Exhibit 99.1

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Table of Contents

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Tables

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

 

Table 11.10. CRM performance for Au analyses.	126
Table 11.11. CRM performance for Ag analyses.	128
Table 11.12. CRM performance for Cu analyses.	129
Table 11.13. Summary of W – WO3 CRM performance.	130
Table 11.14. Summary of Blank performance - Au.	131
Table 11.15. Summary of Blank performance - Ag.	131
Table 11.16. Summary of Blank performance - Cu.	131
Table 11.17. Summary of Blank performance - W.	131
Table 11.18. Summary of Duplicates Programs.	132
Table 12.1: Verification samples by the QP	139
Table 13.1: Metallurgical Testwork 2022 to 2024	141
Table 13.2: Composite head grades	145
Table 13.3: Composites 1 to 6 results, summary.	145
Table 13.4: LCT test on MC1-6 composite.	146
Table 13.5: Overall recoveries for gravity, flotation and cyanidation of flotation tailings.	146
Table 13.6: Head grade of samples.	147
Table 13.7: Gravity + Flotation + Cyanidation.	148
Table 13.8: Gravity + Cyanidation.	148
Table 13.9: Recent Metallurgical Test Work Results on Copper and Tungsten sub-domains.	149
Table 14.1: Lithological Domains for geological modelling	152
Table 14.2: Mineralogical and Grade Domains for geological modelling	152
Table 14.3: Carbonate Base Metal (CBM) Vein Domains for geological modelling – affects Au only	152
Table 14.4: Oxidation Domains for geological modelling	153
Table 14.5: Estimation Domains for modelling of gold grades	155
Table 14.6: Estimation Domains for modelling of copper and silver grades above 1400 masl	155
Table 14.7: Estimation Domains for modelling of WO3 grades above 1400 masl	156
Table 14.8: Summary statistics for Au of 2m composited data in the main Au domains for the Apollo Deposit (>1400)	157
Table 14.9: Summary statistics for Au of 2m composited data in the main Au domains for the Apollo Deposit (<1400 masl)	157
Table 14.10: Summary statistics for Cu, Ag and WO3 of composited data in the grade domains for the Apollo Deposit (>1400)	158
Table 14.11: Variogram parameters (Au) for the main mineralized Au domains	160
Table 14.12: Variogram parameters (Ag) for the main mineralized Ag domains	160
Table 14.13: Variogram parameters (Cu) for the main mineralized Cu domains	160

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Guayabales Project - Apollo Mineral Resource 2026-08

 

Table 14.14: Variogram parameters (WO3) for the main mineralized WO3 domains	161
Table 14.15: Search orientations and distances for Au by domain for the first search	161
Table 14.16: Search orientations and distances for Ag by domain for the first search	162
Table 14.17: Search orientations and distances for Cu by domain for the first search	162
Table 14.18: Search orientations and distances for WO3 by domain for the first search	162
Table 14.19: Geometric parameters of the block model	163
Table 14.20: Density values (t/m3) used in the model	164
Table 14.21: Comparison of the mean composites Au grade (ppm) with the mean block model Au grade	169
Table 14.22: Comparison of the mean composites Ag grade (ppm) with the mean block model Ag grade	169
Table 14.23: Comparison of the mean composites Cu grade (ppm) with the mean block model Cu grade	170
Table 14.24: Comparison of the mean composites WO3 grade (ppm) with the mean block model WO3 grade	170
Table 14.25: Parameters for testing prospects for economic extraction	174
Table 14.26: Mineral Resource for the Apollo Mineral Deposit, August 31, 2026*	180
Table 14.27: Open Cut tabulation for the Apollo Mineral Resource at a cut-off grade of 0.3 g/t AuEq, August 31, 2026*	180
Table 14.28: Underground above 1,000 masl for the Apollo Mineral Resource at a cut-off grade of 1.2 g/t AuEq, August 31, 2026*	181
Table 14.29: Underground below 1,000 masl for the Apollo Mineral Resource at a cut-off grade of 1.5 g/t AuEq, August 31, 2026*	181
Table 14.30: Contained Metal by Commodity	181
Table 14.31: Open-pit Cut-off Grade Sensitivity - August 31, 2026*	182
Table 14.32: Underground above 1,000 masl Cut-off Grade Sensitivity - August 31, 2026*	182
Table 14.33: Underground below 1,000 masl Cut-off Grade Sensitivity - August 31, 2026*	183
Table 14.34: Sensitivity of grade and tonnage replacing the open cut with a purely underground scenario - August 31, 2026*	184
Table 25.1: Mineral Resource for the Apollo Mineral Deposit, August 31, 2026*	194
Table 26.1: Estimated budget for the recommended advanced exploration program and PEA, Guayabales Project	198

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figures

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Aurum Consulting (“Aurum”) in conjunction with Mr. John Wells prepared this technical report for Collective Mining Ltd. (“Collective”). The report documents the Mineral Resource estimate and supporting metallurgical testwork for the Apollo deposit at the Guayabales Project, Colombia, with a resource date of 31 August 2026, follows NI 43-101 and uses the CIM Definition Standards (2014). The Qualified Persons are Mr. Ivor Jones (FAusIMM, P.Geo) and Mr. John Wells (FSAIMM). Both are independent of Collective.

The Guayabales Project (“Guayabales”) is in the Marmato–Supía district of Colombia’s Middle Cauca Belt, about 198 km north-west of Bogotá and 80 km south of Medellín. It covers parts of Caldas and Antioquia departments. The project consists of 20 granted mining rights (about 3,886 ha) and 37 concession applications (about 2,615 ha), a total of roughly 6,501 ha. Collective also holds surface rights over 31 properties (about 719 ha).

Guayabales has been recently explored by four companies prior to Collective, from 2005. Collective has been exploring the project since 2020 and during this time Guayabales has been the subject of three formal technical reports. These reports only reviewed the exploration potential of the property. No historical resource estimates exist; the Apollo Deposit is a Greenfields discovery by Collective and the breccia system has no historical artisanal mining.

Guayabales is an advanced-stage mineral project located in Colombia’s Middle Cauca Belt. The project comprises 3,886 hectares of granted exploration licenses and to-date has identified fourteen targets have been identified and are prospective for gold (Au), silver (Ag), copper (Cu), lead (Pb), zinc (Zn), molybdenum (Mo), and tungsten (WO₃). Figures presented in chapter 9 highlight the high prospectivity of the project area with extensive mineralized zones outlined by surface geochemistry for rock and soil. Limited reconnaissance drilling has been undertaken on most of the targets whilst more extensive work has been completed at the Trap and Apollo Targets. The Apollo Deposit is the principal focus of exploration spend to date and hosts a multistage, polymetallic system associated with porphyry-breccia and reduced intrusive mineralization events.

The Apollo deposit outcrops at surface and hosts multistage mineralisation resulting in distinct metal zonation over a vertical depth of over 1,400 m. The deposit has a distinct downward flaring geometry with maximum dimensions of 700 m northeast by 400 m northwest. In this Technical Report it is outlined by 265 holes and 114,520 metres of drilling. Apollo is still open at depth and to the north.

Apollo is a hydrothermal breccia formed in a subvolcanic porphyry environment with multistage mineralization resulting in zonation of both alteration and metal. Mineralization stages include early, low grade, porphyry veining, various periods of sulphide metal infill (plus scheelite) within the breccia matrix and multiple overprinting, late stage, sulphosalt and carbonate base metal (“CBM”) veins. At depth the Apollo system has less copper and pyrrhotite dominates over pyrite. A new style of mineralisation, referred to as the Ramp Zone occurs, commencing at 1,000 m below surface and is characterized by Au-Ag-Bi-Te in sulphide-rich veins, associated with intense albite alteration and hosted within crackle breccia. The Ramp Zone is a gold dominant system and has mineralogy and host rock similarities with the multi-million-ounce Marmato Deeps Zone located 1.75 km southeast of Apollo. The Marmato Deeps deposit is characterized as a reduced intrusive gold system.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The known mineralized footprint of the Apollo deposit continues to grow at depth and to the north, as outlined by recent drilling, extending beyond the currently modelled limits in the resource estimate. Current drilling programs are focused on drill testing the Shallow Halo Zones (SHZ), sparsely drilled areas above 1,000 masl in the breccia body and expanding and growing the Ramp style of mineralization at depth. The SHZ area has very limited drilling and approximately 80% of this zone is untested. Within the mineralized breccia body, at elevations from 1,500 to 1,000 masl, there is very limited drilling particularly on the northeastern and western margins and a new extension to the mineralized breccia was recently intercepted in the north at these depths. Ramp Zone mineralization has been intersected along the breccia margin in the southeast, west and southwest supporting a contact model. Approximately 80% of the interpreted 1.5-kilometer circumference of mineralized breccia contact zone, with potential for Ramp style mineralization, remains untested by drilling. The Ramp Zone also remains open at depth below the deepest drilling completed to date within the current resource model. Higher-capacity drill rigs are being mobilized to test the Ramp Zone at depth in all areas with potential for Ramp Zone style mineralization.

The Qualified Person has reviewed the exploration data, geological interpretation, sampling, analytical results, and metallurgical information and considers them of high quality and appropriate to support the current Mineral Resource estimate, subject to the limitations and recommendations identified in this technical report.

Testwork prior to 2022 reported gold recoveries generally exceeding 90%, with average carbon-in-leach gold recovery greater than 93%. Subsequent testing demonstrated that gravity concentration could recover approximately 30%–50% of the gold, potentially contributing around five percentage points to overall gold extraction.

Metallurgical testwork from 2022 to 2026 shows the mineralization responds well to gravity concentration, flotation and cyanidation.

The 2026 metallurgical program evaluated six composites representing different areas of Apollo using a process sequence comprising gravity concentration, flotation, and cyanidation of flotation tailings. Results demonstrated recovery of gold, silver, and copper, supported by favourable mineralogy, coarse-grained chalcopyrite, and good mineral liberation. Relatively rapid flotation kinetics were observed, with an optimum primary grind of approximately 95 microns for the tested material. A master composite achieved recoveries of 95% Au, 92% Ag and 85% Cu using gravity, flotation and cyanidation of flotation tailings. Preliminary gravity testing on scheelite-rich material recovered up to 74% of the tungsten into a concentrate grading 63.6% WO₃. Collective is evaluating a flowsheet with a gold–silver doré and separate copper and tungsten concentrates.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Testwork completed in 2025 and 2026  on sample material from the copper and tungsten sub-domains, which lie mainly within the indicated open-pit portion of the resource (Collective Mining Ltd, September 21, 2026), showed higher copper and silver recovery (95% and 94.4% respectively) in the copper subdomain with slightly lower gold recovery (90%), and higher tungsten recovery (74%) in the tungsten subdomain. Future testwork will include optimisation of the metallurgy for those subdomains, with a focus on increasing gold recovery.

Overall, the metallurgical results support continued evaluation of conventional gravity, flotation, and cyanidation processing routes. Further optimization and variability testing will be important in developing more robust process design and economic assumptions.

The August 31, 2026 Mineral Resource incorporates gold, silver, copper, and tungsten mineralization and was prepared using geological modelling, statistical analysis, variography, ordinary kriging, and resource classification in accordance with applicable CIM standards.

Mineralization was modelled in lithological, structural and grade domains. The main domains for modelling incorporated combinations of the mineralised angular breccia (“BAM”), CBMs, Ramp Zone, a copper subdomain and a tungsten subdomain. Samples were composited to 2 m, and grades were estimated by ordinary kriging in a 10 × 5 × 5 m block model. Validation was visual and statistical. Blocks were classified using drill spacing and geological and grade continuity.

The estimates were tested for a reasonable prospect of eventual economic extraction (“RPEEE”) prior to defining them as a mineral resource. Block values were defined as a gold equivalent value based on metal prices of US$3,000/oz Au, US$60/oz Ag, US$5.25/lb Cu and US$2,057/mtu WO₃ and metallurgical recoveries of 95% Au, 92% Ag, 85% Cu and 70% WO₃. Reporting cut-offs are well above the calculated break-even grades of 0.13 g/t AuEq (open-pit), 0.73 g/t AuEq (underground above 1,000 masl) and 0.96 g/t AuEq (underground below 1,000 masl). Open-pit resources are constrained by pit shells, and underground resources by conceptual stope shapes. Resources are reported in situ, with no mining dilution or losses applied. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The economic assessment is conceptual and below PFS level.

