Exhibit 99.1

NI 43-101 Technical report

Guayabales Gold-Silver-Copper-Tungsten Project

Department of Caldas, Colombia

Dr. Stewart D. Redwood Consulting Economic Geologist      2 December 2025

NI 43-101 TECHNICAL REPORT

For the

Guayabales Gold-Silver-Copper-Tungsten Project,

Department of Caldas, Colombia

For

Collective Mining Ltd.

82 Richmond Street East, 4th Floor, Toronto, ON, M5C1P1

By

STEWART D. REDWOOD

BSc (Hons), PhD, FIMMM, FGS

Consulting Geologist

P.O. Box 0832-0757, World Trade Center, Panama City, Panama

stewart@sredwood.com

Effective date: 15 September 2025

Signature date: 2 December 2025

DATE AND SIGNATURE PAGE

The effective date of this technical report, titled “NI 43-101 Technical Report for the Guayabales Gold-Silver-Copper-Tungsten Project, Department of Caldas, Colombia” is 15 September 2025.

Signed: 2 December 2025

“Stewart D. Redwood”

Stewart D. Redwood

BSc(Hons), PhD, FIMMM, FGS

AUTHOR’S CERTIFICATE

I, Stewart D. Redwood, FIMMM, hereby certify that:

TABLE OF CONTENTS

List of Tables

List of Figures

Abbreviations

A list of the abbreviations used in the report is provided in Table 0.1. All currency units are stated in US Dollars, unless otherwise specified. Quantities are generally expressed in the metric International System (SI) of units. The coordinate system used is WGS84.

Table 0.1. List of abbreviations.

Collective Mining Ltd. (Collective Mining) requested that Dr. Stewart D. Redwood, Consulting Geologist, prepare an independent NI 43-101 technical report for the Guayabales Project in the Department of Caldas, Republic of Colombia. The purpose of the report is an update of the previous report with signature date 21 April 2023 to describe material changes.

The Guayabales Project is located at 5°30’ N, 75°36’ W, and at altitudes ranging between 1,470 m and 2,150 m.

Collective Mining’s mining rights at the Guayabales Project comprise 9 granted concession contracts for 3,127.32 ha (894.76 ha exploitation plus 2,232.56 ha exploration), and 37 concession applications for 2,704.53 ha, for a total of 5,831.85 ha. In addition, there are 196 claim applications (123.92 ha) for incomplete cells surrounding the exploitation titles. There is a single type of concession contract covering exploration, construction and mining that is valid for 30 years and can be extended for another 30 years.

Concessions LH-0017-17, 620-17, 619-17, 674-17, and HB1-08302X, acquired by Collective Mining, are currently under assignment registration procedures before the mining authority, with payments still owed to the assignors. Concessions 781-17 and DLH-14451X, including their incomplete cells, are subject to option agreements. These acquisition and option agreements require total staged payments of US$26.2 million due through 2030, of which US$11.6 million was paid up to 2025. There are exploration expenditure commitments under these agreements totalling about US$13.5 million. Collective Mining will acquire 100% of these concessions. Concessions HI8-15231 and 501712 were filed directly by Collective Mining’s subsidiaries.

Two concession applications are subject to a promise of assignment agreement in favour of Collective Mining. The remaining 35 applications were filed directly by Collective Mining’s subsidiaries.

The Guayabales Project is located 80 km south of Medellín, 75 km north of Pereira, and 50 km northwest of Manizales, within the Municipalities of Marmato, Supía, and La Merced (Department of Caldas) and the Municipality of Caramanta (Department of Antioquia).

The Köppen climate classification for the Guayabales Project is Temperate Highland Tropical climate (Cwb).

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

The project is close to two international airports in Medellin and Pereira, the PanAmerican Highway, electricity and oil/natural gas grids.

The project is located in steep, forested terrain on the eastern edge of the Western Cordillera and on the western side of the Cauca River valley. 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 rough pasture, with secondary forest growth.

Gold has been mined in the Marmato-Supia district, which includes the Guayabales Project, since ancient times. The recent history begins in 1995 when the Guayabales Miners Association started artisanal gold mining of the Encanto zone of the Guayabales Project. The project was explored for gold by three companies between 2005-2012: Colombia Gold plc in 2005, Colombian Mines Corporation (Colombian Mines) in 2006-2009, and Mercer Gold Corporation (Mercer Gold) in 2010-2012 (called Tresoro Mining Corp. from 2011). Exploration carried out was geological mapping, soil sampling, rock sampling, mapping and channel sampling of artisanal mines, and diamond drilling. In 2008, Colombian Mines drilled 17 diamond drill holes for 2,079 m in the Encanto Zone, and in 2010-2011, Mercer Gold drilled 11 diamond drill holes for 4,067 m in the Encanto Zone and to the northeast of this zone. Drilling targeted Au-Ag-polymetallic veins. Two holes intersected porphyry gold mineralisation. Exploration was inactive from 2014-2019.

The Guayabales Project lies within the Western Cordillera of the Colombian Andes in the late Miocene Middle Cauca Gold-Copper Belt. The project occurs in the Romeral Terrane that is bounded by the Romeral Fault System on the east and the Cauca-Patia Fault System to the west, and comprises metamorphic rocks of medium to high grade, ophiolitic sequences and oceanic sediments of Late Jurassic to Early Cretaceous age. These are overlain by continental sedimentary rocks of Oligocene-Miocene age, and andesitic volcanic rocks of Late Miocene age. Gold-silver-copper mineralization in the belt is related to multiple clusters of Late Miocene porphyry intrusions of diorite to quartz diorite composition, and related breccias and veins.

The Guayabales Project is located in the Middle Cauca Gold-Copper Belt. This belt extends for about 250 km in a north-south direction from the Buritica gold mine to La Colosa gold deposit. The gold mineralization in the belt is of intermediate sulphidation epithermal to sub-epithermal style Au-Ag-polymetallic deposits (also known as carbonate-base metal veins) and porphyry Au and Au-Cu deposits. Mineralization is related to porphyry intrusions of late Miocene age. The principal deposits in the belt are the Buritica vein Au-Ag deposit (Zijin Mining Group Co. Ltd.), the Nuevo Chaquiro porphyry Au-Cu deposit (AngloGold Ashanti), the Marmato Au-Ag deposit (Aris Gold Corporation), located 1.75 km southeast of Guayabales, and La Colosa porphyry Au deposit (AngloGold Ashanti).

Collective Mining has discovered 12 Au-Ag-Cu targets, some with Mo, Pb, Zn or WO3. The most important targets are the Apollo porphyry-breccia-vein Au-Ag-Cu-WO3 deposit and the Trap porphyry-vein Au-Ag-(Cu) deposit.

The Apollo deposit is an inverted cone shaped magmatic-hydrothermal breccia with maximum dimensions of 600 m by 400 m that has been drilled to 1,350 m vertical depth. It cross cuts early porphyry Cu-Au-Mo mineralisation, is surrounded by crackle breccias, and is cut by late Au-Ag carbonate – base metal veins. The mineralisation 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.

