The company is partnering with the Guamal Afro-Colombian Community Council, the Gobernación de Caldas (Governor’s Office of Caldas), CorpoCaldas — the regional environmental authority — and the Alcaldía de Supía (Municipality of Supía) to develop the project. Once built, the installation is expected to deliver approximately 600 kilowatts peak (kWp) of solar generation capacity, benefiting about 2,000 residents across 420 households.

Carlos Andres Moreno, President of the Guamal Afro-Colombian Community Council, said the project gives the community a stake in its own development. “This project represents an important development opportunity for our community and has the potential to make a meaningful difference for our families and future generations. We are proud that Guamal is participating in this initiative, which demonstrates what can be achieved when communities, public institutions and the private sector work together. We believe it can create new opportunities and contribute to a stronger future for our community,” Moreno said.

Omar Ossma, President of Collective Mining, said the community’s organization made it a strong partner for the initiative. “The Guamal community has a strong cultural identity, a well-organized structure and a clear vision for its future. Collective is committed to working alongside communities and institutional partners on practical initiatives that support regional development and create meaningful social, economic and environmental benefits. Building trusted relationships through meaningful participation and collaboration remains central to the Company’s approach in the regions where it operates,” Ossma said.

“This project represents an important development opportunity for our community and has the potential to make a meaningful difference for our families and future generations.” — Carlos Andres Moreno, President, Guamal Afro-Colombian Community Council

Once completed, the project is expected to:

• Provide the community with access to a reliable source of locally-generated renewable energy;
• Reduce household electricity costs and generate revenue from the sale of surplus energy;
• Support local employment and skills development;
• Strengthen community participation in energy planning and management; and
• Reduce emissions associated with conventional electricity generation.

Collective Mining describes the initiative as among the first community energy projects of its kind in Caldas, and says it could serve as a model for connecting other communities to renewable energy solutions.

The solar project adds to Collective Mining’s broader community engagement in Caldas, where the company holds exploration rights to the Guayabales and San Antonio projects near the municipalities of Supía and Marmato. The company has previously published sustainability and ESG reporting tied to its Colombian operations, and Ossma discussed the company’s community strategy in a previous interview with Finance Colombia.

Collective Mining was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $1.4 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 alongside ten permitted and operating mines. Its flagship project, Guayabales, is anchored by the Apollo system, a bulk-tonnage gold-silver-copper-tungsten deposit where the company continues to expand the high-grade Ramp Zone and test new targets across the property.

Above photo courtesy EPM (Tepuy Solar Park)

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.

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 reported diamond drill holes targeted internal model gaps within the top 1,000 vertical meters of the Apollo system, which is part of the company’s Guayabales Project. Drilling on the western side of the Apollo system intersected high-grade mineralization, expanding that section by up to 50 meters.

Figure 1: Plan View of the Apollo System Highlighting Infill Drill Holes in this Release (CNW Group/Collective Mining Ltd.)

Drill Hole Results and Western Expansion

Key intercepts include:

486.00 meters at 2.01 g/t gold equivalent from 54.10 meters downhole (APC-141).

144.30 meters at 2.08 g/t gold equivalent from 324.45 meters downhole (APC105-D5). This intercept is cited as the one that expanded the Apollo system westward by up to 50 meters at an elevation of 1,450 meters above sea level (MASL).

These results are expected to improve the internal block model grades, extend the mineralized volume, or upgrade confidence in the estimation.

Drill holes from Pad 30 cut mineralization beginning near surface, including:

APC-141: 486.00 meters at 2.01 g/t gold equivalent from 54.10 meters downhole.

APC-147: 84.55 meters at 2.04 g/t gold equivalent from surface.

Drill holes from mother hole APC-105D at Pad 18 extended the volume of the mineralized Apollo breccia body up to 50 meters horizontally and 140 meters vertically toward the southwest margin.

Ongoing Exploration and 2026 Plans

Figure 2: Plan View and Section Highlighting the New Western Expansion of the Apollo System (CNW Group/Collective Mining Ltd.)

The company has completed approximately 142,000 meters of diamond drilling to date across the Guayabales and San Antonio projects, with 102,000 meters at Apollo. Numerous drill holes are awaiting assay results.

Ten drill rigs are currently operating across the company’s properties:

Guayabales Project: Six rigs are in operation. One rig is moving to conduct expansion drilling at the outcropping tungsten, gold, silver, and copper zone. Two rigs are performing infill drilling at Apollo (1,500 MASL to 1,000 MASL elevations). Two deep capacity rigs are focused on expanding the high-grade Ramp Zone at depth (below Apollo), and one rig has started drilling at Target X.

San Antonio Project: Four rigs are targeting the Pound zone, which has previously intersected a shallower zone of gold and silver-rich, intermediate sulphidation sheeted veins and a deeper gold-copper porphyry system.

Collective Mining is finalizing plans for an 80,000 to 100,000-meter drilling campaign in 2026 across the Guayabales and San Antonio projects. The company anticipates completing a maiden resource estimate for the Apollo system in the fourth quarter of 2026.

