Collective Mining Ltd. (Collective Mining) (NASDAQ: CNL) (TSX: CNL) has finished the access road to the portal site for its planned exploration adit at the Guayabales Project in the department of Caldas, Colombia, and is moving directly into portal-platform and box-cut construction, the company said August 18, 2026. With permits already secured, Collective Mining said the adit remains on schedule to begin construction in the fourth quarter of 2026, with underground drilling set to start in the first quarter of 2027 at Trap East, a newly identified extension of the company’s Trap system.

The update follows a progress report Collective Mining issued June 17, 2026, when it said engineering, permitting and site preparation for the adit were advancing and named former Ecopetrol projects executive Josué Romanos as vice president of projects (Finance Colombia reported on that update). The company first disclosed plans for the exploration adit on March 11, 2026. The August update also comes about a week after Collective Mining completed the transfer of its US listing from the NYSE American to the Nasdaq Global Select Market, a move it announced in late July and completed August 11 under the unchanged CNL symbol; its Toronto Stock Exchange listing was not affected.

The completed roadway is a 1.8-kilometer switch-back route built by upgrading an existing path connecting the Pan American Highway to the portal site, the company said, clearing the way for box-cut and portal-platform work to begin immediately.

Under Collective Mining’s current timeline, drilling of the Trap East target is scheduled for the first quarter of 2027. Drilling of the Trap Main System is expected to follow in the second half of 2027, once the adit has advanced enough to allow construction of a cross-cut, with drilling of the Plutus target and the Ramp Zone to follow in 2028. The company said the portal location and access-road alignment sit within the area anticipated for future project infrastructure, close to both the Pan American Highway and existing power lines.

“We are excited to begin drilling the Trap System from underground, as we will be able to rapidly test the system from suitable drilling angles while testing for extensions to the mineralization,” said Ari Sussman, Executive Chairman of Collective Mining. “Following a recent detailed review with our geological team, I am confident that Trap has all the potential to develop into a second large-scale precious-metal system at Guayabales.” Sussman said the Trap system’s proximity to both the adit portal and the company’s proposed future mining infrastructure is a key advantage: “Should our underground drilling confirm the system as we expect, Trap would provide a second independent working front alongside Apollo, enhancing mill feed flexibility in a future mining scenario.” He added that he is not ruling out the possibility of discovering yet another mineralized system as the adit advances toward Apollo, given the amount of mineralization already found across Guayabales through limited surface drilling to date.

Ned Jalil, Chief Executive Officer, said the company remains on track to meet its milestones. “Once established, the adit will fundamentally expand the way we can explore Guayabales,” Jalil said. “Underground access will enable us to drill-test Apollo’s Ramp Zone, the Trap System and the Plutus Target over more than a vertical kilometer from optimal orientations that are not available from surface.”

Collective Mining said it is prioritizing local employment and procurement for the early-works program, with much of the current workforce recruited from communities in Caldas. The company said the work is being carried out under its own health and safety standards as well as Colombia’s applicable regulatory requirements.

Mineralization at Trap outcrops at surface and has been drill-tested along a 1.4-kilometer northwest-southeast corridor, extending as much as 900 meters below surface and remaining open along strike and at depth; the planned adit is positioned to intersect the currently known southeastern end of that corridor. According to Collective Mining’s own project disclosures, Trap sits about 3.5 kilometers northeast of the Apollo system; the company first announced a discovery there through grassroots drilling in September 2022. The company currently has one rig testing for mineralization up to 200 meters further northwest than any prior drilling, with initial results expected in late September.

Previously reported drilling at Trap has returned both broad, continuous mineralized intervals and narrower high-grade vein zones, including:

• 632.25 meters at 1.10 g/t AuEq from 172.65 meters, including 51.50 meters at 2.73 g/t AuEq and 46.35 meters at 2.41 g/t AuEq (TRC-7A)
• 646.00 meters at 0.81 g/t AuEq from 19.50 meters, including 301.50 meters at 1.01 g/t AuEq (TRC-2)
• 174.45 meters at 1.19 g/t AuEq from 485.15 meters, including 40.85 meters at 3.76 g/t AuEq (TRC-11)
• 30.00 meters at 4.96 g/t AuEq from 11.85 meters (TRC-14)
• 200.85 meters at 1.06 g/t AuEq from 4.55 meters, including 40.50 meters at 4.01 g/t AuEq (TRC-30)
• 2.80 meters at 234.15 g/t gold from 122.00 meters, including 0.80 meters at 816 g/t gold (TRC-26)
• 1.30 meters at 49.30 g/t gold from 18.15 meters (TRC-25)

AuEq figures are presented as originally reported by the company in its respective press releases.

Collective Mining was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining in an all-cash transaction that closed in March 2020, for approximately $1.4 billion CAD in enterprise value, according to Collective Mining. The company explores for gold, silver, copper and tungsten at two projects in Caldas, both located within an established mining district alongside 10 fully permitted and operating mines, and trades on the Nasdaq Global Select Market and the Toronto Stock Exchange under the symbol “CNL.” Management, insiders, a strategic investor, and close family and friends own 45.2% of its outstanding shares.

David J. Reading, an independent consultant, is the qualified person for this release under National Instrument 43-101 and has reviewed and verified the technical information it contains. Reading holds an MSc in economic geology and is a fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology.

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)

In 2023, Collective Mining significantly increased its social investments, contributing over $280,000 independently and $822,944 in partnership with strategic collaborators. The funds were allocated to community projects, aqueduct enhancements, road construction, communal facility improvements, agricultural initiatives, and support for women entrepreneurs, benefiting over 1,700 individuals.

Key Highlights from the 2023 Sustainability Report

• Safety Record: The company reported a Total Recordable Injury Frequency Rate (TRIFR) of 0, concluding 2023 with 710 days without lost time incidents.
• Environmental Initiatives: Collective Mining planted 1,900 seedlings to protect areas near water sources, with a focus on supporting local aqueducts.
• Carbon Neutrality: The company conducted its second carbon footprint assessment and achieved carbon neutrality by purchasing 700 offset credits from the “Delfines Cupica REDD+” conservation project.

Omar Ossma, President and CEO of Collective Mining, commented, “Integrating our sustainability initiatives early into our operations builds a strong foundation in our host region, which will support the success of our mining project.”

The full Sustainability Report is available on the company’s website at www.collectivemining.com under the Sustainability section.

About Collective Mining Ltd.

Collective Mining Ltd., founded by the team that developed and sold Continental Gold Inc. to Zijin Mining, is an exploration company focusing on copper, silver, gold, and tungsten projects in Caldas, Colombia. The company holds options to acquire 100% interests in two projects within an established mining camp with ten fully permitted and operating mines.

The flagship project, Guayabales, is centered on the Apollo system, known for its large-scale, bulk-tonnage, high-grade copper-silver-gold-tungsten porphyry. In 2024, the company aims to expand the Apollo system, explore the Trap system, and pursue new discoveries at the Tower, X, or Plutus targets.

Management, insiders, a strategic investor, and close family and friends own nearly 50% of the company’s outstanding shares, aligning their interests with shareholders. Collective Mining is listed on the NYSE and TSX under the trading symbol “CNL” and on the FSE under the symbol “GG1