Collective Mining to Commence Drilling at the Trap Target to Test a New 850-Meter Extension to Sheeted Vein System Corridor and a New Large Gold-Copper Porphyry Anomaly

The most recent news release (April 23, 2026) confirms that Collective Mining is commencing drilling at the "Trap" target in May using two diamond rigs. This follows a period of significant exploration success at the flagship Apollo system and San Antonio Project. Key details include: - Drilling Program: Scheduled to commence in May with two diamond rigs targeting a northwest extension of a sheeted vein system (1,400-meter corridor previously outlined) and testing a large gold-copper porphyry anomaly. - Tenement Acquisition: The company consolidated the Trap target area through the 100% acquisition of a key outstanding tenement for US$3.5 million, paid in three installments over two years. - Trap Target Characteristics: Located ~3.5 km northeast of Apollo; covers >800m x 400m; features magnetic high coinciding with porphyry-style veining and gold-copper grades. - Historical Context: Collective has completed 171,000 meters of diamond drilling across Guayabales and San Antonio projects to date, including 18,000 meters specifically at the Trap Target prior to this program.

The news is categorized as Routine - Positive. While positive for operational momentum, it does not represent a new discovery or unexpected market-moving event in isolation. - Expectations: The commencement of drilling was anticipated following the October 2025 financing ($140M gross) and the March 2026 acquisition of surface rights ($44M over 5 years). Management has consistently signaled an aggressive 2026 exploration program (up to 100,000m drilling). - Progression: The news follows a string of "Material - Positive" drill results at the Apollo Ramp Zone in early 2026 (e.g., March 29: 83.75m @ 21.14 g/t Au). This Trap announcement is an execution step rather than a value-creation event itself, as the target was previously identified and partially drilled (18,000m historical drilling noted in summary). - Market Reaction: The stock has already rallied significantly from ~$14.67 (April 2025) to ~$28.26 (April 2026), pricing in the Apollo success and financing validation by Agnico Eagle. This news confirms continued activity but lacks the surprise element required for a "Material - Positive" rating relative to current valuation. - Strategic Alignment: The Trap target represents a logical expansion of the district-scale potential, testing porphyry systems which could add significant tonnage if grades hold, but it is not as high-grade focused as the Ramp Zone discovery.

• Company: Collective Mining Ltd. (CNL). Dual listed on NYSE American and TSX.
• Flagship Project: Guayabales Project, Colombia. Hosts the Apollo System.
• Apollo System Characteristics: Intrusion-related gold system with high-grade Ramp Zone (breccia-hosted), sheeted vein systems, and porphyry-style mineralization. Commodity suite includes Gold, Silver, Copper, Tungsten, and Molybdenum.
• San Antonio Project: Located nearby; hosts the Pound target with recent discovery of a gold-copper-silver-molybdenum porphyry system.
• Development Status: Exploration stage transitioning to technical studies (adit construction planned Q4 2026). No production yet.