On February 11, 2025, Freeport-McMoRan Exploration Corporation (“Freeport”), a wholly owned-affiliate of Freeport-McMoRan Inc., entered into an earn-in agreement with C3 Metals Inc. relating to C3 Metals’ wholly-owned Bellas Gate, Browns Hall and Arthurs Seat Special Exclusive Prospecting Licenses in Jamaica (the “Bellas Gate Project”). Under the terms of the earn-in agreement, Freeport has been granted a two-stage option to acquire up to a 75% ownership interest in the Bellas Gate Project by funding cumulative expenditures of US$75 million. To earn an initial 51% interest in the Bellas Gate Project, Freeport is required to fund US$25 million of exploration and project-related expenditures over five years. C3 Metals will remain the operator of the Bellas Gate Project during this stage. Once Freeport has earned its initial 51% interest, Freeport may elect to become the operator and to fund an additional US$50 million of exploration and project related expenditures over an additional four years to earn an additional 24% interest in the Bellas Gate Project.
Cassels acted for Freeport.