CNL.TO · 2025-10-29 12:00:00

Collective Mining Drills 486 Metres at 2.01 g/t AuEq at Apollo and Announces Plans to Drill up to 100,000 Metres in 2026 The Company has received assay results from thirteen diamond drill holes which targeted various gaps in the internal block model within the top 1,000 vertical metres of

Drill Results

Collective Mining Drills 486 Metres at 2.01 g/t

AuEq at Apollo and Announces Plans to Drill

up to 100,000 Metres in 2026

The Company has received assay results from thirteen diamond drill holes which

targeted various gaps in the internal block model within the top 1,000 vertical metres of

the

Apollo

system. Additionally, drilling has expanded the western side of the

Apollo

system by up to 50 metres by intersecting high-grade mineralization. Highlights of this

drilling are presented below:

486.00 metres @ 2.01 g/t gold equivalent from 54.10 metres downhole (APC-141)

144.30 metres @ 2.08 g/t gold equivalent from 324.45 metres downhole (APC105-D5).

This hole expanded the

Apollo

system to the west by up to 50 metres at an elevation

of 1,450 MASL.

Diamond drilling continues to intersect potentially interesting mineralization with two

rigs testing the Ramp Zone (located at the bottom of the

Apollo

system) and four rigs

testing the Pound target (located in the northern end of the

San Antonio

project).

The Company is finalizing plans for an 80,000 to 100,000 metre drilling campaign in 2026

across the Guayabales and

San Antonio

projects. Additionally, the Company anticipates

that it will complete a maiden resource estimate for the

Apollo

system in Q4, 2026.

TORONTO

Oct. 29, 2025

/CNW/ -

Collective Mining Ltd.

(NYSE: CNL) (TSX: CNL)

("Collective"

or the "Company")

is pleased to announce assays results for thirteen diamond drill holes designed

to cover various gaps existing in the internal block model from surface down to 1,000 metres below

surface at the

Apollo

system ("Apollo"). Apollo is strongly mineralized from surface to over 1,300

vertical metres, is open at depth, and is the most advanced discovery made to date within the

Company's multi-target, Guayabales Project in Caldas,

Colombia

Approximately 142,000 metres of diamond drilling has been completed to date at the Guayabales

and

San Antonio

projects, including 102,000 metres at

Apollo

. Numerous holes across both projects

are awaiting assay results.

Six rigs are operating at the Guayabales Project. One rig is being mobilized to conduct expansion

drilling at the outcropping zone of high-grade tungsten, gold, silver and copper; two rigs are

conducting infill drilling of the

Apollo

system at elevations ranging between 1,500MASL to

1,000MASL; two deep capacity rigs are focused on expanding both the strike and vertical

dimensions of the high-grade Ramp Zone at depth (below

Apollo

) and the final rig has commenced

drilling at Target X to follow up on the recently discovered high-grade and silver-rich vein system

announced on

September 3, 2025

Four rigs are also operating at the San Antonio Project and are specifically focused on the Pound

target where previously released drilling has intersected a shallower zone of gold and silver rich,

intermediate sulphidation sheeted veins and a deeper gold-copper porphyry mineralized system. Of

interest, currently advancing drill holes SAC-25 and SAC-26, which are being drilled from different

pads located approximately 500 metres apart, are cutting multiple zones of sheeted vein

mineralization hosting high levels of fine-grained sulphides which have been a reliable indicator in

prior holes for precious metal-rich mineralization.

Ari Sussman

, Executive Chairman commented: "Drilling at

Apollo

continues to add value as the

system expands in dimension and improves in grade. As an explorationist at heart, I am most keen

to see what comes next from drilling into the Ramp Zone below

Apollo

as it is our firm belief that the

Ramp Zone is the engine for the entire

Apollo

system. With ten rigs currently turning and up to

100,000 metres of drilling being planned for 2026, I am overtly confident that a lot of additional value

will be unlocked prior to announcing a maiden mineral resource estimate for

Apollo

by the end of

next year."

Details (see Table1 and Figures 1-4)

Assay results for thirteen drill holes targeting various gaps in the Company's internal block

model within the top 1,000 metres of the

Apollo

system have been received. These intercepts

have either improved the block model grades, extended the mineralized volume or upgraded

confidence in the estimation.

