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.

Collective Mining Ltd. (NYSE American: CNL) (TSX: CNL) has announced its upcoming addition to the VanEck Junior Gold Miners ETF (GDXJ), effective at the market close on March 20, 2026. The inclusion follows the index’s semi-annual review and rebalancing process. Simultaneously, the company confirmed the relocation of its executive headquarters from Toronto, Ontario, to Miami, Florida, a move intended to leverage the city’s role as a financial hub and its logistics connectivity to Latin America.

While executive operations shift to the US, the company maintains its jurisdiction of incorporation in Canada. The dual listings on the NYSE American and the Toronto Stock Exchange remain unchanged. Management indicated that the move to Miami is strategic, citing the availability of daily direct flights to Colombia, which places executives in closer proximity to the company’s mineral exploration activities in the department of Caldas.

“Miami has rapidly emerged as a leading global financial center, with a strong institutional capital markets presence and strategic connectivity to Colombia and Latin America.” — Ari Sussman, Executive Chairman of Collective Mining Ltd.

The relocation is expected to facilitate more frequent on-site coordination with internal teams and contractors as the company advances its 2026 exploration program. The flagship Guayabales project, and specifically the Apollo system, remains the primary focus of these efforts. By establishing a presence in the US, the company also aims to qualify for further US equity indices, which are frequently tracked by passive investment funds and rules-based institutional strategies.

Collective Mining was established by the team previously responsible for the development of Continental Gold Inc., which was sold to Zijin Mining Group Co., Ltd. (HKEX: 2899) (SSE: 601899) for an enterprise value of approximately $2 billion USD. The company currently focuses on the Guayabales and San Antonio projects, both located within an established mining district that hosts ten permitted and operating mines. At Guayabales, the objective is to expand the high-grade Ramp Zone and test the Hanging Wall Vein Zone.

Operations at the San Antonio project involve an option agreement to earn up to a 100% interest. Recent drilling there has focused on extending a high-grade silver system identified at the Pound target. Given that San Antonio is located within five kilometers of Guayabales, the company is evaluating the potential for shared infrastructure between the two sites. Management and insiders currently hold 45.3% of the outstanding shares.

Above photo: Graduation event in rural area of Marmato, Caldas, for participants in the the strategic alliance program offered by Collective Mining and SENA. (Photo credit: Collective Mining)

Key Drill Intercepts from the Pound Target

Drilling at the Pound target has focused on defining a recently discovered porphyry system. Two of the latest holes, SAC-18 and SAC-15, were drilled from the same pad and successfully intersected significant mineralization.

Figure 1: Plan View of the San Antonio Project Highlighting the Mineralized Corridor of the Pound Target and Significant Assay Results Announced Today and Previously (CNW Group/Collective Mining Ltd.)

Hole SAC-18: Drilled vertically 250 meters south of the discovery hole SAC-11, SAC-18 intersected multiple mineralized zones. The hole returned 172.40 meters at 1.88 g/t gold equivalent (AuEq), including a higher-grade section of 28.50 meters at 3.32 g/t AuEq and another section of 60.75 meters at 2.27 g/t AuEq. The hole was terminated prematurely due to rig limitations while still in strong mineralization, with the final 1.60 meters averaging 2.03 g/t AuEq. The company noted that this hole cut a late-stage porphyry-related sheeted vein system before entering the main gold-copper-silver-molybdenum porphyry system.

Hole SAC-15: Drilled to the south-southwest at a flatter angle from the same pad as SAC-18, this hole intersected a gold-rich zone of sheeted veinlets. Key results include 154.20 meters at 1.22 g/t AuEq, with higher-grade intervals of 58.00 meters at 2.15 g/t AuEq and 16.05 meters at 2.17 g/t AuEq. Similar to SAC-18, this hole was also stopped due to rig depth capacity, with the final 9.90 meters averaging 3.18 g/t AuEq.

Drill holes SAC-11, SAC-15, and SAC-18 have tested a north-to-south strike length of approximately 450 meters, with the system remaining open. To address the rig limitations that have prematurely ended several holes, the company has upgraded all rigs at the San Antonio Project. A higher-capacity rig is currently drilling hole SAC-21.

