Collective Mining Ltd.

A 1.8-kilometre access road from the Pan American Highway to the adit portal is finished, all permits are in hand and adit construction remains on track for the fourth quarter of 2026, with underground drilling to start in the first quarter of 2027 at a new Trap East target and then Apollo's Ramp Zone and Plutus.

drilling progress report

Colombia's mining agency granted Collective additional mining titles on 10 July 2026 after a public hearing in Supia on 21 May, on top of titles granted 10 April after a Marmato hearing. The company says this increases its titled land and gives new drill-ready targets, and it plans to drill at least one this year. It reports US$113.3m cash at 31 March 2026, said to fully fund a 2026 program of up to 100,000 metres, with 13 rigs running. This continues the title-consolidation thread, including the license covering the northwestern extension of Trap that restarted work there. The release does not give the size of the new titles.

regulatory community update

A hole 30 metres up-dip of an earlier tungsten intercept found a separate tungsten-rich subzone starting about 300 metres below surface: 27.35 metres at 37.55 g/t gold-equivalent (1.68% tungsten trioxide, 11.62 g/t gold, 54 g/t silver, 0.43% copper). It is distinct from the tungsten cap in the top 100 metres and open down dip.

drilling result

The exploration adit announced in March is progressing, with the explosives storage facility built and ground-breaking expected in the fourth quarter of 2026, and Josue Romanos was hired as vice president, projects. Ned Jalil is now chief executive with Ari Sussman as executive chairman.

drilling progress report

Seven holes delineated an outcropping oxide gold-silver corridor at northern Apollo about 700 metres long, 200 metres wide and up to 100 metres deep: 71.20 metres at 1.95 g/t gold-equivalent from surface in APC-165 and 56.00 metres at 1.42 g/t from 12.80 metres. Oxide material at surface is the cheapest ore a project of this kind can have.

drilling result

Three holes into the previously untested western margin of the Ramp Zone returned 5.30 metres at 37.04 g/t gold from 1,090 metres, 23.15 metres at 4.61 g/t from 1,163 metres and 8.60 metres at 6.51 g/t from 1,316 metres. Only 385 metres of the Apollo breccia body's 1,500-metre circumference has been tested for Ramp-style mineralisation; seven rigs are to be pointed at the rest in 2026.

drilling result

Colombia's national mining agency granted a title covering an 850-metre northwestern extension of the Trap sheeted vein corridor and a new porphyry anomaly, and the company bought out the last outstanding tenement to hold Trap 100%. Two rigs are to restart there in May - the first drilling at Trap since the 2024 program ended.

drilling spud

The remaining 370 metres of APC150-D1 gave 83.75 metres at 21.14 g/t gold from 1,355 metres below surface, taking the Ramp Zone to 315 metres of strike by 100 metres wide by 350 metres vertically. The hole ended still in mineralisation at 1,450 metres.

drilling result

Signed binding agreements with arm's-length vendors for all the remaining surface land needed to build a mine at Guayabales, for US$44.0 million paid over five years - US$8.7 million in 2026 and roughly US$8.4 to US$10.0 million a year to 2030 - with 6% interest on some instalments, promissory notes and mortgages over the land. If an environmental permit comes through and construction starts early, the remaining instalments fall due before major construction begins. The company holds the mineral titles, or options over them, wherever it is buying surface.

asset acquisition disposition

Partial assays from one directional hole gave 54.55 metres at 7.04 g/t gold and 16 g/t silver in the upper Ramp Zone at about 1,200 metres depth, with visible gold logged in a further 370 metres of core still awaiting assay. An unusual disclosure: results released before the hole is finished being assayed.

drilling result

Step-out drilling from surface pushed the Apollo breccia about 30 metres northeast on 165.75 metres at 5.35 g/t gold-equivalent from 8.85 metres, including 31.70 metres at 17.35 g/t, with gold grades up to 40% above the internal model at the body's edge. Four infill holes also beat the model.

drilling result

58.10 metres at 21.33 g/t gold in APC143-D3, the highest-grade, deepest and most northeasterly Ramp Zone hole yet at up to 1,410 metres below surface. The zone measures 300 metres of strike by 100 metres wide by 310 metres vertically and sits at the elevation of a conceptual underground access tunnel.

drilling result

Four holes confirmed the tungsten-rich cap continues from surface: 111.15 metres at 5.48 g/t gold-equivalent from 2 metres in APC-154, including 10.85 metres at 41.45 g/t (38.52 g/t gold, 0.82% tungsten trioxide), and 113.65 metres at 2.66 g/t from 4.60 metres. All four came in above the company's internal block model.

drilling result

Seventeen holes at San Antonio's Pound target confirmed a shallow, high-grade, silver-dominant vein system outcropping over 825 metres of strike - a second grassroots discovery at a project the company had left alone between 2021 and January 2025.

drilling result

Five holes into undrilled parts of the Apollo breccia returned 467.35 metres at 1.63 g/t gold-equivalent from 170.10 metres in APC142-D2 and 261.35 metres at 1.63 g/t in APC144-D1, and a mother hole cut the Hanging Wall Vein Zone 200 metres further south at 19.40 metres at 1.55 g/t.

