Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce initial assay results for its shallow drilling program at the Apollo system. Assay results for the first eight drill holes designed to test for high-grade gold, silver, copper and tungsten mineralization starting from surface are summarized in this release. Apollo is the most advanced discovery made to date within the Company’s multi-target, Guayabales Project in Caldas, Colombia.

Highlights:

• High-grade tungsten, copper, silver and gold assay results have been received for the initial eight holes of a thirty-hole, shallow drilling program designed to outline, expand and design a future starter pit at the Apollo system. The Apollo system has been drilled over more than 1,200 metres vertically where it remains open for further expansion. The Apollo system can be separated vertically into four areas of metal zonation, with the top 150 metres from surface being a high-grade zone enriched in tungsten (scheelite), copper, gold and silver (see Figure 5).
• Four holes have cut near surface, tungsten dominant, high-grade mineralization with highlighted results as follows:
  • 124 metres @ 3.03 g/t AuEq or 0.66% WO₃Eq (0.55 g/t gold, 86 g/t silver, 0.63% copper, and 0.16% WO₃) from surface (APC-115).
  • 91 metres @ 3.04 g/t AuEq or 0.66% WO₃Eq (0.85 g/t gold, 48 g/t silver, 0.39% copper and 0.32% WO₃) from 56.15 metres depth and bottoming in high-grade mineralization (APC-110).
• The discovery of tungsten at Apollo is the first known hard-rock occurrence of this metal in the history of Colombia and is expected to be of strategic importance for the country. Given that the tungsten, hosted within easily recoverable scheelite, is located at the top of the Apollo system, it is expected to be extracted in the earliest portions of the mine-life as a by-product mineral to gold, silver and copper. Tungsten is a critical metal exempt from United States tariffs. Eighty per cent of the tungsten market is supplied by China and there is a looming 2027 deadline eliminating purchases by the United Statesmilitary complex of tungsten produced or processed by China and Russia. Recently, the tungsten price has reached a twelve year high at approximately $14.75 per pound and is expected to remain buoyant over the foreseeable future (source: Reuters and Mining.com).

Figure 1: Plan View of the Apollo System Highlighting Drill Holes in this Release (CNW Group/Collective Mining Ltd.)

Figure 2: West to East Section Outlining the High-Grade Tungsten, Copper and Gold in Shallow Drilling at Apollo (CNW Group/Collective Mining Ltd.)

Figure 3: Drill Core Tray Photo Highlighting Excellent Grade Continuity in Hole APC-110 (CNW Group/Collective Mining Ltd.)

Figure 4: Split Core Photos of High-Grade Gold, Silver, Tungsten and Copper Mineralization Encountered in Assay Results Announced (CNW Group/Collective Mining Ltd.)

Figure 5: Apollo Metal Zonation Over 1,200 Metres with All Zones Remaining Open in Places for Lateral Expansion and The Ramp Zone at Depth being Open in All Directions Laterally and Vertically (CNW Group/Collective Mining Ltd.)

Figure 6: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

The Company currently has nine drill rigs operating as part of its fully funded 70,000-metre drill program for 2025 with seven rigs operating at the Guayabales Project and two rigs turning at the San Antonio Project. Two additional deep capacity rigs are being mobilized to the Guayabales Project to continue testing, at depth, the high-grade Ramp Zone located at the bottom of the Apollo system in early Q3, 2025.

The 2025 objectives for the portion of the drilling program targeting the Apollo system are:

• Drill test newly modeled high-grade sub-zone targets scattered throughout the top 1,000 vertical metres from surface to improve the grade profile (and size) of the system.
• Grow the overall dimensions of the system by expanding vertically and laterally the recently discovered high-grade Ramp Zone and the northern extensions of Apollo.
• Expand and define the area of outcropping/shallow mineralization and test many drilling gaps within the internal block model from surface to a depth of 150 metres.

Approximately 123,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 85,000 metres at Apollo. There are currently twenty-three drill holes in the lab with pending assay results for most of these holes expected in the near term.

Ari Sussman, Executive Chairman commented: “The occurrence of continuous high-grade tungsten alongside copper, gold and silver mineralization, beginning from surface and in the top portion of the Apollo system is a real bonus as this material will be extracted in the earlier years of a future mine and will contribute in placing Colombia on the map as an important critical mineral supplier in the Americas.

The next few months at the Guayabales project are going to be exciting with new larger capacity rigs scheduled to arrive and begin aggressively expanding the high-grade Ramp Zone at depth in Apollo.  Additionally, we recently completed our first new hole at the early-stage ME target and will soon start drilling two new grassroot targets named the Knife and X.  Drilling with two rigs has also begun at the San Antonio project, where we look to vector towards a potential high-grade copper-gold porphyry core to the recently announced discovery.”

