Sometimes the most important rock in a system is the rock nobody was paying attention to. Today's results from $CNL @CollectiveCNL are about that rock. The market fell in love with Apollo's high-grade core. Fair enough (and stay tuned as results are expected imminently from the lab). But it is missing the halo around the core. The Shallow Halo Zone: an interpreted 2.4 km long, 200 m wide, precious-metal-dominant target sitting inside the Mineral Resource open pit shell. Near surface. Oxide at the top. And only ~41% of it has been drill tested. Look at what came out of Pad43 on the eastern side, outside the Mineral Resource: APC-218: 14.25 m @ 6.49 g/t AuEq, incl. 3.60 m @ 18.83 g/t AuEq APC-204: 67.25 m @ 1.58 g/t AuEq, incl. 19.70 m @ 4.42 g/t AuEq APC-229: 6.90 m @ 6.65 g/t AuEq Pad35, mineralized from the first few meters: APC-226: 197.40 m @ 0.74 g/t AuEq from 2.85 m, incl. 30.55 m @ 2.02 g/t AuEq in oxide rock Pad42, with a silver punch: APC-200: 4.70 m @ 12.00 g/t AuEq (506 g/t Ag) within 15.80 m @ 3.78 g/t AuEq APC-183: 16.50 m @ 2.06 g/t AuEq from 3.10 m in oxide rock Now the number that matters. Since the Mineral Resource on Sept 8, 44 of 47 SHZ holes have returned intervals above the 0.30 g/t AuEq open-pit cut-off. 44 of 47. Much of it outside the current Mineral Resource. In this business, consistency is everything. These results support the potential to add Mineral Resources within the existing pit shell. And ~59% of the halo hasn't seen a drill bit yet. Then, as if the rocks wanted to make a point, high-grade gold veins at depth, outside the southeastern Mineral Resource: APC-188: 19.05 m @ 5.48 g/t AuEq from 388.95 m, incl. 1.65 m @ 51.56 g/t AuEq GTC-4: 1.55 m @ 42.79 g/t AuEq from 574.50 m. A geotechnical hole, drilled for engineering data. Thirteen rigs turning. 69 holes pending. Construction of a ~3 km exploration adit scheduled to begin this quarter. Fully funded for 2026. We've been here before, at Buriticá. We know what the early chapters of a system look like. We believe Guayabales is still in them. Read the full release: collectivemining.com/collect… APC-218: 6.49 g/t AuEq (5.49 g/t Au, 52 g/t Ag). APC-204: 1.58 g/t AuEq (1.07 g/t Au, 26 g/t Ag). Intervals are down-hole lengths.

Capital is the new scarcity in mining. Not ounces. Not pounds. Capital. Look at the latest capital numbers for three of Canada’s flagship mining projects: Red Chris block cave, BC ($NEM): US$4.2–4.8B in development capital (C$5.6–6.4B, 100% basis). That figure is already net of the C$500M federal grant. Add the grant back and the gross cost of the project is ~C$6.1–6.9B. The 2021 prefeasibility estimate was ~C$2.6B. Windfall, Quebec ($GFI): now guided to the upper end of US$1.7–1.9B, up from C$790M in the 2022 feasibility study. The environmental approval is still pending. Great Bear, Ontario ($KGC): US$1.43B of initial capital in the 2024 PEA. A full capital update is due in H1 2027 after detailed engineering, which Kinross says will account for inflation (Cape higher?). These are world-class deposits run by excellent operators. But part of every one of those bills is the cost of building what isn’t there: transmission lines, gas pipelines, camps, and construction seasons cut short by winter and permitting delays. In the right parts of Latin America, much of that already exists. Look at Aris Mining’s Marmato expansion in Caldas, Colombia: a new underground mine and a 5,000 tpd processing plant, with a total construction estimate of ~US$365M.* That includes building its own grid power line. For comparison, Windfall’s plant is sized at ~3,400 tpd. First gold at Marmato is scheduled for this quarter. B2Gold’s Gramalote in Antioquia shows it at larger scale: a 6 Mtpa (~16,500 tpd) open pit operation with US$740M of initial capital in its 2025 feasibility study, 8% below its 2024 PEA.* Canada’s estimates are climbing. Gramalote’s went down. At Guayabales ($CNL, @CollectiveCNL), our project sits beside the Pan-American Highway, hydropower lines run through the area, and the Marmato district has 500 years of mining history and a skilled local workforce. Our new 1.8 km adit access road was built by upgrading an existing path off the highway. Infrastructure already in place is capital that never has to be raised. Geology comes first. Infrastructure decides the bill.

