C3 Metals has secured another round of investor backing, raising CDN$28 million or $3.25 billion in local currency to advance its copper-gold exploration pipeline, including ongoing work in Jamaica, where the company continues to expand its footprint more than a decade later.

The Canadian-listed exploration firm announced on Wednesday that it closed a bought-deal private placement of 25.45 million shares at CDN$1.10 each, with the offering fully subscribed following the exercise of the over-allotment option.

The transaction was led by Paradigm Capital and supported by ATB Cormark, Canaccord Genuity, and BMO Nesbitt Burns.

While the bulk of the new capital will be directed towards advancing the company’s Khaleesi copper-gold project in Peru, a portion will also support continued exploration at its Super Block project in Clarendon, part of a wider Jamaican portfolio that has remained central to the company’s long-term strategy.

C3 Metals’ roots in Jamaica date back to 2014, when the company — then operating as Carube Copper — began assembling exploration licences across the island’s Central Inlier, a mineralised belt long known to host copper and gold occurrences.

The acquisition of the Bellas Gate copper-gold project marked the start of modern exploration efforts aimed at assessing whether Jamaica could support commercially viable copper-gold development beyond its traditional bauxite industry.

By 2017 the company had begun drilling at Bellas Gate, targeting both copper and gold mineralisation. Over the years, C3 Metals has steadily expanded its Jamaican footprint to include thousands of hectares of exploration licences, identifying multiple porphyry and epithermal targets across central Jamaica.

The Super Block project, held through a joint venture with Geophysx Jamaica Ltd, lies near the historic Pennants mining district and had reached the midpoint of a scout drilling programme before Hurricane Melissa forced a temporary halt to field operations last year.

The February financing marks the third-consecutive capital raise by the company in recent months, following earlier bought-deal placements that generated CDN$20 million and later CDN$24 million after an up-sizing. The sequence of fund-raisings points to sustained investor confidence in the company’s exploration strategy and its asset base across both Peru and Jamaica.

Beyond its own licences, the company operates within a broader regional exploration landscape that includes partnerships and earn-in arrangements with major global mining players tied to concessions surrounding its Jamaican holdings — developments that have drawn renewed attention to Jamaica’s emerging copper-gold exploration space.

The renewed exploration activity comes at a time when global demand for copper and gold remains strong. Copper, a critical metal for electrification, renewable energy systems, and electric vehicles, continues to trade near multi-year highs, supported by expectations that global supply may struggle to keep pace with long-term demand. Gold, meanwhile, has remained elevated amid ongoing global economic uncertainty and investor demand for safe-haven assets.

The latest private placement involved insider participation, triggering disclosure requirements under Canadian securities rules, though the company relied on standard exemptions as the insider subscription did not exceed prescribed thresholds. Shares issued under the offering are subject to a statutory hold period until June 12, 2026, and the transaction remains subject to final approval by the TSX Venture Exchange.

— Karena Bennett