CNL.TO · 2026-01-21 12:00:00

Collective Mining Drills High-Grade Gold and Tungsten from Surface, Including 111.15 Metres at 5.48 g/t Gold Equivalent at Apollo High-grade gold, tungsten, silver and copper mineralization have been confirmed from surface in four new drill holes demonstrating strong vertical continuity

Drill Results

Collective Mining Drills High-Grade Gold and

Tungsten from Surface, Including 111.15

Metres at 5.48 g/t Gold Equivalent at Apollo

High-grade gold, tungsten, silver and copper mineralization have been confirmed from

surface in four new drill holes demonstrating strong vertical continuity

within the upper

levels of the Apollo system. Key intercepts include

111.15 metres @ 5.48 g/t gold equivalent

(4.63 g/t gold, 0.17% WO

, 14 g/t silver and

0.11% copper)

from 2.00 metres including a high-grade subzone of 10.85 metres @

41.45 g/t gold equivalent

(38.52 g/t gold, 0.82% WO

, 36 g/t silver and 0.22% copper)

(APC-154)

113.65 metres @ 2.66 g/t gold equivalent

(1.28 g/t gold, 0.22% WO

, 25 g/t silver and

0.15% copper)

from 4.60 metres including 55.40 metres @ 4.72 g/t gold equivalent

(2.09 g/t gold, 0.45% WO

, 43 g/t silver and 0.26% copper) (APC-152)

All four holes announced today have intercepted higher gold and tungsten grades than

those observed within the internal block model, which should in turn, positively impact

locally on the upcoming maiden mineral resource estimate scheduled for early 2027.

TORONTO

Jan. 21, 2026

/CNW/ -

Collective Mining Ltd.

(NYSE: CNL) (TSX: CNL)

("Collective"

or the "Company")

is pleased to announce assay results for four diamond drill holes targeting

the high-grade, outcropping tungsten-rich zone at the summit of the Apollo system ("Apollo"). Apollo

forms part of a large, partially reduced intrusion related system enriched in gold, silver, copper and

tungsten. Drilling to date has delineated continuous mineralization

from surface to depths

exceeding

1,400 vertical metres

, where the

high-grade

Ramp Zone remains open for further

expansion

. Apollo anchors the Company's flagship Guayabales Project—a district-scale, multi-

target and infrastructure-rich project in Caldas,

Colombia

Ari Sussman

, Executive Chairman commented: "These exceptional near-surface results from Pad 33

significantly enhance the grade and continuity of the gold and tungsten-rich crown at Apollo. The

impressive intercepts, including standout high-grade zones with visible scheelite (tungsten) and gold

in some pending assay results, underscore the system's potential to deliver substantial value in both

precious and critical metals. With strong tungsten grades complementing the gold, silver and copper

endowment, Apollo continues to stand out as a unique and compelling discovery."

To watch a video of

Ari Sussman

, Executive Chairman, explain today's results please

click on the link here.

To date, Collective has completed

165,500 metres

of diamond drilling across the Guayabales and

San Antonio

projects, including

109,000

metres

at the flagship Apollo system.

With

US$135 million

in cash (as of

December 1, 2025

), the Company is fully funded for its planned

2026 program

, which envisions up to

100,000 metres

of additional drilling. Up to fourteen rigs are

anticipated to be operating across both projects before the end of Q1, 2026, with numerous high-

priority holes pending assay results.

Details (see Table 1 and Figures 1-5)

Four drill holes collared from Pad 33 intersected high-grade gold, tungsten, silver and copper

mineralization starting at or almost at surface with results as follows:

94.75 metres @

0.27% WO

from 3.20 metres down hole (APC-149) including:

20.85 metres @

0.55% WO

from 46.15 metres down hole

113.65 metres @

2.66 g/t AuEq

from 4.60 metres down hole (APC-152) including:

55.40 metres @

4.72 g/t AuEq

from 54.90 metres down hole

168.00 metres @ 2.11 g/t gold equivalent

from 4.50 metres down hole (APC-153)

including:

19.45 metres @

3.01

g/t gold equivalent

from 25.10 metres down hole

18.00 metres @ 3.11 g/t gold equivalent

from 59.00 metres down hole

14.60 metres @ 3.01 g/t gold equivalent

from 150.05 metres down hole

111.15 metres @ 5.48 g/t gold equivalent

from 2.00 metres down hole (APC-154)

including:

42.25 metres @

12.13

g/t gold equivalent

from 64.85 metres down hole

10.85 metres @

41.45

g/t gold equivalent

from 64.85 metres down hole

The shallow intercepts from Pad 33 have increased the local gold and tungsten grades by up to

25% in this area and successfully closed drilling gaps within the internal block model. Drill

spacing in this area, from surface down to 150 metres depth, now measures 35 metres.

An additional six diamond drill holes from the same shallow drilling program are in the lab

awaiting results. Visible scheelite (a tungsten mineral) and visible gold have been observed in

some of these additional holes (See Figure 3 and Figure 4 for further details).

These results reinforce Apollo's status as a robust exploration discovery with multi-metal upside. The

Company remains focused on aggressive expansion and delineation drilling to unlock further value

ahead of a planned maiden mineral resource estimate in early 2027.

Table 1: Assays Results for Drill Holes APC-149, APC-152, APC-153 and APC-154

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

g/t**

APC-149

3.20

97.95

94.75

0.52

0.12

0.20

0.27

Incl.

