Collective Mining Ltd. (NYSE American: CNL; TSX: CNL) reported zero lost-time injuries among its direct employees and no environmental non-compliance during 2025, while investing approximately $1.45 million in community programs across its exploration projects in Caldas, Colombia.

The company released its 2025 Sustainability Report on July 22, 2026, covering its environmental, social and safety performance as Collective expanded exploration at the Guayabales and San Antonio projects. During the year, the company completed 62,500 meters of exploration drilling, its largest annual drilling campaign to date.

“The outcomes outlined in our latest sustainability report reflect the company we are building: technically ambitious, locally rooted and disciplined in how we grow.” – Omar Ossma, President, Collective Mining

Improving safety and local employment

Collective reported zero Lost Time Injuries among direct employees during 2025 and a Total Recordable Injury Frequency Rate (TRIFR) of 0%. The company also reported zero instances of environmental non-compliance during the year.

Direct employment increased 38% year-over-year as the company expanded its exploration, engineering and social activities. Employees from Caldas represented 81% of the company’s direct workforce at year-end, while women accounted for 35% of direct employment.

The results come as Collective continues to expand exploration around the Apollo system, the centerpiece of its Guayabales Project.

$1.45 million directed toward communities

Collective invested approximately $1.45 million in social programs during 2025. The company said 57.5% of the funding came directly from Collective, while strategic partners contributed the remaining 42.5%.

The programs reached 18,880 beneficiaries across 1,745 families and strengthened the capabilities of 237 community leaders.

The initiatives operate under Collective’s “The Collective Way” framework, which emphasizes long-term partnerships in areas including water access and sanitation, infrastructure, education, agricultural development, technical training and community capacity building.

The company’s community strategy is particularly relevant to its operations in Caldas, where Collective’s exploration activities are located alongside established mining operations.

Exploration expands in 2026

Collective has continued its aggressive exploration campaign into 2026. The company reported in June that it had completed more than 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at Apollo.

The Apollo system has produced further exploration results during the year. On June 29, Collective reported a newly identified tungsten-enriched high-grade subzone approximately 300 meters below surface. Drill hole APC-162 intersected 27.35 meters grading 37.55 grams per tonne gold equivalent, including 1.68% tungsten oxide, 11.62 grams per tonne gold, 54 grams per tonne silver and 0.43% copper.

Collective said in July that it had also secured additional mining titles from Colombia’s National Mining Agency following public hearings in Supía and Marmato. The company said the new titles materially expanded its titled land position and created additional drill-ready targets within and adjacent to the Guayabales project area.

As of March 31, 2026, Collective reported $113.3 million in cash and said it was fully funded for its 2026 exploration program, which calls for up to 100,000 meters of drilling. The company had 13 diamond drill rigs operating across Guayabales.

Management and the path toward development

Ned Jalil became Collective’s chief executive officer in April 2025, while Omar Ossma remained president. Finance Colombia previously reported that the appointment brought a mining executive with more than 25 years of international experience into the company’s leadership as Collective considered the longer-term development potential of Guayabales.

Ossma said the sustainability results reflect the company’s approach as it advances both Guayabales and San Antonio.

“As we advance the Guayabales and San Antonio projects, we remain focused on deepening local partnerships, managing our environmental responsibilities and ensuring that the value created through discovery is inclusive and long-lasting,” Ossma said.

Collective was founded by members of the team that developed and sold Continental Gold Inc. to Zijin Mining Group for approximately $2 billion in enterprise value. The company is exploring for gold, silver, copper and tungsten in Caldas, where Guayabales and San Antonio form the core of its Colombian portfolio.

The company’s flagship Guayabales Project is anchored by the Apollo system, which Collective describes as a bulk-tonnage, high-grade gold-silver-copper-tungsten system. Current exploration priorities include expanding the Ramp Zone, testing the Northern Apollo Oxidized area, drilling the northwestern extension of the Trap target and pursuing additional greenfield targets.

Collective’s 2025 Sustainability Report provides the company’s latest formal account of its safety, environmental and community performance as it moves into a larger 2026 exploration program.

Headline photo : A mural showing artisanal mining in Supía Colombia, where Collective Mining has participated funding of municipal improvement projects.. (Photo by Finance Colombiam)

Collective Mining (NYSE American: CNL; TSX: CNL) has secured additional mining titles from Colombia’s Agencia Nacional de Minería (ANM), expanding its titled land position around the Guayabales Project in Caldas and adding new drill-ready exploration targets.

The new titles were granted on July 10, 2026, following a public hearing held in the municipality of Supía on May 21, 2026. They follow earlier title grants issued by the ANM on April 10, 2026, after a public hearing in neighboring Marmato on February 17, 2026.

“With the completion of the titling processes in both municipalities, we have meaningfully consolidated our mineral title holdings and further improved continuity across the Guayabales Project.” – Ari Sussman, Executive Chairman, Collective Mining

The completion of both multi-stage regulatory processes during the second quarter of 2026 gives Collective Mining a more consolidated concession position across its area of influence in Supía and Marmato and supports the company’s continued exploration strategy at Guayabales.

