Collective Mining Intersects Broad Zones of Shallow Mineralization Within Areas Modeled as Waste in the Apollo Mineral Resource Open Pit Shell Including, 135.15m @ 2.12 g/t AuEq from 21.30m

Collective Mining Ltd. (CNL) has released assay results for thirteen drill holes at the Apollo deposit within its Guayabales Project in Colombia. Six of these holes targeted the Shallow Halo Zone, an interpreted broad area surrounding the main Apollo breccia body that is currently modeled as waste within the proposed open pit shell.

The best intercept from the Shallow Halo Zone came from hole APC-182, which returned 135.15 meters at 2.12 grams per tonne gold equivalent (g/t AuEq) starting from 21.30 meters. This interval included a higher-grade section of 61.05 meters at 3.65 g/t AuEq from 70.35 meters. The APC-182 intercept is silver-dominant, averaging 0.28 g/t Au, 90 g/t Ag, and 0.10% copper (Cu) over the full length, while the higher-grade inclusion carried 0.36 g/t Au, 162 g/t Ag, and 0.13% Cu.

Other intercepts from the Shallow Halo Zone included: * APC-177: 163.95 m at 0.47 g/t AuEq from 8.60 m. * APC-176: 107.45 m at 0.48 g/t AuEq from 46.90 m. * APC-179: 80.20 m at 0.73 g/t AuEq from 13.60 m. * APC-175: 64.85 m at 0.61 g/t AuEq from 49.10 m. * APC-178: 15.50 m at 0.79 g/t AuEq from 101.90 m, plus 116.55 m at 0.34 g/t AuEq from 205.00 m.

A mother hole, APC-164D, intersected 52.10 meters at 0.33 g/t AuEq from 88.20 meters approximately 120 meters outside the current mineral resource pit outline. Infill drilling within the modeled resource confirmed expected grades, identifying several narrow higher-grade depth intervals, including APC167-D2 with 1.25 meters at 16.63 g/t AuEq and APC185-D1 with 1.35 meters at 7.96 g/t AuEq.

The company stated that only about 20% of the interpreted Shallow Halo Zone has been tested, with three rigs currently drilling the remaining 80%. True widths are estimated at 60% to 100% of the reported downhole lengths, and grades are uncut. The open-pit resource cutoff grade is 0.3 g/t AuEq.

The AuEq formula utilizes metal prices of USD 3,000/oz for gold, USD 60/oz for silver, and USD 5.25/lb for copper, with recoveries of 95% for gold, 92% for silver, and 85% for copper.

Collective Mining Ltd. (CNL) has released post-maiden-resource step-out and infill drilling results, marking a transition from a pre-resource micro-cap to a company with a defined Indicated and Inferred resource base and an approximately US$1.7 billion market capitalization. The new data centers on the Shallow Halo Zone, anchored by the May 20, 2026 northern Apollo oxide discovery, which returned APC-165 with 71.20 m at 1.95 g/t AuEq from surface.

The latest result, APC-182, represents a positive delta against that anchor, returning 135.15 m at 2.12 g/t AuEq. This interval is roughly double the gram-metres of the anchor at a slightly higher grade, supporting extensions and improved width. However, the stock has fallen from about US$23.31 on September 8 to US$18.45 on September 14, a decline of roughly 21%, suggesting the market has been repricing the resource and growth story downward.

The best result is silver-rich rather than gold-dominant, and most other shallow intercepts are at or just above cutoff. These findings serve as early indications of future pit-shell ounces and possible strip-ratio improvement, though no tonnage, grade, recovery, or resource impact is yet defined.

The materiality test against a US$1.7 billion equity is high, and this release likely does not move the stock by 15% on its own; a modest positive or neutral reaction is more probable. While the potential to convert modeled waste into mineral resources is a real optionality, it remains undrilled beyond 20%, with no resource update expected until Q1 2028. Consequently, the release is viewed as incremental but positive: better than the prior shallow halo anchor, but not a discovery and not a transformation of the resource base.

Collective Mining Ltd. (CNL) is a Colombian-focused explorer and developer of gold, silver, copper, and tungsten assets. The company’s Guayabales project hosts the Apollo deposit, which announced a maiden mineral resource on September 8, 2026. The resource comprises 37.0 million tonnes at 2.17 grams per tonne gold-equivalent (AuEq) in the Indicated category, totaling 2.58 million ounces of AuEq, and 48.2 million tonnes at 1.83 grams per tonne AuEq in the Inferred category, totaling 2.83 million ounces of AuEq.

The resource includes both open-pit and underground components. The open-pit Indicated portion consists of 22.5 million tonnes at 2.06 grams per tonne AuEq with a 3.4:1 strip ratio. In addition to Guayabales, the company holds the San Antonio project, which features high-grade silver and gold-copper porphyry targets.

Financially, Collective Mining reported US$93.7 million in cash at June 30, 2026, down from US$129.6 million at year-end 2025. The company had approximately 92.74 million shares outstanding as of the second quarter of 2026. Management includes veterans from Continental Gold, which was sold to Zijin Mining for approximately US$1.4 billion. Agnico Eagle Mines holds a strategic equity interest of approximately 14.64% following the October 2025 financing.