Mineral Resources are reported using cut-off grades of 0.30 g/t AuEq for open-pit material, 1.20 g/t AuEq for underground material above 1,000 metres elevation, and 1.50 g/t AuEq for underground material below 1,000 metres elevation. These thresholds reflect conceptual mining methods, mineralization geometry, metallurgical assumptions, operating costs, and the assessment of reasonable prospects for eventual economic extraction.

The Apollo estimate was classified as a Mineral Resource (Table 1.1) based on the requirements of NI 43-101 which includes data quality and consideration of geological and grade continuity. The Apollo classification also included drill-spacing and the number of drillholes within different distances from blocks being estimated.

The Mineral Resource is reported in three parts: open-pit, underground above 1,000 masl, and underground below 1,000 masl (including the Ramp Zone).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Indicated Mineral Resource (Table 1.1) comprises 22.5 Mt of open-pit material at 2.06 g/t AuEq, 13.2 Mt of underground material above 1,000 metres elevation at 2.10 g/t AuEq, and 1.29 Mt of underground material below 1,000 metres elevation at 4.74 g/t AuEq.

The Inferred Resource comprises 25.9 Mt of open-pit material at 0.86 g/t AuEq, 16.2 Mt of underground material above 1,000 metres elevation at 2.06 g/t AuEq, and 6.04 Mt of underground material below 1,000 metres elevation at 5.37 g/t AuEq.

No Measured Mineral Resources or Mineral Reserves are reported. The estimate represents in-situ mineralization and does not account for mining losses or operational dilution. Mineral Resources do not have demonstrated economic viability, and the current estimate should not be interpreted as a production forecast.

Table 1.1: Mineral Resource for the Apollo Mineral Deposit, August 31, 2026*

*Note: Contained metal and tonnes figures in totals may differ due to rounding.

* Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources in this Technical Report were reported using CIM (2014) Standards on Mineral Resources and Reserves, Definitions and Guidelines.

** Mineral Resources have been tested for RPEEE. They are either reported within an open-pit shell or within underground shapes using a floating stope optimisation routine. Additional information is included in this report.

*** AuEq =((AU*0.95)+(AG*0.020*0.92)+(CU*1.20*0.85)+(WO₃*21.33*0.7))/0.95 where the ratios are defined using metal prices of US$3000/oz Au, US$60/oz Ag, US$5.25/lb Cu, and US$93.31/lb WO₃ (equivalent to US$2,057 mtu WO₃), and metallurgical recoveries of 95% for gold, 92% for silver, 85% for copper and 70% for WO₃.

^ The quantity and grade of the reported Inferred Resources in this report are uncertain in nature and there has been insufficient exploration to define this Inferred Resource as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading the Inferred Resource to an Indicated or Measured Mineral Resource category.

Further details of the Mineral Resource can be found in Section 14 of this report.

The QP considers the exploration, sampling, analytical and metallurgical data are suitable to support the Mineral Resource and identified no issues that materially affect it. Aurum is unaware of any permitting, legal, title or other factors that would affect access or the right to carry out the recommended work.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Qualified Person considers the available geological and drilling information sufficient to support the current Indicated and Inferred Mineral Resource classifications. Nevertheless, several technical matters require further investigation as the project advances.

Gold assay variability: Review of laboratory duplicate and inter-laboratory check samples identified only reasonable precision in gold analyses. The QPs review concluded that coarse and/or free gold may contribute to sample variability and could result in biased estimates, and in this case the assays could be biased low (the sample results may be lower than they should be). A dedicated program using larger subsamples and comparative screen fire assay, conventional fire assay, and photon analysis is recommended to assess this variability. If this program demonstrates material bias, re-assaying all mineralized intersections should be considered.

It should be noted that the results from the duplicates to date distort the picture of precision in gold assaying because they mix not only duplicate assays, but different sample preparation methods, different laboratories over different time periods, and different assay parameters. The QP is concerned that the data from the existing duplicate sample results is misleading and does not provide a true picture of the assay variability. There are recommendations presented to address this.

Tungsten analytical quality control: Independent blind quality-control analyses have not been conducted for W or WO₃ analyses. There is also evidence that indicates the tungsten assays from ICP analyses understate the real tungsten grades because of incomplete dissolution of scheelite in the assay process. Commercially certified reference materials suitable for X-ray fluorescence measurements and improved quality-control procedures are recommended.

Ramp Zone opportunity: The Ramp Zone remains at an early exploration stage outside the area included in the current resource estimate. Drilling since the close of the database for the resource estimation indicates that the Ramp Zone is significantly larger than the small part already modelled, but it needs additional drilling to meet the drill spacing required for a mineral resource. Additional drilling is being designed to allow detailed evaluation of the Ramp Zone geometry, grade distribution, extensions at depth, and to the north and west.

Further Development: The Mineral Resource is still expanding, and the potential of the Ramp Zone needs to be understood further. Drilling within the breccia, particularly on the periphery of the breccia, continues to intersect new areas of Ramp Zone mineralisation, and the potential of this zone is looking very promising. It is the QP’s opinion that the grade, size and characteristics of this zone need to be further understood before Collective decides how to proceed with planning the future of this part of Apollo.

Collective is currently focusing its efforts on the exploration of the RAMP Zone as well as other areas including the SHZ, and the company will be in a better position to advance the project with additional upgrades to the Mineral Resource and with a subsequent PEA during 2028. Further technical and economic studies will therefore be necessary before the project’s development potential can be fully assessed.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Exploration in the Guayabales project area, covering 3,886 ha of granted licenses, has identified 14 targets from exploration to date covering porphyry, breccia and CBM-Sulfosalt vein styles for Au, Ag, Cu, Pb, Zn, Mo and WO₃ mineralization. Figures presented in chapter 9 highlight the high prospectivity of the project area with extensive mineralized zones outlined by surface geochemistry for rock and soil. The focus of drilling to date has been the Apollo grassroots discovery and to a lesser extent the grassroots discovery at Trap.

The known mineralized footprint of the Apollo deposit continues to grow at depth and to the north, as outlined by recent drilling, extending beyond the currently modelled limits in the resource estimate. Current drilling programs are focused on drill testing the Shallow Halo Zones (SHZ), sparsely drilled areas above 1,000 masl in the breccia body and expanding and growing the Ramp Zone style of mineralization at depth. The SHZ area has very limited drilling and approximately 80% of this zone is untested. Within the mineralized breccia body, at elevations from 1,500 to 1,000 masl, there is minimal drilling particularly on the northeastern and western margins and a new extension to the BAM was recently intercepted in the north at these depths. Ramp Zone mineralization has recently been intersected along the breccia margin in the west and southwest supporting a contact model. Approximately 80% of the interpreted 1.5-kilometer circumference of mineralized breccia contact zone, with potential for Ramp style mineralization, remains sparsely drilled and partly untested by drilling. The Ramp Zone also remains open at depth below the deepest drilling completed to date within the current resource model. Higher-capacity drill rigs are being mobilized to test the Ramp Zone at depth in all areas with potential for Ramp Zone style mineralization. It is worth noting that drilling since the 31st of March, 2026, when the database extract was made has demonstrated significant upside in the Ramp Zone when compared to the Ramp Zone as modelled in this resource.

Trap is a NNW-trending structural corridor within quartz diorite porphyry hosting early-stage porphyry and subsequent overprinting CBM and sulfosalt vein systems. The northwest trending vein system has been outlined over 2 km with wide spaced drilling, remains open in all directions and is the subject of follow-up drill programs with the objective of outlining a future mineral resource. Reconnaissance drilling will also continue on the other porphyry, breccia and vein targets within the current project area. Collective also has contiguous license applications for 2,654 ha to expand the Guayabales project area.

The Qualified Persons (QPs) recommend that Collective continue systematic exploration of the Guayabales Project to identify economically significant mineralization, expand the overall Mineral Resource, and improve confidence in existing estimates. At the Apollo Deposit, priority should be given to further evaluating the near-surface tungsten zone to determine the additional drilling and geological work required to support classification as a Measured Mineral Resource. Additional drilling is also recommended to improve the geological understanding and resource classification of the shallow halo zone, higher-grade underground areas with sparse drilling, and the broader Ramp Zone. The program should also assess the reliability of geological interpretations and resource estimates against new drilling results, while continuing to rank and systematically test exploration targets outside Apollo.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

A key recommendation is to investigate potential biases in gold assay results, particularly the possibility that coarse gold and small sample sizes have resulted in underestimation of gold grades. The QPs recommend testing approximately 200 samples, comprising 100 from the Ramp Zone and 100 from the BAM/CBM zones, using screen fire assays, standard fire assays, and photon analysis to establish an appropriate analytical protocol. If systematic underestimation is confirmed, all samples from mineralized intersections should be re-assayed using the revised protocol, regardless of grade. Quality assurance and quality control should also be strengthened using commercial certified reference materials for tungsten trioxide (WO₃) XRF analysis and consistent preparation, laboratory, and analytical methods for duplicate samples. These measures are intended to improve the reliability and consistency of analytical results.

Further metallurgical testwork is recommended to optimize processing performance and support future project development. This work includes optimizing primary and regrind sizes, gravity concentration, and the relationship between concentrate grade and recovery; conducting locked-cycle and carbon tests; and completing chemical analyses of flotation concentrates. Additional representative samples should be collected from new mineralized zones, particularly the Ramp Zone and scheelite zone, to support more detailed and variability testing. Studies of tailings thickening, filtration, pulp rheology, paste-fill preparation, and tailings deposition are also required to inform process design and potential mine operations. In parallel, geotechnical investigations, environmental baseline studies, and technical studies covering mine planning, engineering, process design, and tailings management should be advanced in preparation for the 2028 Preliminary Economic Assessment (PEA).

The QPs recommend a single-phase advanced exploration program comprising approximately 125,000 metres of diamond drilling over 15 to 18 months. Of this total, 115,000 metres are allocated to Apollo, including deep drilling at the Ramp Zone, while 10,000 metres are allocated to other exploration targets. The program aims to incorporate drilling completed since the maiden Mineral Resource estimate, convert Inferred Mineral Resources to the Indicated category, and expand the overall Mineral Resource. Target-generation activities will continue across the broader property to identify additional drilling opportunities. The estimated cost of the advanced exploration program, including associated site general and administrative expenses, is approximately US$58.25 million.

Following the updated Mineral Resource estimate, the QPs recommend completing a PEA for the Apollo Deposit, with supporting metallurgical, geotechnical, environmental, engineering, and resource estimation studies conducted concurrently with the exploration program. This work is expected to take a further 15 to 18 months and includes an estimated US$10.0 million allocation for PEA-related studies and activities. The total estimated budget for the recommended exploration program and PEA is US$70.75 million, including general and administrative costs. Collectively, these recommendations are intended to strengthen the technical foundation of the Guayabales Project, improve resource confidence, evaluate its economic potential, and advance Apollo toward a more informed assessment of future mine development.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

This technical report has been completed on behalf of Collective Mining Ltd. (“Collective” or the “Issuer”). Its main purpose is to document the data, methods and results of the Mineral Resource estimate for the Apollo gold-silver-copper-tungsten deposit, with a resource date of 31 August 2026 and a report effective date of 13 October 2026. The report has been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and Form 43-101F1. Mineral Resources are classified using the CIM Definition Standards (2014).

The Apollo deposit is part of the Guayabales Project, an advanced-stage exploration project in the Marmato–Supía district of the Middle Cauca Belt, Colombia. The project lies in the municipalities of Marmato, Supía and La Merced (Department of Caldas) and Caramanta (Department of Antioquia). It is centred about 198 km north-west of Bogotá and 80 km south of Medellín. It comprises 20 granted mining rights covering approximately 3,886 ha and 37 concession applications covering approximately 2,654 ha, giving a reported project area of about 6,501 ha.