The company said the newly granted titles strengthen its ability to advance exploration activities by securing additional prospective ground along structural trends believed to play an important role in controlling mineralization within the project area.

Expanded land position creates additional exploration flexibility

Collective Mining said the new titles are located within and adjacent to the existing Guayabales Project area, improving long-term flexibility for exploration planning, future infrastructure considerations, and district-scale target generation.

The expanded footprint also provides access to additional drill-ready targets, including areas associated with the Trap target and other prospective zones across the property.

“We are very pleased to see continued strong public support for Collective by local communities, as evidenced by the two successful and well-attended public hearings in Supía and Marmato,” said Ari Sussman, Executive Chairman of Collective Mining.

The company added that it expects the larger titled land package to support future drilling and development decisions as it continues evaluating the project’s mineral potential.

Guayabales advances following surface rights consolidation

Ari Sussman, Executive Chairman of Collective Mining. (Photo: Collective Mining)

The latest title grants follow Collective Mining’s earlier efforts to secure control over the surface rights required for potential future development at Guayabales.

In March 2026, the company completed land acquisitions covering the remaining surface rights needed for a future mining operation.

The Guayabales Project is anchored by the Apollo system, where Collective has reported high-grade gold discoveries and continues an extensive diamond drilling campaign.

The company has completed 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at the Apollo system.

As of March 31, 2026, Collective reported $113.3 million in cash and said it was fully funded for its 2026 exploration program, which includes up to 100,000 meters of drilling. The company currently operates 13 diamond drill rigs across the Guayabales Project.

Collective Mining continues exploration in Caldas

Collective Mining was founded by the team behind Continental Gold, which was acquired by Zijin Mining for approximately $2 billion in enterprise value.

The company explores for gold, silver, copper, and tungsten in Caldas, where its projects are located within an established mining district hosting ten fully permitted and operating mines.

At Guayabales, Collective Mining is focused on expanding the high-grade Ramp Zone, testing the Northern Apollo Oxidized area, drilling the recently granted license covering the northwestern extension of the Trap target, and evaluating additional greenfield exploration targets.

Collective Mining is listed on the NYSE American and the Toronto Stock Exchange under the symbol CNL. Management, insiders, a strategic investor, and close family and friends hold approximately 45.2% of the company’s outstanding shares.

Collective Mining (NYSE American: CNL; TSX: CNL) has advanced engineering and permitting work for its planned exploration adit at the Guayabales Project in Caldas, Colombia, while appointing Josué Romanos as vice president of projects to support the company’s next phase of development.

“The progress on our exploration adit marks an important step in accelerating our understanding of the system from underground and advances the Guayabales Project towards our ultimate goal of production.”
— Ned Jalil, Chief Executive Officer, Collective Mining

The company said construction of the exploration adit is expected to begin in the fourth quarter of 2026. The underground access project is designed to provide a new platform for studying the Apollo system and the broader Guayabales Project, including additional drilling, geotechnical and hydrological studies, and future metallurgical sampling.

Collective Mining first announced the exploration adit plans on March 11, 2026. Since then, the company said it has progressed engineering studies, execution planning, and permitting activities to prepare for construction.

Early preparations have included the construction of an explosives storage facility, which Collective said has been inspected and approved by the relevant authorities.

The adit will support underground drilling activities at Guayabales, where the company is focused on advancing exploration of the Apollo system and the high-grade Ramp Zone. The work is expected to contribute technical information required for future project studies and development decisions.

Alongside the exploration update, Collective Mining announced the appointment of Josué Romanos as vice president of projects, effective immediately.

Romanos brings more than three decades of experience in energy and infrastructure projects in Colombia. He spent more than 15 years at Ecopetrol, Colombia’s state-controlled energy company, most recently serving as general manager of projects, where he oversaw engineering, construction, commissioning, and quality assurance activities across a multi-billion-dollar capital portfolio.

During his time at Ecopetrol, Romanos also participated in the company’s investment committee. Earlier in his career, he held operations and commissioning roles at BP Exploration and PetroSantander on projects in Colombia.

Romanos is a petroleum engineer from Universidad de América and holds a postgraduate specialization in gas engineering from Universidad Industrial de Santander.

Collective Mining said the appointment strengthens its internal project execution capabilities as Guayabales advances through technical studies, permitting, and operational preparation.

Founded by the team behind Continental Gold, which was acquired by Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is exploring gold, silver, copper, and tungsten projects in Caldas.

The company’s Guayabales Project is located within an established mining district and is centered on expanding exploration targets including the Ramp Zone, Hanging Wall Vein Zone, and additional greenfield targets.

Collective Mining is listed on the NYSE American and the Toronto Stock Exchange under the symbol CNL. Management, insiders, strategic investors, and close family and friends hold approximately 45.2% of the company’s outstanding shares.