There are four deposit types in the project: porphyry Cu-Au-Mo, breccia-hosted Au-Ag-Cu, Au-Ag-polymetallic carbonate-base metal veins, and reduced intrusion-related gold system (RIRGS) Au-Ag-Cu-WO3 and Au-Ag-Bi-Te mineralization. There is also supergene oxide Au-Ag mineralisation.

Collective Mining has carried out exploration of the Guayabales Project since 2020. The work consisted of geological mapping, rock sampling, soil sampling, relogging of historic drill core, a LIDAR survey, an airborne magnetic and radiometric survey, IP survey, gravity survey, data compilation and reinterpretation. The exploration defined 12 drill targets, of which 10 targets were tested by diamond drilling to date.

Collective Mining carried out two diamond drilling programmes at the Guayabales Project between September 2021 and September 2025, the effective date of this Technical Report. The programs consisted of 293 holes totalling 122,727.70 m. Ten targets were tested with the majority of the drilling at the Apollo target (69%, 196 holes for 84,648.90 m) and Trap target (13.5%), with the rest of the drilling on the Box, Knife-Towers, ME, Plutus North, Plutus South, X and Victory targets

The most significant discovery is the Apollo Au-Ag-Cu-WO3 deposit which is a hybrid porphyry – reduced intrusion related (RIRGS) stockwork deposit with an intermineral breccia and is overprinted by high grade gold-silver bearing sheeted carbonate base metal veins (CBM). The current dimensions of the Apollo deposit, based on drilling, are 600 m by 400 m across by 1,350 m vertical, and it is open in all directions. The breccia lies within stockwork mineralization.

On a grams/tonne x metres basis, hole APC104-D5 is the highest-grade intercept ever drilled at Apollo yielding 1,499 g/t gold equivalent. To date, the company has drilled 18 gold equivalent accumulation intercepts at over 1,000-grams x metres at Apollo as follows:

Specifics zones of Apollo Target are:

Shallow Tungsten Zone

High-Grade Zones:

Ramp Zone:

Results from other targets include:

Plutus North target

Plutus South target

Box Target

Trap target

ME Target

X Target

Collective Mining’s metallurgical test work at the Apollo system from 2022 to 2024 shows excellent Au, Ag, Cu and WO3 recoveries using conventional processing. Cyanide leach Au recoveries reach up to 97.57% with Ag in the range 50% to 60%. Flotation produced concentrates with recoveries up to 95.3% Cu, 79.4% Au and 83.6% Ag. Flotation optimization testing on concentrate showed substantial improvements in overall metal recovery, with Au recovery of 89.4% and Ag recovery of 85.2%, while maintaining Cu recovery at 94%. Tungsten gravity recovery was up to 74%. Test work highlights simple metallurgy and high recoveries based on multiple tests carried out on samples representative of the Apollo mineralisation, supporting robust processing assumptions. Ongoing studies aim to build a comprehensive geometallurgical model to guide further process optimization.

There are no mineral resource estimates for the Guayabales Project that were prepared in accordance with the current CIM standards and definitions required by the Canadian NI 43-101 “Standards for Disclosure of Mining Projects”. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Guayabales Project is located in the Middle Cauca Gold-Copper Belt on the eastern side of the Western Cordillera of Colombia. This metallogenic belt of Late Miocene age is highly prospective for porphyry gold-copper, breccia gold-copper and auriferous polymetallic vein deposits. The Apollo discovery is located 1.75 km northwest of the historic Marmato gold-silver mine, where a major underground expansion is under development to exploit the Lower Mine.

The Guayabales Project lies within the Romeral terrane that is bounded by the Romeral fault system to the east and the Cauca-Patia fault system to the west, and comprises metamorphic rocks of medium to high grade, ophiolitic sequences and oceanic sediments of Late Jurassic to Early Cretaceous age. Gold-silver-copper mineralization in the belt is related to multiple clusters of Late Miocene porphyry intrusions of diorite to quartz diorite composition, breccias and veins.

The Guayabales Project is located in a historic, active gold mining district within an area with good infrastructure including a major highway, abundant water, power grids and nearby rail and airport facilities.

Exploration by Collective Mining at the Guayabales Project has identified 12 targets for Au, Ag, Zn, Pb, Cu, Mo and WO3 in porphyry, reduced intrusion related, breccia and high grade veins. Ten of these have been tested by drilling with the discovery of a significant mineral deposit at the Apollo target which has the dimensions and grades to be a potentially major deposit. The results justify additional drilling program to define the extent and grade of the system and make a Mineral Resource estimate.

Metallurgical test work of samples from Apollo shows high recoveries for Au and moderate recoveries for Ag by cyanide leach, bottle roll tests of both oxides and sulphides, high recoveries of Cu, Ag and Au by flotation, and high recoveries of WO3 by gravimetry. These demonstrate the project’s amenability to conventional processing methods.

Collective Mining has also made three other discoveries of long drill intersections of Au, Ag and/or Cu at the Plutus North breccia, Plutus South and Trap porphyry-vein targets. The amount of drilling at these targets is much less than at Apollo, and further drilling is required to define the extent, geometry and grades. Finally, there are 8 other targets that have very little drilling or have not been drilled yet and require further exploration and drilling.

The QP concludes that the Guayabales Project is a discovery-stage project for porphyry, reduced intrusion related, breccia and vein-hosted Au and Ag mineralisation with Cu, Zn, Pb, Mo and WO3. The exploration programmes carried out by Collective Mining are well planned and well executed and supply sufficient information to plan further exploration. Sampling, sample preparation, assaying and analyses were carried out in accordance with best current industry standard practices and are suitable to plan further exploration. Sampling, assaying and analyses include quality assurance and quality control procedures. There are no known significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information.

The QP recommends a two-stage, two-year exploration programme for the Guayabales Project.

The objective of Stage I is to define a mineral resource estimate and carry out a preliminary economic assessment (PEA) of the Apollo target. This will require 65,000 m of additional diamond drilling including deep drilling of the Ramp Zone. It is also recommended to carry out exploration of other targets to generate additional drill targets and 10,000 m of drilling on other targets is budgeted. Drilling is on-going since the cut-off date of the present report. The estimated time for Stage I is about 13 months until the end of 2026 and the estimated budget is US$28,250,000 (Table 1.1).

The objective of Stage II is to carry out a pre-feasibility study (PFS) of the Apollo target. This will require an estimated 110,000 m of additional diamond drilling to convert inferred resources to measured and indicated resources. The PFS requires metallurgical test work, geotechnical studies, environmental baseline studies, and engineering studies for mining, process design, tailings, and other aspects. It is also recommended to continue exploration of other targets to generate drill targets and carry out 10,000 m of drilling. The estimated time for Stage II is 12 months until the end of 2027 and the estimated budget is US$52,100,000 (Table 1.1).

The Stage II programme is conditional on a positive outcome of the Stage I programme The total estimated time for both stages is about 2 years until the end of 2027 and the total estimated budget is US$80,350,000 (Table 1.1).

Table 1.1. Estimated budget for the recommended exploration programmes for the Guayabales Project.

Collective Mining Ltd. (Collective Mining) requested that Dr. Stewart D. Redwood, Consulting Geologist, prepare an updated, independent NI 43-101 Technical Report for the Guayabales Project in the Department of Caldas, Republic of Colombia. The purpose of the report is an update of the previous report dated 23 April 2023 to describe changes to a material mineral property.

