Collective Mining Targets Advanced Maiden Resource After Apollo Breakthrough

Collective Mining: 2025 Performance & 2026 Outlook – A Detailed Summary

Key Concepts:

• Apollo Project (Guabalis Project, Colombia): Collective Mining’s flagship gold exploration project, featuring the high-grade “Ramp Zone.”
• Ramp Zone: A newly discovered, deep-seated, high-grade gold mineralization zone within the Apollo project.
• 43-101 Compliance: A Canadian standard for reporting mineral resource estimates, requiring rigorous methodology and verification.
• Reduced Intrusion Related Gold System (RIRGS): The geological classification of the Apollo deposit, characterized by gold mineralization associated with intrusive igneous rocks within porous breccia rock.
• Exploration Drift: An underground tunnel used for exploration and potential future mine access.
• Pre-Feasibility Study (PFS): A detailed engineering and economic study evaluating the viability of a mining project.
• M&A (Mergers & Acquisitions): The consolidation of companies or assets, often a potential exit strategy for junior mining companies.
• Visible Gold: The presence of native gold particles visible to the naked eye in drill core, indicating high gold concentrations.
• g/t (grams per tonne): A unit of measurement for gold concentration.
• CNL: Collective Mining’s stock ticker symbol on the NYSE American and TSX.

I. 2025 Achievements & Financial Performance

Collective Mining (CNL) experienced a significant year in 2025, marked by substantial exploration success and financial gains. Key highlights include:

• Discovery & Expansion of Apollo: The Apollo project saw significant progress, particularly with the discovery of the “Ramp Zone” at depths exceeding 1,000 meters below surface. Initial drilling suggested limited growth, but the Ramp Zone revealed high-grade mineralization.
• Drilling Results: Notable drill intercepts included 467.35 meters grading 1.63 g/t gold equivalent, and a high-grade intercept of 24.88 meters at 29.42 g/t, with visible gold. A recent hole contained two hits of visible gold, and another outstanding hole showed 16 hits of visible gold.
• Financial Raise: The company completed a C$140 million financing in October, with participation from Agnico Eagle Mines and Wellington (a new institutional investor with a C$60+ million investment).
• Share Price Growth: CNL’s share price increased by 265% in 2025, resulting in a US$1.44 billion market capitalization (pre-resource estimate).
• Total Drilling: Over 108,000 meters of drilling completed.

II. Apollo Project – Deep Dive into the Ramp Zone

The Ramp Zone is now the primary focus of exploration at Apollo. Key points:

• High-Grade Mineralization: The Ramp Zone exhibits significantly higher gold grades compared to earlier Apollo intercepts, with bulk tonnage potential.
• Depth & Access: The Ramp Zone extends to 1.4 kilometers below surface. Collective Mining plans to access the deposit via a 1,000-meter tunnel, bringing the high-grade mineralization within reach early in a potential mine life.
• Visible Gold as an Indicator: The increasing presence of visible gold in drill core, particularly in the Ramp Zone (up to 16 hits in one hole), is a positive sign, though not a direct correlation to grade.
• Geological Context: Apollo is a Reduced Intrusion Related Gold System (RIRGS) hosted in porous breccia rock, allowing for extensive fluid trapping and mineralization. This differs from deposits like Futu del Norte (Ecuador) and Bitica (Colombia), though shares similarities with the Marmato deposit (RS Mining) in terms of vertical potential.
• Resource Estimate Timeline: A maiden mineral resource estimate is planned to begin in Q4 2026, with public release anticipated in Q1 2027. The goal is to have 50% or more of the resource classified as “indicated” (higher confidence) rather than “inferred.”

III. Exploration Strategy & Broader Guabalis Project

Collective Mining’s 2026 exploration plan focuses on expanding resources and de-risking the project:

• 100,000 Meters of Drilling: The company plans to drill up to 100,000 meters in 2026.
• Apollo Focus: Drilling will prioritize expanding the Ramp Zone and converting resources to the “indicated” category for the maiden resource estimate.
• Trap Target: Renewed focus on the Trap target within the Guabalis project, with previous drilling showing bulk intercepts (up to 600 meters at over 1 g/t) and higher-grade zones.
• San Antonio Project: Continued exploration at the San Antonio project, with four rigs operating. Initial results suggest a shallow vein system overlying a deeper porphyry target. Assay results are expected shortly.
• Potential Resource Size: While a maiden resource of 10 million ounces is ambitious, Ari Susman believes the Apollo system has the potential to ultimately exceed 10 million ounces, and the entire Guabalis project could hold significantly more.

IV. Access Tunnel & Infrastructure Development

• Exploration Drift: Collective Mining aims to begin construction of an exploration drift (tunnel) in the second half of 2026. This drift will provide underground access to Apollo and the Trap target.
• Permitting: The exploration drift is permissible under Colombian mining legislation without requiring full production permits.
• Future Mine Access: The tunnel is designed to serve as the primary access point for a potential future mine.
• Stockpiling Mineralization: Any mineralization encountered during tunnel development will be stockpiled pending full environmental licensing and processing plans.

V. Colombia’s Political Landscape & Future Outlook

• Positive Sentiment: A recent poll indicated strong Colombian public support (80% favorability) for the recent events in Venezuela.
• Political Shift: Ari Susman anticipates a right-wing political shift in Colombia with the upcoming presidential election in August, potentially creating a more favorable environment for mining investment.
• Market Rally: The Colombian stock market has been rallying in anticipation of this political change.

VI. Corporate Strategy & Potential Endgame

• Financing & Institutional Support: The successful C$140 million financing demonstrated strong investor demand, with significant participation from new institutional investors like Wellington.
• M&A Potential: With a US$1.44 billion market capitalization, Collective Mining is becoming an attractive acquisition target.
• Build vs. Sell Decision: The decision to build a mine or pursue a sale will depend on market conditions. Currently, Susman believes building a mine is more advantageous, given the valuations of comparable companies (e.g., London Gold).
• Lessons from Continental Gold: Susman emphasized the importance of securing early-stage agreements (CA’s) and building a strong mine-building team to expedite project development.
• Potential Valuation: Susman suggests a potential acquisition price in the C$4-6 billion range, contingent on demonstrating a viable production profile.

VII. Key Catalysts for 2026

• Shallow Tungsten Zone Results: Assay results from drilling in the shallow tungsten zone are expected soon.
• Ramp Zone Expansion: Continued high-grade drilling results from the Ramp Zone will be a major driver of value.
• San Antonio Vein System: Results from the San Antonio vein system are anticipated shortly.
• Trap Target Drilling: Commencement of drilling at the Trap target in Q2.
• Maiden Resource Estimate: The release of the maiden resource estimate in Q1 2027 will be a significant milestone.

Conclusion:

Collective Mining is poised for a potentially transformative year in 2026. The company’s success in expanding the high-grade Ramp Zone, coupled with its strategic exploration plans and favorable political outlook in Colombia, positions it for significant growth and value creation. The focus on de-risking the project through resource definition and infrastructure development will be crucial in attracting further investment and potentially positioning Collective Mining as an attractive acquisition target.