Apollo is the most extensively explored of the 14 targets for exploration at Guayabales and is interpreted as a hydrothermal breccia formed in a porphyry environment with multi-stage mineralization. Artisanal mining has taken place in the district previously, but none at Apollo, and four companies explored the property between 2005 and 2013. Collective has carried out the current exploration programme since 2020. No historical mineral resource estimates exist for the project. Collective’s work has been the subject of three previous NI 43-101 technical reports (Redwood, 2021, 2023 and 2025).

The Apollo Mineral Resource in this report is based on 265 drillholes totalling approximately 114,520 m, of which 256 are coded to Apollo. This report is the first to document a Mineral Resource estimate for the deposit. It describes the property and its geological setting, the exploration, drilling and sampling programmes, the data verification and QAQC work, the metallurgical testwork, and the resource modelling and classification. The remaining sections required by NI 43-101 are included for completeness and are marked not applicable, because the project has not advanced beyond the Mineral Resource stage.

Collective provided most of the data used in this work. No historic data was used in this technical report. Where possible, the QP has validated this data. It includes:

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The geological interpretation has been completed by Collective’s exploration team. This work has largely been peer reviewed by external consultants including Prof. Richard Tosdal, Mr. Brett Davies and Mr. Doug Kirwin.

The resource block model and resource evaluation were prepared by Mr. Ivan Espitia of Collective under the direct supervision of Mr. Ivor Jones of Aurum Consulting. Mr. Jones reviewed and checked this work and takes responsibility for the Mineral Resource estimate.

The QP has been given full access to all data requested, has spent extensive time at site and with Collective personnel, inspected cores and sampling and conducted interviews with Collective personnel to obtain information on exploration work completed, past and present. Aurum has no reason to doubt the reliability of information provided by Collective.

This technical report was completed by Mr. Ivor Jones, FAusIMM (#111429), P.Geo (APEG BC #197172) and Mr. John Wells, FSAIMM.

Mr. Jones is a member of a recognized professional association, and has relevant qualifications and sufficient relevant work experience to be considered a Qualified Person as defined by National Instrument 43-101. Mr. Jones is independent of Collective.

Mr. Wells is a member of a recognized professional association, and has relevant qualifications and sufficient relevant work experience to be considered a Qualified Person as defined by National Instrument 43-101. Mr. Wells is independent of Collective.

In accordance with National Instrument 43-101, Mr. Jones has visited the Guayabales Project four times between May 2025 and October 2026, with the most recent visit being from 28 September until 5^th October 2026. The purpose of the site visit was to review the site, exploration procedures, review the geological framework, review drill core, interview staff and collect information relevant to the evaluation of a mineral resource and the compilation of this technical report.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Mr. Wells also visited the site and the core shed on three occasions between 2022 and 2024. In addition Mr. Wells made monthly visits to the testwork laboratories.

Overall Aurum is satisfied with the information obtained from Collective. It is Aurum’s opinion that the exploration data and the drilling database are sufficiently reliable to support a mineral resource evaluation. Whilst some areas for improvement have been identified, and recommendations made, it is the QP’s opinion that they do not pose a material risk to the mineral resource documented.

The QPs recommendations include changes to the gold assaying, and changes to the duplicate procedure. The change to the gold assaying is because of the coarse and free gold, and include a much larger sample to be assayed either using a screen fire assay (SFA) or a photon analysis. Each of these use a much larger subsample for analysis than the 30 g subsample used in the standard fire assay used by Collective. The change to the duplicate assays is to make sure that the duplicate assay uses the same sample preparation, the same assay methodology, and the same laboratory as the original. The aim is to assess precision and changing any of these parameters introduces sources of variability that do not allow a view of sample/assay precision.

Section 4: Aurum has relied on information provided by Collective with respect to the legal title to the Guayabales Project. Aurum has not conducted an independent verification of land title or tenure information. Aurum did not confirm the legal validity of any of the underlying agreements between third parties.

Aurum was informed by Collective that there are no known litigations potentially affecting the Guayabales Project.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Guayabales Property is located 198 km north-west of Bogotá, 80 km south of Medellin, 75 km north of Pereira and 50 km north-northwest of Manizales. Politically, the property is in the Municipalities of Marmato, Supía and La Merced, Department of Caldas, and the Municipality of Caramanta, Department of Antioquia, at approximately 5°30’N, 75°36’W and an altitude of between 1,470 to 2,150 masl (Figure 4.1).

All mineral resources in Colombia belong to the state and can be explored and exploited by means of concession contracts granted by the state. The mining authority is the National Mining Agency (Agencia Nacional de Minería or ANM). The Ministry of Mines and Energy is in charge of setting and overseeing the Government´s national mining policies. Mining activities in Colombia are principally governed by law 685 of 2001 (the Mining Code), together with subsequent laws, decrees, resolutions and other regulations. Mining titles granted under earlier legal regimes generally remain subject to the legal framework applicable at the time of their granting, including, in many cases, Decree 2655 of 1988. Since its enactment, certain provisions of law 685 of 2001 and the broader mining regulatory framework have been amended, supplemented, repealed, or otherwise affected by subsequent legislation, including Laws 1450 of 2011, 1753 of 2015, 1955 of 2019, 2250 of 2022 and 2294 of 2023. Under Law 685 of 2001, there is a single type of concession contract covering exploration, construction and assembly, exploitation, and associated closure and abandonment stages. The concession is granted for a term of up to 30 years and may be extended for another 30 years.

Historically, mining concession areas in Colombia were defined on a map with reference to a starting point (punto arcifinio) with distances and bearings (distancias y rumbos), or map coordinates, resulting in irregular polygons whose boundaries were established in the respective contractual agreement.

As a result of Law 1573, 2015, the ANM adopted the Mining Grid System via Resolution 504 of September 18, 2018. Titles granted under earlier coordinate systems kept their original boundaries. As it follows from Resolution 504, any grid cell partly intersected by a valid title is blocked for new applications. The residual part of such a cell, outside the title, is referred to as an “incomplete cell”. Under Resolution 504, 2018, and Resolution 505, 2019 an incomplete cell may be incorporated into, or adjudicated to, the title it abuts on application by that titleholder. Furthermore, Law 2250, 2022 reiterated the rule and required mining title holders to file for a request to add incomplete cells.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 4.1. Location map of the Guayabales Project. Source: Collective (2026)

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The application process for concession contracts is entirely online as follows:

A surface tax (canon superficiario) is paid annually in advance during the exploration and construction phases of mining concession contracts. This payment is due when the concession contract is registered in the National Mining Registry (RMN). The amount varies depending on the area and stage of the concession and ranges from 0.5 to 3.0 daily minimum legal wages per hectare per year (approximately US$9.39 to US$56.31 per hectare per year, based on 2026 values).

In 2026, the monthly minimum wage in Colombia is COP $1,750,905, equivalent to a daily minimum wage of COP $58,363.50. Therefore, the surface tax per hectare for 2026 is calculated as follows, using an exchange rate of COP $3,109.30 per US$1.00 (TRM as of September 15, 2026):

Minimum: 0.5 × COP $58,363 = COP $29,181 per hectare per year (≈ US$9.38)

Maximum: 3 × COP $58,363 = COP $175,090 per hectare per year (≈ US$56.31)

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Only exploration activities involving underground methods (i.e. drilling) require a mining title. Superficial exploration activities or prospecting can be carried out freely and do not require a mining title. Exploration that does not require a title (mapping, sampling, geophysics) may be done freely. Drilling from platforms or along hole traces outside a titleholder’s boundaries is permitted under Articles 58 and 166 of Law 685 of 2001. Drilling within water-drainage buffer zones requires permits from the regional environmental authority, which Collective has not required to date. The Apollo deposit does not overlap any area excluded from mining.

The concession contract (law 685/2001) has three phases:

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Guayabales Project (Figure 4.2) includes 20 granted mining rights covering approximately 3,886.2436 ha (894.7633 ha exploitation plus 2,991.4803 ha exploration) (Table 4.1) and 37 concession applications covering approximately 2,654.2573 hectares (Table 4.2). Together, these represent a reported project area of approximately 6,501.5009 hectares. The granted mining rights comprise titles held directly by Collective or its affiliates, titles undergoing assignment proceedings in favour of Collective, and titles subject to option agreements in favour of Collective, as detailed in Table 4.1.

In addition, in regards to mining title LH0071-17, 74 claim applications (43.7700 ha) have been submitted for incomplete cells that surround the referred title. Furthermore, the QP has been informed by Management of Collective Mining that the mining title owners of the Guayabales license, for which Collective Mining accelerated its option agreement to own an undivided 100% interest in June 2025 (see Item 4.4), requested in 2022 that the Colombian authorities integrate the incomplete cells abutting its mining title into the title. The authorities responded in writing, confirming that the incomplete cells will be incorporated into the title once the Colombian mining information system is updated to support such integration. Currently, Collective Mining is awaiting incorporation of incomplete cells. North of the incomplete cells, Collective Mining holds property to mining titles HI8-15231, 502173, 502174, 510319 and 510320.

This incomplete-cell procedure is separate from the assignment proceedings referred to elsewhere in this report. The assignment proceedings relate to the transfer of existing mining rights in favour of Collective, whereas the incomplete-cell procedure specifically concerns the incorporation or adjudication of residual grid-cell portions adjacent to existing mining titles, in accordance with the specific procedures established by the Colombian mining authority.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 4.2. Plan of Guayabales Property mining rights showing concession contracts in red fill and concession applications in red outline. Source: Collective (2026)

The location of a mining title is defined by the coordinates of its corners, as described in each of the mining concession agreements executed with the mining authority. The coordinates of the corners are presented as geographic coordinates referenced to the MAGNA-SIRGAS coordinate reference system, expressed in decimal degrees to five decimal places, in accordance with the guidelines of the National Mining Agency (ANM). The Transverse Mercator – National Origin (CTM12) projection is used for the calculation of distances and areas. There is no legal requirement to mark the corners by monuments in the field or have the corners officially surveyed, and the corners have not been surveyed.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Table 4.1 List of the mining rights with title of the Guayabales Project.

Ownership: Collective Mining (1-13); Minerales Provenza S.A.S., an affiliate of Collective Mining (14); mining rights subject to ongoing assignment proceedings in favour of Collective Mining (15-18); and mining rights subject to option agreements in favour of Collective Mining (19 and 20).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Table 4.2. List of concession applications of the Guayabales Project.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Collective has entered into a series of acquisition and assignment agreements in respect of certain mining rights comprising the Guayabales Project.

The assignment process for mining rights LH0071-17, HB1-08302X, 674-17 and 619-17 has been completed. The relevant assignment agreements were executed, the transfers were processed before the Colombian National Mining Agency (ANM), and the changes in titleholder were subsequently registered in the National Mining Registry (RMN). Accordingly, these mining rights are currently registered in the name of Collective Mining Limited Sucursal Colombia.

With respect to mining right 620-17, the relevant assignment agreements have been executed between the parties; however, the corresponding transfers remain subject to the administrative process before the ANM and have not yet been registered in the RMN in the name of Collective.

Collective has also entered into option agreements in respect of Mining Rights 781-17 and DLH-14451X. In the case of DLH-14451X, in addition to the option agreement, the parties have executed an assignment agreement in favour of Collective, and the corresponding transfer application is currently under administrative review by the ANM pending registration in the RMN. Although the acquisition is subject future payments, the contract provides for immediate transfer of title to Collective. The title is therefore subject to an ongoing assignment proceeding in favor of Collective.

Exploration License CAG-141X, currently registered in the name of MINEROS S.A., also forms part of the Guayabales Project. Collective has entered into an agreement for the acquisition and assignment of this mining right, and the total acquisition consideration of US$50,000 has been paid in full.

Under the Colombian mining tenure framework, execution of an assignment agreement does not, by itself, complete the transfer of a mining right. The assignment must be processed before the ANM and the change in titleholder must be registered in the RMN. Accordingly, references in this report to “assignment proceedings” refer solely to this administrative transfer and registration process and do not imply litigation, a dispute, forfeiture, or an adverse claim over the relevant mining rights.