Drill holes collared from Pad 30 cut mineralization beginning at or near surface as follows:

APC-141 drilled to the northwest:

486.00 metres @ 2.01 g/t gold equivalent from 54.10 metres

downhole including:

16.25 metres @ 3.06 g/t gold equivalent from 309.55 metres downhole and

25.00 metres @ 4.18 g/t gold equivalent from 345.70 metres downhole and

36.60 metres @ 3.03 g/t gold equivalent from 387.70 metres downhole and

29.75 metres @ 3.01 g/t gold equivalent from 441.00 metres downhole and

32.90 metres @ 4.38 g/t gold equivalent from 502.90 metres downhole

APC-146 drilled to the southwest:

20.40 metres @ 1.14 g/t gold equivalent from 10.50 metres downhole

APC-147 drilled to the northwest:

84.55 metres @ 2.04 g/t gold equivalent from surface

including:

29.15 metres @ 3.22 g/t gold equivalent from 7.55 metres downhole

Drill holes collared from mother hole APC-103D at Pad 16, infilled numerous gaps within the

internal block model as follows:

APC103-D4 drilled to the southeast:

12.75 metres @ 2.04 g/t gold equivalent from 48.55 metres downhole and

10.10 metres @ 2.58 g/t gold equivalent from 99.0 metres downhole and

35.90 metres @ 2.20 g/t gold equivalent from 225.10 metres downhole

APC103-D5 drilled to the southwest:

13.70 metres @ 2.26 g/t gold equivalent from 15.00 metres downhole and

34.35 metres @ 1.72 g/t gold equivalent from 110.50 metres downhole and

22.60 metres @ 3.87 g/t gold and 4 g/t silver from 287.30 metres downhole and

13.15 metres @ 3.35 g/t gold and 4 g/t silver from 335.30 metres downhole

Drill holes collared from mother hole APC-105D at Pad 18 have extended the volume of the

mineralized Apollo breccia body towards the southwest margin by up to 50 metres

horizontally and 140 metres vertically.

APC105-D2 drilled to the northeast:

287.80 metres @ 1.42 g/t gold equivalent from 109.55 metres downhole

including:

29.55 metres @ 3.34 g/t gold equivalent from 109.55 metres downhole

17.30 metres @ 3.00 g/t gold equivalent from 272.40 metres downhole

25.80 metres @ 3.09 g/t gold equivalent from 325.50 metres downhole

APC105-D3 drilled to the northwest:

50.30 metres @ 1.18 g/t gold equivalent from 326.20 metres downhole including:

10.80 metres @ 3.04 g/t gold equivalent from 365.70 metres downhole

APC105-D4 drilled to the northeast:

205.80

metres @ 1.63 g/t gold equivalent from 330.65 metres downhole

including:

34.40 metres @ 2.16 g/t gold equivalent from 330.65 metres downhole

21.45 metres @ 5.61 g/t gold equivalent from 488.65 metres downhole

APC105-D5 drilled to the northeast:

144.30

metres @ 2.08 g/t gold equivalent from 324.45 metres downhole

including:

48.55 metres @ 4.66 g/t gold equivalent from 371.40 metres downhole and

20.75 metres @ 2.24 g/t gold equivalent from 570.55 metres downhole

APC105-D6 drilled to the northeast:

126.75 metres @ 1.33 g/t gold equivalent from 260.40 metres downhole including:

27.60 metres @ 3.00 g/t gold equivalent from 359.55 metres downhole and

20.00 metres @ 1.57 g/t gold equivalent from 503.30 metres downhole

APC105-D7 drilled to the northeast:

170.60 metres @ 1.54 g/t gold equivalent from 140.65 metres downhole including:

10.55 metres @ 3.85 g/t gold equivalent from 140.65 metres downhole and

35.35 metres @ 3.13 g/t gold equivalent from 275.90 metres downhole

APC105-D8 drilled to the northeast:

63.20 metres @ 1.24 g/t gold equivalent from 228.30 metres downhole including:

8.80 metres @ 3.02 g/t gold equivalent from 228.30 metres downhole and

17.20 metres @ 1.48 g/t gold equivalent from 387.95 metres downhole

43.15 metres @ 1.71 g/t gold equivalent from 471.85 metres downhole

APC105-D9 drilled to the northeast:

