Collective Mining Announces that Drilling is Underway to Target the Near Surface and Tungsten Rich Portion of Apollo

On November 10, 2025, Collective Mining announced that it has commenced a drilling program specifically targeting the near-surface, tungsten-rich portion of its Apollo deposit at the Guayabales Project in Colombia. The company highlighted several strong historical drill intercepts from this zone to reinforce its potential, including 86.55 metres of 3.52 g/t gold and 0.34% tungsten trioxide (WO3).

Initial visual logging of the new drill core has identified the presence of scheelite (a tungsten mineral) and various copper minerals. The company expects to release the first assay results from this new program in December 2025. Executive Chairman Ari Sussman's commentary emphasized the strategic value of tungsten, noting its record-high price and the scarcity of supply in the Americas. The release also reiterated the company's strong financial position with a cash balance of US$145 million.

This news is a routine operational update that is incrementally positive. It confirms the company is methodically advancing its flagship Apollo project by delineating specific, high-value zones. The focus on tungsten is significant, as it was first identified as a historic discovery for Colombia in the June 2, 2025 press release. This targeted drilling program is a logical follow-up to add value and potentially define a starter pit for a future mining scenario.

While the announcement of drilling is in line with expectations, it is not materially impactful on its own. The market will be looking for the actual assay results, expected in December, to gauge the economic significance of this tungsten-rich zone. The confirmation of the US$145 million cash position is not new information, having been previously disclosed on October 20, 2025, but serves as a reminder of the company's robust ability to fund its aggressive exploration plans without near-term financing needs.

Compared to previous news, this release is less significant than the blockbuster drill results of October 29 (486 metres at 2.01 g/t AuEq) or the closing of the C$140 million financing on October 8. It represents a tactical step in the broader de-risking and definition of the Apollo deposit.

Collective Mining is a Canadian mineral exploration company focused on its projects in the Caldas department of Colombia. The company was founded by the team that successfully developed and sold Continental Gold to Zijin Mining.

The company's flagship asset is the Apollo discovery at its 100%-owned Guayabales Project. Apollo is a large-scale, bulk-tonnage gold-silver-copper-tungsten system that has been drilled over a vertical extent of more than 1,200 metres from surface and remains open for expansion. The system consists of several key domains, including the main breccia body, multiple high-grade sub-zones, and the deeper, very high-grade "Ramp Zone." The project benefits from its location in a mining-friendly jurisdiction with excellent infrastructure.