The terms of reference were to prepare a Technical Report as defined in Canadian Securities Administrators’ National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1 (Technical Report) and Companion Policy 43-101CP for the Guayabales Project.

Collective Mining Ltd. (Collective Mining) is a company registered in Ontario which trades on the TSX and NYSE exchanges under the symbol CNL. It carries out business through a holding company in Bermuda called Collective Mining Limited, a Colombian branch called Collective Mining Limited Sucursal Colombia (Collective Mining Colombia), and two wholly-owned Colombian subsidiaries called Minerales Provenza S.A.S. (Minerales Provenza) and Minera Campana S.A.S.. It also has a holding company in the USA called Collective Mining (USA) Inc. (Figure 2.1).

Figure 2.1 The corporate structure of Collective Mining.

The main sources of information for the project are the project database, unpublished historical and Collective Mining company reports, and historical NI 43-101 technical reports, press releases, financial reports and other documents filed on SEDAR+. The reports that were consulted, as well as other technical reports, published government reports and scientific papers, are listed in Section 27 of this report. The author considers that he has seen all of the relevant information that exists for the project. The cut-off date for the database is 15 September 2025.

Six previous NI 43-101 technical reports were written for the project:

The author made a current personal inspection of the Guayabales Project and the company’s field office and core logging and storage facility in Supia on 9 to 14 March 2025. Previous site visits were made on 24-25 October 2020 and 12-15 January 2023. The site visits are described in Section 12.

For Sections 4.2 to 4.10, the QP has relied on information supplied by Omar Ossma, President of Collective Mining, and by Natalia Hernandez, Legal Manager & Human Resources Manager of Collective Mining, in a report titled “Entorno Legal Proyecto Guayabales” (“Legal Framework Guayabales Project”) dated 24 September 2025.

The Guayabales Property is located 80 km south of Medellin, 75 km north of Pereira and 50 km north-northwest of Manizales. Politically, the property is located in the Municipalities of Marmato, Supia 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).

Figure 4.1 Location map of the Guayabales Project.

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 Minería or ANM). The Ministry of Mines and Energy is in charge of setting and overseeing the Government´s national mining policies. Mining is governed by the Mining Law 685 of 2001 and subsequent decrees and resolutions, except for mining titles granted before that law, which are grandfathered by the law in place at the time of their granting (most commonly Decree 2655, 1988). Certain minor amendments to the law have been enacted by means of Laws 1450 of 2011, 1753 of 2015, 1955 of 2019, and 2224 of 2023. Under the Mining Law 685 of 2001, there is a single type of concession contract covering exploration, construction and mining that is valid for 30 years and can be extended for another 30 years.

Concession contract areas are defined on a map with reference to a starting point (punto arcifinio) with distances and bearings, or map coordinates. Older concession contract areas are irregular polygons that are defined in the contractual agreement, while newer ones are formed of square cells of 1.24 ha area (about 352 m by 352 m) each oriented north-south.

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

A surface tax (canon superficial) 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 of the surface tax varies depending on the size and phase of the concession contract and ranges between half a daily minimum wage per hectare (approximately US$5.50) and three daily minimum wages per hectare (approximately US$16.50).

In 2025, the daily minimum wage in Colombia is COP $47,450. Therefore, the surface tax per hectare for 2025 is calculated as follows:

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.

The concession contract has three phases:

Collective Mining’s mining rights at the Guayabales Project (Figure 4.2) comprise 9 granted concessions for 3,127.32 ha (894.76 ha exploitation plus 2,232.56 ha exploration) (Table 4.1) and 37 concession applications for 2,704.53 ha (Table 4.2), for a total of 5,831.85 ha.

Additionally, 196 claim applications (123.92 ha) have been made for incomplete cells that surround to of the exploitation titles. These “incomplete cells” are gaps between claims that are smaller than the standard cell size created when converting irregular legacy claims to the current grid-based system of square cells measuring 1.24 ha (about 352 m by 352 m) and oriented north-south. Importantly, incomplete cells cannot be staked by any third party and can only belong to a mineral title holder abutting an incomplete cell, which in this instance is the company or its affiliates, on all sides. Furthermore, 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 cadaster’s software is updated to support such integration.

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. 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.

Figure 4.2. Plan of Guayabales Property mining rights showing concession contracts in red fill and concession applications in red outline.

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

Ownership: Collective Mining (3, 4), assignment requested to Collective Mining (1, 5, 6, 7, 8), subject to option agreement in favour of Collective Mining (2, 9).

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

Concessions LH-0071-17, 620-17, 674-17, 619-17, and HB1-08302X were acquired by Collective Mining between July and September 2025 and grant it full mining-title rights and corresponding investment obligations. Concessions 781-17 and DLH-14451X are subject to agreements granting Collective Mining Colombia the right to carry out exploration activities on behalf of the holders, with defined exploration-investment commitments and a future right to acquire ownership.

These acquisition and option agreements require total staged payments of US$26.2 million, due through 2030, as shown in Table 4.3. Between 2020 and September 2025, Collective Mining has paid US$11.6 million, and is up to date on all contractual obligations.

Table 4.3 Yearly payments resulting from mining title option agreements.

Total exploration expenditure commitments under these agreements amount to approximately US$13.5 million over their term. As a result of these payments, Collective Mining Colombia will have the right to acquire 100% ownership of the relevant tenements. During execution, the titleholders may continue existing operations within the concession areas, which must cease once Collective Mining Colombia completes the payments.

Concession application CAG-141X, filed by Mineros S.A., is subject to a promise-to-assign agreement in favour of Collective Mining, conditional on the title being granted, with a pending payment of US$ 25,000 upon issuance and transfer of the title.

Royalties payable to the State are 4% of the gross value at the mine mouth for gold and silver, and 5% for copper (Law 141 of 1994, amended by Law 756 of 2002). For royalty purposes, gold and silver prices are determined by the government and usually set at 80 % of the average London PM Fix price for the previous month.

Granting a mining concession does not include surface access rights; landowner or community consent is required.

Collective Mining holds surface rights over 19 properties within the Guayabales Project, covering 282.82 ha. The company also holds access rights to properties owned by the holders of concessions LH0071-17 and 781-17, though not all surface rights have yet been acquired. Under the option contracts, the holders must grant access to their lands within the concession areas.

In addition, Collective Mining has entered into easement agreements with several landowners in the Guayabales Project. Currently, it holds easement rights over 18 land lots, enabling exploration activities, including:

Most agreements are 12-month terms with payment of a fee.

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 Mining. As good sustainability practice, the company has approached the local miners to evaluate joint opportunities and to evaluate the potential of the areas for exploration. 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.

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. In the Municipality of Marmato, there is an indigenous community called Cartama. All of these belong to the Embera Chami indigenous group. The Cauroma and Cartama indigenous communities overlap with parts of Collective Mining'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. In principle, prior consultation would not be necessary for the granting of the environmental license for the exploitation phase of this project, as there is no overlap of mining titles with indigenous reserves. However, prior consultation may be necessary depending on the level of direct or indirect impact that a project may have on a neighbouring reserve or community.

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.