Details (see Table 1-2 and Figures 1-6)

• A shallow, 30-hole drilling program recently commenced at Apollo and is now over 50% complete. Results have been received from the first eight holes from three new drill pads (Pads 21, 22 and 23) and have intersected shallow, high-grade gold, tungsten, copper and silver mineralization down to a maximum drilled depth of 150 metres below surface. Importantly, continuous intervals of high-grade tungsten (scheelite) and copper (chalcopyrite) mineralization have been intercepted in both the breccia cement matrix and within individual veins for holes drilled into the shallow and outcropping, tungsten rich area of Apollo. Assay results targeting the tungsten rich area of the system are outlined below:
  • 91.00 metres @ 3.04 g/t AuEq or 0.66% WO₃Eq (0.85 g/t gold, 48 g/t silver, 0.39% copper and 0.32% WO₃) from 56.15 metres down hole and bottoming in high-grade mineralization (APC-110 drilled steeply in a southerly direction from Pad 21).
  • 117.35 metres @ 2.07 g/t AuEq or 0.45% WO₃Eq (1.18 g/t gold, 26 g/t silver, 0.22% copper and 0.09% WO₃) from 14.25 metres down hole (APC-111 drilled to the southeast from Pad 21) including:
    • 28.15 metres @ 4.89 g/t AuEq or 1.06% WO₃Eq from 80.70 metres down hole.
  • 99.00 metres @ 1.43 g/t AuEq or 0.31% WO₃Eq from 6.00 metres down hole (APC-113 drilled to the southeast from Pad 22) including:
    • 18.40 metres @ 2.66 g/t gold equivalent from 6.00 metres.
  • 124.00 metres @ 3.03 g/t AuEq or 0.66% WO₃Eq (0.55 g/t gold, 86 g/t silver, 0.63% copper and 0.16% WO₃) from surface (APC-115 drilled to the southwest from Pad 22).
• An additional four holes targeted areas outside of the tungsten rich portion of the upper Apollo system with one of the holes expanding the previously known boundaries of the system to the east, two holes intersecting high-grade mineralization in gaps within the block model and a final exploratory hole failing to encounter any meaningful mineralization. Highlight results of these holes are as follows:
  • APC-108 was drilled to the ESE from Pad 21 and successfully expanded the shallow boundary of the system in this direction:
    • 48.00 metres @ 0.86 g/t AuEq from 65.75 metres including:
    • 16.95 metres @ 1.49 g/t AuEq 96.80 metres.
  • APC-114 was drilled to the west from Pad 23 and cut high-grade gold and copper mineralization just below surface with the following assays:
    • 133.10 metres @ 2.68 g/t AuEq (1.54 g/t gold, 27 g/t silver, 0.54% copper and 0.03% WO₃) from 25.90 metres including:
    • 60.35 metres @ 3.55 g/t AuEq from 71.80 metres.
• Numerous additional shallow drill holes are currently being assayed with additional results expected in the near term.

Table 1: Assays Results for Drill Holes APC-110, APC-111, APC-113 and APC-115 Drilled into the Shallow and High-Grade Tungsten Rich Zone

*WO₃Eq% is calculated as follows: (WO₃ (%) x 0.72) + (Au (g/t) x 0.22 x 0.97) + (Ag (g/t) x 0.003 x 0.85) + (Cu (%) x 0.31 x 0.95) utilizing metal prices of WO₃ – US$14.75/lb, Au – US$2,200/oz, Ag – US$33/oz and Cu – US$4.62/lb and recovery rates of 72% for WO₃, 97% for Au, 85% for Ag and 95% for Cu. 

**AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (WO₃ (%) x 4.60 x 0.72) utilizing metal prices of Au – US$2,200/oz, Ag – US$33/oz, Cu – US$4.62/lb and WO₃ – US$14.75/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO₃. 

Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. True widths are unknown and grades are uncut.

Table 2: Assays Results for Drill Holes APC-108, APC-109, APC-112 and APC-114 Drilled into the Shallow High-Grade Mineralization

**AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (WO₃ (%) x 4.60 x 0.72) utilizing metal prices of Au – US$2,200/oz, Ag – US$33/oz, Cu – US$4.62/lb and WO₃ – US$14.75/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO₃. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. True widths are unknown and grades are uncut.

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com.

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo system. The Company’s objectives are to improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth, and drill a series of less advanced or newly generated targets including Trap, the Knife and X.

Management, insiders, a strategic investor and close family and friends own 44.5% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on both the NYSE American and TSX under the trading symbol “CNL”.