Drill hole APC-162, collared from Pad 31 and directed to the southwest, cut high-grade mineralization with observable coarse scheelite, chalcopyrite, and sporadic sphalerite and galena, returning 27.35 meters grading 37.55 grams per ton gold equivalent — 1.68% tungsten trioxide (WO3), 11.62 g/t gold, 54 g/t silver, and 0.43% copper — beginning approximately 300 meters below surface.

Figure 1: Section of the Apollo System Highlighting the new Tungsten Enriched Subzone Discovered 300 Meters Below Surface (CNW Group/Collective Mining Ltd.)

The hole was designed as the initial follow-up to test for an up-dip extension of a tungsten-rich interval first intersected in hole APC107-D5, which returned 28.45 meters at 0.80% WO3, 1.63 g/t gold, 13 g/t silver, and 0.12% copper. Together, the two holes define a new tungsten-enriched subzone that begins at approximately 300 meters below surface and is distinct and separate from the upper tungsten-rich zone, which covers the top 100 meters of the Apollo breccia body from surface. The new subzone remains fully open down-dip along the eastern contact margin of the Apollo breccia, with follow-up drilling expected to begin shortly.

“These results reinforce the exceptional scale and depth potential of the Apollo system,” said Ari Sussman, the company’s executive chairman. “The discovery of a new high-grade, tungsten-enriched subzone beginning 300 meters below surface, distinct from and well below the near-surface tungsten zone, demonstrates that Apollo continues to grow in both size and metal endowment with virtually every hole we drill. With 13 rigs turning and a fully funded 2026 program, we are well positioned to continue expanding the Apollo system in multiple directions.”

Figure 2: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

A second hole, APC160-D1 — the initial directional hole collared from mother hole APC-160D at Pad 27 and directed north along the breccia’s western margin — extended the breccia body 77 meters to the northwest beyond its current outline at 900 meters below surface, intersecting 28.80 meters at 1.67 g/t gold equivalent. The same hole returned infill mineralization along the western margin, including 116.25 meters at 1.41 g/t gold equivalent from 647 meters below surface — with higher-grade cores of 15.15 meters at 2.36 g/t and 17.35 meters at 4.75 g/t — and 51.05 meters at 1.00 g/t gold equivalent from 800 meters below surface.

“The discovery of a new high-grade, tungsten-enriched subzone beginning 300 meters below surface, distinct from and well below the near-surface tungsten zone, demonstrates that Apollo continues to grow in both size and metal endowment with virtually every hole we drill.” — Ari Sussman, Executive Chairman, Collective Mining

Two further holes, APC-167D and APC-162, were drilled into diorite host rock north of and outside the main breccia body to improve confidence in the lower-grade halo mineralization surrounding it. Both intersected sheeted veinlet mineralization grading better than the company’s existing internal block model, with APC-167D returning 58.00 meters at 1.03 g/t gold equivalent from 418 meters below surface, including 7.15 meters at 3.76 g/t, and APC-162 returning 6.70 meters at 3.90 g/t gold equivalent from 223 meters and 13.00 meters at 6.47 g/t gold equivalent from 264 meters below surface. Four other holes — APC160-D2, APC169-D1, APC169-D2, and APC-173 — were exploratory in nature and did not intersect significant mineralization beyond thin, modestly grading individual veinlets.

Figure 3: Core Photos Under Ultra-Violet Light Illuminating Coarse Scheelite (Tungsten) in Drill Hole APC-162 (CNW Group/Collective Mining Ltd.)

The Apollo system anchors the Guayabales Project, where Collective has been drilling the high-grade Ramp Zone and, in late 2025, announced its 2026 drill campaign. The company first disclosed the high-grade Ramp Zone discovery in October 2024 and has since reported strong metallurgical recovery rates at Apollo.

At the separate San Antonio Project, four exploratory holes — SAC-36, SAC-37, SAC-38, and SAC-39 — were collared from Pad 15 and Pad 16 at the Dollar target, about 700 meters south of the deep porphyry discovery at the Pound target. Modest porphyry-related vein mineralization was encountered in two of the holes. SAC-36 returned 0.90 meters at 962 g/t silver, 0.98 g/t gold, 0.15% copper, and 0.58% zinc from 101.40 meters downhole, plus 2.00 meters at 14.15 g/t gold from 471.35 meters. SAC-39 returned 29.20 meters at 1.28 g/t gold, 11 g/t silver, and 0.30% zinc from 246.30 meters downhole, including 5.95 meters at 3.51 g/t gold and 1.03% zinc. The company said it is evaluating San Antonio to assess its exploration potential and define priority targets ahead of future fieldwork.

To date, Collective has completed 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at the flagship Apollo system. The company reported $113.3 million USD in cash as of March 31, 2026, and said it is fully funded for a 2026 program that envisions up to 100,000 meters of drilling. It currently has 13 diamond drill rigs operating across the Guayabales Project.

