Collective Mining Intersects High-Grade Gold Outside the Mineral Resource in Apollo's Eastern Shallow Halo Zone, Including 14.25 m @ 6.49 g/t AuEq* and 67.25 m @ 1.58 g/t AuEq*

Collective Mining Ltd. (CNL) has released assay results from 30 diamond drill holes at its Guayabales Project, comprising 24 holes in the Apollo Shallow Halo Zone (“SHZ”), five holes located outside the southern SHZ limit, and one geotechnical hole, GTC-4. The company reported that 22 of the 24 SHZ holes returned intervals exceeding the 0.30 g/t AuEq open-pit cut-off. This brings the total number of SHZ holes reporting above that cut-off to 44 of 47 since the maiden Mineral Resource was announced on September 8, 2026.

Key reported intervals, all downhole lengths, include:

• APC-218: 14.25 m @ 6.49 g/t AuEq (5.49 g/t Au, 52 g/t Ag) from 81.60 m, including 3.60 m @ 18.83 g/t AuEq from 90.60 m.
• APC-204: 67.25 m @ 1.58 g/t AuEq (1.07 g/t Au, 26 g/t Ag) from 95.00 m, including 19.70 m @ 4.42 g/t AuEq from 117.70 m; separate 33.70 m @ 0.42 g/t AuEq from 3.50 m.
• APC-226: 197.40 m @ 0.74 g/t AuEq (0.26 g/t Au, 21 g/t Ag, 0.07% Cu) from 2.85 m, including 30.55 m @ 2.02 g/t AuEq from 25.50 m in oxide.
• APC-200: 15.80 m @ 3.78 g/t AuEq (0.72 g/t Au, 158 g/t Ag) from 124.80 m, including 4.70 m @ 12.00 g/t AuEq (2.20 g/t Au, 506 g/t Ag) from 134.70 m.
• APC-183: 16.50 m @ 2.06 g/t AuEq (1.77 g/t Au, 15 g/t Ag) from 3.10 m.
• APC-188: 19.05 m @ 5.48 g/t AuEq (5.28 g/t Au, 10 g/t Ag) from 388.95 m, including 1.65 m @ 51.56 g/t AuEq from 400.70 m.
• GTC-4: 1.55 m @ 42.79 g/t AuEq (42.50 g/t Au, 15 g/t Ag) from 574.50 m.
• APC-238: 1.00 m @ 10.95 g/t AuEq from 53.00 m.

According to the release, approximately 41% of the interpreted SHZ area has been drill tested, with two rigs currently operating on the remaining 59%. Assays are pending for 69 holes, including 23 SHZ and 21 Ramp Zone holes. The company reported US$93.7 million in cash as of June 30, 2026, and stated it is fully funded for the 2026 program.

Collective Mining Ltd. (CNL) released drill results that add to its existing data set rather than constituting a standalone financial update. The company’s financial position remains under scrutiny, with a Q2-2026 net loss of US$20.1 million and negative H1 operating cash flow of US$24.4 million. Cash reserves declined to US$93.7 million as of June 30, 2026, and the management discussion and analysis includes a going-concern flag. While Collective Mining is funded for its 2026 program, additional financing may be required beyond that period.

The company is currently valued at approximately US$1.4 billion, underpinned by a 5.4 moz AuEq maiden resource. The market has priced in growth potential from the Apollo zone, the high-grade Ramp Zone, and eventual development. The recent SHZ results suggest the existence of additional open-pit material outside the current resource boundary and within or near the pit shell. However, the data does not establish a new zone, a new scale of system, or an upgrade to the resource. An updated Mineral Resource is not expected until Q4 2027 or Q1 2028, meaning the news has a long lead time before it translates into tonnes and ounces.

Previous SHZ results demonstrated stronger grade-width metrics. Drill hole APC-182 returned 135.15 m @ 2.12 g/t AuEq, while the October 13 release highlighted APC-186 with 87.60 m @ 158 g/t AgEq, including a high-grade core of 5.50 m @ 1,999 g/t AgEq. In comparison, the best high-grade interval in this release, APC-218, returned 14.25 m @ 6.49 g/t AuEq, which is less than half the gram-metres of the strongest prior SHZ high-grade composites. The longer intervals in this release were also lower grade.

Collective Mining’s stock has not fully reflected those prior results, closing at US$23.31 on September 8, 2026, and US$15.14 on October 26, 2026, near its 52-week low. The incremental nature of this update does not represent a material negative, nor does it materially exceed what has already been demonstrated.

Collective Mining Ltd. (CNL) is an advanced exploration and development company focused on the Guayabales Project in Caldas, Colombia, with the Apollo system as its flagship asset. Apollo is a large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten system. The maiden Mineral Resource, announced September 8, 2026, comprises 37.0 Mt at 2.17 g/t AuEq for 2.58 moz AuEq Indicated and 48.2 Mt at 1.83 g/t AuEq for 2.83 moz AuEq Inferred. The open-pit component is 22.5 Mt Indicated at 2.06 g/t AuEq and 25.9 Mt Inferred at 0.86 g/t AuEq; the underground Ramp Zone is 6.04 Mt Inferred at 5.37 g/t AuEq.

The company also has the San Antonio Project, including the Pound silver target and porphyry potential, plus the Trap and Plutus targets. It is not a producer and has no revenue. It had US$93.7 million cash at June 30, 2026, 13 rigs operating, and a 2026 program of up to 90,000 m. The updated Mineral Resource is expected Q4 2027-Q1 2028, followed by a PEA; the exploration adit is scheduled to begin in Q4 2026, with underground drilling at Trap in Q1 2027 and environmental licence filing targeted for H2 2027.