Collective Mining Discovers Shallow High-Grade Silver-Tungsten Mineralization in Northern Apollo, Drilling 5.50m at 1,283 g/t Silver, 0.83% WO3, 0.57% Copper and 0.17 g/t Gold from 89.15m

Collective Mining Ltd. (CNL) released assay results for 17 diamond drill holes from four pads—OPad6, Pad35, Pad40, and Pad38—testing the Shallow Halo Zone ("SHZ") of the Apollo deposit. The SHZ is an interpreted 2.4 km long, 200 m wide, precious-metal-dominant target that currently sits inside the Mineral Resource open pit shell and runs from surface to roughly 150 m depth.

Key intercepts as reported (downhole lengths, uncut, true width estimated at 60-100% of reported): - APC-186: 5.50 m @ 1,999 g/t AgEq (1,283 g/t Ag, 0.83% WO3, 0.57% Cu, 0.17 g/t Au) from 89.15 m, within 26.10 m @ 447 g/t AgEq from 77.65 m, within 87.60 m @ 158 g/t AgEq / 3.06 g/t AuEq (0.21 g/t Au, 99 g/t Ag, 0.09% Cu, 0.05% WO3) from 17.70 m. - APC-184: 1.50 m @ 701 g/t AgEq (351 g/t Ag, 0.42% WO3) from 107.60 m within 121.40 m @ 44 g/t AgEq (0.85 g/t AuEq) from 8.70 m. - APC-193: 1.35 m @ 265 g/t AgEq within 149.55 m @ 50 g/t AgEq (0.97 g/t AuEq) from surface. - APC-208 (Pad38, southeastern): 1.05 m @ 10.31 g/t AuEq (6.31 g/t Au, 0.24% WO3) from 312.95 m within 49.85 m @ 2.70 g/t AuEq (1.76 g/t Au, 0.28% Cu) from 312.95 m; plus a separate 40.20 m @ 2.78 g/t AuEq (2.23 g/t Au) from 174.50 m.

Other broad intervals included APC-203 with 113.95 m @ 0.53 g/t AuEq from surface; APC-206 with 80.95 m @ 0.66; APC-211 with 94.50 m @ 0.64; APC-189 with 58.20 m @ 0.56; APC-190 with 63.50 m @ 0.42; APC-194 with 67.25 m @ 0.41; APC-199 with 89.95 m @ 0.40; and APC-187 with 69.90 m @ 0.47. APC-201 returned no significant values.

Contextual data indicates that 22 of 23 SHZ holes reported since the Sept 8, 2026 Mineral Resource returned intervals above the 0.30 g/t AuEq open-pit cutoff. Only 29% of the SHZ has been tested, with assays pending for 99 holes (~38,000 m), including 23 Ramp Zone holes. Adit construction begins Q4 2026, and an environmental licence filing is targeted for H2 2027. The company held US$93.7M cash as of June 30, 2026, with 13 rigs turning.

Collective Mining Ltd. (CNL) released its maiden Apollo Mineral Resource on September 8, 2026, defining 37.0 million tonnes at 2.17 g/t AuEq for the Indicated category (2.58 moz AuEq) and 48.2 million tonnes at 1.83 g/t AuEq for the Inferred category (2.83 moz AuEq). The total resource stands at approximately 5.4 moz AuEq against a market capitalization of roughly US$1.6 billion, implying a valuation of approximately US$300 per ounce of AuEq prior to any economic study.

The release identified a new narrow, high-grade silver-tungsten horizon in the northern SHZ, including one 5.5-meter intercept with two supporting lenses nearby. It also added two above-resource-grade gold-rich intervals at Pad38, southeast of the breccia: 49.85 meters at 2.70 g/t AuEq and 40.20 meters at 2.78 g/t AuEq. Additionally, the data confirmed that ground previously modelled as waste is mineralised, which supports a future resource update and potentially a lower strip ratio than the modelled 3.4:1.