The Guayabales Project is located close to several major cities. It is 80 km S of Medellin (population 2.5 million), the capital of the Department of Antioquia and the second largest city in Colombia, 50 km NNW of Manizales (population 434,400), the capital of the Department of Caldas, 75 km N of Pereira (population 477,000), the capital of the Department of Risaralda, and about 190 km WNW of Bogotá (population 7.4 million), the capital of the Republic of Colombia.

Access to the field office and core logging and storage facility in the town of Supía (population about 26,000) is by paved highways from Medellin (141 to 172 km depending on the route), Manizales (81 km) and Pereira (98 to 122 km) (Table 5.1, Figure 5.1. Supía is 5 km SW of the Guayabales Project with access by a secondary paved road and by local, unsurfaced roads (12 km).

Table 5.1 The principal access routes from Medellin, Manizales and Pereira to Supía, and from Supía to the Guayabales Project.

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.

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

Field work can be carried on the project out all 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 5.2, Figure 5.2). Collective Mining installed a weather station, MET 1, at Apollo in December 2023.

Table 5.2 General data on the nearest hydrometeorological stations to the project (source IDEAM).

Category: PM pluviometric, LM limnimetric.

Figure 5.2 Location of selected hydrometeorological stations to the Guayabales Project.

The average annual precipitation for the area of interest varies between 2,437.4 mm and 2,827.0 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.

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

The area is characterized by a bimodal rainfall cycle (Figure 5.4), with a first dry season between December and February and a second dry season 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).

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

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 5.5 Annual cycle of average temperature.

The flow regime in the area shows a bimodal pattern (Figure 5.6 and Table 5.3), characterized by two predominantly dry 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 5.6 Annual Flow cycle (IDEAM).

Table 5.3 Summary of maximum, minimum and percentile values of water flow for Puente Carretera station (IDEAM).

The MET I station, owned by the Collective Mining, has collected limited data so far (Table 5.4, Table 5.5). 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. The average temperature in December 2023 was 18.4 °C, a value similar to that estimated by WorldClim (18.5 °C). Relative humidity ranged between 69.4% and 92.5%, indicating high atmospheric variability. Atmospheric pressure fluctuated between 595.0 and 601.6 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 5.4 General information of MET I.

Table 5.5 General information of MET I variables.

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.

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

Collective Mining has installed 13 piezometers at depths of 24 to 150 m in different geological units including diorite, quartz diorite, breccias, schists, and saprolite. 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.

Table 5.6 General summary of the piezometers.

The Guayabales Project is located about 200 km east of the Pacific Ocean and 300 km south of the Caribbean Sea. The nearest port is Buenaventura on the Pacific Ocean. 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.

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.

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 is currently in the process of acquiring land and, as of today, holds surface rights over 19 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. Similarly, it is too early to determine potential areas for tailings storage, waste rock disposal, or processing plant sites.

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 is 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.

Figure 5.8. A general view of the physiography of the Guayabales Project looking southwest at the Apollo target from Drill Pad 2 and showing the drill access path and the location of other drill pads (S. Redwood).

Figure 5.9. A general view of the Guayabales Project looking north from the access road to the town of Caramanta on the far ridge (S. Redwood).

The Marmato-Supia district, including Guayabales, was mined for gold since pre-Columbian 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). The specific history of Guayabales is not known.

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.

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 drill holes.

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.

The Guayabales Project is located in the Western Cordillera of the Colombian Andes in the late Miocene Middle Cauca Gold-Copper Belt (Figure 7.1). The project occurs in the Romeral terrane, an oceanic terrane comprising a melange of metabasalts, amphibolites, serpentinites, graphitic schist, biotite schist, sericite schist and chlorite schist that are called the Arquía Complex of probable Late Jurassic to Early Cretaceous age (Cediel & Cáceres, 2000; Cediel et al., 2003). This terrane was accreted to the continental margin along the Romeral Fault in the Aptian. Movement on the Romeral Fault was dextral indicating that terrane accretion was highly oblique from the southwest. The 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. This reactivated the Cauca-Patia and Romeral faults with left lateral and reverse movements (Cediel & Cáceres, 2000; Cediel et al., 2003). The Romeral terrane is partially covered by continental sediments of the middle Oligocene to late Miocene age Amagá Formation, comprising grey to green coloured conglomerates, sandstones, shales and coal seams, and by thick subaerial basaltic to andesitic volcanic and sedimentary rocks of the late Miocene Combia Formation. Epithermal Au-Ag-Zn and porphyry Au-Ag-Cu-Mo mineralization in the Middle Cauca Gold-Copper Belt is related to clusters of late Miocene porphyry intrusions of diorite to tonalite composition, and intrusive breccias (Figure 7.2).

Figure 7.1 Regional tectonic and terrane map of Colombia showing the location of the Guayabales Project (Cediel et al., 2003).

Figure 7.2 The geology and major gold deposits of the Middle Cauca Gold-Copper Belt showing the location of the Guayabales Project.

The local geology 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; Touissaint 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. To the west of the tenement lies the Oligocene to lower Miocene Amagá Formation (Figure 7.3) composed of basal conglomerate, sandstones with carbonaceous beds, mudstones and claystone. These are overlain by volcano-sedimentary rocks of the late Miocene Combia Formation (9-4 Ma) that locally exceeds 1,000 m in stratigraphic thickness (Leal-Mejía et al., 2019; Weber et al., 2020; Villalba et al., 2023). It is divided into two members: a volcanic member comprising intercalated basalt, andesite, tuff, and subvolcanic stocks, and a sedimentary member of conglomerate, sandstone, and siltstone deposited in continental debris flows and braided fluvial environments (Jaramillo et al., 2019; Leal-Mejía et al., 2019; Weber et al., 2020). The Amagá and Combia Formations were deposited in a pull-apart basin in the Cauca-Patia continental intermontane basin and are cut by late Miocene porphyry intrusions with porphyry Au-Ag-Cu-Mo and epithermal Au-Ag-Zn mineralisation such as the targets of the Guayabales Project.

The geology of the Guayabales Project is shown on a map in Figure 7.3 and the principal lithologies are described in Table 7.1. These interpretations are derived from surface mapping conducted by Collective Mining and from detailed core logging. The project area has extensive cover of soil, volcanic ash, saprolite, dense vegetation, and landslide deposits. Due to the scarcity of bedrock exposure, geological mapping is necessarily generalized and interpretative in nature.

Figure 7.3. Geological map of the Guayabales Project showing targets.

The project area is characterised by multiphase porphyritic intrusions and associated magmatic-hydrothermal breccias. These units are part of the Miocene Combia Volcanic Province (CVP). Basement rocks consist of schists and ultramafic rocks of the Arquía Complex, with sandstones and mudstones of the Amaga Formation to the west and remnant outliers of Combia Formation lavas and tuffs of basalt to andesite composition.

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 have identified that N-trending fault systems 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 centre of the project area (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.

Gold, Ag, Cu, Mo and WO3 mineralization is related to porphyry and reduced intrusion related systems, which are overprinted by carbonate base metal veins with Au, Ag, Cu, Pb and Zn and trend NW-WNW and EW. The alteration includes potassic, chlorite-sericite, chlorite-epidote and intermediate argillic. The late vein overprints are associated with intense intermediate argillic alteration which is characterized by sericite, carbonates and pyrite.

