Collective Mining Intersects 467.35 Metres at 1.63 g/t AuEq from 170.10 Metres at Apollo and Expands the System to the Southeast

The most recent news release (December 30, 2025) reports significant drilling results from the Guayabales Project in Colombia. Key highlights include: - Hole APC142-D2 intersected 467.35 metres at 1.63 g/t AuEq (1.4 g/t Au) starting from 170.10 metres depth, confirming broad continuity at the Apollo system. - Hole APC142-D1 returned 591.85 metres at 1.07 g/t AuEq (0.9 g/t Au). - Expansion of the system to the Southeast and discovery of a new porphyry system at the Plutus target (127.2m @ 0.21 g/t Au from surface). - The company finished 2025 with 155,500 metres drilled (exceeding the 70,000m plan) and holds US$135 million in cash. - Operational guidance for 2026 includes 80,000 metres of drilling using up to 14 rigs.

This news is materially positive as it confirms the "district-scale" thesis management has promoted throughout 2025. - Continuity: The long intercepts (400m+) confirm that Apollo is not just high-grade "pockets" but a massive, continuous mineralized body. - Scalability: The discovery at Plutus, while low grade (0.21 g/t Au), indicates the presence of a new porphyry center, providing long-term "blue sky" potential beyond the main Apollo breccia. - Financial Strength: US$135M in cash is an exceptional treasury for an explorer, largely due to the $140M CAD raise in October 2025 at $19.00/share. This removes financing risk for the next 18-24 months. - Critical Analysis of Grade: While the meterage is impressive, the gold-equivalent (AuEq) calculation in this release uses a $3,000/oz gold price. This is significantly higher than the $2,000-$2,200 used in earlier 2025 releases. This inflation of metal price assumptions makes the "AuEq" figures appear more robust than historical comparisons.

Collective Mining is a Canadian-listed explorer focused on the Middle Cauca Belt in Colombia. - Flagship Project: Guayabales. - Key Discovery: The Apollo System, a high-grade, bulk-tonnage gold-silver-copper-tungsten breccia system. - Secondary Project: San Antonio (porphyry targets). - Evolution: In 2025, the company transitioned from a single-target explorer to a multi-discovery developer, identifying the "Ramp Zone" at depth and new zones like "X" and "Plutus."