Collective Mining (NASDAQ: CNL) hits high-grade gold outside Apollo’s mineral resource

What happened

Collective Mining Ltd. (NASDAQ: CNL) reported 14.25 meters grading 6.49 g/t gold equivalent (AuEq) in hole APC-218, outside Apollo's Mineral Resource. The company says much of the mineralization in its recent Shallow Halo Zone (SHZ) drilling sits outside the current resource.

The release covers 30 holes from the 2026 program at the Guayabales Project in Caldas, Colombia. Twenty-four tested the SHZ of the Apollo deposit, five tested ground south of the zone and one geotechnical hole hit high-grade gold veins at depth.

Other SHZ intercepts include 67.25 meters at 1.58 g/t AuEq in APC-204 and 197.40 meters at 0.74 g/t AuEq from near surface in APC-226. Of the 24 SHZ holes, 22 cleared the 0.30 g/t AuEq open-pit cut-off grade.

Key numbers

Metric	Latest	Change	Source
Best new hit outside the resource (APC-218)	14.25 m @ 6.49 g/t AuEq		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026
SHZ holes above 0.30 g/t AuEq cut-off in this release	22 of 24		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026
SHZ holes above cut-off since Sept. 8 resource	44 of 47		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026
SHZ area drill tested	approximately 41%		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026
Cash as of June 30, 2026	US$93.7 million		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026
Holes with assays pending at Guayabales	69		SEC 6-K, Exhibit 99.1 news release dated Oct. 27, 2026

Read more: Collective Mining (CNL) company research

Why it matters

OptimistFi has argued that Collective creates value only if drilling turns its properties into a project that a larger miner or capital market will value far above the cash being burned. Mineralization outside the current resource strengthens that case.

Since the Sept. 8 maiden resource announcement, 44 of 47 SHZ holes have returned mineralization above cut-off. About 41% of the SHZ area has been drill tested, and two rigs are working on the other 59%. Cash was US$93.7 million on June 30. The company says it is fully funded for a 2026 program of up to 90,000 meters.

The results are early. APC-212 returned no significant values. APC-220 cut 10.50 meters at 0.27 g/t AuEq. Estimated true widths run 60% to 100% of reported intervals. The company also lists the speculative nature of mineral exploration among its risks.

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What's next

Construction of the roughly 3-kilometer underground exploration adit is scheduled to begin in Q4 2026. Underground drilling of the Trap system is planned for Q1 2027. Assays are pending for 69 holes, including 23 from the SHZ.

An updated Mineral Resource is expected in Q4 2027 to Q1 2028, followed by a Preliminary Economic Assessment. Added ounces in that update would strengthen the case, and a flat result would weaken it.

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