Collective Mining Expands the Outcropping Portion of Apollo by Drilling High-Grade Tungsten, Copper, Gold and Silver Including 124 Metres at 3.03 g/t AuEq (0.66% WO3Eq) from Surface

Collective Mining Ltd. reported high-grade tungsten, copper, silver, and gold assay results from the initial eight holes of a thirty-hole drilling program at its Apollo system, with one hole yielding 124 meters at 3.03 g/t AuEq or 0.66% WO3Eq from surface. The tungsten discovery is noted as the first hard-rock occurrence in Colombia and is strategically important given the looming 2027 deadline for the U.S. military to eliminate tungsten purchases from China and Russia, especially with tungsten prices recently reaching a twelve-year high.

Analysis

Collective Mining Ltd. (CNL) has reported highly encouraging assay results from the initial eight holes of its thirty-hole shallow drilling program at the Apollo system, part of the Guayabales Project, revealing high-grade tungsten, copper, silver, and gold mineralization near surface. Notably, hole APC-115 intersected 124 metres at 3.03 g/t gold equivalent (AuEq) or 0.66% tungsten trioxide equivalent (WO3Eq) from surface, and hole APC-110 returned 91 metres at 3.04 g/t AuEq or 0.66% WO3Eq. The discovery of tungsten, identified as the first known hard-rock occurrence in Colombia, holds significant strategic importance; it is a critical metal exempt from United States tariffs, and the U.S. military faces a 2027 deadline to cease purchases of tungsten from China and Russia, which currently dominate 80% of the market. This context, coupled with tungsten prices recently reaching a twelve-year high (approximately $14.75 per pound), enhances the potential economic contribution of the scheelite, expected as an early by-product from the high-grade zone within the top 150 metres of the Apollo system. The system remains open for expansion, having been drilled over 1,200 metres vertically, and the company is advancing a fully funded 70,000-metre drill program for 2025, with nine rigs currently active across its projects and two additional deep capacity rigs being mobilized to Guayabales. These developments, supported by a strongly positive sentiment (0.9 for CNL) and significant market impact score (0.7), suggest a strengthening fundamental outlook, further underpinned by substantial insider ownership at 44.5% and a significant existing drill database with approximately 123,000 metres completed to date at the Guayabales Project.

Key Decisions for Investors

• The high-grade, polymetallic results, particularly the strategic tungsten discovery at Apollo, significantly de-risk the near-surface potential and support a constructive view on Collective Mining's exploration upside.
• Continued monitoring of assay results from the ongoing shallow drilling program (now over 50% complete) and the broader 2025 deep drilling campaign is crucial, as these will serve as primary catalysts for potential share price appreciation and further resource definition.
• Investors should factor in the favorable market dynamics for tungsten, including its twelve-year price high, exemption from U.S. tariffs, and geopolitical supply considerations, which could substantially enhance the project's future economic viability upon successful resource delineation.