Collective Mining (TSX/Nasdaq: CNL) is exploring the Apollo gold-silver-copper-tungsten system at Guayabales in Caldas, which got a 5.4 Moz gold-equivalent maiden resource in September 2026. Collective Mining stock is now trading on how fast Apollo grows, especially at depth in the high-grade Ramp Zone, and on a planned 2027 licence application.
Collective Mining at a glance
| Project | Department | Commodity | Stage | Ownership |
|---|---|---|---|---|
| Guayabales (Apollo) | Caldas | gold, silver, copper, tungsten | resource defined; exploration and pre-licensing | 100% |
| San Antonio | Caldas | gold, silver, copper | exploration (drilling) | Option to earn up to 100% |
| Market cap | About C$1.5 billion; shares at C$15.71 (US$11.50) mid-morning Nov 3, 2026, up 13% (Northern Miner); refresh at publication |
| Shares outstanding | 92,742,707 (Stockwatch, Sept 8, 2026) |
| Cash | US$93.7 million at June 30, 2026 (US$129.6 million at Dec 31, 2025); company says 2026 program is fully funded |
| Major shareholders | Management, insiders, a strategic investor and close family and friends: 45.2% (company, Nov 3, 2026) |
| Total resource (Apollo) | 5.41 Moz AuEq: 2.58 Moz Indicated + 2.83 Moz Inferred (NI 43-101) |
| 2026 drill program | Up to 90,000 m; 13 diamond rigs; 207,500 m assayed to date across both projects |
| Surface rights commitment | US$44 million over five years (2026–2030) for remaining Guayabales surface rights |
| Analyst view (attributed) | National Bank’s Don DeMarco: outperform, C$32 target (Northern Miner, Nov 3, 2026) |
About Collective Mining
Collective Mining is an exploration company focused entirely on Colombia. It holds two projects in the department of Caldas, inside an established mining camp that the company says hosts ten permitted, operating mines. Its flagship is Guayabales, home of the Apollo system. The second is San Antonio, about 2 to 5 km to the east-northeast, which it holds under an option to earn up to 100%.
The team, led by Executive Chairman Ari Sussman, previously built and sold Continental Gold to Zijin Mining for about US$1.4 billion in enterprise value. Management, insiders, a strategic investor and close family and friends own about 45.2% of the shares.
The shares trade on the TSX and, since August 11, 2026, on the Nasdaq Global Select Market; the company moved its U.S. listing from the NYSE American. On September 8, 2026, Collective published a maiden NI 43-101 resource for Apollo, the Canadian standard for public disclosure of mineral resources.
The plan from here is to keep drilling (up to 90,000 m in 2026, with 13 rigs), start a roughly 3 km underground exploration tunnel, file for an environmental licence in the second half of 2027, and publish an updated resource and a first PEA (preliminary economic assessment) after that.
Collective Mining’s Colombian projects
Guayabales (Apollo)
Apollo is a large breccia-hosted system (a body of broken rock cemented by minerals) carrying gold with silver, copper and tungsten. The maiden resource splits into three parts: a near-surface open-pit zone, underground material above 1,000 m elevation, and the deep, high-grade Ramp Zone below 1,000 m. The open pit holds about 58% of the Indicated gold-equivalent ounces, with a 3.4:1 strip ratio. The Ramp Zone holds about 37% of the Inferred ounces in just 13% of the Inferred tonnes.
Drilling since the resource cut-off continues to extend the system. In the Shallow Halo Zone near surface, 44 of 47 holes drilled since September 8 returned mineralization above the open-pit cut-off, and only about 41% of that area has been drill-tested. At depth, hole APC174-D4 returned 154.30 m at 12.66 g/t AuEq, including 30.45 m at 39.01 g/t, from about 1,208 m below surface. That is the broadest high-grade Ramp Zone intercept to date. About 590 m of the roughly 1.5 km breccia circumference has now been tested at depth, versus about 315 m in the resource.
Metallurgical testwork on a 2026 master composite recovered 95% of the gold, 92% of the silver and 85% of the copper. The company is evaluating a flowsheet producing gold-silver doré plus copper and tungsten concentrates. In March 2026 it signed deals for the remaining surface rights, worth US$44 million over five years. A roughly 3 km exploration tunnel is due to start in Q4 2026 to give underground access to the Trap system, then the Ramp Zone.
Resources: Indicated 37.0 Mt at 2.17 g/t AuEq (1.38 g/t Au, 24.4 g/t Ag, 0.14% Cu, 0.011% WO3) for 2.58 Moz AuEq (1.64 Moz Au, 29.0 Moz Ag, 115 Mlb Cu, 3,887 t WO3); Inferred 48.2 Mt at 1.83 g/t AuEq (1.60 g/t Au, 8.39 g/t Ag, 0.03% Cu, 0.002% WO3) for 2.83 Moz AuEq (2.47 Moz Au, 13.0 Moz Ag, 32 Mlb Cu, 1,081 t WO3). NI 43-101; resource effective Aug 31, 2026 (announced Sept 8, 2026); supporting technical report effective Oct 13, 2026, filed Oct 22, 2026. QP: Ivor W.O. Jones. Cut-offs: 0.3 g/t AuEq open pit, 1.2 g/t underground above 1,000 masl, 1.5 g/t Ramp Zone. Prices: US$3,000/oz Au, US$60/oz Ag, US$5.25/lb Cu. No reserves.