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo System (CNW Group/Collective Mining Ltd.)

Gold-equivalent grades are calculated using metal prices of $3,000 USD per ounce of gold, $50 USD per ounce of silver, $5.00 USD per pound of copper, $1.35 USD per pound of zinc, and $90.72 USD per pound of WO3, with assumed recovery rates of 97% for gold, 85% for silver, 95% for copper, 85% for zinc, and 72% for tungsten. The company notes that the zinc recovery assumption is speculative, as limited metallurgical work has been completed to date, and that reported true widths are between 60% and 100% of the total intercept length, with uncut grades.

Collective Mining was founded by the team that developed and sold Continental Gold to Zijin Mining for approximately $2 billion USD in enterprise value. The company explores for gold, silver, copper, and tungsten in Caldas, where its two projects sit within an established mining camp that hosts ten fully permitted and operating mines. Management, insiders, a strategic investor, and close family and friends own 45.2% of the company’s outstanding shares. Collective Mining is listed on the NYSE American and the TSX under the symbol CNL.

The total purchase price for the surface rights is $44 million USD, structured in installments over a five-year period. According to the company, the payment schedule begins with $8.7 million USD in 2026, followed by $10 million USD in 2027, $8.5 million USD in 2028, and two final payments of $8.4 million USD in 2029 and 2030, respectively. The agreements include a 6% annual interest rate on certain future payments and are secured by promissory notes and mortgages over the acquired property. If the company receives environmental approval and elects to begin major mine construction before the final installments are paid, the outstanding balance will become due immediately.

“Completing the acquisition of all surface land required for a future mining scenario at our Guayabales Project is a major step towards realizing our vision of developing a major critical mineral mining operation in Colombia.” — Ari Sussman, Executive Chairman of Collective Mining.

The Guayabales Project is situated near the Pan-American Highway and existing hydropower infrastructure. By securing these titles, the company aims to mitigate risks associated with fragmented land ownership in the region. The project area is located within an established mining district that currently hosts 10 operating mines. Collective Mining also holds or has options to acquire the mineral titles corresponding to these surface areas.

“Completing the acquisition of all surface land required for a future mining scenario at our Guayabales Project is a major step towards realizing our vision of developing a major critical mineral mining operation in Colombia,” stated Ari Sussman, executive chairman of Collective Mining. “The future mine will benefit immensely from robust infrastructure as it will be located next to the Pan-American Highway and hydropower lines and have access to readily available skilled labor from our established mining region in Caldas.”

Following the land acquisition, the company intends to begin construction of an exploration socavón, or adit, in the fourth quarter of 2026. This underground access will facilitate geological study and the construction of drill chambers to test the Trap System. Discovered in 2022, the Trap System consists of a 1.4-kilometer mineralized corridor. The use of an exploration adit is expected to assist in geotechnical and hydrological characterization, as well as the collection of metallurgical bulk samples required for future scoping and feasibility studies.

In addition to Guayabales, the company is conducting exploration at the San Antonio Project, located approximately two to five kilometers east-northeast. Collective Mining was founded by the management team previously responsible for Continental Gold Inc., which was acquired by Zijin Mining Group Co., Ltd. (SSE: 601899, HKEX: 2899). Currently, management and strategic investors hold a 45.3% stake in the company.

Above photo: Land surrounding Collective Mining’s Guayabales Project. (Photo © Loren Moss)

Figure 2: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

On December 3, 2025, Collective Mining Ltd. (NYSE: CNL, TSX: CNL) announced assay results from three orthogonal diamond drill holes designed to continue expanding the high-grade Ramp Zone (“Ramp”), a component of the company’s flagship Apollo system within the Guayabales Project in Caldas, Colombia.

The results confirm broad and continuous intervals of reduced intrusion-related gold mineralization, extending the Ramp Zone to 300 meters of strike by 270 meters vertical. The company stated that the zone remains open in all directions.

The Ramp Zone, situated at approximately 1,000 meters above sea level at the bottom of the Apollo system, is part of a large, partially Reduced Intrusion Related System (RIRS) mineralized with gold, silver, copper, and tungsten. Drilling at Apollo has outlined continuous mineralization from the surface to more than 1,370 vertical meters.

Drill Hole Results Detail

Figure 3: Apollo System: High-Grade Over 1,370 Metres from Surface (CNW Group/Collective Mining Ltd.)

The deepest and northeastern-most hole reported to date, APC143-D1, intercepted 23.35 meters grading 8.24 g/t gold and 8 g/t silver. This intercept was contained within a broader interval of 76.10 meters grading 3.26 g/t gold and 4 g/t silver, starting from 409.60 meters downhole. This result expanded the Ramp Zone’s dimensions from the previously stated 275 meters of strike by 200 meters vertical.

