C3 Metals Inc.

Canadian TSXV-listed copper-gold explorer focused on Peru (Jasperoide, Khaleesi, 50%-owned Super Block) and Jamaica. It is well funded after a C$28.0M bought deal in February 2026 but has no economic study, mine plan or production.

Report of 6 Oct 2026 (latest), confidence low
Listing
TSXV: CCCM
Main project
Jasper
Location
San Juan Province, Argentina
Commodities
Copper, Gold
Stage
Exploration
Tier
Tier 3
Distress
20
Stable
Prospect fit
22
out of 100
Market cap
$30.0M
Cash
$22.4M
As of Cash at Fe
Runway
36 months
Share price, 1 year
—
Contact soon

There is no high-urgency trigger and the company is well funded. However, fresh capital is being deployed across multiple drilling programmes as FY2027 budgets are set, which is a medium-urgency window for a small productivity, data-governance and community offer.

Playbook: Explorer

The Explorer playbook applies: C3 has a resource but no study, plant or production.

The scope is kept small and practical:

  • community engagement and permitting readiness in Peru;
  • drill and assay data governance;
  • early operability input (mine scheduling, drill & blast and load & haul assumptions) for an eventual Jasperoide PEA.

Because C3 is running multiple funded drilling programmes, we add a light drilling-productivity and contractor-management module. It borrows our SIC and 24-hour planning tools and is framed as runway extension.

Fees are mostly equity (60%), with the cash limited to a fixed-fee diagnostic and a site-cost retainer. Total ticket is US$140k, below our usual range, consistent with 'keep it small'.

Company summary

C3 Metals Inc. (TSXV: CCCM) is a Canadian junior exploration company focused on copper and gold. The brief describes its main project as 'Jasper' in Argentina. The research does not support that: the company's filings consistently place its principal asset, the Jasperoide copper-gold skarn/porphyry project, in southern Peru's Andahuaylas–Yauri belt [2][6][11][12]. The financial statements describe Jasperoide as 64 concessions covering about 31,280 ha, held mostly 100% plus an option over additional concessions [6][12]. The company website cites 26,800 ha [8]. Jasperoide's IFRS carrying value was C$38.39M at May 31, 2026 [2].

Fiscal 2026 materials cite a near-surface Measured and Indicated resource of 51.9 Mt at 0.50% total Cu [2]. A maiden-resource release from May 2023 also exists [48]. Even so, the company states it 'has not determined whether its properties contain mineral resources that are economically recoverable' [6]. No PEA, PFS, FS, mine plan, recovery testwork dataset, infrastructure study or permitting schedule was identified.

Corporate activity has broadened beyond Jasperoide. The company reported drilling at the Khaleesi project in Peru, including 269 m at 0.30% Cu in December 2025, and exploration is restarting in Jamaica [31]. The C$28.0M February 2026 bought deal (25,455,000 shares at C$1.10, Paradigm Capital lead) was earmarked for Khaleesi and the 50%-owned Super Block project plus general corporate purposes [41].

Financially, C3 had C$30.84M cash and C$30.06M working capital at February 28, 2026 [3], and no identified debt [14]. Third-party analysis estimates burn at about C$10M/yr, implying roughly three years of runway [14]. Losses are modest: the Q3 FY2026 net loss was C$0.919M and the nine-month loss C$2.52M [45]. The company remains dependent on equity financing [6][11]. Its 2024 audited statements carried a going-concern material uncertainty [27].

Key projects

4
ProjectLocationStageResource or reserve
Jasperoide
Copper-gold (skarn and porphyry)
Southern Peru, Andahuaylas–Yauri porphyry-skarn belt (NOT Argentina as per the brief)Exploration / resource stage; no PEA/PFS/FS

51.9 Mt M&I at 0.50% total Cu, near-surface (cited in FY2026 materials [2]; NI 43-101 assumed for a TSXV issuer; project attribution and full report to be confirmed). No reserves.

64 concessions, about 31,280 ha per financial statements [6][12] vs 26,800 ha on website [8]. Carrying value C$38.39M at May 31, 2026 [2]. C$2.441M capitalised in Q1 FY2026, covering drilling, permitting, environmental, community and social development, and H&S [16].

Khaleesi
Copper-gold
PeruExploration drilling

None disclosed

December 2025 intercept of 269 m at 0.30% Cu [31]. Primary use of proceeds of the C$28.0M Feb 2026 bought deal [41].

Super Block (50%-owned)
Copper-gold
Not stated in researchExploration

None disclosed

Named in use of proceeds of the Feb 2026 financing [41]. JV partner not identified.

Jamaica exploration
Copper-gold
JamaicaExploration restarting

None disclosed

Exploration restarting per [31]. The peers section ambiguously links the 51.9 Mt resource to a 'Jamaica/Argentina portfolio level'; this needs verification.