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

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. The quartz diorite porphyry has phenocrysts of biotite and hornblende that are often replaced by sulphides, and 30% plagioclase, 5-10% quartz eyes with a microcrystalline quartz - K feldspar groundmass. Figures 7.4 to 7.8 show the main reference charts illustrating the textural classifications of the lithologies from Apollo, Trap, Plutus North, Plutus South, and Box.

Figure 7.4. Core sample photographs of the Apollo porphyries.

Figure 7.5. Core sample photographs of the Trap porphyries.

Figure 7.6. Core sample photographs of the Plutus North porphyries.

Figure 7.7. Core sample photographs of the Plutus South porphyries.

Figure 7.8. Core sample photographs of the Box porphyries.

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. They display pervasive sericitic alteration affecting both clasts and matrix. The fragments are subangular to subrounded and host abundant sulphides including pyrite, chalcopyrite and pyrrhotite. The Apollo target hosts significant breccia bodies that host high-grade mineralisation. Four breccia facies have been described: 1) crackle breccia, 2) shingle breccia, 3) angular breccia, and 4) fluidized breccia (Figure 7.9 and Table 7.1).

The magmatic breccias consist of clasts or xenoliths of country rock and early porphyries with an igneous matrix (Figure 7.10). These breccias commonly occur along the margins of intrusive bodies.

Figure 7.9. Core sample photographs of the breccia facies present at the Guayabales property. A) Monomict crackle breccia with green chlorite filling fractures and open spaces. B) Shingle breccia. C) Sulphide-bearing angular breccia, with cement of ore minerals and gangue. D) Fluidised breccia.

Figure 7.10. Core sample photography of magmatic breccias at the Guayabales project.

Potassic, propylitic, chlorite-sericite, sericitic and intermediate argillic alteration are present in the project with different level of intensity and style. The potassic alteration is characterized by replacement of the mafic minerals by secondary biotite, magnetite and sometimes epidote. These minerals are also associated with quartz veins, and secondary biotite has been identified in vein halos. Chlorite-epidote alteration is mainly characterized by overprinting mafic minerals located on the outer zones of the potassic alteration. Strong intermediate argillic alteration is related to the late-stage high grade polymetallic veins and can affect all lithologies. It is the main alteration at Apollo North and Plutus North.

Secondary biotite alteration occurs mainly in diorites, quartz diorites and schists. It is pervasive in schists. In porphyries it replaces primary mafic minerals. P30, P20 and P10 quartz diorites display greater intensity of secondary biotite in the groundmass. The quartz diorite has weak alteration to secondary biotite with magnetite ad K feldspar. The potassic alteration in the Apollo target is dominated by secondary biotite.

Figure 7.11. Secondary biotite alteration in porphyries and brecciated porphyries replacing mafic minerals and in groundmass. Chlorite-sericite alteration overprinting the secondary biotite alteration can be observed in all photographs.

The main alteration in the Apollo target is chlorite-sericite which replaces secondary biotite alteration. The greatest intensity of this alteration is in the breccia rock flour (BAM, BA, BC, BF), and it is present in both mineralized and non-mineralized zones.

Figure 7.12. Chlorite-sericite hydrothermal alteration examples present across the Guayabales property. Chlorite-sericite present in porphyries and brecciated porphyries.

Chlorite-epidote alteration is present in the Apollo target. Chlorite replaces mafic phenocrysts and epidote replaces plagioclase. This alteration is present in the P60 late porphyry at the Apollo target. The chlorite-epidote hydrothermal alteration can be sometimes associated with magnetite and calcite.

Figure 7.13. Chlorite-epidote hydrothermal alteration examples present in the Apollo target.

Sericite displays different levels of intensity, occurring more strongly in fault zones and near polymetallic mineralization, associated with structures.

Figure 7.14. Left: Strong sericite alteration in quartz diorite. Right: Strong sericite alteration with sulphides hosted in angular breccia.

Chlorite alteration is mostly found with sericite alteration in the zone of mineralization. Chlorite is associated with mafic minerals and carbonates, and it is most intense in the matrix and surrounding clasts in mineralized and non-mineralized breccias.

Figure 7.15. Left: Chlorite alteration in clasts and matrix of angular breccia. Right: Chlorite alteration surrounding clasts in angular breccia.

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 mineralisation.

Porphyry-style Cu-Mo-Au mineralization is characterized by high densities of quartz veinlets, comprising 5% to 20% of the rock volume, with associated magnetite and trace amounts of sulphides including pyrite, molybdenite, and chalcopyrite. These minerals occur within suture and cross-cutting quartz veinlets of A, AB, B, and M types. At Apollo, porphyry Cu-Mo-Au mineralisation occurs in porphyry P10 prior to brecciation, and also occurs as xenoliths in porphyry P10.

Figure 7.16. Porphyry veinlet types present at the Guayabales property.

Breccias vary from matrix-supported to clast-supported, and are cemented primarily by carbonates and sulphides, with the matrix primarily composed of rock flour. They have strong chlorite-sericite alteration of both clasts and matrix, as well as having subangular to sub-rounded clasts with high vein densities of quartz + magnetite or of K-feldspar + magnetite. The main sulphides are pyrite, chalcopyrite and pyrrhotite at deeper levels. They show strong oxidation to hematite, goethite and jarosite on surface and have anomalous Au, Ag, Cu, W and Mo values. The Apollo target has important breccias.

Figure 7.17. Breccia types at the Apollo target. Different sulphide cement types present as chalcopyrite, pyrrhotite, pyrite, sphalerite, galena, scheelite, carbonates and quartz. Rock flour altered to chlorite and sericite.

Polymetallic carbonate-base metal (CBM) veins are associated with late-stage structures, including shear zones, and comprise Fe-sphalerite, galena, pyrite, and carbonates within a sericite-altered halo. These veins are strongly controlled by a structural regime dominated by NW- and EW-trending. Individual veins range in width from 0.5 m to 5 m, locally forming significant mineralized zones.

Figure 7.18. Representative images of the Carbonate Base Metal veins type of mineralization at the Guayabales property. CBM veins sulphide content is dominated by Fe-rich sphalerite (Marmatite) and galena. Sulfosalts are also present in this late-stage mineralization.

The Apollo target has important CBM-type mineralization. High-grade Subzones are structurally controlled zones of this mineralization that occur both within and outside of breccia bodies. The Subzones are localized at the intersection of northwestern (NW) and east-west trending (EW) veins, both along strike and down dip. They contain Au, pyrite, galena, sphalerite and carbonate.

The Ramp Zone at Apollo is a deep, high-grade, Au-Ag zone intersected at a depth of 1,00 m and drilled to a depth of 1,200 m as of the effective date of this report, and was extended to 1,350 m by the signature date of this report. The zone is characterized by Au-Ag-Bi-Te mineralization in sulphide-rich veins, as well as in hydrothermally altered breccias and crackled porphyries. Structurally, the zone is controlled by northwestern (NW) and eastern (EW) trending faults and enhanced by breccia permeability. The alteration is biotite and chlorite-sericite.

