Collective Mining (CNL) Q4 2025 earnings summary

Executive summary

• Completed major financings in 2025, raising $146.1M through private placements, public offerings, and warrant/option exercises, boosting cash to $129.6M at year-end.

• Acquired 100% of the Guayabales mining concession, consolidating land and surface rights for future development.

• Expanded drilling at the Guayabales Project, with significant discoveries at the Apollo system and new zones, and recommenced drilling at the San Antonio Project.

• Appointed new executive leadership, including a new CEO and VPs for mining and exploration.

Financial highlights

• Net loss for 2025 was $49.9M ($0.58/share), up from $26.9M in 2024, driven by increased exploration and G&A expenses.

• Exploration and evaluation expenses rose to $32.5M (from $18.1M in 2024), reflecting higher drilling, land access, and technical studies.

• General and administration expenses increased to $9.5M (from $5.8M), mainly due to higher share-based compensation and expanded management.

• Cash and cash equivalents at year-end were $129.6M, up from $38.9M, supporting ongoing and future exploration.

• Non-current liabilities increased to $4.2M, mainly from land and concession acquisitions and environmental remediation provisions.

Outlook and guidance

• Plans to drill up to 100,000 meters in 2026, focusing on expanding the Apollo system and other targets.

• Stage I exploration at Guayabales aims for a resource estimate and PEA by end of 2026, with a $28.3M budget; Stage II (2027) targets a pre-feasibility study with a $52.1M budget.

• Strong liquidity position enables continued aggressive exploration and land consolidation.