Collective Mining Limited (New York Stock Exchange: CNL; TSX: CNL) Assay results are reported for 12 diamond drill holes at the Guayabales Project, Colombia. Three directional diamond holes tested the slope zone on the previously undrilled western edge of the Apollo breccia body, while the remaining nine holes tested various gaps in the company’s inner block model within the upper 1,100 meters of the Apollo system.
Three exploratory drill holes, covering approximately 70 meters of lateral extent and 205 vertical meters of size, returned multiple finds of high-grade gold on the previously untested western edge of the slope zone within the Apollo Brescia body: 23.15 meters at 4.61 g/t gold and 11 g/t silver from 1,163 meters below the surface (APC140-D5); 5.30 meters at 37.04 g/t gold and 28 g/t silver from 1,090 meters below the surface (APC140-D6) and 8.60 meters at 6.51 g/t gold and 13 g/t silver from 1,316 meters below the surface (APC140-D7).
To date, only 385 meters of the projected circumference of the 1,500-meter-long cone-shaped Apollo Breccia body have been tested for slope zone-style mineralization. In 2026, the company intends to conduct large-scale testing of the entire 1,500-metre-long breccia body circumference using seven drilling rigs dedicated exclusively to this task.
Four drill holes targeting various undrilled portions of the shallow portion of the Apollo breccia body, and intersecting broad zones of mineralized breccia, including 232.70 meters at 1.80 g/t AuEq from 423 meters below surface, including 45.00 meters at 3.50 g/t AuEq and 32.80 meters at 3.57 g/t AuEq (APC151-D1). and 160.15 meters at 2.03 g/t AuEq from 467 meters below surface, including 21.10 meters at 4.62 g/t AuEq and 24.80 meters at 4.42 g/t AuEq (APC151-D2).
The ramp is located at the base of the Apollo System starting approximately 1,100 meters below the surface, and is ideally located at the same elevation where an envisioned underground outlet could access mineralization in a potential future mining operation.
Apollo is a large, partially reduced, infiltration-related system enriched with gold, silver, copper and tungsten. Drilling to date at Apollo has demonstrated continuous mineralization from surface to over 1,450 vertical metres, as of today. Apollo is anchoring the company’s flagship Guayabales project, a region-wide, multi-target, infrastructure-rich project in Caldas, Colombia.
Ari Sussman, Executive Chairman, commented: “We are very excited about these first drill results in the ramp zone on the previously untested western side of the Apollo Breccia structure. The return of multiple high-grade gold cuts, including an impressive 5.3 meters at 37 g/t gold, at depths of over 1,100 meters clearly demonstrates that not only is the ramp zone now located on the western side of Apollo, but that the system is capable of producing high-grade gold at this location as well
“With only 385 meters of the projected 1,500 meter circumference tested to date, the potential to extend this high-quality zone along strike and to depth is significant. These results reinforce our belief that the ramp zone will play a pivotal role in the future development of Apollo, and we look forward to testing the entire circumference with seven dedicated drilling rigs in 2026.”
Holes APC140-D5, APC140-D6 and APC140-D7 were drilled as wedge directional exploratory holes from parent hole APC-140D (Pad 29) and were angled in southwesterly directions to test the western edge of the Apollo breccia body for slope zone style mineralization.
All three drill holes intersected high-grade slope zone-style mineralization characterized by altered albite, muscovite, sericite, and gold associated with anomalous bismuth and tellurium values. The holes covered approximately 70 meters of lateral extent along the western edge of the Apollo Breccia body with a spacing of 205 vertical meters (to 1,300 meters below surface) with mineralization remaining open in all directions. Assay results for APC140-D5, APC140-D6 and APC140-D7 are as follows: 23.15 meters at 4.61 g/t gold and 11 g/t silver from 396.15 meters (starting at 1163 meters below surface) (APC140-D5); 5.30 meters at 37.04 g/t gold and 28 g/t silver from 384.00 meters (starting at 1090 meters below the surface) (APC140-D6) and 8.60 meters at 6.51 g/t gold and 13 g/t silver. From 586.55 meters (starting at 1316 meters below surface) (APC140-D7).
When combined with previously reported drilling along the southeastern edge of the cone-shaped breccia body, only 385 meters of the Apollo Breccia body’s expected circumference of 1,500 meters in depth have been tested to date for slope zone-style mineralization. In 2026, the company intends to conduct large-scale testing of the entire 1,500-metre-long breccia body circumference using seven drilling rigs dedicated exclusively to this task.
Interestingly, in the shallow part of holes APC140-D6 and APC140-D7, at elevations between 1050 and 1100 MASL, continuous zones of low-grade slope zone-style mineralization (simple gold, bismuth and tellurium) intersect along the northwest side of the breccia body, and the results are as follows: 26.90 meters at 1.23 g/t gold and 12 g/t silver from 139.00 meters (starting at 927 meters below the surface) (APC140-D5) and 12.05 meters at 1.16 g/t gold and 5 g/t silver from 183.85 meters (starting at 966 meters below the surface) (APC140-D7).