The mineralogy is pyrrhotite, minor arsenopyrite, pyrite, chalcopyrite, and galena with electrum, minor native gold, Bi-Ag-(Pb-Sb) sulphosalts, Ag tellurides, and argentite (AgS). The reported Bi-Ag-(Pb-Sb) sulphosalts are ourayite (Ag₃Pb₄Bi₅S₁₃), matildite (AgBiS₂), owyheeite (Pb₇Ag₂(Sb,Bi)₈S₂₀), benleonardite (Ag₈(Sb,As)Te₂S₃) and sternbergite (AgFe₂S₃). In one sample overprinted by CBM, the Ag-Sb sulphosalts freibergite (Ag₆(Cu₄Fe₂)Sb₄S₁₂) and stephanite (Ag₅SbS₄) are present. The reported tellurides are hessite (Ag₂Te) and cervelleite (Ag₃TeS).

Figure 7.19. Representative images of the Ramp zone mineralization.

The Apollo deposit is capped by a supergene oxide zone about 30 m thick. It is characterised by saprolite (clay and goethite with no relict rock texture) underlain by saprock (clay and goethite alteration with the rock texture visible) and then by a mixed or transitional oxide-sulphide zone. The mineralisation is mainly Fe and Mn oxides. Gold and Ag grades are similar to those in the primary zone with no enrichment. Copper is depleted due to leaching; there is minor supergene chalcocite in the top of the primary sulphide zone but there is no significant supergene Cu enrichment zone.

Collective Mining has identified 12 targets at the Guayabales Project that are shown on Figure 7.3 and summarised in Table 7.2. The majority of the drilling to date has focused on the Apollo target (69.0% of drilled meters, see Section 10.2.1) and the Trap target (13.5%) which are described below.

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

The Apollo target has Au, Ag, Cu and WO3 mineralisation associated with a partially reduced intrusion related system with breccias and late carbonate-base metal veins. The geology comprises multiple phases of diorite and quartz diorite porphyry. The system covers an area defined by surface mapping of about 1,000 m by 800 m, which includes the former Olympus target. The target has been drilled to a depth of 1,350 m and remains open in all directions. Mineralisation is hosted mainly in a breccia with an inverted funnel-shape or cone shape with dimensions of 200 m by 100 m on surface and maximum dimensions of 600 m NE by 400 m NW at depth, and has been drilled to a depth of 1,350 m. The northern Apollo target (formerly named Olympus) is characterized by a Au-Ag vein zone that extends for about 350 m in strike.

There are four phases of mineralization in the Apollo target: 1) Stage 0: Porphyry-type Cu-Mo-Au mineralization in porphyry P10 and in xenoliths in P10 with disseminated chalcopyrite, pyrrhotite and pyrite and porphyry veins of quartz-pyrrhotite-chalcopyrite, quartz-molybdenite, and magnetite-quartz-chalcopyrite; 2) Stage 1: Breccia-hosted sulphide mineralisation of pyrite-chalcopyrite replacing pyrrhotite with high grade Au and Ag, including argentite and native silver, associated with high grade Cu, with quartz gangue; this has scheelite in the top 150 m and chalcopyrite to 500-600 m depth; and pyrrhotite at depth replaced upwards by pyrite-chalcopyrite 3) crackle breccias at 1,000 m to >1,350 m depth with sulphide-rich Au-Ag-Bi-Te, and 4) Stage 2: late-stage CBM veins with coarse native Au, black Fe-sphalerite (“marmatite”), galena, pyrite, Ag±Cu±Pb-Sb sulphosalts (freibergite, stephanite, tetrahedrite, boulangerite, and bournonite) with a gangue of ankerite, siderite, and quartz.

There are quartz diorite porphyry clasts with quartz veinlets in the breccias which host the stage 0 mineralization indicating undiscovered older porphyry-style mineralisation. Small bodies of the Arquía Complex basement rocks comprising graphite and sericite schists, ultramafic rocks and basalts form roof pendants and outcrop to the west and southwest.

The final intrusive event is a diorite porphyry that forms a NW-trending dyke that cross-cuts the mineralized breccia. It is matrix-rich with large plagioclase phenocrysts (P60). It has epidote-albite alteration but no sulphides and is post-mineral in relative age. The dyke cross-cuts the Marmato and Aguas Claras deposits also, where it is called P3, and has a known length of about 6 km.

The dominant alteration is chlorite-sericite which overprints secondary biotite alteration. There is strong intermediate argillic alteration (illite-sericite with kaolinite at shallow levels) when carbonate base metal veins and faulted rocks are present.

Two additional high-grade Au-Ag zones have been recognised by recent drilling. The high-grade Subzones represent structurally controlled zones of CBM mineralisation 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. High-grade Subzone One currently measures 180 m of strike by more than 70 m width and over 70 m vertically. Multiple High-grade Subzones are potentially present across the Apollo system where these structural intersections occur.

The Ramp Zone corresponds to a reduced intrusion-related Au-Ag-Bi-Te mineralisation measuring 75 m of strike by up to 480 m width by 150 m vertically. The style of mineralisation is sulphide-rich veins, breccias and crackled porphyries. Structurally, the zone is controlled by NW and EW structural trends and it is also enhanced by breccia permeability.

The mineralisation 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 7.20. A geological map of the Apollo target showing the Collective Mining drill hole traces and seven newly discovered breccia bodies around the main breccia body.

A model for the Apollo Porphyry System is shown in Figure 7.21 and typical core photos of lithology, alteration and mineralization for each stage are shown in Figure 7.22.

Figure 7.21. Schematic cross section of the Apollo Porphyry System showing the relationship between surrounding porphyries, intermineral breccias and late veins.

Figure 7.22. Apollo Porphyry System model with stages of mineralisation.

The Trap target is a NNW-trending structural corridor in quartz diorite porphyry with porphyry Au-Ag-Cu-Mo mineralisation associated with potassic (biotite-magnetite) and chlorite-sericite alteration with magnetite, chalcopyrite, disseminated chalcocite and quartz veins. This is overprinted by late-stage NW-SE and EW trending carbonate base metal polymetallic veins with Au, Ag, Cu, Pb and Zn associated with intense sericite-pyrite alteration. The veins extend for >1,000 m NW.

The geology consists of diorite and quartz diorite porphyry stocks and graphite schists of the Arquía Complex. There are multiple phases of fracturing with older, NS structures displaced by NW-WNW trending structural corridors and finally, by late E-W structures. This major NW trending structural corridor is interpreted to be the NW extension of the Echandia-Marmato mineralised corridor.

In the El Pital sector there is a mixture of the two types of mineralisation, quartz diorite with secondary biotite, magnetite veins, chalcocite and disseminated chalcopyrite, as well as the NW-trending Trap Fault with a high content of sphalerite, galena, carbonates, malachite and strong sericite alteration. The diorite body is located several hundred meters north of the El Pital sector, and has weak secondary biotite, disseminated magnetite and weak chlorite-epidote. In the San Francisco creek, porphyry-type mineralization occurs with secondary biotite, epidote, disseminated and stringer chalcopyrite, and locally quartz veins with molybdenite suture.

Figure 7.23. Geological map of the Trap target showing the Collective Mining drill hole traces.

The geology of the other targets is shown on Figure 7.3 and is summarized in Table 7.2.