A second hole, APC140-D2, locally extended the Ramp Zone by 50 meters to the northwest. This hole cut 16.40 meters grading 8.44 g/t gold and 19 g/t silver within a 55.10-meter interval grading 3.06 g/t gold and 7 g/t silver, beginning at 243.10 meters downhole.

A related wedge hole, APC140-D1, intersected two mineralized segments: 47.70 meters grading 1.98 g/t gold and 5 g/t silver from 527.40 meters downhole, including 15.15 meters grading 3.00 g/t gold and 8 g/t silver; and 14.15 meters grading 2.13 g/t gold and 4 g/t silver from 598.55 meters downhole.

Operational and Financial Status

Figure 4: Cross Section Outlining the Ramp Zone Extension to the Northwest (CNW Group/Collective Mining Ltd.)

The company has contracted a third deep-capacity diamond rig to operate at the Ramp Zone, with two additional deep-capacity rigs scheduled to arrive in mid-Q1 2026. Two additional drill holes into the Ramp Zone (APC143-D2 and APC143-D3) are pending assay results; these holes were reported to have intersected 18 sightings of visible gold, compared to none observed in the results detailed in this announcement.

To date, Collective Mining has completed 150,000 meters of diamond drilling across the Guayabales and San Antonio projects, with 105,000 meters dedicated to the Apollo system. Ten rigs are currently operating on site.

The company stated that it is fully funded for its aggressive 2026 program, which targets up to 100,000 meters of additional drilling, based on a cash position of $135 million USD as of December 1, 2025.

Figure 5: Side-by-Side Comparison of the Apollo System and the Neighboring Marmato Mine, Highlighting How the Ramp Zone and Marmato Deeps Systems Begin at the Same Elevation and the Potential for the Ramp Zone to Continue Expanding Along Strike and to Depth (CNW Group/Collective Mining Ltd.)

Executive Chairman Ari Sussman commented on the results, noting that hole APC143-D1 extended the zone along strike and at depth and demonstrated consistent mineralization over substantial widths.

The continued presence of Ramp Zone mineralization at least 270 meters beneath the initial discovery at 1,000 meters above sea level supports the view that the drilling may have only tested the top of a large intrusion-related gold system that shares mineralogical similarities with the multi-million ounce Marmato Deeps Zone.

Collective Mining was established by the team that developed and sold Continental Gold Inc. to Zijin Mining Group Co., Ltd. (SSE: 601899, HKEX: 2899)

Figure 6: Plan View of the Guayabales Project Highlighting the Apollo System (CNW Group/Collective Mining Ltd.)

Headline image – Figure 1: Cross Section Outlining the Ramp Zone Extension to the North (CNW Group/Collective Mining Ltd.)

The timing of the report, released by a firm that stands to profit from a decline in Collective Mining’s stock price, raises questions about its objectivity. Short sellers like Morpheus Research make money by borrowing shares of a company’s stock, selling them, and then repurchasing them later at a lower price to return to the lender, pocketing the difference. This practice, while legal, has long been a source of ethical controversy. Critics argue that short sellers may disseminate negative or even misleading information to intentionally drive down a company’s share price, profiting at the expense of other investors. While this can sometimes expose legitimate issues within a company, it can also create market volatility and lead to undue financial losses for long-term shareholders.

Dubious Claims and Collective’s Rebuttal

Morpheus Research’s report claims that a significant portion of Collective Mining’s exploration and drilling for the Apollo system has been conducted on untitled land and within environmentally protected riparian buffer zones. Citing an investigation using satellite imagery and data from the Agencia Nacional de Minería (ANM), the report alleges that some drill pads were built entirely outside the company’s officially granted mining titles.

Collective Mining’s response, however, offers a detailed and technical refutation. The company’s press release clarifies that small, incomplete cells or gaps between titles are a common administrative issue in Colombia’s mining sector. Ari Sussman, executive chairman, commented, “Having operated in Colombia for almost 20 years, the issue related to incomplete cells and gaps within or next to titles is nothing new and affects much of the mining industry. We faced a similar situation while operating at Continental Gold, which was successfully resolved.”

The Collective’s statement asserts that these incomplete cells, which resulted from the conversion of old claim shapes into square cells, cannot be staked by any third party. The company had already requested that the Colombian authorities integrate these cells into its title, and the authorities confirmed this would happen once their software is updated.

On the matter of environmental claims, Omar Ossma, president of Collective Mining, stated:

“As a Colombian national and lawyer with more than 20 years of experience in the mining and energy industry, I take great pride in ensuring that our Company operates with full respect for Colombian law, institutions, and communities.” He added that the allegations “are without legal merit and reflect a misunderstanding, or misrepresentation, of Colombia’s mining framework,” Ossma explained that drilling outside mining title boundaries is permissible under the Colombian Mining Code to meet technical requirements, such as understanding a deposit’s geometry and assessing geotechnical factors. Collective also confirmed that the Apollo system does not overlap with any areas excluded from mining and that it has obtained special permits from environmental authorities for drilling within water drainage buffer zones where necessary.