The acquisition and option agreements relating to the Guayabales Project provide for aggregate payments of approximately US$30.05 million through 2030, including payments associated with certain mining rights and related assets. As of the effective date of this Technical Report, the QP understands that Collective has made payments of approximately US$18.15 million under these agreements. The scheduled payments and amounts paid are summarized in Table 4.3.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Table 4.3 Yearly payments resulting from mining title option agreements.

Total exploration expenditure commitments under certain of these agreements amounted to approximately US$13.8 million over their term. These expenditures were adequately completed by Collective Mining Colombia, therefore it exercised its right to acquire 100% ownership of the relevant tenements.

Collective also entered into an agreement for the acquisition of Exploration License CAG-141X, currently registered in the name of MINEROS S.A. The total acquisition consideration of US$50,000 has been paid in full, and the assignment of the mining right in favour of Collective is currently in process.

Royalties payable to the State for the exploitation of gold and silver are 4% of the value of production at the mine mouth, while royalties for copper and tungsten are 5%, pursuant to Article 16 of Law 141 of 1994, as amended by Article 16 of Law 756 of 2002. For purposes of calculating royalties on gold and silver, the mine-mouth value is determined based on 80% of the average international price for the preceding month, in accordance with applicable regulations. The base prices used for royalty calculations are published by the competent authority.

Other than the State royalties described above, Collective has advised the QP that the mining rights comprising the Guayabales Project, including the mining rights subject to option agreements (781-17 and DLH-14451X) and those subject to assignment proceedings, are not subject to any private royalties, net smelter return royalties, streams, back-in rights or other encumbrances. The option agreement for mining right (LH0071-17) originally provided for a 1% net smelter return royalty as one alternative for acquiring the final 10% interest. Following the acceleration of that option in June 2025 and full settlement of the remaining payments in January 2026, no royalty is payable under that agreement. The remaining payment obligations under the acquisition and option agreements are summarized in Section 4.4 and Table 4.3.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Granting of a mining title does not include surface access rights; therefore, the consent of the relevant landowner or community is required.

Collective holds surface rights over 31 properties located within the Guayabales Project, covering a total area of 719.22 ha. To date, Collective has not encountered any significant access constraints that have materially affected its ability to carry out planned activities within the Guayabales Project.

In addition, Collective has entered into easement agreements with several landowners within the Guayabales Project. The Company currently holds easement rights over 20 properties, allowing exploration activities, including:

Most of these agreements have a term of twelve (12) months and provide for the payment of monetary consideration.

A Superficial Water Concession is required if water is to be taken from creeks or underground sources for drilling. The company has three Superficial Water Concessions approved (Table 4.4). Water rights may take from 6 to 9 months to obtain. If needed, water can be purchased in bulk and trucked in tanks to the drilling areas.

Table 4.4. List of Superficial Water Concessions and applications for the Guayabales Project.

The Guayabales Project has artisanal mining in four areas. Under Colombian law, existent artisanal mining will not be an environmental liability for Collective. The company has carried out environmental baseline studies to determine existing liabilities in the area and continues to do so as it identifies local miners.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

There are no national parks, reserves or other areas that exclude mining covering the Guayabales Project area.

Within the Municipality of Supía, there are three Indigenous reserves (resguardo indígena in Spanish), called the Cañamomo - Loma Prieta Reserve, the La Trina Reserve, and the Cartama Reserve. There is also one Indigenous community (parcialidad indígena in Spanish), called Cauromá, where the people live according to indigenous laws and customs but they do not own the territory. A “parcialidad indígena” is related more to a community which is not delimited by a territory, has integrated to a standard social community, but still holds relations amongst each other in which certain indigenous laws and customary ways of living still prevail. In the Municipality of Marmato, there is an indigenous community called Cartama. These communities belong to the Embera Chami indigenous group. The Cauroma and Cartama indigenous communities overlap with parts of Collective’s mining rights, but not with the areas of current interest for exploration.

Exploration is permitted by law in both the reserves and the communities and, in practice, would require an agreement with the relevant indigenous communities. Only reserves would require a prior agreement with the relevant community. Irrespective of an overlap, prior consultation will be required for the granting of the environmental license for the exploitation phase if a direct or indirect impact upon an indigenous reserve is identified.

The QP is not aware of any other significant factors and risks that may affect access, title or the right or ability to perform work on the property.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Guayabales Project is located close to several major cities in central and western Colombia. Measured in a straight line, the Project is approximately 80 km south of Medellin, the capital of the Department of Antioquia and Colombia’s second-largest city; 50 km north-northwest of Manizales, the capital of the Department of Caldas, 75 km north of Pereira, the capital of the Department of Risaralda, and approximately 198 km west-northwest of Bogotá, the capital of the Republic of Colombia (See Figure 4.1). The nearest commercial airport is La Nubia Airport in Manizales, approximately 50 km from the Project in a straight line.

By road, access to the field office and core logging and storage facility in the town of Supía is provided by paved highways from Medellín (approximately 141 to 172 km, depending on the route), Manizales (approximately 81 km), Pereira (approximately 98 to 122 km, depending on the route), and Bogotá (approximately 360 to 380 km, depending on the route) (Figure 5.1). Supía is located approximately 5 km southwest of the Guayabales Project in a straight line. Road access from Supía to the Project is approximately 12 km and is provided by a combination of secondary paved road and local unpaved roads.

The Köppen climate classification for the Guayabales Project is Subtropical Highland climate (Cwb). The Cwb classification is based on dry winters and average monthly temperatures below 22°C with at least 4 months greater than 10°C.

Field-work can be carried out on the project year-round.

There are no hydrometeorological stations in the project area so a station survey of IDEAM (Institute of Hydrology, Meteorology and Environmental Studies) was carried out to locate the nearest stations based on proximity, minimum data record of 10 years, and good data representativity (Table 5.1, Figure 5.2). Collective installed a weather station, MET 1, at Apollo in December 2023.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.1 Location and access map of the Guayabales Project. Inset shows enlargement of the Guayabales Project with the mining rights and local roads. Source: Collective (2026)

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.2 Location of selected hydrometeorological stations to the Guayabales Project. Source: Collective (2026)

Table 5.1 General data on the nearest hydrometeorological stations to the project (source IDEAM). Source: Collective (2026)

Category: PM pluviometric, LM limnimetric.

The average annual precipitation for the area of interest varies between 2,437 mm and 2,827 mm (Figure 5.3), with the latter being the most representative value as it is associated with the Caramanta station which is closest to the project area.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.3 Average annual rainfall in the project area (IDEAM).

The area is characterized by a bimodal rainfall cycle (Figure 5.4), with drier seasons between December and February and between June and August, with minimum values of about 110.3 mm. There is a wet season between April and May, and a slightly more intense second wet season between October and November with average maximum values of 381.3 mm. This pattern is confirmed in the annual cycle of standardized precipitation anomalies (Figure 5.4).

There are no IDEAM temperature records for the area of interest, so satellite data from the WorldClim and Chelsa climatological databases were used. The annual cycle of average temperature in the area of interest (Figure 5.5) varies between 17.4°C in October and 19.2°C in March. There is a seasonal pattern with higher average temperatures between February and May, and a decrease during the second half of the year, particularly in July and October.

Figure 5.4 (a) Annual precipitation cycle and (b) standardized annual precipitation cycle (IDEAM).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The flow regime in the area shows a bimodal pattern (Figure 5.6 and Table 5.3), characterized by two drier seasons (January–March and July–September) and two wet seasons (April–June and October–December). In relation to precipitation, there is approximately a one-month lag in the flow response starting in July. While precipitation peaks in October, the corresponding increase in flow is observed in November, suggesting a delayed hydrological response to rainfall events.

Figure 5.5 Annual cycle of average temperature.

Figure 5.6 Annual Flow cycle (IDEAM).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The MET I station, owned by Collective, has collected limited data so far (Table 5.2, Table 5.3). During 2024, precipitation reached maximum values of 98.9 mm in August and 75.5 mm in November, while in 2025 it peaked at 54.5 mm in March. In the first half of 2026, the maximum was recorded in June, at 153.1 mm. The average temperature in 2025 was 17.5 °C. Relative humidity ranged between 63.7% and 95.3%, indicating high atmospheric variability. Atmospheric pressure fluctuated between 595.0 and 602.7 mm Hg, showing no clear trend. Solar radiation reached a maximum of 556.3 W/m², typical of midday hours. Finally, wind mainly came from the southeast, with speeds ranging from 0.2 to 2.7 m/s with gusts exceeding 4.0 m/s.

Table 5.2 General information of MET I.

Table 5.3 General information of MET I variables.

Mean annual precipitation was obtained from CHIRPS (Climate Hazards Group InfraRed Precipitation with Station data) satellite information, and the resulting field was corrected using records from IDEAM gauging stations. Potential evapotranspiration (PET) was estimated using the method proposed by Cenicafé, which expresses it as a function of elevation. Finally, real evapotranspiration (RET) was calculated from PET and the corrected mean annual precipitation using the Budyko equation.

The real evapotranspiration (RET) values vary from 608.98 mm to 762.35 mm. A general trend of increasing temperature values is observed from southwest to northeast.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.7 Average annual real evapotranspiration (RET) for the project area (IDEAM).

Collective has installed 20 piezometers at depths of 24 to 150 m in different geological units including diorite, quartz diorite, breccias, schists, and saprolite. The piezometers are located at variable distances from Apollo: some are located within the Apollo zone, while others are distributed in surrounding areas at distances of up to just under 4 km. Overall, there is high variability in hydraulic parameters, influenced by the heterogeneity of geological formations and depth differences among piezometers. A concentration of flow is observed towards lower elevation areas, with a general W to E flow trend and local trends directing flow toward main streams such as Chaurquía, San Jorge, and La Llorona, which in turn direct water toward the Cauca River.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.8. Spatial distribution of piezometers relative to the Apollo area. Source: Collective (2026)

The Guayabales Project is located about 200 km east of the Pacific Ocean and 300 km south of the Caribbean Sea. The nearest port facility on the Pacific Ocean is Buenaventura, located approximately 330 to 350 km by road from Supía. Buenaventura is Colombia’s principal port on the Pacific coast and one of the country’s main international maritime gateways. On the Caribbean coast, the nearest major port facility is Puerto Antioquia, located at Nueva Colonia in the municipality of Turbo, Antioquia, on the Gulf of Urabá. Puerto Antioquia commenced foreign-trade operations in 2026 and is located approximately 450 to 500 km by road from Supía, depending on the route.

The nearest railhead is at Medellin. There are international airports at Medellin and Pereira, and a national airport at Manizales. The Medellin to Cali segment of the PanAmerican Highway, Route 25, runs through Supia, the base for the project.

The national electricity and natural gas grids run along the River Cauca valley about 3 km east of the project. They comprise three 230 kV power lines and a ten-inch diameter oil and gas pipeline with a capacity of 12,000 barrels per day.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Field personnel for the exploration program are available locally from towns and villages near the project. The district is expected to be able to supply the basic workforce for any future mining operation. There is an industrial underground gold mine operation at Marmato, and there is abundant artisanal mining in the region.

The region has high rainfall and there are ample water resources available.

Collective is currently in the process of acquiring land and, as of today, holds surface rights over 31 properties within the Guayabales Project. The project remains in the exploration phase, making it premature to define the specific locations of surface rights that could be required for future mining infrastructure. The company has identified several sites providing the potential for required infrastructure, but these are still being evaluated for optimal locations and have not been agreed within the company.

The Guayabales Project is located on the eastern edge of the Western Cordillera and on the western side of the Cauca River Valley. The project is located at altitudes between 990.7 and 2,225.4 meters above sea level (masl). The Cauca is an important river that flows north through a deep valley that separates the Western and Central mountain ranges. It has an average daily flow of 674.1 m3/s according to the IRRA – AUT [26167070] station of IDEAM, located in the municipality of Neira Caldas. It is a tributary of the Magdalena River, which flows into the Caribbean Sea in the city of Barranquilla. Rocks are exposed in streams, rivers, road cuttings and artisanal mines, but in other areas exposure is limited. The terrain is steep and covered by forest with some clearings used as pastures.