drilling result

The deepest and most northeasterly Ramp Zone hole so far returned 24.80 metres at 29.42 g/t gold inside 63.90 metres at 13.46 g/t - the highest-grade intercept the company has reported at Apollo - taking the zone to 315 metres of strike by 300 metres vertically.

drilling result

Filed a new NI 43-101 technical report on Guayabales by consulting geologist Stewart Redwood, effective 15 September 2025 and signed 2 December 2025. The resource estimate sections are empty, so no mineral resource estimate has been prepared for the project.

resource reserve update

Directional holes collared well outside the known Apollo breccia unexpectedly cut thick gold-rich sheeted veinlets - 61.30 metres at 1.78 g/t and 130.40 metres at 1.15 g/t gold-equivalent - defining a Hanging Wall Vein Zone that extends Apollo up to 450 metres north and reaches toward surface. Lower grade than the breccia, but a large new volume.

drilling result

Three orthogonal holes took the Ramp Zone to 300 metres of strike by 270 metres vertically, on 23.35 metres at 8.24 g/t gold inside 76.10 metres at 3.26 g/t. Apollo is continuously mineralised over more than 1,370 vertical metres and the Ramp Zone is open in all directions.

drilling result

Thirteen holes filling gaps in the top 1,000 metres of Apollo returned 486.00 metres at 2.01 g/t gold-equivalent in APC-141 and pushed the western edge out 50 metres. The company also flagged plans to drill up to 100,000 metres in 2026, which would be its largest program yet.

drilling result

Closed C$140 million gross: C$125.4 million from the bought deal at C$19.00 plus Agnico Eagle's concurrent placement. The largest financing in this record, and the company still has no mineral resource estimate.

capital raising announcement

Launched a C$100 million bought deal of 5,270,000 shares at C$19.00 with BMO and Scotiabank as joint bookrunners. The price is 3.8 times the C$5.00 of the October 2024 deal, twelve months and roughly 60,000 metres of drilling later.

capital raising announcement

Two holes stretched the Ramp Zone about 200 metres east and 50 metres northeast: 50.50 metres at 5.66 g/t gold and 13 g/t silver in APC103-D6, and 70 metres at 2.00 g/t gold in the deepest Ramp hole yet. The zone now measures roughly 275 metres of strike by 200 metres vertically and is open in every direction.

drilling result

Two first holes at the X target cut silver-dominant veins over a 500m by 500m area - 12.85 metres at 503 g/t silver-equivalent (361 g/t silver, 1.82 g/t gold) in XTC-1 - a new greenfield discovery, with soil sampling pointing northeast for the next holes.

drilling result

A vertical hole 250 metres south of the San Antonio discovery hole cut 172.40 metres at 1.88 g/t gold-equivalent (1.40 g/t gold) and was stopped early, still in strong mineralisation, because the rig could go no deeper. The porphyry footprint at Pound is growing.

drilling result

Five more shallow holes gave 442.35 metres at 2.16 g/t gold-equivalent from surface in APC-125, again bottoming in mineralisation, and 325.10 metres at 2.03 g/t from 8 metres in APC-126.

drilling result

Six shallow holes returned 397.50 metres at 2.62 g/t gold-equivalent from surface in APC-122 - 1,041 gram-metres - with the hole ending while still in strong mineralisation, plus 135.20 metres at 2.71 g/t from surface in APC-119.

drilling result

Found a second high-grade subzone, HZ2, this one copper and silver rich: 114.40 metres at 4.14 g/t gold-equivalent (150 g/t silver, 0.64% copper) in APC107-D5. The original gold-rich HZ1 from December was pushed 50 metres west and now measures 230 metres of strike.

drilling result

Collective sped up its payments to the vendor of the Guayabales mining license so it can take 100% of the title now rather than in 2032. The total price is unchanged: $2m immediately, $2m within a month of filing the transfer request, $2.3m within two months, and $3.5m in six instalments over three years. Transfer approval by the mining agency (ANM) is expected within about 60 days of the request. This removes the option structure on the license that holds Apollo, but the release says nothing of the separate Guayabales concession held by the Asociacion de Mineros Guayabales.

regulatory community update

The first eight holes of a 30-hole shallow program to design a future starter pit cut tungsten-rich mineralization from surface, including 124 metres at 3.03 g/t gold-equivalent (0.66% WO3Eq) in APC-115. The company said the top 150 metres of Apollo is enriched in tungsten, copper, gold and silver.

drilling result

A hole into the northern Pound target at San Antonio found a gold-copper porphyry stockwork: 290.20 metres at 0.84 g/t gold-equivalent (0.58 g/t gold, 0.17% copper) including 40.90 metres at 1.44 g/t. Porphyry grade, not Apollo grade - the value would come from scale.