Management’s Track Record and Reputational Context

The Morpheus report also brought up a controversial incident from Mr. Sussman’s past at Colossus Minerals, a company that faced corruption allegations and later filed for creditor protection in Brazil. While this information is not directly relevant to Collective’s operations, the company’s defense hinges on the strong reputation and track record of its management team, a key point for investors.

The core of this reputation stems from their previous work at Continental Gold Inc., which was ultimately sold to China’s Zijin Mining Group (SEHK: 2899, SSE: 601899) for approximately $2 billion USD. As previously noted by Finance Colombia, that deal showcased the team’s ability to develop a significant mining asset from exploration to operation. The sale of Continental Gold to Zijin Mining for a premium demonstrated the management’s capacity to create substantial shareholder value in Colombia’s mining sector, a fact that both the company and the editorial opinion of this publication view as highly relevant.

Collective Mining is continuing its exploration program at its Guayabales and San Antonio projects, with 10 rigs currently in operation as part of a fully funded 70,000-meter drill program for 2025. The company’s management and insiders own a significant 44.5% of the outstanding shares, aligning their interests directly with those of shareholders.

See also: Collective Mining Applauded By Local Town For Social Outreach Efforts

Finance Colombia: I’m here with Omar Ossma of Collective Mining, and you guys just gave a fascinating presentation on the project that you are developing in Caldas. Collective is a fascinating company to me because it’s made up largely of executives who came out of the successful Continental project that you guys developed a few years ago. But now you have announced that you have a new project, as part of your drilling program- This year you are on track to complete 40 kilometers of drilling. Is that correct?

Omar Ossma: Yes, sir. We are hoping to do 40,000 meters of drilling. The good thing is that the 40,000 meters are going to end with very good news. We communicated a couple of weeks ago that we found a high-grade zone and something like 1,000 meters below the surface, which is very interesting. Apollo, our flagship discovery, has been evolving very nicely since 2022 when we first discovered it. And today, thinking back, in 2023 when we discovered Tungsten, and now 2024, we have this new area, the Ramp Zone, a high-grade area, a high-grade zone, it’s made Collective Mining enter into a very exciting phase of drilling and exploration.

Finance Colombia: Now, we are always excited to cover you. Tell me: Is it the ‘Ramp Zone’ or the ‘Trap Project’? The name of this discovery that you guys have made.

Omar Ossma: Okay, so, the Ramp Zone is part of the deep zone of Apollo. It’s not part of the Trap.

Maybe you saw in our presentation when we did, we had an image and we showed the different discoveries. You can see Apollo and Trap, and then you can see the valley. Trap and Ramp Zone are different.

They are two different discoveries. Ramp Zone is the discovery within the Apollo discovery. It’s the deep zone of the Apollo discovery, with the nice added to it, is that even though it’s a deep zone, it has the possibility conceptually to have a ramp. And that’s why we are calling it the ‘Ramp Zone.’

That can surface further on in the lower part of the geography. So that’s the interesting part. Conceptually, we are seeing something very interesting in the future of the mine with Apollo.

Finance Colombia: It looks like it would be easy access, because you can potentially build a tunnel to go under, and so, even though the tunnel would be horizontal, the way that the geography is, I’ve been down there, it would allow a lot easier access. You know, I was out at the last big project you guys developed a few years ago, and it was very difficult to get to. On the other hand, in this project, down near Supía, Caldas, there’s already road infrastructure, it’s a more populated area, it’s a developed area, it’s a safe area, it’s in Coffee Country. And one of the things I wanted to talk about is, you guys have historically had very good relationships. I remember during the previous administration I talked to the then Mayor of Supía, Caldas.

“We communicated a couple of weeks ago that we found a high-grade zone and something like 1,000 meters below the surface, which is very interesting.” – Omar Ossma

Omar Ossma: Yes.

Finance Colombia: And he was very glowing in discussing the way that you all were contributing to that area, as far as helping them, not just with mining, which, that’s always been a mining-friendly area, but in developing tourism and kind of social inclusion. And maybe you could talk about some of those projects and the relationships that you’ve built there in the area.

Omar Ossma: In principle for us juniors, geology sets the way.

And I think that geology has already helped us set the path into a very interesting development. Now, you can’t do that if you are not evaluating and evolving also into the social aspect of it. I know you visited our project under a different administration. In that time the Mayor, I know we had a very good relationship with him, we were supporting several of his programs, and several of our programs were focused more on what the community needed. And when we say ‘the community needed’ is what the government at that time had envisioned for the municipality. So we managed to sync our capabilities with the needs of the communities, and that’s how we started to work on the social side. Things have changed. In what way? Things have changed in that we have a new government in Office. With this government in Office, we have also been able to understand and sync ourselves into what he wants to do for the region. So, as you portrayed, when you talked to that Mayor.

