall, and Arthurs Seat Special Exclusive Prospecting Licenses (the “Bellas Gate Project”) in Jamaica.
The Bellas Gate Project
The Bellas Gate Project is situated in Jamaica, specifically adjacent to the east of C3 Metals’ and Geophysx Jamaica Limited’s 50/50 joint venture Super Block project. The project covers an area of approximately 3,200 hectares and is known to host significant mineralization potential, including copper, gold, and zinc.
The Earn-In Agreement
Under the terms of the Earn-In Agreement (“EIA”), Freeport has the option to earn up to a 70% interest in the Bellas Gate Project by spending CAD 10 million over a five-year period. During this period, Freeport will also be responsible for funding 100% of the exploration and development costs, up to a maximum of CAD 15 million per year. In return, C3 Metals will receive a 3% net smelter return royalty on any production from the Bellas Gate Project.
Impact on C3 Metals
This agreement represents a significant milestone for C3 Metals. By partnering with a global mining industry leader like Freeport-McMoRan, the Company can leverage their expertise and resources to advance the exploration and development of the Bellas Gate Project. The financing provided by Freeport will enable C3 Metals to focus on its other projects and explore new opportunities.
Impact on the World
The collaboration between C3 Metals and Freeport-McMoRan could lead to the discovery of substantial mineral resources in Jamaica. This, in turn, could contribute to the economic growth of the region and potentially create new jobs. Moreover, the successful development of the Bellas Gate Project may set a positive precedent for further investment in the Jamaican mining sector.
Conclusion
C3 Metals’ announcement of the Earn-In Agreement with Freeport-McMoRan marks an exciting step forward for the Company and the mining industry in Jamaica. The partnership is expected to bring substantial benefits to both parties and could lead to the discovery of significant mineral resources. As the exploration and development of the Bellas Gate Project progresses, the potential impact on the global mining sector and the local Jamaican economy will continue to unfold.
- C3 Metals and Freeport-McMoRan have entered into an Earn-In Agreement for the Bellas Gate Project in Jamaica.
- Under the terms of the agreement, Freeport has the option to earn up to a 70% interest in the Bellas Gate Project by investing CAD 10 million over five years.
- The agreement will allow C3 Metals to focus on other projects while leveraging Freeport’s expertise and resources.
- The potential discovery of significant mineral resources could contribute to the economic growth of Jamaica and create new jobs.
- This partnership sets a positive precedent for further investment in the Jamaican mining sector.