Mother Nature doesn't hand over her best secrets from the surface. You have to go in and get them. $CNL @CollectiveCNL is going underground. In November, we begin construction of a ~3 km exploration adit at Guayabales, a roughly two-year build. The video below shows the tunnel's path and the portal area taking shape this week. I've spent much of my career in the mountains of Colombia, and one lesson stands above the rest: the best discoveries are made from underground. From surface, the mountain dictates where we drill. Long holes just to reach depth. Angles chosen by where we can build a pad, not by where the geology is. Underground, we flip that. We get close to the targets and drill-test them over more than a vertical kilometer, from orientations that are simply not available from surface. The road underground: 
Q1-2027: Trap East, a newly generated greenfield target
H2-2027: the Trap Main System, via a dedicated cross-cut
2028: Plutus and Apollo's Ramp Zone Trap has only been sparsely drilled along a 1.4-kilometer corridor. It extends up to 900 meters below surface and remains open along strike and at depth. The adit is positioned to intersect its currently known southeastern end. And between Trap and Plutus lies unexplored ground. What might we find there? I'm not discounting the possibility that we cut yet another mineralized system on the road to Apollo. Two years of tunneling. Four targets. One adit. We're going underground. Stay tuned.

Today's results from $CNL @CollectiveCNL mark a meaningful step in growing the footprint of the Apollo system. We stepped out ~340 meters into a previously untested portion of the Ramp Zone's northwest breccia margin and intersected high-grade gold: APC164-D4: 12.10 m @ 11.33 g/t AuEq APC164-D3: 54.00 m @ 2.84 g/t AuEq, including 23.65 m @ 4.54 g/t AuEq The Ramp Zone is a reduced intrusion-related gold system. Late-stage gold-rich veins fill the crackle breccia matrix. Because the crackle breccia phase is porous, gold-bearing fluids have more space to release their metal content, resulting in the high grades at Ramp. Importantly, today's intercepts indicate that the same mineralizing process responsible for the high-grade southeast Ramp Zone extends to the west and northwest margins of the breccia. The key point of the news today: our geologists interpret these holes as having intersected only the upper portion of the system. Approximately 80 meters deeper, APC180-D4 logged 19 occurrences of visible gold over 62 metres of core. Assays are pending, and visual observations are not a substitute for assay results. We also encountered new high-grade veins in untested ground that are not captured in any existing geological or block model, including 1.30 m @ 74.58 g/t AuEq in APC164-D4. To date, approximately 590 meters of the 1.5 km breccia circumference has been tested, and only about 315 meters is included in the maiden resource. With 13 rigs turning and assays pending for 95 holes (19 holes from the Ramp Zone), Apollo continues to flex its muscles as a rapidly expanding AuEq deposit. We will keep drilling until the geology shows us where the system ends, and every round of drilling so far has pushed that boundary further out.

Honored to host @ANMColombia, its President Juan Camilo Valencia González, and @MinAmbienteCo at @CollectiveCNL's Guayabales project. Sharp questions, thoughtful feedback. Working hand in hand with government is how a discovery moves from licensing to production. No surprises. That is how Colombia attracts world-class capital. License application on track for mid-2027.

Some thoughts on today's press release from $CNL @CollectiveCNL Silver and tungsten. Near surface. In rock we modeled as waste. APC-186, northern Apollo: 5.50m @ 1,283 g/t Ag + 0.83% WO₃ (1,999 g/t AgEq) from 89.15m within 87.60m @ 158 g/t AgEq from 17.70m Inside the pit shell. 600m north of where tungsten exists in the Mineral Resource. A new high-grade WO₃/Ag zone forming? Tungsten is a metal of national security: armor, aerospace, the machines that make machines. And the West has precious little of it. 22 of 23 Shallow Halo holes since our maiden resource hit mineralization in so-called waste rock. Only 29% of the zone is drill tested. Open north and east. 13 rigs turning. 99 holes awaiting assays. Great mineral systems don't announce themselves. You drill them, and they reveal themselves. We are still in the early innings at Guayabales. 🇨🇴 Full release 👇 newswire.ca/news-releases/co…

Colombia's Interior Minister calls this one of the most important economic announcements in years… he may be understating it. Under a draft decree, prior consultation and environmental licensing would advance in parallel instead of in sequence. Same technical standards, same respect for communities, but years taken out of the critical path. Sequential approvals are the quiet reason new mines in Canada and the United States so often take a decade or more to permit. Each step waits for the last to finish, and the clock runs while the world needs more copper, gold and energy than ever. In resources, time is the hidden cost of capital. Countries that run approvals in parallel, without lowering the bar, will win the next decade of investment… and Colombia is signalling it intends to be one of them. @jrestrp @fabio_arjona @ANMColombia @CollectiveCNL @Collective_Col

Scotiabank’s daily Mining Scoop from Mining Forum Americas just listed an “improving business environment in Colombia” among its key takeaways from corporate interactions. That is how a jurisdiction goes mainstream… when the sell-side starts writing it down without hedging. At $CNL we are not waiting for the narrative to catch up. Thirteen rigs are turning at Guayabales right now, including seven on the Ramp Zone. Dozens of holes are either underway or already drilled and awaiting assays. Underground exploration adit construction is targeted for Q4 2026. Environmental license application in H2 2027. Updated Apollo resource in Q1 2028. PEA in H2 2028. Feasibility mid-2029. Early works and construction targeted for H2 2029. When the backdrop improves, you accelerate. That is the plan. @collectivemining

With gold getting hit hard, a good reminder to step back and appreciate the finer things in life. Here at Mining Forum Americas in Colorado Springs, investor sentiment is being reset — but the opportunity ahead is as bright as dawn.