He showed you that he was very hype because we were able to sync. That’s what we’re doing with this new government. This business is obviously about geology, but the geology without the social aspect about it, without the sustainability aspect about it, is not going to evolve. We have several programs. You said it yourself, we are in Coffee Country. We have one of the leaders in coffee helping us with an alliance. This is the National Coffee Federation.

We still maintain an alliance with the National Coffee Federation. It’s been instrumental in what Collective Mining is doing in the region. And I think that that’s part of the success: geology, plus a very sound sustainability program, with the major players and stakeholders in the region: the Coffee Federation; the government; the regional and local governments. And that, summed up, has allowed us to be in 2024 with Ramp Zone, with Apollo, with the Trap, and with a very, very exciting discovery.

Finance Colombia: One of the things I saw that struck me when I visited the site a lot of times, and not just in Colombia, but around the world, there’s a conflict between commercial miners and artisanal miners. But with you guys, I’ve seen that you’ve had a track record of success in this area. We visited the site that you guys have, the Apollo site, and these artisanal miners, local miners are waving at you and saying ‘hi’ and greeting. And you guys have seemed to and very few mines, I haven’t seen a lot of this- have worked to have a kind of collaborative and friendly relations, whereas in most cases there’s kind of a conflict or competition. How have you guys managed to maintain these relationships and kind of build alliances with these old- you know, because in Colombia we have hundreds of years of tradition when it comes to artisanal miners? How have you guys managed to obtain that?

            “Experience has taught us that artisanal miners are, in principle, the pioneer geologists.” – Omar Ossma

Omar Ossma: No? They are the first on-site, they are the first to identify what you see. So, they are not your counterpart, they are your ally.

You need to understand that. Usually, companies tend to feel that they have more competition with the artisanals than the possibility of alliances. We arrive at the site and we understand that they are pioneers and that they help us discover. Understanding that you need to involve them in your process. They’re already there, and they have economic expectations, they live from that, so it is important to be able to involve them. That has legal aspects, environmental aspects, health and safety aspects.

That makes it a bit uncomfortable for companies. When you manage to understand that there are ways to control those different aspects, you manage to evolve and work with the artisanal miners. What is our focus on artisanal mining? For starters, health and safety.

That’s our focus. I know that there’s a lot of legal jargon and ideas around it, but we need the artisanal miners to arrive safely at home, and we focus first on health and safety. And I think that they’re seeing that we are genuinely concerned about their safety, and that’s what you eventually saw at sight: It’s they are happy that there is somebody that is not putting conditions on them and first is trying to help them and try to make them safe and arrive. Once you have them safe, you can start talking about other necessary things, that you need to be in the legal part of the mining activity. We already solved the fact that you are operating in a better condition, so now let’s go and talk with the government and understand how we can liaise, how can you guys start working with all the legal requirements, and let’s power through. And for us, it has been instrumental moreover, that they are close to our discoveries, and with what they are also discovering, they help us see. So, there is a win-win in working with the artisans.

Finance Colombia: Another thing. And thank you, you’ve been very generous with your time, but I do have one other question. One of the things that- or observation, I guess I should say, that has impressed me: You guys have an international world-class team where you bring in the experts, the geologists, the finance people, the people that have access to capital markets and things like that. But you guys have stood out in developing Colombian talent. You, as the leader of the company, you’re Colombian.

Omar Ossma: Yes, sir.

Finance Colombia: I know that you also have a lot of companies that just fly in executives from other continents, or wherever, and there’s nothing wrong with that, you are bringing the best people that you can get. But you have not just, you know, you visit some mines, and it’s like, all the workers are locals, and then all the experts are from, you know, some other planet.

But I look at the geologists, and even though you bring in kind of world-class leaders, you develop Colombian geologists. So you know, we just saw a presentation from your technical people, and I’ve met a lot of not just senior people, but it looks like you put an effort in to develop, whether it’s on the business side or the technical side, you are developing talent. So it’s not just the workers, it’s not just the miners, but the actual leadership and the knowledge, the brain power. You seem to take seriously developing Colombians to be professionals, not just laborers.

Omar Ossma: No, indeed I appreciate the comment, for myself and the team. We have an advantage: Colombia has evolved in the last 25 years a lot.

I started in this business something close to 2008, so it’s been almost 17 years, and I can tell you that in 2008 you saw a lot of what you are describing, a lot of foreigners with a lot of experience in developing businesses, and we didn’t see that in Colombia. But it has evolved. It’s been 17 years since we’ve had people evolving into this business.

I am a lawyer, I started in this business 17 years ago, as we’re saying, and I’ve managed to learn a lot about the business. And I think it’s not just me, we are seeing that in several other companies and we have to start grasping the fact and the idea that we have very prepared people. Our discoveries are the result of our geologists. And they’re all Colombian. So it makes us very proud to be able to have that, and our geologists are very proud of what they’re doing and they put all into it. We have a very, very good team. And we all, most of us, come from past Continental. And Continental was an exciting project and it was a successful project. So there’s a lot that we learned there, a lot that we brought into Collective, the good and the bad, to understand what we had to do going into the future. So I appreciate your comment, Loren.