The immediately prior best result on this target was APC-182, reported on September 15, 2026, which returned 135.15 meters at 2.12 g/t AuEq (286 g.m), including 61.05 meters at 3.65 g/t AuEq. Today’s best broad interval, APC-186, returned 268 g.m, but 79% of that grade was concentrated in 5.5 meters and was far more equivalent-dependent; all other intervals were well below the previous anchor. On substance, the current release is at or slightly below the previous SHZ release.

The stock has experienced significant volatility since the Mineral Resource estimate. It closed at $23.31 on the day of the release, fell to $17.86 by September 15, bounced briefly to $19.20 on September 22, and closed at $17.22 on October 9. This represents a decline of approximately 26% since the MRE and 39% below the April high of $28.40. The market has not paid up for the SHZ story, effectively de-rating the Apollo thesis.

In the first half of 2026, Collective Mining reported a net loss of US$32.5 million on zero revenue, with an operating cash outflow of US$24.4 million and capital expenditure of US$10.9 million. Cash reserves decreased from US$129.6 million at December 31, 2025, to US$93.7 million at June 30, 2026. The company has US$8.7 million of land payments due in 2026 within a total US$44 million surface-rights commitment. The MD&A carries going-concern language and explicitly notes reliance on equity financing. At a combined burn rate of approximately US$17-18 million per quarter, a financing event is expected in 2027 regardless of the quality of the geological results.

Collective Mining Ltd. (Nasdaq and TSX: CNL) is a pre-revenue gold-silver-copper-tungsten explorer and developer operating in the Caldas department of Colombia. The company was founded by the team that built and sold Continental Gold to Zijin Mining for approximately US$1.4B in enterprise value.

The company’s flagship asset is the Guayabales project, anchored by the Apollo deposit, a large-scale, bulk-tonnage polymetallic system. An effective maiden Mineral Resource dated Aug 31, 2026, reports 37.0 Mt @ 2.17 g/t AuEq Indicated for 2.58 moz AuEq and 48.2 Mt @ 1.83 g/t AuEq Inferred for 2.83 moz AuEq. The resource is split between an open pit (22.5 Mt @ 2.06 g/t AuEq Indicated; 25.9 Mt @ 0.86 g/t AuEq Inferred), underground above 1,000 masl (13.2 Mt @ 2.10 g/t AuEq Indicated; 16.2 Mt @ 2.06 g/t AuEq Inferred) and the high-grade Ramp Zone below 1,000 masl (1.29 Mt @ 4.74 g/t AuEq Indicated; 6.04 Mt @ 5.37 g/t AuEq Inferred). There are currently no reserves, no PEA, and no NPV.

Other targets include Trap, a 1.4 km sheeted-vein corridor plus a gold-copper porphyry anomaly, to be drilled from an exploration adit starting Q4 2026 with Trap East in Q1 2027; Plutus (porphyry); the newly defined Orion and Victory targets; and the optioned San Antonio project 2-5 km east-northeast, which hosts the high-grade silver-rich Pound vein system.

Infrastructure and jurisdiction features include adjacency to the Pan-American Highway and hydropower lines, with ten permitted and operating mines within a three-kilometre radius, Aris Mining's Marmato being the closest analogue. An environmental licence filing is targeted for H2 2027.

Metallurgy utilizes a dual-route flowsheet: gravity/cyanidation to doré for the bulk of the resource, and flotation to copper and tungsten concentrates for the high-grade sub-domains. Recoveries are reported at 95% Au, 92% Ag, 85% Cu and 70-74% WO3.

The balance sheet as of June 30, 2026, as reported, shows cash of US$93.7M, working capital of US$71.7M, total assets of US$168.8M, total liabilities of US$52.7M, no debt, and a book value of US$1.25/share. H1 2026 net loss was US$32.5M; FY2025 net loss was US$49.9M.

Ownership includes management, insiders, a strategic investor and close family/friends holding 45.2%. There are 92.7M shares outstanding and 99.3M fully diluted.