Twelve drill targets have been defined at the Guayabales Project by Collective Mining for porphyry, reduced intrusion related, breccia and CBM veins for Au, Ag, Cu, Pb, Zn, Mo and WO3 mineralization based on geological mapping, surface rock and soil geochemistry, shallow mine geochemistry, geophysics and limited historical drilling. Ten of the targets have been tested by drilling, which resulted in the discovery of significant mineral systems at the Apollo and Trap targets which have been the focus of drilling. However, the targets are at too early an exploration stage at present to be able to quantify the length, width, depth and continuity of mineralization.

Mineralisation at the Guayabales Project comprises 12 known targets for Au-Ag with Cu, Mo, WO3, Pb and Zn that are hosted by multiple porphyry stocks and wall rock of Arquia Group schists, Amaga 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. Apollo is a hydrothermal breccia formed in a subvolcanic porphyry environment with zonation of both alteration and mineralisation. Multistage mineralisation includes early porphyry, various periods of sulphide infill within a hydrothermal breccia matrix and multiple overprinting, late stage, sulphosalts and carbonate base metal (CBM) veins. The characteristic features of Apollo include:

The characteristics of the Apollo deposit are more characteristic of a reduced intrusion-related gold system (RIRGS) rather than a 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 the same age.

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 mineralisation occurred at 6.82 ± 0.028 Ma (Reading et al., 2025). The ages of magmatism and mineralisation ages 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 mineralisation 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 (Collective Mining).

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 8.5). Conditions at the Apollo system fluctuated between oxidised porphyry, oxidised epithermal and RIRGS.

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).

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 mineralisation styles (Hart, 2007).

Figure 8.4. Cartoon cross section model of a RIRGS system showing a pluton with different styles of Au mineralisation in the cupola and shoulders (Hart, 2007). In the case of Apollo, mineralisation is hosted by a magmatic-hydrothermal breccia cutting the stock.

Figure 8.5. Plot showing the variations in metal association as a function of magmatic oxidation state and the lithologic characteristics of the host plutons. Note the distinctive fields of RIRGS Au-W and porphyry Cu-Au (Hart, 2007).

Porphyry systems were reviewed by Sillitoe (2010) and a schematic deposit model is shown in Figure 8.6. Porphyry systems may contain porphyry Cu ± Mo ± Au deposits of various sizes from <10 to 10,000 million tonnes. Typical primary porphyry Cu 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 %).

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-sulphidation epithermal deposits may occur in lithocaps above porphyry Cu deposits, and are typically massive sulphide lodes in deeper feeder structures and Au-Ag-rich, disseminated deposits in the upper parts. Intermediate sulphidation 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,

The alteration and mineralization in porphyry Cu 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 sulphidation-state chalcopyrite ± bornite assemblages are characteristic of potassic zones, whereas higher sulphidation-state sulphides 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 Cu 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 8.6 Porphyry system model (Sillitoe, 2010).

The historical exploration activities carried out at the Guayabales Project are summarised in Table 9.1.

Table 9.1 Summary of historical exploration carried out at the Guayabales Project.

No topographical survey was carried out by the historical operators.

Geological mapping of the concession was carried out by Mercer Gold, and of the mine workings by all three companies.

No petrographic study was carried out.

Soil sampling was carried out by Mercer Gold on a 100 m by 100 m grid. Plots of soil geochemistry for Au, Ag, Cu and Mo are shown combined with Collective Mining sampling in Figure 9.1 to Figure 9.4 (Section 9.2.5).

The sampling protocol is not known. The QP considers that the sampling method is appropriate for the type of mineralisation sought and that the samples are representative of the mineralisation sought. A potential source of sampling bias is cover of young volcanic ash and displacement of soils by landslides, as described in item 9.2.5.

Rock channel sampling was carried out in underground mines, outcrops and road cuttings by all three companies. Plots of rock geochemistry for Au, Ag, Cu and Mo are shown combined with Collective Mining sampling in Figure 9.5 to Figure 9.8 (Section 9.2.6).

The sampling protocol is not known. The QP considers that the sampling method is appropriate for the type of mineralisation sought, that the samples are representative of the mineralisation sought, and that there are no sources of potential sampling bias.

No geophysical surveys were carried out historically.

The exploration of the Guayabales Project carried out by Collective Mining is summarised in Table 9.2.

Table 9.2. Summary of exploration carried out by Collective Mining at the Guayabales Project in 2020-2025.

Collective Mining carried out a LIDAR survey of the concessions and surrounding areas in 2021 to create a digital terrain model (DTM), a digital surface model (DSM) and a topographic map with 1 m contours.

Collective Mining carried out geological mapping of the concessions and targets since 2020-2025, which is ongoing, as well as reviewing and compiling historical mapping. The results are described in Section 7.3 and the targets in Section 9.3.

Collective Mining has carried out petrography of 58 samples from drill core (Table 9.2).

Collective Mining has collected 3,077 soil samples. Soil samples were generally taken on ridges and spurs, and in some places on a grid of 100 m by 100 m. The company has a written protocol for soil sampling. Samples are taken at the C soil horizon at a depth between 1.5-3.5 m using a manually operated auger. The sample is collected on a plastic sheet and then placed in a sample bag that is numbered and sealed. The geologist completes a sample description card with the location, soil profile description, weathering intensity, colour, oxides and other information. This is entered into the exploration database. The protocol and chain of custody for transport and analysis of rock and soil samples is summarised in Table 9.3. The results for Au, Cu, Ag and Mo are shown in maps in Figure 9.1 to Figure 9.4.

The QP considers that the sampling method is appropriate for the type of mineralisation sought. The grid samples are often not effective due to young volcanic ash cover and landslides. The ash has been washed away on the ridges and so the ridge and spur samples are more effective, do not have this sampling bias, and are representative of the mineralisation sought.

Figure 9.1. Guayabales Project, Collective Mining and historical soil geochemistry for gold.

Figure 9.2. Guayabales Project, Collective Mining and historical soil geochemistry for copper.

Figure 9.3. Guayabales Project, Collective Mining and historical soil geochemistry for silver.

Figure 9.4. Guayabales Project, Collective Mining and historical soil geochemistry for molybdenum.

Collective Mining has taken 6,783 surface and underground rock samples as of the effective date of this report. The types of samples taken were chip channel samples in areas of good exposure and rock chip samples in areas with non-continuous exposure. The company has a written protocol for taking rock samples. The chip channel samples are marked with paint in lengths of 2.00 m and a continuous sample is taken using a hammer and chisel. The broken rock is collected on a plastic sheet and then placed in a sample bag that is numbered and sealed. Rock chip samples are taken in a similar manner but by taking a rock chip every approximately 10 cm, rather than a continuous channel. A sample description card is completed in the field for each sample with the location and description. The protocol and chain of custody for transport and analysis of rock and soil samples is summarised in Table 9.3. The results for Au, Cu, Ag and Mo are shown in maps in Figure 9.1Figure 9.5 to Figure 9.8.

The QP considers that the sampling method is appropriate for the type of mineralisation sought, that the samples are representative of the mineralisation sought, are adequate for the purpose intended which is to define the extent of mineralisation on surface and to identify drill targets, and are not considered to have any potential sources of sampling bias.

Table 9.3. Protocol and chain of custody for soil and rock samples.

