CNL.TO · 2026-02-09 12:00:00

Collective Mining Expands Apollo's Surface

Corporate Updates

Footprint by Drilling 31.70 Metres @ 17.35 g/t

AuEq Within 165.75 Metres @ 5.35 g/t AuEq

from 8.85 Metres

Step-out drilling from surface at the Apollo system in hole APC-159 has expanded

the breccia body to the northeast by approximately 30 metres (where it remains open for

further expansion) by intercepting gold grades up to 40% above the grades at the outer

edge of the internal model. Highlights from the high-grade section of this hole are as

follows:

165.75 metres @ 5.35 g/t gold equivalent

from 8.85 metres including 31.70 metres @

17.35

g/t gold equivalent

Four additional holes have infilled the Apollo breccia body near surface by intercepting

gold, tungsten, silver and copper grades above the prediction of the internal block

model with highlights as follows:

60.45 metres @ 4.68 g/t gold equivalent from surface including 22.15 metres @

6.98

g/t gold equivalent

(APC-155)

131.20 metres @ 2.61 g/t gold equivalent

from 6.80 metres including 34.55 metres @

4.13

g/t gold equivalent

from 8.45 metres

(APC-158)

TORONTO

Feb. 9, 2026

/CNW/ -

Collective Mining Ltd.

(NYSE: CNL) (TSX: CNL)

("Collective"

or the "Company")

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

definition and expansion of the high-grade, outcropping gold-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

1,410 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 drill results not only expand the

shallow portion of Apollo by up to 30 metres to the northeast, but also demonstrate grades

significantly above our internal model, highlighting the tremendous upside potential of this system.

We are excited to resume drilling in this area to see if Apollo continues to grow at shallow depths

while simultaneously expanding the high-grade Ramp Zone at depth. With

$135 million

in cash and

plans for up to 100,000 metres of drilling in 2026, Collective is poised to accelerate discoveries and

deliver substantial value to our shareholders as we advance toward a maiden mineral resource

estimate in the first half of 2027."

To date, Collective has completed

167,500 metres

of diamond drilling across the Guayabales and

San Antonio

projects, including

110,000

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)

Five drill holes collared from Pad 22 intersected high-grade gold, tungsten, silver and

copper mineralization starting from at or near surface with results as follows:

60.45 metres @

4.68 g/t AuEq

from surface (APC-155) including:

22.15 metres @

6.98 g/t AuEq

from 20.50 metres down hole

99.95 metres @

2.64 g/t AuEq

from surface (APC-156) including:

26.25 metres @

4.72 g/t AuEq

from surface

20.80 metres @

3.04 g/t AuEq

from 50.45 metres down hole

60.85 metres @

3.06 g/t AuEq

from surface (APC-157)

131.20 metres @ 2.61 g/t gold equivalent

from 6.80 metres down hole (APC-158)

including:

34.55 metres @

4.13

g/t gold equivalent

from 8.45 metres down hole

19.90 metres @

3.50

g/t gold equivalent

from 118.10 metres down hole

165.75 metres @ 5.35 g/t gold equivalent

from 8.85 metres down hole (APC-159)

including:

31.70 metres @

17.35

g/t gold equivalent

from 59.40 metres down hole

8.50 metres @ 27.82 g/t gold equivalent

from 81.60 metres down hole

In APC-159, the Company also intersected 64.00 metres @ 2.00 g/t gold equivalent from 236.00

metres down hole. This mineralization represents newly discovered sheeted veinlets, which are

located within the recently discovered Hanging Wall Zone (see press release dated

December 9,

2025

Planning is underway to follow up on the results of hole APC-159 by continuing to drill test for this

high-grade mineralization in a northeast direction.

Results announced today have expanded the Apollo breccia body from surface by up to 30

metres to the northeast and have increased the local gold and tungsten grades by up to 40% as

compared to the internal block model. Also, the holes have successfully closed drilling gaps

within the internal block model with drill spacing now down to 30 meter centers in this area

(from surface down to 150 metres depth).

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 H1, 2027.

Table 1: Assays Results for Drill Holes APC-155, APC-156, APC-157, APC-158 and APC-159

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

%**

APC-155

0.00

60.45

1.28

0.66

0.15

4.68

0.83

Incl.

20.50

42.65

22.15

1.12

1.33

0.14

6.98

1.24

APC-156

0.00

99.95

0.98

0.24

0.28

2.64

Incl.

0.00

26.25

2.70

0.38

0.10

4.72

& Incl.

50.45

71.25

20.80

0.36

0.53

0.18

3.04

APC-157

0.00

60.85

1.20

0.25

0.24

3.06

APC-158

6.80

138.00

131.20

1.21

0.22

0.14

2.61

Incl.

8.45

43.00

34.55

1.35

0.48

0.16

4.13

& Incl.

118.10

138.00

19.90

3.08

0.04

0.08

3.50

APC-159

8.85

174.60

165.75

4.39

0.09

0.13

5.35

Incl.

59.40

91.10

31.70

15.65

0.26

0.17

17.35

Incl.

81.60

90.10

8.50

25.18

0.24

156

0.20

27.82

and

236.00

300.00

64.00

1.87

0.02

2.00

*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: Section (A to A’ on Figure 1) from Within the Apollo System Highlighting the New High-

Grade Extension to the Breccia Body and Newly Discovered Sheeted Veins in the Hanging Wall

Zone (CNW Group/Collective Mining Ltd.)

Figure 3: Drill Core Tray Photo Highlighting a High-Grade Section of Drill Hole APC-159 with Visible

Gold Flakes Observed Highlighted in Yellow (CNW Group/Collective Mining Ltd.)

Figure 4: Drill Core Tray Photo Highlighting a Tungsten High-Grade Section of Drill Hole APC-155

with Twenty-Six Individual Visible Instances of Scheelite Highlighted in Purple (CNW Group/Collective

Mining Ltd.)

Figure 5: Plan View of the Guayabales Project Highlighting 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'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 is drilling its optioned San Antonio Project (can earn up to 100% interest)

as it hunts for new discoveries and looks to aggressively extend to the south the recently discovered

high-grade silver system made 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/February2026/09/c6495.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 09-FEB-26

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