Figure 3: Plan View of the San Antonio Project’s Pound Target with Visual Descriptions of Drill Holes SAC-24, SAC-25, and SAC-26, all of Which Cut Potentially Significant Mineralization. Assay Results are Pending (CNW Group/Collective Mining Ltd.)

Headline photo: Plan View of the San Antonio and Guayabales Projects Highlighting the Pound Target and the Apollo System (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

According to the company’s announcement on April 2, 2025, Collective Mining’s treasury now exceeds $78 million USD, which the company states will fully fund an expanded 70,000-meter drill program in 2025. The revised program will deploy up to ten diamond drill rigs across the Guayabales and San Antonio projects, representing the largest drill program in the company’s history. Additionally, the company intends to accelerate baseline environmental, hydrological, and metallurgical studies to expedite the permitting process in the future.

Ari Sussman, Executive Chairman of Collective Mining, spoke about the Apollo System, the company’s primary discovery at the Guayabales Project, which has emerged as a large-scale, bulk tonnage, and high-grade system resulting from grassroots exploration. He further stated his belief that Apollo represents a significant discovery within the Guayabales Project and that continued drilling could lead to additional discoveries. Sussman also noted the potential porphyry indications at the San Antonio Project as a positive development.

Guayabales Drill Program Overview

For the remainder of 2025, up to eight drill rigs will be focused on the Guayabales Project with the following objectives:

• Apollo System: Up to seven rigs will be operational:
  • Up to three rigs will test recently discovered, high-grade sub-zones to potentially increase the overall grade of the system. Previous drilling in these sub-zones has reported bulk tonnage and high-grade intercepts, including drill hole APC104-D5, which intersected 106.35 meters at 9.05 g/t gold equivalent (AuEq) within a larger 497.35-meter interval grading 3.01 g/t AuEq.
  • Up to three rigs will test the recently discovered Ramp Zone, where multiple high-grade intercepts have been reported, including drill hole APC105-D1, which intersected 75.80 meters at 8.01 g/t AuEq, including 21.00 meters at 24.16 g/t AuEq. The company has secured additional rigs capable of drilling up to 2,000 meters, expected to arrive in June, to test the Ramp Zone at greater depths.
  • Two smaller rigs will conduct drilling from the surface to a depth of 150 meters within the Apollo system. This program aims to expand and define shallow mineralization and test drilling gaps within the block model, where current spacing is up to 100 meters. Prior shallow drilling yielded high-grade intercepts from the surface, including APC-35, which intersected 86.55 meters at 4.85 g/t AuEq (3.52 g/t gold, 16 g/t silver, 0.12% copper, and 0.34% tungsten oxide).
• Tower, ME, X, and Trap Targets: Up to two diamond drill rigs will test these targets throughout the year:
  • One rig is currently drilling at the Tower target, a new grassroots-generated target located west-southwest of the Apollo system. Precious metal-rich outcrop samples have been found within three multi-mineral soil anomalies. Initial assay results are anticipated in late Q2 2025.
  • One rig is being mobilized to the ME target, situated midway between the Apollo system and Aris Mining Corporation’s Marmato mine to the southeast. Five shallow holes drilled in 2023 at the ME target intersected a precious metal-rich breccia system, with APC-81 intersecting 111.25 meters at 1.00 g/t AuEq. A recent reinterpretation suggests a potential for Ramp Zone-style mineralization (gold-silver-bismuth-tellurium) at deeper elevations within the ME target. Drilling is expected to commence towards the end of April 2025, with initial assay results anticipated in early Q3 2025.
  • The company plans to mobilize a single rig in the second half of 2025 to test the grassroots-generated X target for the first time. Mapping and surface sampling have identified a large, heavily altered breccia body with a precious metal-rich soil and rock chip anomaly adjacent to a copper and molybdenum-rich soil anomaly. The X target reportedly shares surface characteristics similar to the Apollo System, located approximately 1,100 meters to the north.

San Antonio Project Overview

Drilling commenced at the San Antonio project in late January 2025 as part of an initial 2,500-meter program.

• One rig is currently drilling at the Pound Target, with a second rig scheduled to begin drilling before the end of April 2025. Two initial holes drilled in 2021 at the Pound Target intersected long intervals of modestly grading, precious metal-dominant mineralization from the surface, with both holes ending in mineralization. Drill hole SAC-8 intersected 710 meters at 0.53 g/t AuEq. A recent reinterpretation of the Pound Target suggests that the previous drilling intersected the outer phyllic pyrite halo of a potentially significant porphyry system. Both holes showed increasing copper grades with depth, and the copper/zinc ratio indicates a vector toward a potential porphyry source at depth. Two new diamond drill holes were completed in 2025, with a third underway. The first hole, SAC-10, intersected pyrite-dominant, phyllic mineralization before being terminated due to rig capacity. The second hole, SAC-11, intersected pyrite-dominant mineralization in altered metagabbro rock, transitioning into quartz and chalcopyrite porphyry veins at 500 meters depth, with copper-bearing chalcopyrite mineralization increasing in intensity until the end of the hole. Minor amounts of bornite were also noted toward the end of the hole. The company is encouraged by the visual logging, which suggests the mineralized metagabbro is near a porphyry intrusive. Assay results are pending.

