Watch for assay results from the 59,000 m of drilling completed since the March 31, 2026 database cutoff, particularly Ramp Zone intercepts that could materially expand the resource. The QP's recommendation for a 200-sample screen fire assay program to address potential gold grade underestimation is a key catalyst — if confirmed, it could retroactively increase resource grade.
Price Chart
Executive Summary
Collective Mining Ltd. filed its maiden NI 43-101 Mineral Resource estimate for the Apollo deposit at the Guayabales Project in Colombia. The Indicated Resource totals 37.0 Mt at 2.17 g/t AuEq (2.58 Moz AuEq) and the Inferred Resource totals 48.2 Mt at 1.83 g/t AuEq (2.83 Moz AuEq), with no Measured Resources or Reserves. The deposit remains open at depth and to the north, with significant upside potential in the Ramp Zone, which is largely untested in the current resource model.
Key Facts
- Maiden NI 43-101 Mineral Resource for Apollo deposit: 37.0 Mt Indicated at 2.17 g/t AuEq (2.58 Moz AuEq) and 48.2 Mt Inferred at 1.83 g/t AuEq (2.83 Moz AuEq)
- Indicated open-pit: 22.5 Mt at 2.06 g/t AuEq (1.49 Moz AuEq); Indicated underground >1,000 masl: 13.2 Mt at 2.10 g/t AuEq (0.89 Moz AuEq); Indicated underground <1,000 masl (Ramp Zone): 1.29 Mt at 4.74 g/t AuEq (0.20 Moz AuEq)
- Metallurgical recoveries of 95% Au, 92% Ag, 85% Cu achieved on master composite via gravity, flotation, and cyanidation
- Resource based on 265 drillholes totaling 114,520 m; deposit remains open at depth and to the north
- Approximately 80% of the interpreted 1.5-km circumference of the Ramp Zone remains untested; 59,000 m of additional drilling completed since database cutoff with results pending
- QP recommends 125,000 m of additional drilling and a PEA, with total estimated budget of US$70.75 million
Financial Impact
Maiden resource of 2.58 Moz AuEq Indicated and 2.83 Moz AuEq Inferred; significant exploration upside with 80% of Ramp Zone untested and 59,000 m of post-cutoff drilling results pending
Risk Factors
- Gold assay variability: QP identified potential low bias in fire assays due to coarse/free gold, which could mean current resource grades are understated
- Tungsten assays from ICP may understate WO3 grades due to incomplete scheelite dissolution
- No Measured Resources or Reserves declared; project remains at early stage with significant drilling and studies required before economic viability can be demonstrated
- Colombia jurisdictional risk: permitting, community relations, and legal framework for mining titles
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-111737 |
| Document: ea0309243-6k_collective.htm | 0001213900-26-111737 |
| Document: ea030924301ex99-3.htm | 0001213900-26-111737 |
| Document: ea030924301ex99-2.htm | 0001213900-26-111737 |
| Document: 0001213900-26-111737-index-headers.html | 0001213900-26-111737 |
| Document: 0001213900-26-111737-index.html | 0001213900-26-111737 |
| Document: 0001213900-26-111737.txt | 0001213900-26-111737 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $10.38 | awaiting T+60 | — | $11.23 (+8.19%) |
Oct 22, 2026 5d ago | 6-K | $10.37 | awaiting T+60 | — | $11.23 (+8.29%) |
Oct 22, 2026 5d ago | 6-K | $10.37 | awaiting T+60 | — | $11.23 (+8.29%) |
Oct 20, 2026 7d ago | 6-K | $11.55 | awaiting T+60 | — | $11.23 (−2.77%) |
Oct 13, 2026 14d ago | 6-K | $11.58 | awaiting T+60 | — | $11.23 (−3.02%) |
Sep 24, 2026 4w ago | 6-K | $13.03 | awaiting T+60 | — | $11.23 (−13.81%) |
Sep 23, 2026 4w ago | 6-K | $13.23 | awaiting T+60 | — | $11.23 (−15.12%) |
Sep 21, 2026 5w ago | 6-K | $12.92 | awaiting T+60 | — | $11.23 (−13.08%) |
Sep 15, 2026 6w ago | 6-K | $12.87 | awaiting T+60 | — | $11.23 (−12.74%) |
Sep 3, 2026 7w ago | 6-K | $16.91 | awaiting T+60 | — | $11.23 (−33.59%) |
US Market Status
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