San Antonio
San Antonio sits about 2 to 5 km east-northeast of Guayabales, close enough that the two could share infrastructure. The company is drilling for new discoveries and aims to extend the high-grade silver system found at the Pound target to the south.
Collective’s assay totals (207,500 m as of November 3, 2026) include San Antonio, but most recent news flow has focused on Apollo.
Resources: No mineral resource yet.
Latest Collective Mining news
- Nov 3, 2026: Hole APC174-D4 cut 154.30 m at 12.66 g/t AuEq, including 30.45 m at 39.01 g/t, in the Ramp Zone from about 1,208 m depth. Shares rose 13% on the day. (Collective Mining Drills 154.30 m @ 12.66 g/t AuEq at Apollo’s Ramp Zone (Newswire.ca))
- Oct 27, 2026: Eastern Shallow Halo Zone holes outside the resource included 14.25 m at 6.49 g/t AuEq (APC-218) and 67.25 m at 1.58 g/t AuEq (APC-204). The company also reiterated its timelines: an updated resource in Q4 2027 to Q1 2028 and an ANLA licence filing in H2 2027. (Collective Mining Intersects High-Grade Gold Outside the Mineral Resource (Yahoo Finance / CNW))
- Oct 22, 2026: Filed the NI 43-101 technical report supporting the maiden Apollo resource on SEDAR+ and EDGAR. (Collective Mining Files NI 43-101 Technical Report (Placera / CNW))
- Oct 19, 2026: Ari Sussman said continued drilling could take Apollo toward 7–8 Moz AuEq and described a possible 15,000 t/d operation; these are management targets, not study results. (Kitco: Collective Mining targets next phase of Apollo development)
- Oct 13, 2026: Hole APC-186 returned 5.50 m at 1,999 g/t AgEq within 87.60 m at 158 g/t AgEq in the Shallow Halo Zone. At that point, 22 of 23 post-resource holes in the zone had cleared the cut-off. (Market Chameleon: CNL high-grade silver-tungsten hit at Apollo)
- Sep 8, 2026: Published the maiden Apollo resource of 2.58 Moz AuEq Indicated and 2.83 Moz AuEq Inferred. (Collective Mining Announces Maiden Mineral Resource for Apollo (Stockwatch))
Upcoming catalysts
- Assays pending for 71 Guayabales holes, including 17 from the Ramp Zone (as of Nov 3, 2026)
- Start of the ~3 km underground exploration tunnel (company: November 2026), with underground drilling of Trap targeted for Q1 2027
- Second track-mounted deep-drilling rig (expected later in November 2026) and Ramp Zone drilling to sea level in 2027
- Environmental licence application to ANLA (company target: H2 2027)
- Updated resource with about 100,000 m of new drilling (company guidance: Q4 2027 to Q1 2028), followed by a PEA
Management
- Ari Sussman, Executive Chairman. Co-founder; previously led Continental Gold
- Ned Jalil, Chief Executive Officer
- Omar Ossma, President
- Paul Begin, Chief Financial Officer
- Russell Evans, EVP, Exploration
- David J. Reading, Special Advisor and Qualified Person
Key risks for Collective Mining stock
- More than half of the AuEq ounces are Inferred, the lowest-confidence category, and much of the growth story sits deep underground in the Ramp Zone
- No economic study yet: a PEA is not expected until after the 2027–28 resource update, so capital cost and mine design are unknown
- Funding: cash fell from US$129.6M to US$93.7M in the first half of 2026, and the company has US$44M of surface-rights payments due through 2030
- Permitting: ANLA licensing in Colombia takes about a year after filing, per management, and timelines can slip
- Gold-equivalent figures depend on silver, copper and tungsten prices and recoveries, and tungsten is only a minor credit at current grades
Sources
- Collective Mining Drills 154.30 m @ 12.66 g/t AuEq at Apollo’s Ramp Zone (Newswire.ca) (Nov 3, 2026)
- The Northern Miner: Collective jumps on broad gold hit at Apollo (Nov 3, 2026)
- Collective Mining Intersects High-Grade Gold Outside the Mineral Resource in Apollo’s Eastern Shallow Halo Zone (Yahoo Finance) (Oct 27, 2026)
- Collective Mining Files NI 43-101 Technical Report for Maiden Mineral Resource (Placera) (Oct 22, 2026)
- StockTitan: Collective Mining 6-K, Apollo technical report (Oct 22, 2026)
- Kitco: Collective Mining targets next phase of Apollo development (Ari Sussman) (Oct 19, 2026)
- Market Chameleon: CNL high-grade silver-tungsten hit at Apollo (APC-186) (Oct 13, 2026)
- Stockwatch: Collective Mining announces maiden mineral resource for Apollo (Sep 8, 2026)
- Stockwatch: Collective Mining to release Apollo mineral resource (shares outstanding) (Sep 8, 2026)
- Collective Mining Commences Trading on the Nasdaq (Placera) (Aug 11, 2026)
- Collective Mining: AGM results release (management list) (Jun 15, 2026)
- Collective Mining files annual report on Form 40-F (Apr 13, 2026)
- Panabee: Collective Mining secures Guayabales surface rights (Mar 11, 2026)
- Veta Madre Review internal draft: Spotlight 2, Collective Mining (seed data incl. cash from Q2 2026 interim statements on SEC EDGAR, CIK 1953575) (Oct 28, 2026)
Related: Colombian stocks · Companies & Projects tracker · Colombian exploration companies
Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.