The project lies within the tropical, moist forest to premontane wet forest ecological zones of the Holdridge Life Zone climatic classification system. The vegetation is tropical forest that has been partly cleared for pasture, with secondary forest growth. Land is used for rough pasture for cattle, and growing coffee.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 5.9. A general view of the physiography of the Apollo deposit looking northwest and the location of different drill pads Source: Collective, 2026.

Figure 5.10. A general view of the Guayabales Project looking north from the access road to the town of Caramanta on the far ridge ( Source: Collective, 2026).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

This section was extracted and modified from Redwood (2025).

The recent history of the Guayabales Project began in 1995 when the Guayabales Mining Community (Comunidad Minera Guayabales), also known as the Guayabales Miners Association (Asociación de Mineros Guayabales), started artisanal gold mining. It developed 16 small underground mines in the Encanto zone. It began the process to legalise ownership in 2002 and was granted ownership when the title to concession contract LH-0071-17 was registered on 28 March 2008. The total gold production is not known. The history of the Guayabales Project is summarised in Table 6.1.

Table 6.1 Summary of the history of the Guayabales Project.

The Marmato-Supia district has been mined for gold since pre-Colombian times by the Quimbaya culture (600 BCE – 1600 CE), who were highly skilled goldsmiths, during the Spanish colonial period (1534-1819), and during the republican period (1819 to present) (Gartner, 2005; Bray et al., 2021).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

From 2005-2013, the Guayabales project was explored for gold by three companies under option agreements with Comunidad Minera Guayabales. These were Colombia Gold plc in 2005-2006, Colombian Mines Corporation (Colombian Mines) in 2006-2009 (Thompson, 2007), and Mercer Gold Corporation (Mercer Gold) in 2010-2011 (previously called Uranium International Corp.) (Turner, 2010, 2011). Mercer Gold changed its name to Tresoro Mining Corp. in 2011 but it carried out no more exploration (Leroux, 2012). Its option expired for non-compliance sometime in 2012 or 2013, and the company declared bankruptcy on 3 March 2014. Exploration carried out by these companies included geological mapping, soil sampling, rock sampling, and mapping and channel sampling of artisanal mines, and diamond drilling. In 2008 Colombian Mines drilled 17 holes for 2,079 m in the Encanto Zone, and in 2010-2011 Mercer Gold drilled 11 holes for 4,067 m in the Encanto Zone and to the northeast of this zone. The results of the historical exploration and drilling are reported in Sections 9.1 and 10.1.

Exploration of the Comunidad Minera Guayabales concession focused on the NW to WNW-trending Encanto Zone where 16 small gold mines are currently operated by Comunidad Minera Guayabales. The zone is a shear zone at least 500 m long and 20-40 m wide with gold-silver-polymetallic veins that were targeted by drilling. Porphyry stockwork veining mineralization is exposed in some road cuts shown by argillic and sericitic alteration overprinting quartz veinlet stockworks and hematite after magnetite veinlets and was intersected in two historical drillholes.

There are no historical mineral resource estimates for the Guayabales project.

There has been small scale, artisanal production of gold from the Guayabales project but the quantity is not known.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

The Guayabales Project is in the Western Cordillera of the Colombian Andes situated in the late Miocene, Middle Cauca Gold-Copper Metallogenic Belt (Figure 7.1). The project occurs in the Romeral terrane, an accretionary suture containing dismembered sections of oceanic crust (ophiolite complexes) comprised of a melange of ultramafic and mafic rocks (including peridotites, serpentinites, gabbros, basalts) and oceanic sedimentary rocks (graphitic schist, biotite schist, sericite schist chlorite schist), referred to as the Arquía Complex of probable Late Jurassic to Early Cretaceous age (Cediel & Cáceres, 2000; Cediel et al., 2003; Cediel & Shaw, 2019). This terrane was accreted to the continental margin along the Romeral Fault in the Aptian period (early Cretaceous). Movement on the Romeral Fault was dextral indicating that terrane accretion was highly oblique from the southwest. The Romeral terrane is bounded by the Cauca-Patia Fault on the west side.

Further west, additional oceanic and island arc terranes were subsequently accreted to the Western Cordillera in the Paleogene and Neogene periods, culminating in the on-going collision of the Panamá-Choco arc since the late Miocene and is interpreted to have induced a reconfiguration of subduction geometry beneath the Northern Andes, which reactivated arc-related magmatism along the Middle Cauca belt (Cediel & Cáceres, 2000; Cediel et al., 2003; Cediel & Shaw, 2019). The Romeral fault system has played an important role in subsequent pull apart basin sedimentation (Sierra, Marín-Cerón and MacDonald, 2012) during the Oligocene to Miocene aged, Amagá Formation (“Amagá”) and the locus of the Miocene Combia Volcanic Province (CVP, Weber et al., 2020). The Amagá, deposited unconformably on basement rocks, consists of shallow marine to terrestrial siliciclastic sequences. The CVP (see Figure 7.2) represents a late Miocene (12-6 Ma) volcaniclastic and volcanic (extrusive and intrusive) sequence positioned in the intermontane Cauca valley between the Western and Central Cordillera.

Porphyry Au-Ag-Cu-Mo mineralization and subsequent polymetallic vein systems (hosting Au-Ag-Zn-Pb-Cu) in the Middle Cauca Gold-Copper Belt are related to clusters of late Miocene porphyry intrusions of diorite-quartz diorite composition, and intrusive breccias within the CVP (Figure 7.2).

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Figure 7.1: Regional tectonic and terrane map of Colombia showing the location of the Guayabales Project (Modified from Castaño-Castro, 2026). Abbreviations: SMBFS (Santa Marta-Bucaramanga fault system), SJFS (San Jacinto fault system), UFS (Uramita Fault System), RFS (Romeral fault system), GFS (Garrapatas Fault System), SFS (Suaza fault system), WC (Western Cordillera), CC (Cordillera Central), EC (Eastern Cordillera), in orange line the Oligocene margin (25Ma). Source: Collective, 2026.

	Collective Mining Ltd.
Guayabales Project - Apollo Mineral Resource 2026-08

Middle Cauca Belt

The Middle Cauca Belt (MCB) is a 350 km long, north-trending metallogenic belt extending from the Buritica gold mine (Zijin Mining Group Co. Ltd.) to the La Colosa gold deposit (Mineros S.A.) (Figure 7.2). It is delineated by the Cauca-Romeral fault system and physiographically restricted within or along the upper Cauca valley (Bartos et al., 2017). The belt is notable for its gold-rich porphyry clusters and a single major copper-rich system (Quebradona, Figure 7.2), along with numerous low to intermediate-sulfidation, polymetallic, vein systems (i.e. Buriticá) that are structurally controlled and related to the porphyry systems. The Neogene aged, porphyry and porphyry vein systems are associated with calc-alkaline intrusions formed in a complex tectonic setting (Bartos et al., 2017; Naranjo et al., 2017; Santacruz et al., 2021). The MCB contains the Amagá Basin in the Middle Cauca Valley and available age constraints indicate magmatism occurred between 11.8 and 5 Ma ago (López et al., 2006; Leal-Mejia et al., 2011, 2017, 2019; Marin-Ceron et al., 2019; Shaw et al., 2011, 2019; Weber, 2020) although the belt’s most productive epoch is between 8.8 and 6.0 Ma. ago (Tassinari et al., 2008; Bissig et al., 2013; Santacruz et al., 2021). Hydrothermal activity at Marmato and Apollo occurred over a short time between 6.7 Ma and 5.7 Ma (Santacruz et al., 2021; Londono-Vanegas, 2026), broadly coeval with the emplacement of other Cu-Au porphyry systems documented regionally.

The magmatic and hydrothermal evolution within the belt has resulted in the formation of numerous mineral deposits, that have made important contributions to exploration and mining activities (e.g. Lodder et al., 2010; Lesage et al., 2013; Naranjo et al., 2017; Bartos et al., 2017; Santacruz et al., 2021). Porphyry systems within the MCB are predominantly gold-rich (e.g., Quinchía, Colosa, El Poma, La Mina, Caramanta) with only one copper-rich system (Quebradona) (Figure 7.1). Additionally, there are intermediate sulfidation polymetallic vein systems hosting high values of gold and silver. These structurally controlled deposits are referred to as carbonate-base metal veins (CBM) as they also host sulfides of lead and zinc and are related to porphyry and intrusion-related systems (e.g., Buriticá, Titiribí, Marmato). An understanding of the geological evolution in the MCB has been essential for unravelling its mineral potential and economic significance for Colombia.

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Guayabales Project - Apollo Mineral Resource 2026-08

Figure 7.2: The geology and major gold deposits of the Middle Cauca Gold-Copper Belt showing the location of the Apollo deposit. Source: Collective (2026)

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Guayabales Project - Apollo Mineral Resource 2026-08

The local geology of the Guayabales project area comprises the country rock of the Late Jurassic to Early Cretaceous Arquía Complex, an elongated, narrow, and discontinuous belt composed of carbonaceous, chloritic, and sericitic schists, as well as segments of ultramafic rocks with a low degree of metamorphism (Villagómez et al., 2011; Toussaint and Restrepo, 2020). Foliation in the schist packages typically dips gently to the southeast based on surface exposures and drill core intersections. The Arquía Complex forms roof pendants within the subsequent MVP intrusive bodies.

These rocks are overlain by two distinct Cenozoic units. The older is the Amagá Formation, a continental sedimentary sequence of conglomerate, sandstone and siltstone deposited by debris flows and braided fluvial systems within a pull-apart basin in the Cauca-Patía intermontane depression (Jaramillo et al., 2019; Leal-Mejía et al., 2019; Weber et al., 2020). The Amagá Formation is in turn overlain by the younger volcano-sedimentary Combia Volcanic Province (CVP; 9–4 Ma). The CVP locally exceeds 1,000 m in stratigraphic thickness and comprises intercalated basalt, andesite and tuff (Leal-Mejía et al., 2019; Weber et al., 2020; Villalba et al., 2023). Subvolcanic dioritic to quartz diorite porphyry stocks formed at the same time as the Combia volcanism and are genetically related to it. These stocks intrude the Amagá Formation. The late Miocene porphyry and porphyry-breccia bodies host Au-Ag-Cu-Mo mineralization, as well as late-stage polymetallic Au-Ag-Zn veins. All these mineralization styles have been observed across the targets discovered to date at the Guayabales Project.

The local geology of the Guayabales Project is presented in Figure 7.3, and the principal lithological units are summarized in Table 7.1. Geological interpretations are based on surface mapping completed by Collective, integrated with detailed geological logging of drill core. Bedrock exposure across the project area is limited, averaging approximately 5–10%. Much of the area is obscured by soil, volcanic ash, saprolite, dense vegetation, and landslide deposits. Consequently, the surface geological map is generalized and interpretative, with subsurface geological information from drilling providing an important constraint on lithological and structural interpretations.

The project area is characterized by multiphase porphyritic intrusions and associated magmatic-hydrothermal breccias, emplaced over a short duration between 6.7 ± 0.1 Ma and 6.5±0.1 Ma based on LA-ICP-MS weighted mean 206Pb/238U ages (Arredondo, 2026; Londono-Vanegas, 2026). These units are part of the Combia Volcanic Province (CVP). Basement rocks consist of various schists and ultramafic rocks of the Arquía Complex. Sandstones and mudstones of the Amagá Formation and remnant outliers of Combia Formation lavas and tuffs of basalt to andesite composition all located in the west of the project area (Figure 7.3).

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The structural setting of the Guayabales Project is strongly influenced by the major Cauca-Romeral fault system, a large-scale strike-slip deformation zone that is followed by the Cauca River’s north trend. Lineament analysis of topographic data integrated with regional mapping and airborne magnetic data has identified North trending fault systems which are intersected by steeply dipping to subvertical NW-, WNW- and E-trending fault systems. The Guayabales shear zone is interpreted as a major NW-trending structural corridor that crosses the center of the Apollo deposit (Figure 7.3). It produces numerous subsidiary faults throughout the concession and is interpreted as the primary first-order fault system controlling the structural architecture of the district.

