Collective Mining Discovers a Precious Metal-Rich Oxide Zone at Northern Apollo with Intercepts Including 71.20 Meters at 1.95 g/t Gold Equivalent (0.75 g/t Au and 87 g/t Ag) from Surface

Collective Mining has announced a new precious metal-rich oxide zone at Northern Apollo within its Guayabales Project in Colombia. The discovery features intercepts including 71.20 meters at 1.95 g/t Gold Equivalent (AuEq) from surface, with a corridor measuring approximately 700 meters in strike length by 200 meters in width extending to 100 meters depth. The zone is fully oxidized to a maximum depth of 45 meters before transitioning to an oxide-sulphide mixture.

The company reports a cash position of US$113.3 million (as of March 31, 2026), which provides full funding for its planned 2026 drilling program of up to 100,000 meters. Operational capacity is expanding with 14 diamond drill rigs expected to be operating before the end of Q2 2026. Total drilling completed across Guayabales and San Antonio projects stands at 178,000 meters. The company intends to evaluate this oxidized zone for inclusion in the maiden NI 43-101 mineral resource estimate scheduled for mid-2027.

The May 20, 2026 news release is categorized as Routine - Positive. While the discovery of a broad oxide zone with surface intercepts adds flexibility to potential mining operations and reduces future capital expenditure risks associated with deep underground development, it does not fundamentally alter the company's valuation thesis compared to previous announcements. The Ramp Zone high-grade discoveries earlier in 2026 (January-February) were rated Material - Positive as they established the core resource value driver; this oxide discovery confirms surface potential but is consistent with the ongoing exploration narrative.

The market has already priced in significant upside following the Agnico Eagle investment (October 2025) and the Ramp Zone breakthroughs. The recent stock price correction from $28.40 to $21.38 suggests that drill results are being viewed incrementally rather than as transformative events unless they trigger a resource estimate or M&A activity. However, the confirmation of surface oxide mineralization supports the feasibility of a potential open-pit or low-cost underground operation in the future, which is a positive operational development for long-term project economics.

Collective Mining is an exploration company focused on the Guayabales Project in Colombia, which hosts the Apollo System. The Apollo System is a polymetallic deposit enriched in gold, silver, copper, tungsten, and molybdenum. It features two primary zones: the high-grade Ramp Zone (deep intrusion-related) and the Northern Apollo Oxide Zone (surface). The company also operates the San Antonio Project, which hosts high-grade silver veins and porphyry targets.

The project benefits from proximity to infrastructure, including the Pan-American Highway and hydropower lines. Management has secured 100% ownership of the Guayabales mining licence through accelerated payments, removing a major barrier to development. The company is fully funded for its 2026 exploration program with US$113.3 million in cash.