Finance Colombia: Absolutely.

Attacks on Colombia’s largest private gold mine by the Gaitanistas, one of the country’s strongest criminal organizations, have demonstrated the group’s increasing boldness in targeting big business interests.

The attacks left at least two mine workers dead and 15 people injured between May 17 and May 30.

Photo: Zijin Mining’s gold mine in Buritica, Antioquia. (Photo credit: Zijin Mining)

Wildcat miners have been invading the mine in Buriticá, Antioquia, owned by Chinese conglomerate Zijin Mining, and operated by its Continental Gold subsidiary, since at least early 2021, when they began blocking off tunnels to the company’s workers. They now control 60% of the tunnels, a Zijin representative told W Radio on June 1.

Police officers now guard workers in the mine, and the Colombian Mining Association (Asociación Colombiana de Minería – ACM) advises miners to wear bulletproof jackets.

A report by the news magazine Semana found that illegal miners have so far extracted two tons of gold from the Zijin site.

National media reports have blamed the Gaitanist Self-Defense Forces of Colombia (Autodefensas Gaitanistas de Colombia – AGC) for the attack. An online announcement, purportedly from the Gaitanistas, denied responsibility for the attack and blamed illegal miners.

Daniel Bonilla Calle, researcher on illegal mining in Buriticá, told InSight Crime that, as the region’s dominant criminal faction, the Gaitanistas are likely responsible. “I don’t believe that the miners carried out these attacks on their own, but rather the Gaitanistas or someone they hired,” Bonilla Calle told InSight Crime.

Wildcat miners either pay the Gaitanistas a “vacuna” extortion tax, typically about 10% of the gold they extract, or a fixed monthly quota. Some trade a larger proportion of their profits for funds to pay for machinery, according to Bonilla Calle. 

In the wake of the attacks, spokespersons for Zijin urged the government to take “effective and immediate action” to secure the area, something neither the police nor private security have yet achieved.

The company made a similar plea in February, but authorities have sent no reinforcements.

InSight Crime Analysis

High gold prices and a lackluster response from state authorities appear to have encouraged the Gaitanistas to ramp up attacks on private gold mines.

The Zijin site is the first private mine that the group has attacked, said Bonilla Calle. “This is exceptional,” he said. “I consider it a break from the past, the way this illegal group wants to take control over the mining resources of the region.”

For years, criminal groups have laundered gold for easy profits. With gold prices near record levels, illegal mining is particularly attractive.

A week before May’s attack, the most significant since the mine’s invasion began, President Gustavo Petro criticized the group for exploiting the ceasefire with the government to expand their activities. With the breakdown of the ceasefire in March, the Gaitanistas have less to lose in attacking Colombia’s largest private gold mine. Though Colombia’s Mining Minister and Energy Minister Irene Vélez announced new measures, including controls over the use of explosives in the area, the government has made no announcement commitment to sending more security or military personnel to the region.

The state’s failure to repel illegal miners from the site in Buriticá may have emboldened the group, Bonilla Calle said. The Gaitanistas “previously had control over miners in the region but not over the company because this enormous mine had always had the protection of the state,” said Bonilla Calle. “Now, the state is not even capable of protecting the mine’s assets.”

This article, written by Sean Doherty, was originally published by Insight Crime, a Medellín-based foundation dedicated to the investigation and analysis of crime and security in Colombia and Latin America.

The two discuss recent trouble at Zijin Continental Gold’s Buriticá mine and the Petro Administration’s response (or lack thereof). Some positive developments at Collective Mining’s new project near Supía, Caldas, the potential for copper and rare earth metals mining in the country, including Auxico’s new processing facility in Colombia.

The two also discuss other Colombia developments, including Aris Mining’s Marmato project, AngloGold’s copper project, Outcrop Silver & Gold, the political situation at Colombia’s Ministry of Mines & Energy, and a few more developments.

See you at Colombia Gold Summit this November 7-8 in Medellín!

• Finance Colombia: https://www.financecolombia.com/
• Finance Colombia free subscriptions https://fcsubscribe.com
• CGS Events: Colombia, México, Ecuador, newsletter https://cgsorg.com/
• Colombia’s Ministry of Mines & Energy https://www.minenergia.gov.co/en/
• Zijin Continental Gold https://www.continentalgold.com/en/
• Collective Mining LTD (TSX-V: CNL |OTCQX: CNLMF) https://www.collectivemining.com/
• Auxico Resources (CSE: AUAG | OTCQB: AUXIF) https://www.auxicoresources.com/
• Outcrop Silver & Gold (TSX.V: OCG | OTCQX: OCGSF | DB: MRG1) https://outcropsilverandgold.com/