Figure 7.3: Geological map of the Guayabales Project showing targets. Source: Collective, 2026.

At the Guayabales Project, Au, Ag, Cu, Mo and WO₃ mineralization is related to porphyry and reduced intrusion related systems, which are overprinted predominantly by carbonate base metal veins with Au, Ag, Pb and Zn, comprising steeply-dipping NW-WNW-trending veins and shallower-dipping EW-trending veins. Hydrothermal alteration related to porphyry mineralized systems include potassic, chlorite-sericite, albite, chlorite-epidote and intermediate argillic. The late vein overprints are associated with intense intermediate argillic alteration which is characterized by sericite, carbonates and pyrite. The reduced intrusive related system occurs at depth in Apollo and is associated with albite-actinolite alteration.

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Table 7.1 Description of the main lithologies in the Guayabales Project.

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The host rocks are several different phases of diorite and quartz diorite porphyry. The diorite porphyry has phenocrysts of plagioclase and hornblende. The grain size and percentage of phenocrysts varies and a crowded porphyritic texture is common (Figure 7.5). The quartz diorite porphyry has phenocrysts of biotite and hornblende that are often replaced by sulfides, and 30% plagioclase, 5-10% quartz eyes with a microcrystalline quartz - K feldspar groundmass. Figure 7.5 and Figure 7.6 show the main reference charts illustrating the textural classifications of the lithologies from Apollo specifically.

The Apollo deposit comprises a vertically extensive, intrusion-related breccia and vein system hosting Au, Ag, Cu and WO₃ mineralization within a composite diorite–quartz diorite porphyry sequence. The broader mineralized footprint, defined by surface mapping and drilling of the breccia body and enveloping vein systems, extends over roughly 1,000 m by 800 m and is open in several directions at depth, with drilling to date reaching 1,400 m. Mineralization is focused within an inverted funnel-shaped breccia body that narrows near surface and widens at depth, and within associated vein zones and crackle-brecciated porphyries. The northern part of the system, historically referred to as Olympus, is characterized by an Au–Ag vein corridor that forms part of the broader Apollo mineralized envelope.

The porphyry suite is dominated by diorite and quartz diorite, with P10 to P55 representing pre-breccia intrusions and the P60 emplaced post-breccia (See Figure 7.4, Figure 7.5 and Table 7.1). P10 and P20 are medium-grained, porphyritic precursor intrusions, while P30 displays an equigranular to porphyritic texture at a similarly medium grain size. These earlier phases are crosscut by P40, the volumetrically largest porphyry phase in the deposit, a medium-grained quartz diorite porphyry. The P50 and P55 are intermineral, fine-grained porphyritic quartz diorites.

The Apollo system is cut by a late diorite porphyry dyke (P60) that trends NW and crosscuts the mineralized breccia and vein network (Figure 7.4). This dyke is aphanitic to fine-grained with prominent plagioclase phenocrysts, exhibits epidote-chlorite alteration, and lacks significant sulfide mineralization, indicating a post-mineral timing relative to the Apollo system. The dyke can be traced regionally across other deposits (Marmato and Aguas Claras), providing a useful stratigraphic and structural marker within the district.

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Figure 7.4: Surface geology map of the Apollo deposit and N- S interpreted geology section across the Apollo deposit (same section line used for the alteration and mineralization sections). Source: Collective, 2026.

Figure 7.5: Core sample photographs of the Apollo porphyries. Source: Collective, 2026.

Multiple breccias are present within the Guayabales Project. They are classified as hydrothermal breccias and magmatic breccias. The hydrothermal breccias exhibit textural variability ranging from matrix-supported to clast-supported fabrics, with a matrix comprising sericite, carbonates, sulfides, quartz, and rock flour (Figure 7.6). They display pervasive sericitic alteration affecting both clasts and matrix. The fragments are subangular to subrounded and host abundant sulfides including pyrite, chalcopyrite and pyrrhotite. The Apollo target hosts significant breccia bodies that host high-grade mineralization. Four breccia facies have been described: 1) crackle breccia, 2) shingle breccia, 3) angular breccia, and 4) fluidized breccia (Figure 7.6 and Table 7.1). The magmatic breccias consist of clasts or xenoliths of country rock and early porphyries with an igneous matrix. These breccias commonly occur along the margins of intrusive bodies.

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Figure 7.6: Core sample photographs of the breccia facies present at Apollo deposit. A) Monomict crackle breccia with green chlorite filling fractures and open spaces. B) Shingle breccia. C) Sulfide-bearing angular breccia, with cement of ore minerals and gangue. D) Fluidized breccia. Source: Collective, 2026.

The geological setting of the Apollo Deposit is bounded on the east by the major Cauca-Romeral fault system, a crustal-scale polygenic deformation zone that follows the Cauca River’s northerly trend (Figure 7.7). Lineament analyses of topography data integrated with regional mapping has identified that N-trending fault systems are intersected by steeply dipping to subvertical NW, WNW-, and E-trending fault or fracture systems. The NW-trending Guayabales fault is a major structural corridor, well constrained by drillhole and outcrop data, extending from the Marmato deposit to the southeast and crosses the center of the project area (Santacruz et al., 2021). Numerous subsidiary faults are also present throughout the concession. Although not showing any significant post-mineral fault displacement, the Guayabales shear zone is interpreted as the first-order fault system controlling the structural architecture of the district.

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Figure 7.7: Structural geology map of the Apollo deposit, showing the main faults, and structural controls on mineralization. Source: Collective, 2026.

Hydrothermal alteration at Apollo comprises potassic, propylitic (chlorite-epidote), chlorite-sericite (phyllic), albite and intermediate argillic assemblages, present with varying intensity and style across the deposit (Figure 7.8). Potassic alteration is characterized by replacement of mafic minerals by secondary biotite, magnetite and, locally, epidote. These minerals are also associated with quartz veins, with secondary biotite identified in vein halos. Propylitic (chlorite-epidote) alteration overprints mafic minerals and is developed mainly in the outer zones surrounding the potassic alteration. Chlorite-sericite (phyllic) alteration overprints earlier secondary biotite associated with the porphyry stockwork and is the most abundant alteration style across the entire Apollo deposit. Intermediate argillic alteration (illite-sericite, with kaolinite at shallow levels) occurs as selvedges/haloes on carbonate base metal (CBM) veins and along associated fault zones, marking zones of enhanced permeability and brittle deformation. These vein-and-alteration corridors are a property-wide feature, cutting across the potassic and phyllic assemblages. At Apollo, this corridor has been intersected in drilling over a vertical extent of approximately 1,000 m, extending northward into brecciated wall rocks, and laterally along peripheral veins for approximately 0.8 km to NW.

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At deeper levels, particularly within the breccia and crackled porphyry domains, a sodic-calcic assemblage of albite ± actinolite ± epidote locally replaces the breccia matrix and primary minerals, and is spatially associated with higher Au grades. This alteration pattern, together with the observed mineralogical and metal zonation, supports an interpretation of Apollo as a partially reduced, vertically zoned intrusion-related system with significant precious-metal potential.

Potassic Alteration (Secondary biotite)

Potassic alteration associated with the early porphyry phase of mineralization is restricted to the P10-P30 porphyry suite and is absent in P40-P50. It consists of secondary biotite–rutile–quartz replacement of sparse igneous hornblende. Both igneous biotite phenocrysts and the sparse secondary (hydrothermal) biotite are variably altered to chlorite. A weak dusting of plagioclase by white mica, likely muscovite, and quartz accompanied the chlorite overprint.

Secondary biotite–rutile–quartz is also preserved at depth in the southern portions of the breccia, below approximately 1,700 m elevation, and extends into the wall-rock P10 porphyry (Figure 7.8). It is expressed as pervasive replacement of primary hornblende in the rock and in the rock flour by fine-grained, dark brown secondary biotite, accompanied by rutile, magnetite and very minor K-feldspar (Figure 7.9). Secondary biotite overprints igneous hornblende in both the rock and the rock flour.

Phyllic Alteration (Chlorite-sericite)

Chlorite-sericite assemblage is the most widespread and dominant assemblage in the Apollo breccia. It is spatially associated with the pervasive sulfide minerals along with carbonates and minor quartz (Figure 7.9). It affects the matrix and clasts of the angular breccia facies, the adjacent P40 and P55 porphyries, and, to a lesser extent, the crackle breccia margins where it overprints older potassic assemblages. The chlorite-sericite assemblage consists of chamosite (Fe-rich chlorite) > muscovite - illite + calcite with subordinate siderite and ankerite (Figure 7.9). The white mica shows intermediate crystallinity between muscovite and illite, although it seems likely that the tendency toward illite represents a lower temperature overprint on muscovite.

The chlorite - sericite assemblages display a carbonate-rich variant at Apollo in which ankerite and siderite are major components of the breccia matrix, along with chamosite and muscovite. This assemblage is spatially coincided with the highest concentration of sulfide minerals including pyrrhotite, pyrite, chalcopyrite, native gold, electrum, argentite, native silver, and scheelite (Figure 7.8).

Sodic-Calcic Alteration (Albite ± Actinolite)

The deeper levels of the Apollo deposit, from approximately 1,100 m below surface, are affected by a sodic-calcic alteration assemblage dominated by albite ± actinolite ± epidote (Figure 7.9). This alteration is best developed within the Ramp Zone, where it occurs as pervasive to selective replacement of the groundmass/matrix and, locally, of primary mineral phases within the host rocks, particularly those assigned to the P10–P55 intrusive phases. Albite is the dominant phase, commonly expressed as partial to complete replacement of feldspar and fine-grained matrix material, whereas actinolite and epidote are subordinate, occurring as disseminated minerals, replacement aggregates, and fracture- or vein-controlled phases.

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The sodic-calcic alteration is spatially associated with the deeper mineralized domain (the Ramp Zone) of Apollo and coincides with elevated gold grades and increased bismuth and telluride concentrations (Figure 7.8). This relationship suggests that the alteration represents an important hydrothermal process linked to a distinct mineralizing environment at depth, potentially reflecting a more proximal or higher-temperature component of the Apollo hydrothermal system relative to the shallower alteration assemblages. The Ramp Zone alteration assemblages have been verified through thin-section petrography and X-ray diffraction (XRD) mineralogical analyses.

Intermediate Argillic Alteration (Illite ± Kaolinite)

An intermediate argillic alteration assemblage overprints the earlier secondary biotite, chlorite-epidote, and chlorite-sericite assemblages, representing the youngest and volumetrically most minor alteration event within the Apollo deposit (Figure 7.8). It occurs continuously from the deepest portions of the deposit through to the shallowest parts of the deposit, as well as within fault rocks, and forms halos around post-breccia carbonate-base metal (CBM) veins and cavity infill. Outside the breccia, particularly to the north, it similarly borders corridors of CBM veins.

The assemblage is characterized by strong, pervasive sericite (illite) and kaolinite formed after former plagioclase (Figure 7.9), together with montmorillonite, smectite, calcite, siderite and ankerite, and minor quartz. It is associated with pyrite, Fe-rich sphalerite (marmatite), galena, sulfosalts, minor quartz and chalcopyrite. Vertically, the assemblage grades from the chlorite-sericite (phyllic) assemblage below approximately 1,700 m elevation, above which kaolinite becomes the dominant clay phase — a zonation interpreted to reflect decreasing temperatures of fluid-rock interaction toward the paleosurface, rather than a strict elevation-controlled presence/absence of the vein halos.

Propylitic Alteration (Epidote-Chlorite)

Propylitic alteration forms a peripheral halo around the Apollo breccia complex and is characterized by chlorite–epidote–calcite–pyrite assemblages that overprint primary mafic silicates and plagioclase in the host rocks (Figure 7.9). Chlorite and epidote occur as selective replacements, disseminations, and locally along fractures, veinlets, and permeable intrusive contacts. Calcite is commonly veinlet-controlled, whereas pyrite is present as a minor accessory sulfide.

