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 Ramp Zone discovery shares characteristics with reduced or partially reduced intrusion-related systems, similar to Aris Mining’s Marmato Deeps gold deposit, located 1.75 kilometers southeast. The Marmato Deeps deposit hosts a National Instrument 43-101 compliant resource estimate of 3.76 million ounces of gold in the measured and indicated category at 2.54 g/t gold and 2.54 million ounces of inferred gold at 2.39 g/t gold.

Drilling efforts are ongoing in the Ramp Zone, with two holes in progress and a third drill pad under construction. The zone remains open in all directions for potential expansion. Collective Mining’s 2025 drilling program includes up to three rigs targeting the Ramp Zone as part of a fully funded 60,000-meter campaign. The company has also contracted two additional rigs, with drilling commencing in February.

Section highlighting how the Apollo System’s Ramp Zone discovery and Marmato Deeps deposit are only 1.75 kilometers apart and begin at a similar elevation. Photo credit: Collective Mining Ltd.

The Ramp Zone mineralization is between 1,050 and 1,200 meters below the surface. Gold and silver mineralization is associated with sulfides of bismuth and tellurium, along with pyrite and pyrrhotite in veins and stockwork. The company has dispatched samples for microscopic evaluation to better understand the genesis of the Ramp Zone.

Collective Mining Ltd. is a gold, silver, copper, and tungsten exploration company with projects in Caldas, Colombia. The company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts large-scale, bulk-tonnage, and high-grade mineralization.

The company is listed on the NYSE and TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.

Apollo System Section: High-Grade Continuity from the surface for over 1,200 meters and open. The Ramp Zone begins at the proposed underground access tunnel at approximately 1,000 meters above sea level. Photo credit: Collective Mining Ltd.

Table 1: Ramp Zone Assays Results for Drill Holes APC103-D1 and APC103-D2

This recent discovery concerns assay results from four additional drill holes APC-11 through APC-14, which is completed, at the Apollo target within the company’s Guayabales project located in Caldas, Colombia. APC-12 intersected the highest-grade assay results drilled to date in the main breccia discovery at the Apollo target. The hole intercepted a continuous, broad, and consistently high-grade zone of copper-silver-gold mineralization with multiple, overprinting carbonate base metal veins observed within the breccia matrix and returned 237.70 meters @ 2.88 g/t AuEq (gold equivalent) (170 meters vertical).

Figure 1: Plan View of the main breccia Discovery at Apollo Highlighting the Significant Extensions to the Zone Based on Drill Holes APC-17 and APC-22

Eleven diamond drill holes with accompanying assay results have now been announced at Apollo and based on results, the main breccia at Apollo continues to grow and now measures up to 385 meters along strike by 190 meters in width by 500 meters vertical.

“Drill-hole APC-14 is a very important hole as it not only confirmed that the main breccia comes directly to the surface in the southern portion of the system but also extended the size (width) of the system to the south and to the north. Subsequent step-out drill holes either recently completed or currently underway appear to have intersected significant extensions to the size of the system in the north. Once logging has been completed and interpreted by our team, a further update will be provided in the near term on this exciting development,” commented Ari Sussman, Executive Chairman.

Figure 2: Plan View with Traces of Drill Holes Completed to Date in the main breccia Discovery at Apollo with Assay Results for Holes APC-12 to APC-14 in Red

Assay results and related details are listed below:

• APC-12: 237.70 meters @ 2.88 g/t AuEq from 191.35 meters downhole (170 meters vertical) including: 14.3 meters @ 5.58 g/t AuEq from 209.70 meters downhole and 21.75 meters @ 8.27 g/t AuEq from 339.55 meters downhole.
• APC-14: 47.45 meters @ 1.36 g/t AuEq from 84.25 meters downhole (45 meters vertical) and 194.30 meters @ 2.00 g/t AuEq from 197.0 meters downhole (130 meters vertical).
• APC-11 was drilled specifically to target a zone of high grade CBM veins and intersected multiple sheeted northwest trending veins and returned a grade range of 11.9 g/t AuEq to 3.48 g/t AuEq over widths ranging from 0.55 meters to 1.35 meters.
• APC-13 was sited to intersect the main breccia body at depth but was terminated early due to mechanical issues with the rig. Prior to termination, the hole did intercept multiple CBM veins at shallow elevations including: 3.9 meters @ 10.25 g/t gold equivalent from 128.95 meters down hole; and 2.0 meters @ 16.99 g/t gold equivalent from 141.20 meters down hole.