Collective Mining Ltd. was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value. Collective Mining is focused on gold, silver, copper, and tungsten exploration in Caldas, Colombia. The company holds options to acquire 100% interests in two projects located within an established mining camp with ten fully permitted and operating mines. Management and insiders reportedly own approximately 33.4% of the company’s outstanding shares. Collective Mining is listed on the NYSE American and TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.

Targets at the Guayabales Project to be Drilled in 2025. Photo credit: Collective Mining.

The public offering included 8,050,000 common shares priced at C$5.00 per share, generating C$40.25 million. The transaction was managed by a syndicate of underwriters led by BMO Capital Markets, with participation from Clarus Securities Inc. and Scotia Capital, among others, under the terms of an agreement signed on October 28, 2024. Additionally, a non-brokered private placement was completed with a strategic investor purchasing 1,226,235 shares at the same price per share, amounting to C$6.13 million. The private placement enabled the investor to maintain approximately a 9.99% ownership stake, in line with existing equity participation rights.

Collective Mining says that it intends to deploy the capital to advance exploration efforts at the Guayabales Project and to evaluate other development opportunities. The project is anchored by the Apollo system, a high-grade copper-silver-gold-tungsten resource. The funds will also be used for general corporate expenses.

The public offering was conducted in accordance with Canadian securities regulations, as outlined in the company’s Prospectus Supplement dated October 28, 2024, filed in all Canadian provinces except Quebec and Nunavut. In the United States, the shares were sold under exemptions from registration provided by Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities Act of 1933 for private placements.

This financing structure remains subject to the final approval of the Toronto Stock Exchange (TSX). Certain directors and officers of Collective Mining participated in the public offering, which constitutes a “related party transaction” under Multilateral Instrument 61-101. The company is exempt from the valuation and shareholder approval requirements under the instrument, as the participation represented less than 25% of its market capitalization.

Collective Mining’s flagship Guayabales Project is situated in Caldas, Colombia, an area with established mining infrastructure. For more information, visit the Collective Mining website.

The discovery, revealed in drill hole APC99-D5, highlights a 57.65-meter section averaging 8.18 grams per ton (g/t) of gold equivalent, including a 18.85-meter interval at 20.21 g/t. This new zone, located about 1,000 meters below the surface, marks a significant deep-seated mineralization in an area close to a planned tunnel that may later connect the site to mining infrastructure, pending future project developments.

The Ramp Zone, similar in some geological aspects to Aris Mining’s nearby Marmato Deeps deposit, includes veins bearing bismuth, tellurium, and copper, which are characteristic of Reduced Intrusion-Related Gold Systems. The proximity to the Marmato Deeps and its specific mineral composition suggests a robust potential for extending the resource base in the Apollo project area.

Collective Mining currently has five active drill rigs within the Guayabales Project as part of its 2024 exploration program, which aims to complete 40,000 meters of drilling. Expansion plans include additional drilling in the Ramp Zone and surrounding areas, with assay results expected by late 2024.

For more technical details, see the company’s official press release.

Above image: Plan View of the High-Grade Ramp Zone Discovery (CNW Group/Collective Mining Ltd.)

Core Photo Highlights of Mineralization in PSC-1, PSC-2 and PSC-3

Key results from the initial holes include:

• PSC-1: 328.05 meters at 0.31 g/t gold equivalent (AuEq) from surface
• PSC-2: 199.60 meters at 0.33 g/t AuEq from surface, including 38.45 meters at 0.60 g/t AuEq from 21.00 meters
• PSC-3: 275.05 meters at 0.30 g/t AuEq from 33.95 meters, including 20.50 meters at 0.57 g/t AuEq from 40.85 meters
• PSC-4: 131.55 meters at 0.67 g/t AuEq from 46.70 meters, including 36.75 meters at 1.05 g/t AuEq from 84.35 meters

The company’s early geological models suggest a higher-grade mineralization zone northwest of the current drill area. Collective Mining plans to launch deeper drilling upon completion of the pending assays for the remaining two holes.

Plutus, located east of the Apollo system, spans roughly 1,000 by 750 meters and is defined by copper, gold, and molybdenum soil anomalies. The recent findings are part of Collective’s ongoing strategy to expand its portfolio of high-grade systems within the Guayabales Project, which includes the flagship Apollo system known for its significant porphyry potential.

For full details, visit Collective Mining’s website.

Plan View of the Guayabales Project Highlighting the Plutus Target Area

Headline image: Plan View of the Plutus Target Highlighting Drill Results Announced in This Release and its Proximity to the Marmato Mining Complex