Collective Mining (CNL) Q4 2024 earnings summary

Executive summary

• Completed significant equity financings in 2024, raising $52.4 million through public offerings, private placements, and warrant/option exercises, strengthening liquidity for ongoing exploration and development activities.

• Advanced the Guayabales Project with a major focus on the Apollo system, expanding the mineralized footprint and discovering new high-grade zones, including the Ramp Zone at depth.

• Achieved key milestones: listing on NYSE American, entering Phase 2 of the First Guayabales Option, and strategic investment by Agnico Eagle, increasing their ownership to 14.99%.

Financial highlights

• Net loss for 2024 was $26.9 million, compared to $19.1 million in 2023, reflecting increased exploration and evaluation expenses.

• Exploration and evaluation expenses totaled $18.1 million in 2024, up from $14.1 million in 2023, with $17.4 million attributed to Guayabales and $0.6 million to San Antonio.

• Cash and cash equivalents at year-end were $38.9 million, up from $14.2 million at the end of 2023.

• Share capital increased to $102.3 million from $54.0 million, reflecting new equity issuances.

• Weighted average shares outstanding rose to 68.4 million (2024) from 58.2 million (2023).

Outlook and guidance

• Fully funded 60,000-metre drill program for 2025, primarily targeting further expansion and definition of the Apollo system and additional reconnaissance drilling at new porphyry targets.

• Continued focus on organic growth through exploration discoveries, with ongoing metallurgical and mineralogical studies to optimize processing strategies.

• Plans to advance the San Antonio Project with a minimum 2,500-metre drill program.