Collective Mining Expands the Ramp Zone in Multiple Directions, More Than Doubling Its Vertical Extent, and Drills 21.40 m at 11.06 g/t AuEq*

The release reports assay results from four directional diamond drill holes testing the Ramp Zone at Apollo, Guayabales, Colombia. The company’s framing is that the Ramp Zone has been expanded in multiple directions and that its vertical extent has more than doubled, from about 350 m to about 720 m.

• APC171-D3, the deepest hole: 44.55 m at 5.75 g/t AuEq from 1,274 m below surface, including 21.40 m at 11.06 g/t AuEq from 1,275 m; 79.80 m at 2.02 g/t Au from 1,727 m, including 2.70 m at 25.58 g/t AuEq; 61.60 m at 1.27 g/t AuEq from 916 m; 16.15 m at 2.76 g/t AuEq from 1,367 m.
• APC164-D5: 13.75 m at 11.68 g/t AuEq from 1,248 m; 117.80 m at 1.59 g/t Au from 1,459 m, including 18.60 m at 3.05 g/t AuEq, 17.75 m at 3.06 g/t AuEq and 8.95 m at 3.92 g/t Au.
• APC164-D6: 20.90 m at 3.41 g/t AuEq from 1,491 m, plus narrower high-grade intervals of 2.15 m at 8.14 g/t AuEq, 1.65 m at 9.31 g/t AuEq and 2.00 m at 5.19 g/t AuEq.
• APC172-D1: 26.75 m at 3.42 g/t Au from 1,504 m; 7.80 m at 5.97 g/t AuEq from 1,593 m; 16.15 m at 1.23 g/t AuEq from 1,287 m.

The company says all four holes intersected Ramp Zone mineralization outside or below the current Mineral Resource. The deepest interval is about 370 vertical metres below the resource base and about 1,800 m below surface. It also says the step-outs are approximately 100 m to 190 m beyond the outer resource boundary.

The Ramp Zone resource is small but high grade: 0.20 Moz AuEq Indicated at 4.74 g/t and 1.04 Moz AuEq Inferred at 5.37 g/t, at a 1.5 g/t AuEq cut-off. It covers about 315 m strike, 120 m width and 350 m vertical, or roughly 21% of the interpreted 1.5-km Apollo breccia circumference. The release is an exploration update; it is not a resource update and does not add tonnes or ounces.

Collective Mining is an advanced explorer with a maiden resource, not a producer. Prior-period context, not disclosed in today’s release: Q2-2026 cash was US$93.7 million, H1-2026 net loss was US$32.5 million, and the MD&A carried a going-concern flag while stating the 2026 program is funded. There is no revenue and no reserve. The equity is therefore priced on exploration success, resource growth and development optionality.

The release changes the perceived scale of the Ramp Zone. It shows mineralization at about 1,800 m below surface, extends the known vertical range to about 720 m, and confirms step-outs 100 m to 190 m north and northwest of the resource. That is a genuine system-growth result. It does not yet change the resource, because there is no tonnage, no updated block model and no assurance that the deep or northern material will convert into Mineral Resources.

The expectation anchor is important. The prior release on November 3 reported APC174-D4: 154.30 m at 12.66 g/t AuEq, including 30.45 m at 39.01 g/t AuEq—about 1,953 g.m in the headline interval. The stock rose from US$14.27 on November 2 to US$19.97 on November 9, a 40% move. That anchor is therefore embedded in the current price.

Against that anchor, the new best intercept is much weaker in grade-width substance: 44.55 m at 5.75 g/t is about 256 g.m, roughly 13% of the anchor’s gram-metres, at a lower grade. If this were a pure attempt to repeat APC174-D4, it would be a material disappointment.

It is not a pure repeat attempt. The release is a step-out and deep-extension program, and all four holes hit Ramp Zone mineralization. It adds a new vertical dimension, extends the zone laterally into previously untested ground and provides multiple assayed pierces rather than one. That offsets the lower headline grade. The stock may still consolidate after the 40% run, but the result is a successful major step-out that grows the system, not a failed hole.

The materiality is positive but not transformational. The high-grade intervals support the Ramp Zone thesis; the deep low-grade intervals support size; the pending 80 holes and 12 Ramp Zone assays will determine whether this becomes resource-grade tonnage. At a market capitalization of roughly US$1.85 billion against 5.41 Moz AuEq total resource, the shares already discount substantial development success. This release adds to the scale case but does not yet de-risk the economics.

Collective Mining Ltd. is a NASDAQ- and TSX-listed explorer led by the team that built and sold Continental Gold to Zijin Mining. Its flagship Guayabales Project in Caldas, Colombia hosts the Apollo deposit, a large-scale gold-silver-copper-tungsten system. The company also holds the San Antonio Project, including the Pound silver-gold target, and is advancing the Trap and Plutus targets.

The maiden Apollo Mineral Resource contains 2.58 Moz AuEq Indicated at 2.17 g/t and 2.83 Moz AuEq Inferred at 1.83 g/t, for 5.41 Moz AuEq total. The Ramp Zone is the high-grade underground component: 0.20 Moz AuEq Indicated at 4.74 g/t and 1.04 Moz AuEq Inferred at 5.37 g/t. There is no reserve and no production.

Prior-period context: Q2-2026 cash was US$93.7 million, working capital was US$71.7 million, and H1-2026 exploration expense was driven by about 23,649 m of drilling in Q2. The company had 92.74 million shares outstanding at June 30, 2026. Management, insiders and related holders own 45.2%. The 2026 program is guided at up to 90,000 m with 13 rigs; 209,500 m of assays have been received across Guayabales and San Antonio, including 149,000 m at Apollo.