Collective Mining (CNL) investor relations material

Portfolio and project setting

• As of June 30, cash exceeded $90 million; management ownership was over 45%.

• The leadership team previously formed Continental Gold, which was sold to Zijin for over $2 billion in 2020.

• San Antonio and Guayabales are in Caldas, Colombia; Guayabales is the cornerstone project, near the long-operating Marmato mine.

• Guayabales is near the Pan-American Highway, power lines, the Cauca River and labor pools in Marmato and Supía.

Colombia operating backdrop

• A new president and vice president took office in August; management described the new government as focused on work and transformation.

• On September 8, Marco Rubio signed a US-Colombia Critical Mineral and Rare Earth MOU.

• Management cited a 12-month statutory permitting process and stated that no mining title had been expropriated under Colombia’s mining code.

Apollo resource and exploration

• The September maiden resource includes an open-pit zone grading above 2 g/t gold equivalent in the indicated category; underground areas are being considered for sublevel open stoping.

• The pit has a strip ratio below 2:1; Ramp Zone grades reach 4–5 g/t gold equivalent, and management said only 20% of Ramp Zone had been drilled.

• In-pit drilling returned an example intercept of 135 m at 2 g/t gold equivalent; converting currently modeled waste to ore could lower the strip ratio in a future resource update.

• Management cited over 5 million oz across indicated and inferred resources and targeted 7–8 million oz in the next update.

• The deposit includes tungsten, copper and silver zones; management reported US interest and meetings on processing tungsten in the US.