Collective Mining Drills 154.30 m @ 12.66 g/t AuEq*, Including 30.45 m @ 39.01 g/t AuEq*, at Apollo's Ramp Zone
Collective reports Broad Ramp intersection with elevated grade-thickness, though total tonnes for the deposit remain pending final calculation.
Collective Mining Ltd. (CNL) has reported assay results for four directional daughter holes and the mother hole from the Ramp Zone at Apollo, Guayabales, Colombia. The headline intercept came from hole APC174-D4, which returned 154.30 m @ 12.66 g/t AuEq (12.44 g/t Au, 11 g/t Ag) from 1,208 m below surface. This interval includes 30.45 m @ 39.01 g/t AuEq (38.47 g/t Au, 28 g/t Ag) from 1,339 m below surface, which in turn includes 4.75 m @ 184.25 g/t AuEq (182.27 g/t Au, 102 g/t Ag) from 1,352 m below surface.
APC174-D4 ended in mineralization, returning 12.20 m @ 0.75 g/t AuEq (0.71 g/t Au, 2 g/t Ag) from 1,384 m below surface to the end of the hole. This final interval lies outside the current Mineral Resource, with the rig reaching rod capacity.
Other daughter holes returned weaker results. APC174-D1 returned 8.60 m @ 3.28 g/t AuEq, 1.20 m @ 8.43 g/t AuEq, 3.05 m @ 9.10 g/t AuEq and 4.25 m @ 7.61 g/t AuEq. APC174-D2 returned 1.10 m @ 8.18 g/t AuEq, 8.00 m @ 3.74 g/t AuEq and 19.90 m @ 3.97 g/t AuEq. APC174-D3 returned only 1.20 m @ 5.11 g/t AuEq.
The company stated that the principal intercept is the broadest high-grade intercept drilled at Ramp, lies largely within the Mineral Resource, and returned local grades more than 75% above estimated block grades. It also extended the predicted high-grade envelope about 20 m shallower and 30 m deeper at that location.
Ramp Zone coverage is now about 590 m of the interpreted 1.5-km Apollo breccia circumference, versus about 315 m previously included in the maiden Mineral Resource. Assays are pending for 71 Guayabales holes, including 17 from Ramp. The release also notes visible gold in pending holes APC174-D7, APC164-D5 and APC180-D4, and visible scheelite plus gold in APC180-D3, with assays pending. The company cautions that visual observations are not assays.
Collective Mining Ltd. (CNL) is an advanced explorer with a maiden Apollo resource of 2.58 moz AuEq Indicated and 2.83 moz AuEq Inferred. The company has no revenue and a market capitalization of approximately C$1.32B, based on 92.74M shares and a C$14.27 last close. Prior-period context, not disclosed in today's release, includes US$93.7M cash at June 30, 2026, a Q2 2026 net loss of US$20.1M, and a US$32.5M H1 2026 net loss.
The latest result matters because it represents the broadest high-grade Ramp intercept to date and exceeds the Ramp resource blocks locally. This supports the view that the Ramp Zone can carry higher grades over larger widths than the maiden model, potentially improving the grade and confidence of the next Ramp resource update. However, the hole is largely inside the current resource. It does not add a new assayed zone, a new resource estimate, or a new economic study. The incremental tonnes and ounces remain conceptual until the 2027-2028 resource update.
The expectation anchor is not embedded in the current price. APC150-D1 was published March 29, 2026, when the stock closed C$20.96 before the release and C$24.43 on March 31. The stock is now C$14.27, near its 52-week low and well below the post-anchor level, indicating the market is not paying for a repeat of the prior high-grade result. Against that anchor, APC174-D4 is about 10% higher in gram-metres, with 1.84x the length and about 40% lower grade. The grade-and-width substance is positive on contained metal and width. The stock's round-trip means a genuinely strong Ramp result can still be an unpriced positive.
The result is not yet a NAV-changing event. The Ramp resource is about 1.24 moz AuEq Indicated and Inferred combined. A grade upgrade to that resource is valuable, but it is small relative to the whole Apollo resource and the current equity value until the next resource estimate quantifies it.
Collective Mining Ltd. (CNL), a Colombia-focused gold-silver-copper-tungsten explorer and developer listed on the Nasdaq and TSX, is advancing its flagship Guayabales Project. The project is anchored by the Apollo system, with the San Antonio Project located nearby.
Apollo’s maiden Mineral Resource estimate includes 37.0 million tonnes at 2.17 g/t AuEq for 2.58 million ounces of AuEq in the Indicated category, and 48.2 million tonnes at 1.83 g/t AuEq for 2.83 million ounces of AuEq in the Inferred category. The Ramp Zone, located below 1,000 masl, carries 1.29 million tonnes at 4.74 g/t AuEq for 0.20 million ounces of AuEq Indicated, and 6.04 million tonnes at 5.37 g/t AuEq for 1.04 million ounces of AuEq Inferred.
The project currently holds no Mineral Reserves and has no production. Collective Mining is advancing an exploration adit, infill and expansion drilling, metallurgical work, and environmental permitting. An updated resource is expected in Q4 2027 to Q1 2028, followed by a Preliminary Economic Assessment (PEA).
Prior-period context not disclosed in today’s release includes US$93.7 million in cash at June 30, 2026, 92.74 million shares outstanding, and management, insider, and strategic ownership of 45.2%. The financial statements carry a going-concern flag, dependent on future financing, despite the current cash balance.
The 2026 program is fully funded for up to 90,000 meters of drilling, with 13 rigs operating. The company is also acquiring surface rights and building the adit to access the Ramp and the Trap system from underground.