Figure 2: Cross-section along SAC-11, SAC-15, SAC-18, and SAC-21 showing the High MVI Anomaly Correlated with Au-Ag-Cu-Mo Porphyry Mineralization at the Pound Target (CNW Group/Collective Mining Ltd.)

Mineralization and Geological Context

Collective Mining’s geologists have identified three distinct, porphyry-related mineralized phases at the Pound target:

Phase 1: This phase is a large, 3-by-3-kilometer porphyry halo zone characterized by phyllic alteration. It hosts low-grade gold mineralization (0.2-0.5 g/t Au) and extends from the surface to a depth of at least 700 meters. This large zone covers the entire San Antonio project and includes multiple targets like Pound, COP, Euro, and their western extensions.

Phase 2: Described as a late-stage, gold and silver-rich sheeted veinlet system, this phase begins near the surface but shows more robust grades from 300 meters downhole. This mineralization is located in proximity to or in contact with the Phase 3 porphyry system.

Phase 3: This is the core gold-copper-silver-molybdenum porphyry system. It is characterized by potassic alteration and begins at approximately 400 meters below the surface. A notable feature of this phase is an unusually high gold-to-copper grade ratio, which can be as high as 4:1.

Figure 3: Drill Hole SAC-18 Split Core Highlighting the Gold-Copper-Silver-Molybdenum Porphyry Mineralization (Left) and the Late-Stage High-Grade Gold and Silver Sheeted Porphyry Veinlets (Right) Encountered from Drilling at the Pound Target (CNW Group/Collective Mining Ltd.)

Both Phase 2 and Phase 3 mineralized zones are found within the larger Phase 1 porphyry halo. The company is using Magnetic Vector Inversion (MVI) modeling of airborne geophysical data to help guide drilling. The current hole, SAC-21, is being directed toward a high MVI anomaly.

Project and Corporate Overview

Collective Mining’s drilling campaign for 2025 is fully funded with a target of 70,000 meters. The company is operating eleven drill rigs, with three dedicated to the San Antonio Project and eight at the Guayabales Project.

The San Antonio Project’s location, between 2 and 5 kilometers east-northeast of the Guayabales Project, offers the potential for shared infrastructure in the future. Executive Chairman Ari Sussman commented on the project’s scale and logistical advantages, noting its proximity to the Pan-American Highway and existing hydropower lines.

Collective Mining was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining. The company’s Guayabales Project is anchored by the Apollo system, a large-scale, bulk-tonnage gold-silver-copper-tungsten system. The company’s current work at Apollo includes defining shallow mineralization and expanding high-grade zones. Collective is listed on both the NYSE and TSX under the ticker symbol “CNL”. The company’s ownership structure is heavily concentrated, with management, insiders, a strategic investor, and close associates holding a 44.5% stake.

Figure 4: Image of the San Antonio Project and its Targets (foreground) and the Guayabales Project (background), highlighting the Potential for Shared Future Infrastructure. Note the Hydro Power and the Vastly Unpopulated Landscape (CNW Group/Collective Mining Ltd.)

David J. Reading, a qualified person under National Instrument 43-101 (“NI 43-101”), has reviewed and verified the technical information in this report. Sample analysis is conducted at SGS and Actlabs facilities in Colombia and Canada. The company utilizes a standard QA/QC program, and no capping has been applied to the reported grades. The gold equivalent (AuEq) calculations are based on specific metal prices and recovery rate assumptions.

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.

Drill hole APC103-D3 intersected 20.30 meters at 6.68 g/t gold equivalent before encountering a post-mineral dyke, which ended the hole prematurely. The company stated that these results expand the Ramp Zone to the west and southwest, with the zone remaining open in all directions for further exploration.

Drilling and Expansion Plans

To date, Collective Mining has received assay results for six drill holes into the Ramp Zone from three drill pads, with two additional drill holes completed and awaiting results. The company is conducting a 60,000-meter drill program in 2025, with six drill rigs operating. Four rigs are active at Apollo, one at the Tower Target, and another at the San Antonio Project. Two additional rigs are expected to be deployed later in the first half of 2025.