As a result of these intercepts, along with previously announced intercepts at similar elevations along the northern edge of the Apollo Breccia body, the Company is confident in its chances of finding high-grade slope zone-style mineralization at deeper elevations along this contact where current drilling is interpreted to be very shallow. The first hole dedicated to testing the northern flank of the breccia body at deeper elevations of Ramp Zone-style mineralization is now underway.
An additional deep-capacity diamond rig is now being drilled to test the northern edge of the Ramp Zone breccia body of mineralization, and a seventh rig is expected to arrive at the site before the end of May. In total, the company expects to have 14 diamond drilling rigs operating before the end of the second quarter of 2026.
To date, Collective has completed 177,000 meters of diamond drilling across its Guayabales and San Antonio projects, including 115,000 meters on its flagship Apollo system.
With US$129.6 million in cash (as of December 31, 2025), the company is fully funded for its planned 2026 program, which envisions up to 100,000 meters of drilling.
The ramp area is classified as a low intrusion-related gold system with similarities, in terms of mineralogy, to the nearby Marmato Deeps deposit, owned by Aris Mining. The Ramp and Marmato Deep systems are located only 1.75 km apart, start at approximately the same elevation and host very similar sulphide assemblages containing gold and silver.
In the slope zone, mineralization occurs with pyrite and pyrrhotite, accompanied by minor bismuth, tellurium and locally arsenepyrite-laden sulphides, which are present in the vein stocks, fissures and mareolitic cavities of the breccia body. The alteration is dominated by muscovite, albite, and sericite.
The main distinguishing feature of Ramp Zone style mineralization is the much higher gold grades reported compared to those previously reported at Marmato Deeps. The company attributes this distinct appearance primarily to the host rock: the mineralization in the slope zone is emplaced within a porous breccia matrix, which provides greater permeability to mineral-bearing fluids than the porphyry host rock at Marmato Deeps.
Upper Apollo Drill Holes: Four directional holes cordoned off from parent holes APC-151D were drilled to the southwest of Pad31 and targeted various holes in the company’s inner block model within the top 1,000 meters of the Apollo system.
The results of this drilling improved local block model grades by up to 15%, expanded the size of the eastern edge of the locally mineralized breccia body by up to 25 m (horizontal and vertical) and raised confidence in the estimate by filling various gaps.
Assay results for these four holes are as follows: 232.70 meters at 1.80 g/t gold equivalent from 106.55 meters (starting at 423 meters below surface) (APC151-D1), including 45.00 meters at 3.50 g/t gold equivalent from 184.60 metres; 32.80 meters at 3.57 g/t gold equivalent from 306.45 meters and 52.90 meters at 1.31 g/t gold equivalent from 643.50 meters (starting at 899 meters below surface); 160.15 meters at 2.03 g/t gold equivalent from 123.45 meters (starting at 467 meters below surface) (APC151-D2), including 21.10 meters at 4.62 g/t gold equivalent from 139.65 metres; 24.80 metres, equivalent to 4.42 grams/ton of gold from 240.00 metres; 80.35 meters at 1.20 g/t gold equivalent from 196.00 meters (starting at 517 meters below surface) (APC151-D3); 1.20m at 22.64 g/t gold equivalent from 189.80m (starting from 531m below surface) (APC151-D4), 1.05m at 7.62g/t gold equivalent from 512.10m (starting from 885m below surface) and 7.40m at 4.77g/t gold equivalent from 516.85m (It starts at a depth of 890 meters below the surface).
Two holes, directional parent hole APC-151D and hole APC-168, were drilled east and outside the main mixed portion of the Apollo system, intersecting near surface gold and silver mineralization in the hanging wall vein zone and returning 2.10 meters at 2.96 g/t gold equivalent from 97.00 meters (APC-151D) and
1.20 meters at 4.36 g/t gold equivalent from 234.45 meters, 3.15 meters at 3.63 g/t gold equivalent from 238.65 metres, and 2.00 meters at 230 g/t silver equivalent from 45.95 meters (APC-168).
Exploration drill holes APC-163, APC-166 and APC-170 from Pad 32 (located north of the Apollo System) were drilled to the northeast, southwest and northwest respectively and cut gold- and silver-rich polymetallic veins with results including 2.05 meters at 299 g/t silver equivalent from 26.65 meters (APC-163).
1.25 meters of 3.08 g/t gold is equivalent to 140.05 metres; 1.20m at 14.87 g/t gold equivalent from 315.00m (APC-170) and 1.50m at 4.10 g/t gold equivalent From 331.70 metres.
Collective was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The company’s two projects are located directly within an existing mining camp that includes ten licensed and fully operational mines.
The company’s flagship project, Guayabales, is anchored by the Apollo System, which hosts the large-scale, high-tonnage, high-grade Apollo System of gold, silver, copper and tungsten. The Company’s objectives for the Guayabales Project are to expand the newly discovered high-grade cliff zone along strike and depth, test drill the new hanging wall vein zone and drill a series of greenfield generating targets on the property.
Management, insiders, strategic investor, close family and friends own 45.3% of the company’s outstanding shares.
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