Collective Mining Ltd.
Collective Mining is a well-funded explorer advancing the large, high-grade Apollo gold-silver-copper-tungsten discovery at its Guayabales project in Colombia, running 13+ drill rigs. On 2026-09-08 the company announced Apollo's maiden Mineral Resource Estimate: Indicated 37.0 Mt @ 2.17 g/t AuEq (2.58 Moz AuEq) plus Inferred 48.2 Mt @ 1.83 g/t AuEq (2.83 Moz AuEq), for 5.41 Moz AuEq combined -- the largest new mineral-resource-stage discovery in Colombia since Buriticá. Gold is roughly half of the AuEq grade, with silver, copper and tungsten contributing the balance.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Not in place: mill, tailings facility. Not yet determined: grid power.
Jurisdiction (40%)5/10
Colombia — improving regulatory framework and a history of successful large gold discoveries, but historically elevated risk from security issues, community relations, and permitting delays in mining regions.
Infrastructure (40%)4.3/10
No confirmed mill, confirmed road access, and no confirmed tailings facility at Guayabales Project (Apollo System), Caldas Department, Colombia; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)10/10
Marmato Upper Mine (Zona Alta) (Aris Mining Corporation) is 3 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:9.3/10
Agnico Eagle Mines Limited holds 14.99% (reported 20 Mar 2025) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:9.7/10
Nearest producing mine: Marmato Upper Mine (Zona Alta) (Aris Mining Corporation), 3 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:5/10
Colombia: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
30-year exploration career; co-founded Collective Mining after building Continental Gold into one of the largest gold discoveries in Colombian history.
CFO and Corporate Secretary of Collective Mining. Served as CFO of Continental Gold, a Colombian gold developer, from May 2011 to March 2020, directly building the Colombian mining finance background his current role draws on. Earlier was CFO/Corporate Secretary of Hanfeng Evergreen from 2009-2011 and VP & CFO of Trilliant Incorporated/OZZ Corporation from 2004-2009, with prior experience as Corporate Controller at MDC Partners. Holds a Chartered Accountant designation, a BA (Honours) in Political Science from the University of Western Ontario, and an MBA from the University of Toronto.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Agnico Eagle holds 14.99% and got there by increasing -- our own holder records show it at 9.99% (Oct 2024) before the March 2025 top-up, both cash subscriptions rather than shares taken as deal consideration. Jupiter Asset Management, a discretionary (non-index) manager, holds a further 7.15% as at 31 Dec 2025, and institutional ownership overall sits at 44.5%. Insider open-market buying is real but dates from 2024 and is partly offset by insider selling in the same year.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Collective Mining is exploring the Guayabales project in Caldas, Colombia, where at least 13 drill rigs are working on the large Apollo gold-silver-copper-tungsten discovery. Apollo's maiden resource (effective 31 August 2026, announced 8 September 2026) contains 1,640,000 oz of gold in the indicated category (37.0 Mt at 1.38 g/t gold), with no measured category, plus 2,470,000 oz of gold inferred. Including silver, copper and tungsten, the indicated resource is 2.58 Moz gold-equivalent and the total 5.41 Moz gold-equivalent, and gold accounts for about 61% of the indicated resource's contained metal value at the estimate's prices. No economic study has been published yet.
Announces an additional listing on Nasdaq, alongside the company's existing TSX listing.
Announces publication of the company's 2025 sustainability report.
Company's own investor presentation covering the Apollo System discovery at Guayabales, project scope, and current drill program.
Unaudited condensed interim financial statements for the quarter ended March 31, 2026.
Management's discussion and analysis accompanying the Q1 2026 financial statements.
Proxy/governance materials for the company's June 15, 2026 annual general meeting.
Statement of Financial Position (in USD): Total liabilities $52,577,469, entirely accounts payable/accrued liabilities, environmental remediation provision, lease liabilities, and 'Other long-term liabilities' (Note 12). Note 12 shows Other long-term liabilities are 100% deferred-consideration payment obligations for land and mining-concession acquisitions (First Guayabales Option, Other Mining Concessions, Land acquisitions, Mining title application), discounted at 9.25%, not interest-bearing loans/borrowings. No loans-payable or borrowings line item exists anywhere on the balance sheet.
Annual disclosure filing covering fiscal year 2025 results and operations.