Collective Mining has expanded its drilling operations to include a third rig positioned on the northeastern side of Apollo to further delineate the Ramp Zone.

Key Drill Results

APC105-D1: 75.80 meters at 8.01 g/t gold equivalent from 469.60 meters, including 21.00 meters at 24.16 g/t gold equivalent from 487.60 meters.

APC103-D3: 20.30 meters at 6.68 g/t gold equivalent from 247.45 meters, before being terminated due to a post-mineral dyke.

According to Collective Mining, the Ramp Zone currently extends at least 75 meters along strike, 480 meters in width, and 150 meters vertically, with potential for further expansion. The company has developed an initial 3D model suggesting that the Ramp Zone’s mineralization, characterized by gold, silver, bismuth, and tellurium, could extend beyond the Apollo breccia body.

Exploration Strategy

For 2025, the company’s drilling program at Apollo aims to:

• Test newly modeled high-grade sub-zone targets within the top 1,000 vertical meters.
• Expand the overall system dimensions by stepping out along strike and depth in the Ramp Zone.
• Assess the northern extension potential of Apollo at shallower elevations.

Corporate Background

Collective Mining, led by the team that previously developed Continental Gold Inc. before its acquisition by Zijin Mining, holds a 100% interest in two projects within a mining district in Colombia. The company is focused on exploration at the Guayabales and San Antonio projects, with Apollo as its primary target.

Photo credit: Collective Mining.

Click on the above image to play the video.

Collective Mining keeps finding gold

First, some good news. Collective Mining (TSX: CNL, OTCQX: CNLMF, FSE: GG1), which is developing a gold mine down in the Caldas region in coffee country has five drill rigs operating at its Guayabales project, part of its 40 thousand meter drill program for this year. They are getting really encouraging results. This is the same team that developed Continental Gold and sold it to Zijin mining a few years ago for over a billion dollars. We published a more detailed update in Finance Colombia if you want to go over the numbers and assay results of this most recent update. I’m long on Continental because I believe in the team led by Ari Sussman.

Collective Mining Expands its Box Target Area with New High-Grade Samples; Drilling Continues

Petro threatens the private sector with “forced investments!”

President Gustavo Petro is once again terrifying investors, this time with an announcement that he plans to force private banks to loan money to projects and borrowers of his choosing. He said, and I translate:

 “I promised that we were going to present the measures to the congress of the republic to reactivate the economy which will consist, and I say it once and for all, in projects of law that generate FORCED INVESTMENT in the private financial system of Colombia destined to small, medium and large industry of agriculture and tourism in Colombia to reactivate the country.”

This is what Petro’s opponents warned about, and at least when it comes to intent, they were right. The question now is whether Colombia’s institutionalism can withstand more of his adventures. Statements and plans like this destroy investor confidence and scare away capital, just like what is happening with Ecopetrol.

“…and I say it once and for all, in projects of law that generate FORCED INVESTMENT in the private financial system of Colombia” – President Gustavo Petro

General Motors To Close Colombia Manufacturing Operations

Speaking of scaring away capital, General Motors is closing its Colmotores car factory after almost 70 years in Colombia. Now two years ago, GM said it was going to invest 50 million dollars to upgrade the factory to produce new models! What has changed? By the way, the Minister of Labor has told GM that they have to keep the workers employed even though the factory is closing, so we will see how that works out.

Alvaro Uribe is formally charged with witness tampering & bribery

Former President Alvaro Uribe, who in recent years has seen his once stellar legacy tarnished by a litany of revelations, is now formally charged with witness tampering in a drama that goes back to 2012. See the AP article here. https://apnews.com/article/colombia-alvaro-uribe-charges-witness-tampering-bd11a922142d000db1fcac178a1a147e

See also: Declassified US State Department Cables: “Uribe Almost Certainly Had Dealings With The Paramilitaries”

Bilateral harmony between Colombia & US leads to results

In some good news Colombia hosted a US State Department delegation last month for high level talks which led to several announcements. Foreign Minister Luis Gilberto Murillo, who actually was a US Citizen for a while, has announced that Colombians can now access almost 20 thousand United States non-agricultural work visas, and more than 1,000 summer job visas. We will do a write up on this both on Finance Colombia and Empleobilingue, the only source on the web for bilingual talent.