drilling result

Two more orthogonal holes extended the first high-grade subzone up to 70 metres deeper: 114.50 metres at 5.00 g/t gold-equivalent inside 263.85 metres at 3.10 g/t, and 30.25 metres at 5.10 g/t clipping the eastern edge. The subzone now measures roughly 180m by 70m by 70m, and the company has modelled eleven of them.

drilling result

With more than US$78 million in treasury after the Agnico money, expanded the 2025 program from 60,000 to 70,000 metres across Guayabales and San Antonio with up to ten rigs, and pulled forward baseline environmental, hydrological and metallurgical work so permitting could start sooner.

drilling progress report

Closed the Agnico Eagle investment: C$52.1 million of new shares at C$11.00 plus C$11.27 million from the early warrant exercise at C$5.01, taking Agnico to about 14.99%. Proceeds are for Colombian exploration.

capital raising announcement

Agnico Eagle agreed to buy 4,741,984 shares at C$11.00 and to exercise its existing warrants early for 2,250,000 shares at C$5.01, for about C$63.4 million in total, taking it to roughly 14.99% of the company. The C$11.00 price is more than double the C$5.00 Agnico paid five months earlier.

capital raising announcement

75.80 metres at 8.01 g/t gold-equivalent in APC105-D1, the best Ramp Zone intercept so far on a grade-times-width basis, with a second hole cut short by a post-mineral dyke after 20.30 metres at 6.68 g/t. Six Ramp Zone holes assayed from three pads; a third rig was added.

drilling result

106.35 metres at 9.05 g/t gold-equivalent inside 497.35 metres at 3.01 g/t in APC104-D5 - 1,499 gram-metres, the best hole drilled at Apollo to that date on a grade-times-width basis, and a deeper cut of the same subzone found in December.

drilling result

The deepest hole ever drilled at Apollo, bottoming near 1,200 metres, cut 51.95 metres at 8.38 g/t gold-equivalent including 18.05 metres at 16.32 g/t, expanding the Ramp Zone about 50 metres along strike and 150 metres vertically. The company compares it to Aris Mining's Marmato Deeps deposit 1.75km along strike, which is under construction.

drilling result

The second orthogonal hole extended the high-grade subzone up to 50 metres laterally: 181.35 metres at 5.38 g/t gold-equivalent inside 402.60 metres at 3.06 g/t. Two more holes had already cut the same projection with assays pending.

drilling result

Final 2024 results from Trap and Plutus. Trap expanded north within its main zone and turned up a new high-grade vein system in the south, including 40.5 metres at 4.01 g/t gold-equivalent and 0.8 metres at 816 g/t gold; Plutus kept cutting shallow, low-grade porphyry. Trap then goes quiet in this record until April 2026.

drilling result

The first hole drilled at right angles across Apollo, rather than along it, cut 150.55 metres at 6.16 g/t gold-equivalent inside 534.40 metres at 2.70 g/t - the best hole to that date. The insight is geometric: previously modelled high-grade subzones only show their true width when drilled orthogonally, and they span over 1,000 vertical metres.

drilling result

A hole on the northeastern flank returned 150.50 metres at 1.74 g/t gold-equivalent including 42.0 metres at 4.02 g/t, opening Apollo up along its northern side. About 101,000 metres had been drilled at Guayabales to date, 67,000 of it at Apollo, and a 60,000-metre program was set for 2025.

drilling result

Closed C$46.35 million gross: C$40.25 million from the upsized bought deal at C$5.00 with the over-allotment fully taken, plus the strategic investor's concurrent private placement at the same price.

capital raising announcement

Launched a C$30 million bought deal of 6,000,000 shares at C$5.00 with BMO as sole bookrunner, plus an over-allotment option for 900,000 more.

capital raising announcement

A hole aimed near a conceptual underground access tunnel found a new high-grade zone at about 1,000 metres depth, named the Ramp Zone: 57.65 metres at 8.18 g/t gold-equivalent including 18.85 metres at 20.21 g/t. It becomes the most important target on the property over the following two years.

drilling result

Four directional holes pushed Apollo southwest and carried the high-grade vein zones past 1,000 metres depth, on 39.95 metres at 4.42 g/t gold-equivalent. Apollo is an outcropping breccia body overprinted by later high-grade veins, and it stays mineralised all the way down.

drilling result

Four more holes stretched Trap 350 metres along strike and found a new near-surface zone named Blackjack, on 30 metres at 4.96 g/t gold-equivalent from 11.85 metres downhole.

drilling result

Eight holes showed that the Olympus and Apollo zones are connected, so the two are now treated as one Apollo system about 1,000 by 800 metres, including 256.35 metres at 1.23 g/t gold-equivalent in hole APC98-D2. The company plans to expand it northwards.

drilling result

Four holes at Trap, 3.5km northeast of the flagship Apollo system at Guayabales in Caldas, Colombia, returned 40.85 metres at 3.76 g/t gold-equivalent inside 174.45 metres at 1.19 g/t. Executive chairman Ari Sussman called Trap a future multi-million-ounce system; five rigs were turning on a 40,000-metre program.

drilling result