The alteration is moderately pervasive along the northern margin of the breccia complex but is weaker and more discontinuous in the southern early pre-breccia porphyry Cu–Au stockwork domain. Weak chlorite–epidote alteration also occurs along intrusive contacts and locally within post-breccia P60 dykes throughout the property (Figure 7.8). This distribution is consistent with a late, distal hydrothermal overprint developed outward from the principal breccia-hosted and intrusive-related mineralized system.

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Figure 7.8: North-south cross-section through the Apollo deposit showing the distribution of hydrothermal alteration types. Source: Collective, 2026.

Figure 7.9: Photographs of core samples show the main textures and features of Hydrothermal Alteration Types within the Apollo deposit. (A) Secondary biotite in groundmass formed after igneous amphiboles cut by chlorite-sericite-carbonate halos to veinlets. (B) Typical chlorite sericite assemblage in the Apollo deposit. (C) Typical chlorite-sericite-carbonate alteration related to the main breccia event overprinting former secondary biotite alteration. (D) Albite alteration. (E) Intermediate argillic alteration. It is restricted to Carbonate Base Metal veins (CBM). (F) Chlorite-epidote-carbonate-quartz-pyrite veinlets are mainly found in P60. Source: Collective, 2026.

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Mineralization is multistage and interpreted to have evolved from an early porphyry-style Cu–Mo–Au stockwork stage into breccia-hosted sulfide mineralization and scheelite, deep sulfide-rich Au–Ag–Bi–Te crackle breccias, and late carbonate–base metal veins (Figure 7.10). Early porphyry-style mineralization is hosted in quartz diorite porphyry phases and preserved locally as mineralized clasts within the breccia, indicating that porphyry mineralization predates breccia formation (Figure 7.11). The main breccia-hosted stages carry Au, Ag, Cu and WO₃ associated with pyrite–chalcopyrite replacing earlier pyrrhotite, with chalcopyrite and scheelite being more developed near the top of the breccia. Chalcopyrite and pyrite are more prevalent at shallow to intermediate levels (Surface to 600m below surface, Figure 7.11) with pyrrhotite more prevalent below this. At greater depths, sulfide-rich crackle breccias and crackled porphyries host Au–Ag–Bi–Te mineralization, consistent with a reduced intrusion-related gold system (RIRGS) style, while late CBM veins introduce coarse native gold and base metals in structurally prepared zones (Figure 7.12).

The mineralization is zoned vertically and comprises: 1) an upper zone of Au-Ag-Cu-WO₃ to 150 m depth; 2) Au-Ag-Cu to 500-600 m depth; 3) Au-Ag to 1,000 m depth; and 4) Au-Ag-Bi-Te from 1,000 m depth to >1,350 m depth (Figure 7.10). Four styles of primary or hypogene mineralization occur in the project: porphyry, breccias, polymetallic veins and reduced intrusion-related gold mineralization (RIRGS), as well as supergene oxide mineralization.

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Figure 7.10: Apollo Porphyry System model with stages of mineralization. Source: Collective, 2026.

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Figure 7.11: North-south cross-section through the Apollo deposit showing the vertical distribution of minerals. Source: Collective, 2026.

Porphyry-type stage

Veins and stockwork mineralization are principally hosted in the P10, P20 and P30 Apollo porphyry units, with the highest vein frequency at shallow levels where the P30 porphyry dominates. In this interval, a dense array of quartz–pyrite–pyrrhotite–chalcopyrite–molybdenite sheeted veins are present, together with disseminated sulfides in the porphyry groundmass (Figure 7.12). These quartz–sulfide veins occur as subparallel to sheeted sets and locally as closely spaced stockwork, forming vein networks within the P10–30 porphyry units. The same quartz–pyrite–pyrrhotite–chalcopyrite–molybdenite vein assemblage is also observed as clasts within the Apollo angular breccia body.

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Figure 7.12: Porphyry-related veinlet types identified at the Apollo deposit. Source: Collective, 2026.

Breccia Tungsten-Sulfide stage

Ore forming minerals in the Apollo breccia are spatially associated with the phyllic assemblage in the angular breccia, with only minor sulfide minerals in the crackle breccia and few in the fluidized breccia facies (Figure 7.11). Two sub-stages are recognized: an early high-temperature reduced sub-stage of scheelite, followed by a chalcopyrite – pyrite – pyrrhotite substage that is overprinted by polymetallic veins.

The scheelite substage (tungsten zone)

The scheelite substage is concentrated in the upper margins of the breccia in an area where graphite-bearing Arquía Complex metapelites occur as roof pendants and as clasts within the breccia. Its occurrence indicates localized W-bearing hydrothermal fluid interaction within the upper breccia system, likely influenced by the presence of reactive carbonaceous metasedimentary rocks and breccia-related permeability. Scheelite occurs predominantly as euhedral, yellow- to tan-coloured crystals disseminated within the breccia cement.

Scheelite mineralization has an approximately 150 m vertical extent and is spatially restricted relative to the broader Au–Ag–Cu mineralized system. Scheelite also occurs at deeper levels along the margins of the breccia body, particularly where crackle breccias are developed. A zone of more significant scheelite occurrence is present immediately below the main scheelite zone, although it remains volumetrically smaller than the main zone itself. Scheelite becomes increasingly sparse further down-dip. Locally, scheelite is partially overprinted by the younger chalcopyrite–pyrite–pyrrhotite substages (Figure 7.13)

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The chalcopyrite-pyrite-pyrrhotite substage (copper zone)

The chalcopyrite–pyrite–pyrrhotite substage represents a major sulfide mineralization event within the Apollo breccia system and overlaps the tungsten zone. The highest concentrations of iron sulfides occur as breccia-matrix cement and are associated with chlorite–sericite and carbonate-rich chlorite–sericite alteration assemblages. Minor pyrite and pyrrhotite are also present within fluidized and crackle breccia facies. Pyrrhotite becomes the dominant iron-sulfide species toward the southern portion of the breccia body and at depth, where it commonly replaced chamosite-altered rock flour within the breccia matrix. Pyrrhotite was subsequently replaced, in part, by chalcopyrite and pyrite, indicating progressive sulfide deposition during this mineralizing substage (Figure 7.13).

Copper–iron sulfides in the Apollo system are dominated by chalcopyrite, which occurs principally as breccia-matrix cement and locally as replacement of earlier pyrrhotite. Chalcopyrite is most strongly concentrated within the upper approximately 500 vertical m below surface and decreases abruptly below the 1,550 m elevation (Figure 7.11). The chalcopyrite-rich zone is characterized by abundant chalcopyrite with pyrite, Ag-bearing minerals, and late Cu–Ag-rich sulfosalts. This vertical zonation, together with the southward and downward increase in pyrrhotite, reflects changes in the physical and chemical conditions of the mineralizing fluids through the breccia system.

Figure 7.13: Breccia types at the Apollo target, showing different sulfide and non-sulfide cement types including chalcopyrite, pyrrhotite, pyrite, scheelite, carbonates and quartz. Rock flour is altered to chlorite and sericite. (A, B) Scheelite cement, shown fluorescing blue under short-wave UV light; (C) Pyrrhotite cementing the breccia; (D) Chalcopyrite cement; (E) Typical Ramp Zone assemblage of pyrrhotite and sulfosalts. Source: Collective, 2026.

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Post-breccia carbonate base metal stage

Late carbonate and base metal (CBM) veins are widespread throughout the Apollo deposit and overprint the earlier scheelite and chalcopyrite–pyrite–pyrrhotite mineral assemblages. They are composed principally of Fe-rich sphalerite (marmatite), galena, siderite, ankerite, pyrite, and minor quartz, together with variable Cu–Ag-rich and Zn-rich sulfosalts (Figure 7.14). The CBM assemblage occurs as discrete veins and as late cement within open spaces and cavities preserved after breccia formation and earlier sulfide cementation.

The veins extend to depths greater than 1 km below surface, including below the 1,000 m elevation (Figure 7.11), and generally strike northwest–southeast and east–west, with steep east-northeast or west-southwest dips. Individual veins range from approximately 0.5 m to 5 m in width and locally form significant mineralized zones. Their structural continuity and infill of late-stage cavities indicate emplacement during a late, structurally controlled hydrothermal event. The CBM veins are associated with high-grade visible gold, indicating that late carbonate- and base-metal-rich fluids contributed to local gold upgrading within the Apollo mineralized system.

Figure 7.14: Representative images of the Carbonate Base Metal veins type of mineralization at the Apollo Deposit. CBM veins sulfide content is dominated by Fe-rich sphalerite (Marmatite) and galena. Sulfosalts are also present in this late-stage mineralization. Source: Collective, 2026.

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Multiple high-grade Au-Ag zones have been recognized by Collective’s drilling. The high-grade subzones represent structurally controlled zones of CBM mineralization that are localized at the intersection of steeply dipping northwestern (NW) and eastern (EW) trending veins, both along strike and down-dip, which display a low-dipping angle. These zones are found within and outside the main breccia body. These Subzones are composed of Au, pyrite, galena, sphalerite and carbonate. One of the high-grade subzones measures in excess of 230 m of strike by more than 70 m width and over 180 m vertically. Additional high-grade (>5 g/t Au) subzones are confirmed by drilling where tested, and are potentially present elsewhere across the Apollo system at analogous structural intersections that remain untested.

Ramp Zone mineralization (Gold Zone)

The Ramp Zone is a deep, high-grade, gold dominant mineralized domain within the Apollo deposit, developed along the outer margin-contact zone of the breccia body and commencing at approximately 1,000 m below surface. Mineralization is characterized by an Au–Bi–Te association hosted in sulfide-rich veins and veinlet stockworks, hydrothermally altered breccias, crackle-brecciated porphyries, fractures, and locally miarolitic cavities (Figure 7.15). Its distribution is controlled by NW- and EW-trending structures and enhanced by the high permeability of breccia facies and structurally prepared porphyry contacts. Alteration within the zone is dominated by biotite and sodic-calcic assemblages comprising albite ± actinolite ± epidote, with locally developed muscovite–sericite alteration.

Figure 7.15: Representative images of the Ramp Zone mineralization. (A-B) Pyrrhotite and sulfosalts with associated albite alteration; (C-D) Pyrite and pyrrhotite infilling cracks. Source: Collective, 2026.

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Mineralogically, the assemblage includes pyrrhotite, pyrite, chalcopyrite, arsenopyrite and galena, with electrum, free gold (>1 mm), minor native gold, Bi-Ag-(Pb-Sb) sulfosalts, Ag tellurides including hessite (Ag₂Te) and cervelleite (Ag₃TeS), argentite (Ag₂S), bismuthinite (B₂iS₃), and native bismuth. The reported Bi-Ag-(Pb-Sb) sulfosalts include ourayite (Ag₃Pb₄Bi₅S₁₃), matildite (AgBiS₂), owyheeite (Pb₇Ag₂(Sb,Bi)₈S₂₀), benleonardite (Ag₈(Sb,As)Te₂S₃), and sternbergite (AgFe₂S₃). The ratio of pyrrhotite to pyrite increases within the breccia matrix, reflecting a reduced sulfidation state in the core of the mineralized system. In one sample overprinted by CBM, the Ag-Sb sulfosalts freibergite (Ag₆(Cu₄Fe₂)Sb₄S₁₂) and stephanite (Ag₅SbS₄) are present.

Figure 7.16: Ramp Zone – Plan View at 750 masl. Source: Collective, 2026.

Drilling has defined the Ramp Zone over at least 350 m vertically and approximately 315 m along strike, with mineralization remaining open at depth and along the projected breccia margin in several directions. In plan view, the mineralized domain is interpreted to form a ring-like geometry around the breccia body reflecting the contact zone between the mineralized breccia and surrounding porphyry intrusive (Figure 7.16). The southeast and upper part of this circumference has been drilled with sufficient drill density to define a mineral resource. Additional drill intercepts from recent drilling in the west are consistent with the interpretation of the contact model and provide support for the proposed exploration to further define the Ramp Zone. Visual logging from recently completed holes in the north also highlight the presence of Ramp Zone style mineralization and include observations of visible gold. Including previously reported drilling along the southeastern and western margins, approximately 470 meters of the interpreted 1.5-kilometer circumference of the Apollo breccia body at depth has now been tested for Ramp Zone mineralization. Only 315 meters of this circumference had sufficient drilling density for inclusion in the maiden Mineral Resource. This circumference geometry related to the breccia margins, together with the Au–Bi–Te geochemical signature, intense albite alteration and pyrrhotite-rich sulfide assemblage, is consistent with a structurally focused reduced intrusion-related gold system. Oriented-core measurements and acoustic televiewer data indicate that drilling to-date has intersected the principal mineralized structures at near-orthogonal angles, supporting the interpretation of the geometry and continuity of the mineralized domain.