Colombia is going to open five new consulates in Phoenix, Dallas, Denver, Charlotte and Seattle. There are already 9 thousand Colombians studying in the US on Student Visas, and there is a family unification program already in effect between the two countries which has 6,000 current authorizations by the State Department.

The mammoth UNGRD scandal that threatens Petro

There is an ongoing scandal in the Petro Administration where the government paid the equivalent of $12 million US dollars for a fleet of water tanker trucks to supply water to citizens of La Guajira, the desert region on the Atlantic Coast near the Venezuelan border. Now, no water got to the residents of La Guajira, the trucks sat idle on a Colombian military base. But the money paid to a contractor by Colombia’s UNGRD (National Unit of Disaster Risk Management) was “allegedly” used to bribe Senate President Iván Name and Andrés Calle in the house of representatives to unblock opposition to Petro’s reform bills. According to Colombia’s comptroller, the Controller General (Contraloria), each tanker truck was purchased from the dealer, Kenworth de la Montaña, in Medellín, for about 600 million pesos, but then sold to the government for $1.2 billion pesos. This way they could launder money out for political purposes.

Former Deputy Director of the UNGRD, Sneyder Pinilla “prendió el ventilador-started the fan” (Colombian saying, like “when the shit hits the fan”) and accused former director of the UNGRD, Olmedo Lopez of using the UNGRD money through this conspiracy to pay the bribes, covering it up with this tanker truck contract, and that the payments were made at the direction of Petro’s Minister of the Interior, Luís Fernando Velasco, and the Councilor for the Regions, Sandra Ortiz, who was actually the bag man, or “bag woman.”

Now Olmedo López and Sneyder Pinilla are testifying and want immunity with Colombia’s attorney general, because they say that the tanker scandal is just the tip of the iceberg in a case that for Colombia, may be larger than the Odebrecht scandal.

According to these two, a political machine was put in place inside the Petro administration that would launder 380 billion pesos, or almost $100 million US dollars of “marmalade” or UNGRD funds into the hands of legislators and bureaucrats to bribe for passage of Petro’s reforms, all of which have failed so far, and to finance last October’s local elections, where again, Petro’s party and allies lost badly. Lopez says the tanker truck scandal just got discovered but according to him there is a whole infrastructure inside Petro’s government operating with this modality to bribe legislators and fund campaigns.

Now the scary thing is that the company that sold the trucks, Impoamericana Roger SAS was sold to Elmer Celis in 2019, and right before the contract for the tankers was being finalized, Celis was assassinated. So this scandal now has deadly implications.

Sura wants out of the EPS health system

Grupo Sura, the insurance and asset management giant has told the Colombian government that it plans to withdraw from the national EPS health insurance scheme. They are supposed to be meeting with the company to negotiate what happens.

Colombia wants the gold from a Spanish Galleón, so do Bolivians

In 1708 the Spanish galleon San José was sunk by the British during the War of Spanish Succession. in the Caribbean sea off the coast of Cartagena. The shipwreck was found in 2015 in about 600 meters, or 328 fathoms, or 2,000 feet of water, and Colombia is claiming it as its own and using the military to fend off any would-be treasure hunters. Last month, Colombia announced that it was launching a research and recovery project, aiming to prioritize the historical value of the wreck. There are complications though. The ship was Spanish, so Spain would need to renounce any sovereignty over the wreck. Spain considers the ship a graveyard that should not be molested out of respect for the dead.

Down in landlocked Bolivia, the Chicha, Caranga and Killaka people have filed claims with UNESCO saying that their enslaved ancestors extracted the treasure onboard from mines in what is now Bolivia, and have a right to share in whatever wealth is in the shipwreck.

This is going to be an interesting case. There is a treaty, the 2001 Convention on the Protection of Underwater Cultural Heritage. Spain is a signatory, so is bound by the treaty, but Colombia never ratified or signed it, so is not bound by it.

Colombia has (finally) outlawed bullfighting

The Colombian house of representatives has outlawed bullfighting, a 500 year old tradition of bovine torture inherited from the Spanish. There are still people who defend bullfighting. The bill is in reconciliation with the senate, and then goes to President Petro, who is sure to sign it into law.