46.15

67.00

20.85

0.68

0.45

0.19

0.55

APC-152

4.60

118.25

113.65

1.28

0.22

0.15

2.66

Incl.

54.90

110.30

55.40

2.09

0.45

0.26

4.72

APC-153

4.50

172.50

168.00

0.73

0.05

0.51

2.11

Incl.

25.10

44.55

19.45

2.78

0.01

0.04

3.01

& Incl.

59.00

77.00

18.00

1.03

0.16

0.54

3.11

& Incl.

150.05

164.65

14.60

0.24

0.01

132

0.82

3.01

APC-154

2.00

113.15

111.15

4.63

0.17

0.11

5.48

Incl.

64.85

107.10

42.25

10.30

0.42

0.15

12.13

Incl.

64.85

75.70

10.85

38.52

0.82

0.22

41.45

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.017 x 0.85) + (Cu (%) x 1.14 x 0.95) + (WO

(%) x 5.64 x 0.72) utilizing metal prices of

Au – US$3,000/oz, Ag

– US$50/oz, Cu – US$5.0/lb and

– US$24.69/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO

**WO

Eq% is calculated as follows: (WO

(%) x 0.72) + (Au (g/t) x 0.18 x 0.97) + (Ag (g/t) x 0.003 x 0.85) + (Cu (%) x 0.20 x 0.95) utilizing metal prices of WO

– US$24.69/lb,

Au – US$

3,000

/oz, Ag – US$

/oz and Cu – US$

5.0

/lb and recovery rates of 72% for WO

, 97% for Au, 85% for Ag and 95% for Cu.

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 between 60%-

90% of the total length and grades are uncut.

Figure 1: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release from the

Tungsten Rich Zones at the Top of the Apollo System (CNW Group/Collective Mining Ltd.)

Figure 2: Drill Core Tray Photo Highlighting a High-Grade Section of Drill Hole APC-154 (CNW

Group/Collective Mining Ltd.)

Figure 3: Drill Core from Hole APC-155. Twenty-Six Individual Visible Instances of Scheelite Over

22.15 Metres from 20.50 Metres Down Hole; Pending Assay Results (CNW Group/Collective Mining

Ltd.)

Figure 4: Drill Core from Hole APC-159. Two Individual Instances of Visible Gold Over 18.30 Metres

from 72.50 Metres Down Hole; Pending Assay Results (CNW Group/Collective Mining Ltd.)

X Target

Drilling at the X target has intersected narrow silver rich zones of veins with results as follows:

XTC-3:

1.05 metres @ 72 g/t silver equivalent from 163.15 metres down hole and

3.25 metres @ 123 g/t silver equivalent from 190.95 metres down hole

XTC-4:

25.80 metres @ 75 g/t silver equivalent from 202.00 metres down hole including

5.00 metres @ 165 g/t silver equivalent and

3.15 metres @ 260 g/t silver equivalent

Drill Hole XTC-5:

1.20 metres @ 138 g/t silver equivalent from 34.60 metres down hole and

1.30 metres @ 121 g/t silver equivalent from 189.55 metres down hole

Although results indicate a new mineralized system is present at X, the density of the veins is not

robust enough to delineate a large deposit and as such no additional drilling is planned in the near

term.

Table 2: Assays Results for Drill Holes XTC-3, XTC-4 and XTC-5

Hole #

From

(m)

Length

(m)

g/t

AgEq

(g/t)*

XTC-3

163.15

164.20

1.05

0.28

0.02

0.17

and

190.95

194.20

3.25

113

0.33

0.02

0.09

123

XTC-4

202.00

227.80

25.80

0.31

0.01

0.04

Incl.

202.00

207.00

5.00

137

0.71

0.01

0.06

165

& Incl.

213.55

216.70

3.15

220

1.06

0.01

0.05

260

XTC-5

34.60

35.80

1.20

144

0.14

0.02

0.00

138

and

189.55

190.85

1.30

0.53

0.03

121

*AgEq (g/t) is calculated as follows: (Ag (g/t) x 0.90) + (Au (g/t) x 60.0 x 0.95) + (Cu (%) x 68.57 x 0.95) + (Zn (%) x 18.51 x 0.85) utilizing metal prices of Ag – US$50/oz, Au –

US$3,000/oz, Cu – US$5.0/lb and Zn – US$1.35/lb and recovery rates of 90% for Ag, 95% for Au, 95% for Cu and 85% for Zn. Recovery rate assumptions are speculative, and no

metallurgical work has been conducted on samples from the X target. True widths are unknown and grades are uncut.

Figure 5: Plan View of the Guayabales Project Highlighting the Apollo System and X Target (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's two projects are 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 its optioned San

Antonio Project (100% potential interest) 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

for copper, gold and silver assays, and multi-element ICP. ALS is an accredited

laboratory which is independent of the Company. Gold assays are obtained by fire assay fusion with

AAS finish on a 50g sample (Au-AA24). Any samples returning > 10 g/t were then reanalyzed by fire

assay with gravimetric finish on a 50g sample (Au-GRA22). Copper and silver were assayed by

inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) and Mass Spectrometry

(ICP-MS) following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with

ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with

copper greater than 10,000 parts per million. 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/January2026/21/c6769.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 21-JAN-26

← Back to feed