19.55 metres @ 2.25 g/t gold equivalent from 312.55 metres downhole

Table 1: Assays Results for Drill Holes Announced in This Release

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

APC103-D4

48.55

61.30

12.75

1.94

0.02

0.09

2.04

and

99.00

109.10

10.10

2.58

0.02

2.58

and

225.10

261.00

35.90

2.12

0.03

0.04

2.20

APC103-D5

15.00

28.70

13.70

2.23

0.02

2.26

and

110.50

144.85

34.35

1.66

0.02

0.05

1.72

and

287.30

309.90

22.60

3.87

0.02

0.03

3.84

and

335.30

348.45

13.15

3.35

0.02

3.33

APC105-D2

109.55

397.35

287.80

1.33

0.02

0.09

1.42

Incl.

109.55

139.10

29.55

3.20

0.03

0.20

3.34

& Incl.

272.40

289.70

17.30

2.94

0.02

0.13

3.00

& Incl.

325.50

351.30

25.80

3.00

0.03

0.18

3.09

APC105-D3

326.20

376.50

50.30

1.12

0.01

0.07

1.18

Incl.

365.70

376.50

10.80

3.00

0.02

0.05

3.04

APC105-D4

330.65

536.45

205.80

1.40

0.04

0.12

1.63

Incl.

330.65

365.05

34.40

2.01

0.02

0.19

2.16

& Incl.

488.65

510.10

21.45

5.03

0.10

0.38

5.61

APC105-D5

324.45

468.75

144.30

1.86

0.04

0.15

2.08

Incl.

371.40

419.95

48.55

4.38

0.04

0.28

4.66

and

570.55

591.30

20.75

2.15

0.02

0.10

2.24

APC105-D6

260.40

387.15

126.75

1.17

0.02

0.13

1.33

Incl.

359.55

387.15

27.60

2.62

0.04

0.33

3.00

and

503.30

523.30

20.00

1.40

0.04

0.05

1.57

APC105-D7

140.65

311.25

170.60

1.39

0.03

0.10

1.54

Incl.

140.65

151.20

10.55

3.86

0.04

3.85

& Incl.

275.90

311.25

35.35

2.92

0.04

0.14

3.13

APC105-D8

228.30

291.50

63.20

0.93

0.06

0.11

1.24

Incl.

228.30

237.10

8.80

2.62

0.11

0.05

3.02

and

387.95

405.15

17.20

1.11

0.03

0.33

1.48

and

471.85

515.00

43.15

1.47

0.03

0.29

1.71

APC105-D9

312.55

332.10

19.55

2.04

0.02

0.20

2.25

APC-141

54.10

540.10

486.00

1.15

0.26

0.12

2.01

Incl.

309.55

325.80

16.25

1.22

100

0.43

0.05

3.06

& Incl.

345.70

370.70

25.00

3.80

0.04

0.44

4.18

& Incl.

387.70

424.30

36.60

2.57

0.05

0.35

3.03

& Incl.

441.00

470.75

29.75

2.81

0.04

0.13

3.01

& Incl.

502.90

535.80

32.90

3.90

0.07

0.41

4.38

APC-146

10.50

30.90

20.40

0.33

0.09

1.14**

APC-147

0.00

84.55

0.82

0.32

2.06**

Incl.

7.55

36.70

29.15

1.94

0.23

3.58**

*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) + (Zn (%) x 0.39 x 0.85) utilizing metal prices of Au – US$2,200/oz, Ag –

US$33/oz, Cu – US$4.62/lb and Zn – US$1.25/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on

metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work

has been completed to date. True widths are between 60%-100% of the total length and grades are uncut.

**For drillholes APC-146 and APC-147, the AuEq (g/t) calculation included WO

with average WO

for the reported intervals ranging from 0.02% to 0.22% utilizing metal prices of

– US$15.51/lb and recovery rate of 72% for WO

Figure 1: Plan View of the Apollo System Highlighting Infill Drill Holes in this Release (CNW

Group/Collective Mining Ltd.)

Figure 2: Plan View and Section Highlighting the New Western Expansion of the Apollo System

(CNW Group/Collective Mining Ltd.)