Mafia guerilla groups flourishing, expanding under Petro’s “Total Peace” fiasco

Reuters is reporting that it got access to a secret report showing that all the major criminal mafias in Colombia expanded in 2023, making a mockery of President Petro’s “Total Peace” initiative. Those criminal organizations would be the Clan del Golfo, ELN, and the two former FARC groups Estado Mayor and Segunda Marquetalia. Petro ran his campaign promising “Total Peace” but these groups, three of the four are avowed communist guerillas, and the Clan Del Golfo a descendant of paramilitaries, just keep getting bigger. When is Petro going to start?

Reuters also reported on illegal road building in the Amazon rainforest, in some cases by these same groups, that the government is supposed to be stopping. For example, Chiribiquete, nobody is even allowed to go in there but there are at least 12 illegal roads built, according to Reuters!

These mafias, in this case it looks like the Estado Mayor – former FARC, is building these roads to conduct illegal activities in nature preserves, and the government is unwilling to do anything, or at least, so far it is not combatting the activity.

So that’s it for this week.

Remember to practice critical thinking

Stay mentally and physically active,

And above all, be kind to yourself and others.

Click on the image above to watch the video.

• Colombia’s President Gustavo Petro’s Struggle to Name An Attorney General.
• Petro’s improvisational governance causing wide ranging problems for Colombia.
• Medellín’s Mayoral Runner Up & Quintero relative kicked out of city council.
• Medellín Mayor “Fico’s” first embarrassment, culture secretary already ousted.
• Public skepticism for Petro’s “Total Peace” initiative shrinks amid increasing violence. https://www.financecolombia.com/hope-is-fading-for-petros-total-peace-after-diaz-kidnapping-and-suspension-of-emc-negotiations/
• Homicides & suspicious deaths involving tourists reaches alarming levels. https://www.financecolombia.com/us-embassy-warns-of-rise-in-violent-crime-in-medellin-via-online-dating-applications/
• Losing the Panam Games is a major embarrassment for Petro Administration & loss for the entire country. https://www.financecolombia.com/colombia-working-to-restore-barranquilla-as-panam-games-host-city-after-rights-were-stripped-for-breach-of-contract/
• Claudia Lopez’s legacy as mayor of Bogotá. https://www.financecolombia.com/bogota-mayor-issues-ultimatum-to-colombian-consortium-building-metro-on-design-delays/
• Petro loses latest round in battle over Bogotá Metro. https://www.financecolombia.com/bogota-metro-faces-more-controversy-as-project-infighting-again-spills-into-the-public-sphere/
• The economy is stalling, reaching only 0.6% growth. https://www.nasdaq.com/articles/colombias-economy-grew-modestly-in-2023-as-rate-cut-calls-grow
• JetSmart launches domestic operations in Colombia. https://www.financecolombia.com/jetsmart-to-start-offering-domestic-routes-within-colombia-on-march-14/
• Avianca changes unaccompanied minor policy. https://www.financecolombia.com/avianca-ends-unaccompanied-minor-service-for-travelers-under-14-years-old/
• Foreign Minister Alvaro Leyva ousted by prosecutors, replaced by Luis Gilberto Murillo. https://www.financecolombia.com/colombian-foreign-affairs-minister-suspended-for-improper-handling-of-passport-printing-bid-process/
• Piedad Córdoba dies, leaving a mixed and controversial legacy. https://www.financecolombia.com/ruminating-on-the-right-and-left-of-colombian-politics-following-the-death-of-piedad-cordoba/
• Collective Mining (TSX.V CNL) increases drilling in Caldas. https://www.financecolombia.com/collective-mining-encounters-strong-porphyry-mineralization-mobilizes-second-rig/

Don’t forget! Come meet the team and me at the March 7 AI/ChatGPT Happy Hour at the Marquee Hotel in Medellín.

Thursday March 7 2024 Rooftop, Marquee Hotel Medellín 5:30pm Cash Bar

Disclosure: As mentioned, the presenter is long on Collective. Collective is not a sponsor of Finance Colombia or this podcast.