Collective Mining (CNL) Status update summary

Colombia mining environment and regulatory changes

• Recent government changes have removed mining restrictions, opening previously inaccessible areas for mining and accelerating permitting processes.

• Prior consultation with indigenous groups can now occur simultaneously with licensing, reducing project timelines.

• Environmental and mining license applications are expected to be submitted in early H2 2027, with permitting potentially completed by H2 2028.

Project development timeline and resource growth

• Construction of the exploration adit will begin in Q4 2026, with underground drilling to follow, targeting new zones like Trap.

• The maiden mineral resource estimate was accelerated to capitalize on favorable market and regulatory conditions.

• Production is targeted for early 2031, with additional resource updates and a PEA/PFS planned before full-scale construction.

• Environmental license application and updated resource are planned for H2 2027–Q1 2028.

Apollo deposit resource details and upside

• Indicated resources: 37.0 Mt at 2.17 g/t AuEq for 2.58 Moz AuEq; inferred: 48.2 Mt at 1.83 g/t AuEq for 2.83 Moz AuEq, totaling 5.41 Moz AuEq.

• High-grade open pit: 22.5 Mt at 2.06 g/t AuEq indicated, 25.9 Mt at 0.86 g/t AuEq inferred, strip ratio 3.4:1.

• Underground Ramp Zone: 1.29 Mt at 4.74 g/t AuEq indicated, 6.04 Mt at 5.37 g/t AuEq inferred.

• Gold is ~50% of open-pit AuEq grade; copper, tungsten, and silver make up the rest.

• Resource based on 114,520m drilling (265 holes), with 40,000m additional drilling since cut-off.