Figure 9.5. Guayabales Project, Collective Mining and historical rock geochemistry for gold.

Figure 9.6. Guayabales Project, Collective Mining and historical rock geochemistry for copper.

Figure 9.7. Guayabales Project, Collective Mining and historical rock geochemistry for silver.

Figure 9.8. Guayabales Project, Collective Mining and historical rock geochemistry for molybdenum.

Collective Mining carried out a helicopter-borne magnetic and radiometric geophysical survey in December 2020 over an area of about 9 km E-W by 8 km N-S centred on the mining titles. Data was collected on 775.9 line-km on N-S flight lines with a line spacing of 100 m and nominal mean terrain clearance of 80 m, with E-W tie lines. The survey was flown by MPX Geophysics Ltd (MPX, 2020). The data was processed by Arce Geophysics (Arce, 2021) and reprocessed by Condor Consulting.

In 2021, Arce Geofísicos Ltd. carried out a Full Waveform Distributed Array Induced Polarization (IP) survey (AGDAS) at Apollo, Box, and Victory targets, covering an area of interest of 3.38 km² across three blocks. However, the effectiveness of this survey was limited due to high chargeability responses from graphite schists and sulphides.

During 2024, Condor North Consulting generated a joint inversion model of the three blocks using the 2021 data, with the objective of developing a more consistent model to serve as a baseline for comparison with upcoming ZTEM and VTEM surveys. Later in 2024, Collective Mining attempted to conduct ZTEM and VTEM surveys with Geotech Ltd. over the Guayabales project, covering approximately 70 km², but the survey failed due to high noise from powerlines. Additionally, Condor North Consulting compared inversion modelling results from 3D DC resistivity and induced polarization (DCIP) data for the Guayabales project with geological cross-sections provided by Collective Mining. Smooth resistivity and chargeability inversion models were created using the 2021 DCIP data collected over the three blocks, and the depth of investigation for both models was determined.

In 2025, Condor North Consulting performed a constrained 3D resistivity inversion using the 2021 DCIP data collected over the Box target area, combined with a 3D geology model provided by Collective Mining. The geology model was converted into a voxel model, and rock units were assigned conductivity values based on average petrophysical data (a voxel model is a three-dimensional, regularly gridded representation of the subsurface composed of individual volumetric cells ("voxels"). Each voxel is assigned one variable such as density, magnetic susceptibility, or resistivity).

Later in 2025, Arce Geofísicos conducted a gravity survey at the Guayabales project. The survey consisted of 372 stations arranged on a 50 m by 100 m grid (Figure 9.11). The same base station used during the first stage was employed for drift correction. Two Scintrex CG-6 gravity meters were used to carry out the measurements. An additional 372 stations were acquired during this second stage, resulting in a total of 414 stations. The gravity survey was completed with 372 stations at 50 m intervals along previously defined lines. A minimum of 5 repeated readings were taken at each station. The CG6 gravimeter is capable of measuring resolutions in the order of 0.1 microGals.

Figure 9.9. Guayabales Project joint version of IP chargeability at 100 m depth reprocessed by Condor North Consulting.

Figure 9.10. Guayabales Project joint version of IP resistivity at 100 m depth reprocessed by Condor North Consulting.

Figure 9.11. Density map (g/cc) of the Apollo target at 200m depth processed by Arce Geofisicos.

Exploration carried out by Collective Mining has identified 12 targets to date which are summarized in Table 7.2 and are shown in Figure 7.3. Geochemical maps are shown for the Apollo and Trap targets where the majority of drilling was carried out.

Plans of the geochemistry of Au, Cu, Ag, Mo and W in rocks and soils that were used to define drill targets at Apollo are shown in Figure 9.12 to Figure 9.16, together with the later drill core results. Geochemistry and mapping identified a breccia as a drill target.

Figure 9.12. Apollo target geology and geochemistry for gold (soil, rock, drill core).

Figure 9.13. Apollo target geology and geochemistry for copper (soil, rock, drill core).

Figure 9.14. Apollo target geology and geochemistry for silver (soil, rock, drill core).

Figure 9.15. Apollo target geology and geochemistry for molybdenum (soil, rock, drill core).

Figure 9.16. Apollo target geology and geochemistry for tungsten (soil, rock, drill core).

Plans of the geochemistry of Au, Cu, Ag and Mo in rocks and soils that were used to define drill targets at the Trap target are shown in Figure 9.17 to Figure 9.20, together with the later drill core results.

Figure 9.17. Trap target geology and geochemistry for gold (soil, rock, drill core).

Figure 9.18. Trap target geology and geochemistry for copper (soil, rock, drill core).

Figure 9.19. Trap target geology and geochemistry for silver (soil, rock, drill core).

Figure 9.20. Trap target geology and geochemistry for molybdenum (soil, rock, drill core).

Soil and rock geochemistry has defined multiple drill targets at Guayabales. The Collective Mining sampling was carried out using standard industry procedures and the samples are considered to be representative for the purpose of planning future exploration. Rock geochemistry was the most effective means of identifying targets. Care has to be exercised in soil geochemistry due to young volcanic ash cover which masks the underlying bedrock geochemistry, thus grid surveys are not effective, and ridge and spur samples were found to be effective. The IP survey was not very effective due to the presence of graphite schists.

Collective Mining also reconstructed the database of historical sampling based on laboratory certificates and inherited databases. The historical sampling protocols are not known but the sampling is believed to have been done using standard industry procedures. The sample results are considered to be adequate for the purpose of planning future exploration. The historical sampling was used by Collective Mining as a guide to identify areas of interest in which it carried out new rock and soil sampling.

There are no factors in historical samples, as far as can be determined, or the Collective Mining sampling that could have resulted in sample bias.

Two diamond drill programmes were carried out by previous companies in 2008 and 2010-2011 with a total of 28 holes drilled using the wireline recovery method for a total of 6,147.26 m. These focused on the Encanto zone (now called the ME target).

Colombian Mines drilled 17 diamond drill holes for 2,079.36 m in 2008. Eleven holes were drilled with a skid-mounted Boyle 37 rig with lengths of 83.70 to 221.50 m and an average of 160.9 m. Five holes were drilled with a man-portable Winkie drill (GDH-05, 06, 09, 11, 16) with lengths of 9.53 to 48.90 m and an average of 29.6 m and failed to reach their targets.

Mercer Gold drilled 11 diamond drill holes for 4,067.90 m in 2010-2011 with a track-mounted Duralite T600N drill rig. The hole lengths were 76.6 to 620.0 m with an average of 369.8 m. The holes were drilled in the Guayabales and Plutus North targets. The contractors, rig types and core sizes are summarised in Table 10.1. The drill collar locations are listed in Table 10.2 and are shown in a plan in Figure 10.1.

Table 10.1 Summary of historical diamond drill programs.

Table 10.2 Drill collar table for historical drilling at the Guayabales Project.

CM Colombian Mines Corporation. MG Mercer Gold. The collar locations are shown on Figure 10.1.

Figure 10.1. Location map of the historical drill collar locations and drill hole traces in the Guayabales Project.

The survey method used to record the drill collars is not recorded.

No downhole directional surveys were carried out.

The drill platforms were restored and revegetated after use. The hole collars are not marked.