Figure 3: Zoomed in Plan View of the main breccia Discovery at Apollo Highlighting the Increase in the Width of the System in the South and North Due to Hole APC-14

Earlier, in September, Collective Mining had announced assay results from additional holes:

• APC-4, which is the first hole drilled to test a grassroot-generated vein target located shallower and above the main breccia discovery at Apollo cut a near-surface zone of sheeted veins and returned: 17.5 meters @ 12.79 g/t gold and 21 g/t silver (65 meters vertical), including 0.65 meters @ 331.47 g/t Au and 53 g/t Ag.
• APC-7 and predecessor scout hole OLCS-3 were drilled to test a grassroot-generated breccia target located 250 meters to the north of the main breccia discovery at Apollo and intersected multiple zones of mineralization between 45 meters and 320 meters below the surface, including 41.8 meters @ 1.07 g/t gold equivalent; and 38.4 meters @ 1.51 g/t gold equivalent.
• APC-6, which intersected the main breccia zone with some interfingering, mineralized rock flour breccia towards the northern end of the hole resulting in a broad interval as follows: 326.05 meters @ 1.07 g/t gold equivalent from 364.60 meters (295 meters vertical) including:
  • 151.5 meters @ 1.20 g/t AuEq from 480.15 meters down hole, and
  • 10.55 meters @ 4.64 g/t AuEq from 680.10 meters down hole.
• APC-6 is the deepest diamond hole drilled to date and this long intercept consisted primarily of favorable angular breccia with interfingering of rock flour breccia, which is less porous and therefore lower grade. APC-6 was collared from Pad 3 and terminated at a final depth of 759 meters.
  APC-8, which also intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins and returned: 265.75 meters @ 2.44 g/t gold equivalent from 202.00 meters (157 meters vertical) including:
  • 13.20 meters @ 4.29 g/t AuEq from 202.0 meters down hole,
  • 18.45 meters @ 4.55 g/t AuEq from 239.05 meters down hole,
  • 28.45 meters @ 4.18 g/t AuEq from 279.40 meters down hole, and
  • 15.50 meters @ 5.21 g/t AuEq from 342.6 meters down hole.

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target

APC-8 intercepted continuous mineralized angular breccia with a sulfide matrix consisting of pyrite, chalcopyrite and pyrrhotite which has been overprinted by carbonate-base metal porphyry veins (“CBM”) hosting sphalerite in various locations and particularly in the upper portion of the intercept.

Besides, some geological mapping of rocks exposed by pad 3 drill access tracks confirmed on September 22 that the main breccia discovery at the Apollo Target daylights at the surface north and east of the drill pad. The recently completed drill hole, APC-14 intersected the main breccia approximately 50 meters below the newly discovered northern outcrop. This hole intercepted mineralized breccia from approximately 84 meters down hole (50 meters vertical) down to 132 meters with a second zone commencing at 197 meters and finishing at approximately 391 meters down hole. Assay results for drill holes APC-11 through APC-14 are anticipated in the near term.

Visual observation of the shallow portion of drill hole APC-14, indicates a marked increase in chalcopyrite leading to the possibility that copper grades will be higher than seen elsewhere in the main breccia discovery.  Additionally, the company’s conviction that the porphyry source for the main breccia discovery lies due south has now been increased. As a result, exploratory drill holes are currently being finalized to test the southern porphyry target.

The discovery of the northern outcrop of the main breccia coupled with visual observations in drill hole APC-14 has extended the strike length of the system to the southwest by 35 meters.

Figure 5: Plan View with Traces of Drill Holes Completed to Date in the main breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red

According to Executive Chairman Ari Sussman, “confirmation that the main breccia discovery at Apollo extends to surface enhances future possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near the surface in the southern part of the main breccia discovery has our team excited that the porphyry source is nearby and is likely located beneath the robust, yet untested high-grade copper-in-soil anomaly located due south of drill pad 3.”

Furthermore, visual observations from two step-out diamond drill holes within the main breccia discovery have intersected the most cumulative mineralization in drill holes completed to date.

• Hole APC-17 was drilled approximately due north from Pad 3 to a maximum depth of 912.60 meters. The hole intersected more than 70 meters of mineralization beginning at 119 meters down hole (100m vertical) and another 545 meters of mineralization from 365 meters down hole (330m vertical) to the end of the hole (825m vertical). Total mineralization in this diamond drill hole exceeded 600 meters and is the most mineralization drilled in a single hole to date into the main breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry-related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at the surface.
• Hole APC-22, which was drilled to the northeast from Pad 3, cut more than 400 meters in a total of favorable mineralization before terminating at 734 meters while still in mineralization. Mineralization is hosted within angular porphyry breccia with a matrix of chalcopyrite (1-2%) and pyrrhotite and overprinting zones of sheeted CBM veins.
  

  Figure 6: Images of Core from Hole APC-17

As a result of both new holes, the potential total volume of rock hosting the main breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 meters along strike by 350 meters width by 825 meters depth versus prior dimensions of 385 meters x 190 meters x 500 meters. The discovery remains wide open for expansion and further step-out holes are currently being designed.

Ari Sussman stated that “These two new diamond drill holes are incredibly exciting as we have significantly expanded the size of the main breccia discovery at Apollo and while doing so, we have cut the longest intercepts of both total and continuous mineralization completed to date. Importantly, the system remains open to the north and northeast as both holes bottomed in mineralization. We look forward to continued aggressive drilling in order to see how much more this exceptional discovery can grow.”

Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.

Figure 7: Images of Core from Hole APC-22

Table 1: Assay Results

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

Highlights (See Figures 1 – 4)

• APC-2, which was drilled to the southwest from a drill pad located 200 meters southeast of the collars for APC-1 and APC-1W, intercepted over 200 meters of mineralized breccia from 154.7 meters downhole (100 meters vertical). Core from this hole and APC-1W have been sent to the lab as a batch and assay results are expected shortly.
• Mineralization is remarkably continuous along the axis of the intercept of interest in APC-2 and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal (“CBM”) veins flood the breccia matrix in various locations along the mineralized interval in APC-2 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system. The mineralization in APC-2 is remarkably consistent with the mineralization observed in APC-1 and APC-1W (refer to press releases dated April 27, 2022 and June 22, 2022 for further details).
• APC-2 extends this mineralized system at least 200 meters to the northeast and 100 meters to the southwest and is located centrally within the 800 meter X 700 meter Apollo target area. The Company is currently drilling two additional holes, APC-3 and APC-4, which aims to expand the mineralized system and better understand the morphology of this new discovery.
• Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area and success in early drilling, a fourth drill pad is now under construction.
• The Apollo target area consists of newly generated porphyry and porphyry related breccia and vein targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.
• Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 meters above sea level. Additionally, an electrical substation is located less than one kilometer from the target area.

“At more than 200 meters in length and with at least three distinct overprinting types of mineralization observed, APC-2 is a nice surprise and has the potential to provide another high-grade intercept of bulk-style mineralization. Although we are at an early stage in understanding Apollo, the target is clearly demonstrating excellent potential to ultimately evolve into a large mineralized system.  We will continue to be aggressive in drilling Apollo at various orientations and dips in order to learn the geometry of the system and unlock the potential of this very exciting new discovery,” said Ari Sussman, Executive Chairman.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway.

Figure 3: Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2

Figure 4: Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted

The company also announced that at the annual special meeting of shareholders of the Company held on June 29, 2022, the company’s 10% “rolling” stock option plan was re-approved by shareholders in accordance with the policies of the TSX Venture Exchange.  The newly approved plan also reflected certain housekeeping amendments to ensure compliance with the new Policy 4.4 of the TSXV which came into effect on November 24, 2021.

Headline photo courtesy Collective Mining: Mineralized-breccia-at-208m-with-chalcopyrite-galena-sphalerite-calcite-and-quartz.

Collective Mining is led by Ari Sussman and much of the leadership team that developed Continental Gold in Buriticá, Colombia, before a 2 billion sale to Zijin Mining of China. Sussman and his team were widely recognized not only for their successful mining, but their strong social commitment and relationships with the surrounding communities, including creating opportunities for women in mining, and collaborating with nearby artisanal miners.

APC-1 intercepted the mineralized breccia from 291.6 meters downhole (170 meters vertical) with results as follows:

• 8 meters @ 2.49 g/t AuEq including:
• 9 meters @ 4.55 g/t AuEq from 291.6 meters down hole; and
• 3 meters @ 3.67 g/t AuEq from 352 meters down hole

Collective says that mineralization is remarkably continuous along the axis of the discovery intercept and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu) and pyrite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval in APC-1 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system.

After successfully developing Continental Gold, Ari Sussman (center) is now leading Collective Mining, Ltd.

APC-1 was drilled to the south from Pad 1 on the northern fringe of an 800 meter X 700 meter target area as defined by rock sampling, soil geochemistry and geology mapping. Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area at Apollo, the company has completed the construction of two additional drill pads. Drill holes APC-1W and APC-2 have already been completed with APC-3 and APC-4 currently underway. Future assay results for Apollo will be reported in batch format once received and interpreted by the company.

The Apollo target area consists of newly generated porphyry and porphyry related targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.

Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 meters above sea level. Additionally, an electrical substation is located less than one kilometer from the target area.

“The discovery at Apollo opens a new and very exciting front for the company. Firstly, it is the first time that the company has discovered a significant amount of copper. Secondly, large mineralized systems generally have multiple styles of overprinting mineralization and in the case of Apollo, we have already observed three different mineralization types, namely two types of porphyry related CBM veins and of course the mineralized breccia. Our technical team also believes that the Apollo discovery may be the first in a series of porphyry and breccia discoveries at the Apollo target,” said Ari Sussman, Collective’s Executive Chairman. “With a second rig recently commissioned and now coring, we have made the decision to soon add a third rig to the program in order to aggressively unlock the potential value of this discovery.”

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3: Plan View of the Hydrothermal Breccia Discovery Made at Apollo

Figure 4: Apollo Target Cross Section N-S With APC-1 and Related Core Photos Highlighted

Table 1: Assay Results

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95+(Zn(%)x 0.80 x 0.95)+ (Pb(%)x 0.45 x 0.95) utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$1.0/lb, Ag – $21/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.