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Supergene Oxide Zone

The Apollo deposit is capped by a supergene weathering profile, comprising saprolite, saprock, and a mixed or transitional oxide-sulfide zone, locally extending down to fresh rock. This weathering profile ranges from 30 to 150 m in total thickness, with saprolite and saprock together accounting for approximately 50 to 60 m of this interval and is particularly well developed at the uppermost elevations (>1,800 m). The saprolite consists of clay and goethite with no preserved relict rock texture, whereas the saprock is defined by clay and goethite alteration with original rock textures still visible. Downward transition into the mixed oxide-sulfide zone marks the gradual return of primary sulfide mineralization. Gold and silver grades appear to be locally enriched within the supergene profile, while Cu is depleted throughout the upper oxidized zone (saprolite and saprock) due to leaching. Copper grade increases with depth in the mixed zone, coincident with the appearance of primary copper sulfides. However, no distinct supergene Cu enrichment zone has been recognized.

The Shallow Halo Zone (“SHZ”) is defined by the broader Apollo footprint at surface and includes outcropping mineralised breccia and the enveloping CBM vein systems. The SHZ is an interpreted 2.4-kilometer-long, 200-meter-wide, precious metal-dominant target area which currently lies within the Mineral Resource open-pit shell.  In the supergene profile, the SHZ represents the mineralized portion of the oxide to partially oxidized diorite, hosting gold and silver with minor copper (Figure 7.17). Au-Ag mineralization within the SHZ is not ubiquitous but is instead preferentially developed where favourable oxide/transitional weathering conditions coincide with structural and lithological controls in relation to CBM vein systems. The SHZ is largely untested by drilling at this point in time and consists primarily of outcropping and subcropping mineralized rock. SHZ mineralization is better developed within the oxide and transitional zones and is interpreted to reflect secondary dispersion and enrichment of metals during weathering and groundwater processes, consistent with the supergene enrichment patterns described above.

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Figure 7.17: Plan View of the Apollo Deposit Highlighting the Shallow Halo Zone. Source: Collective, 2026.

The Apollo system remains open in several directions, with the mineralized footprint defined by drilling to date extending beyond the currently modelled zone of mineralization:

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Significant Mineralized Zones

Collective has identified 14 targets for exploration at the Guayabales Project (Redwood, 2025) that are shown on Figure 7.3 and summarized in Table 7.2. The majority of the drilling to date has focused on the Apollo target (73.8% of drilled meters, see Section 10.2.1) and the Trap target (11.0%).

Table 7.2 Summary of the geology of the targets identified in the Guayabales Project.

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The Trap target comprises a NNW-trending structural corridor hosted by quartz diorite porphyry (Figure 7.18). It is characterized by porphyry-style Au-Ag-Cu-Mo mineralization associated with potassic alteration, defined by secondary biotite and magnetite, and overprinted by chlorite-sericite alteration. Mineralization includes magnetite, chalcopyrite, and quartz veining. This mineralization is overprinted by late-stage, structurally controlled NW–SE- and E–W-trending carbonate-base-metal polymetallic veins. These veins contain Au, Ag, Cu, Pb, and Zn and are associated with intense sericite-pyrite alteration. The NW-trending vein system has been traced for more than 2,000 m through surface exploration and reconnaissance drilling.

The target area is underlain by diorite and quartz diorite porphyry stocks intruding graphite schists of the Arquía Complex (Figure 7.19). The structural framework records multiple deformation phases: early north–south structures are offset by NW–WNW-trending structural corridors, which are in turn crosscut by late E–W structures. The principal NW-trending corridor is interpreted to represent the northwestern extension of the Echandía–Marmato mineralized corridor.

Figure 7.18: Core sample photographs of the Trap porphyries. Source: Collective, 2026.

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In the Trap target, both mineralization styles are present. Quartz diorite hosts porphyry-style mineralization characterized by secondary biotite, magnetite veins, disseminated chalcopyrite, and chalcocite. This mineralization is spatially associated with the NW-trending Trap Fault, which hosts sphalerite-, galena-, carbonate-, and malachite-bearing veins accompanied by strong sericite alteration.

A diorite body located several hundred metres north of the El Pital area displays weak secondary biotite alteration, disseminated magnetite, and weak chlorite-epidote alteration. Along San Francisco Creek, porphyry-style mineralization is characterized by secondary biotite and epidote alteration, disseminated and stringer chalcopyrite, and locally occurring quartz veins containing molybdenite along vein sutures.

In the La Loma area, at the southeastern end of Trap extensive artisanal mining provides evidence of a strong and laterally extensive sericitic alteration footprint associated with the late polymetallic vein system.

Figure 7.19: Geological map of the Trap target showing the Collective drillhole traces. Source: Collective, 2026.

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Mineralization at the Guayabales Project comprises 14 known targets for Au-Ag with Cu, Mo, WO₃, Pb and Zn that are hosted by multiple porphyry stocks and wall rock of Arquía Complex schists, Amagá Formation siliciclastic sedimentary rocks and Combia Formation volcanic and sedimentary rocks. The deposit types are porphyry Au-Ag-Cu±Mo, reduced intrusion-related Au, intermineral breccias with Au-Ag±Cu, and structurally-controlled, Au-Ag-bearing carbonate-base metal (Zn-Pb-Cu) veins (CBM).

The Apollo Au-Ag-Cu-WO₃ deposit has been explored in the most detail within the project area. Apollo is a hydrothermal breccia formed in a subvolcanic porphyry environment with multistage mineralization and alteration. The multistage mineralization includes early porphyry, various periods of sulfide infill within a hydrothermal breccia matrix and multiple overprinting, late stage, sulfosalts and carbonate base metal (CBM) veins. The characteristic features of Apollo include:

The characteristics of the Apollo deposit are more typical of a reduced intrusion-related gold system (RIRGS) rather than a typical porphyry system. The system varied between reduced (upper Au-Ag-Cu-WO₃ zone, deep pyrrhotite with Au-Ag, deep Au-Ag-Bi-Te zone) and oxidized (pre-breccia porphyry, upper breccia fill of Au-Ag-Cu, CBM veins). Apollo, Marmato and Aguas Claras occur within a 3.5 km northwest trending corridor which hosts multiple calc-alkalic porphyry stocks, dike swarms, and multiple NW and EW trending carbonate base metal veins (Figure 8.1). The three deposits have very similar ages.

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Radiometric dating of the Apollo porphyries by LA-ICP-MS U–Pb zircon shows that magmatic activity occurred from 6.75 ± 0.091 Ma to 6.39 ± 0.087 Ma, while Re–Os molybdenite dating indicates that the principal phase of bulk-tonnage mineralization occurred at 6.82 ± 0.028 Ma (Reading et al., 2025). The ages of magmatism and mineralization are the same and indicate a direct genetic link between porphyry intrusion and ore formation at Apollo.

Significantly, the ages are similar to Marmato where the porphyry intrusions have been dated at 6.576 ± 0.075 Ma to 5.75 ± 0.11 Ma by LA-ICP-MS U-Pb on zircon and mineralization was dated by ⁴⁰Ar/³⁹Ar analyses of adularia between 6.95 ± 0.02 Ma and 5.96 ± 0.02 Ma (Santacruz et al., 2021). Marmato is described as a hybrid reduced intrusion-related/porphyry gold deposit (Santacruz et al., 2021). The Aguas Claras porphyry gold deposit, located 1.75 km SE of Marmato, is an oxidized, Maricunga-type porphyry gold deposit related to quartz veinlets with magnetite, pyrite and minor chalcopyrite hosted by quartz diorite to granodiorite porphyry stocks dated at 6.55 ± 0.15 Ma to 5.74 ± 0.14 Ma by LA-ICP-MS U-Pb zircon, and by Combia Formation basalt (Santacruz et al., 2021).

Figure 8.1. Cartoon NW-SE long section along the Marmato trend showing an interpretation of the possible relationship between the Apollo System and Marmato Deeps Zone. Source: Collective (2026)

Many features of the Apollo deposit are typical of reduced intrusion related gold systems (RIRGS) such as those of the Tintina belt (Alaska-Yukon) and Kori Kollo (Bolivia) as described by Thompson et al. (1999), Baker et al. (2005) and Hart (2007) (Figure 8.2 to Figure 8.4). Conditions at the Apollo system evolved from oxidised porphyry, oxidised epithermal and RIRGS at depth.

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The characteristics of RIRGS deposits are (Hart, 2007):

Figure 8.2. Cartoon showing the different styles of Au-Bi-W and Sn-W deposits (Baker et al., 2005).

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Figure 8.3. Plan model of RIRGS Au deposits from the Tintina Gold Province (Alaska-Yukon) showing geochemical zonation around a central pluton of 0.1-5.0 km diameter and the variety of possible mineralization styles (Hart, 2007).

The Porphyry Copper Systems paper by Sillitoe (2010) provides a landmark reference study used here, with his schematic deposit model shown in Figure 8.4. Porphyry systems may contain porphyry Cu ± Mo ± Au deposits of various sizes from <10 to 10,000 million tonnes. Typical primary porphyry copper deposits have average grades of 0.5 to 1.5% Cu, <0.01 to 0.04% Mo, and 0.01 to 1.5 g/t Au. Porphyry Au deposits have grades of 0.9 to 1.5 g/t Au but little Cu (<0.1% Cu).

The alteration and mineralization in porphyry systems can have a volume of many cubic kilometres of rock and are zoned outward from stocks or dike swarms, which typically comprise several generations of intermediate to felsic porphyry intrusions. Porphyry Cu ± Au ± Mo deposits are centred on the intrusions. High-sulfidation epithermal deposits may occur in lithocaps above porphyry copper deposits, and are typically massive sulfide lodes in deeper feeder structures and Au-Ag-rich, disseminated deposits in the upper parts. Intermediate sulfidation epithermal veins may develop on the peripheries of the lithocaps. The porphyry systems of the Middle Cauca Gold-Copper Belt are characterised by late stage, high grade Au-Ag-polymetallic carbonate-base metal (CBM) veins with a vertical extent of 1-2 km.

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The alteration and mineralization in porphyry copper deposits is zoned upward from barren, early sodic-calcic alteration through potentially ore-grade potassic, chlorite-sericite, and sericitic alteration, capped by an advanced argillic alteration lithocap up to >1 km in thickness. Low sulfidation-state chalcopyrite ± bornite assemblages are characteristic of potassic zones, whereas higher sulfidation-state sulfides are generated progressively upwards as a result of temperature decline and the accompanying greater degrees of hydrolytic alteration, culminating in pyrite ± enargite ± covellite in the shallow parts of the lithocaps. The porphyry copper mineralization occurs in a distinctive sequence of quartz-bearing veinlets as well as in disseminated form in the altered rock. Magmatic-hydrothermal breccias may form during porphyry intrusion and may have high-grade mineralization because of their high permeability. The Apollo breccia is a large example of a magmatic-hydrothermal breccia. In contrast, most phreatomagmatic breccias, constituting maar-diatreme systems, are poorly mineralized because they usually formed late in the evolution of the porphyry systems.

Figure 8.4. Porphyry system model (modified after Sillitoe, 2010).

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Exploration work completed on the Guayables Project includes prospecting, geochemical surveys, geological mapping, some artisanal mining, geophysical surveys, and drilling. The formal part of this work has been completed by Colombia Gold plc, Colombian Mines Corporation, Mercer Gold Corporation and more recently Collective. A summary of sample types collected during this time is tabulated in Table 9.1 and geophysical surveys tabulated in Table 9.3.

Table 9.1: Surface Samples collected on the Guayabales Project - 2005-2026