Figure 3:

Plan View of the San Antonio Project’s Pound Target with Visual Descriptions of Drill Holes

SAC-24, SAC-25, and SAC-26, all of Which Cut Potentially Significant Mineralization. Assay Results

are Pending (CNW Group/Collective Mining Ltd.)

Figure 4: Plan View of the San Antonio and Guayabales Projects Highlighting the Pound Target and

the Apollo System (CNW Group/Collective Mining Ltd.)

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% interest 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 at the Guayabales Project are to expand the newly discovered high-grade Ramp Zone

along strike and to depth and drill a series of greenfield generated targets on the property.

Additionally, the Company has launched its largest drilling campaign in history at the San Antonio

Project as it hunts for new discoveries and looks to expand upon the newly discovered porphyry

system at the Pound target. The San Antonio Project is located between two to five kilometers east-

northeast of the Guayabales Project and could potentially share infrastructure given their proximity to

each other.

Management, insiders, a strategic investor and close family and friends own 45.3% 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".

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of

National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information

contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an

MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of

the Society of Economic Geology (SEG).

Technical Information

Samples were cut by Company personnel at Collective Mining's core facility in Caldas,

Colombia

Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at

geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth

of the drill hole.

Core samples have been prepared and analyzed at ALS laboratory facilities in

Medellin, Colombia

and

Lima, Peru

. Blanks, duplicates, and certified reference standards are inserted into the sample

stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured

storage facility for future assay verification. No capping has been applied to sample composites. The

Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman

Ari Sussman

(@Ariski73

)

on X

Follow Collective Mining (

@CollectiveMini1

) on X,

(Collective Mining)

on LinkedIn, and

(@collectivemining)

on Instagram

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" within the

meaning of applicable securities legislation (collectively, "forward-looking statements"). All

statements, other than statements of historical fact, are forward-looking statements and are based

on expectations, estimates and projections as at the date of this news release. Any statement that

involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives,

assumptions, future events or performance (often, but not always using phrases such as "plans",

"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or

"believes" or variations (including negative variations) of such words and phrases, or state that

certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be

achieved) are not statements of historical fact and may be forward-looking statements. In this news

release, forward-looking statements relate, among other things, to the anticipated advancement of

mineral properties or programs; future operations; future recovery metal recovery rates; future

growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in

good faith and reflect our current judgment regarding future events including the direction of our

business. Management believes that these assumptions are reasonable. Forward-looking

statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially different from any

future results, performance or achievements expressed or implied by the forward-looking

statements. Such factors include, among others: risks related to the speculative nature of the

Company's business; the Company's formative stage of development; the Company's financial

position; possible variations in mineralization, grade or recovery rates; actual results of current

exploration activities; conclusions of future economic evaluations; fluctuations in general

macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices

of gold, precious and base metals or certain other commodities; fluctuations in currency markets;

change in national and local government, legislation, taxation, controls regulations and political or

economic developments; risks and hazards associated with the business of mineral exploration,

development and mining (including environmental hazards, industrial accidents, unusual or

unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to

cover risks and hazards; the presence of laws and regulations that may impose restrictions on

mining; employee relations; relationships with and claims by local communities and indigenous

populations; availability of increasing costs associated with mining inputs and labour; the speculative

nature of mineral exploration and development (including the risks of obtaining necessary licenses,

permits and approvals from government authorities); and title to properties, as well as those risk

factors discussed or referred to in the annual information form of the Company dated

March 24,

2025

. Forward-looking statements contained herein are made as of the date of this news release

and the Company disclaims any obligation to update any forward-looking statements, whether as a

result of new information, future events or results, except as may be required by applicable

securities laws. There can be no assurance that forward-looking statements will prove to be

accurate, as actual results and future events could differ materially from those anticipated in such

statements and there may be other factors that cause results not to be anticipated, estimated or

intended. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE

Collective Mining Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2025/29/c5137.html

%SEDAR: 00045946E

For further information:

Investors and Media: Paul Begin, Chief Financial Officer,

[email protected], +1 (416) 451-2727

CO: Collective Mining Ltd.

CNW 06:30e 29-OCT-25

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