Tearsheet

Collective Mining (CNL)

Market Price (10/31/2025): $11.39 | Market Cap: $896.5 Mil
Sector: Materials | Industry: Gold

Collective Mining (CNL)

Market Price (10/31/2025): $11.39
Market Cap: $896.5 Mil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -29 Mil
2		Stock price has recently run up significantly 12M Rtn12 month market price return is 213%
3		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.1%

0	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13
1	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -29 Mil
3	Stock price has recently run up significantly 12M Rtn12 month market price return is 213%
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.1%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/31/25	2024	2023	2022	2021
Share Price CYE	$11.39	$4.16	$3.21	$1.92	$2.20
Market Cap CYE ($ Mil)	896.5	310.5	187.2	98.6	104.4
Total Debt ($ Mil)	1.2	0.2	0.1	0.1	0.1
Total Cash ($ Mil)	70.6	38.9	14.2	8.5	16.3
Enterprise Value ($ Mil)	827.1	310.7	187.3	98.7	104.5
Valuation Ratios
P/S TTM	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM	-21.8	-10.6	-9.8	-5.4	-4.6
P/E TTM	-21.7	-10.6	-9.8	-5.4	-4.6
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3	1.1	1.5
P/EBIT TTM (Sector)	6.6	6.3	6.6	4.8	5.7
P/E TTM (Sector)	4.6	5.5	7.5	4.6	7.1

	10/31/25	2024	2023
Share Price CYE	$11.39	$4.16	$3.21
Market Cap CYE ($ Mil)	896.5	310.5	187.2
Total Debt ($ Mil)	1.2	0.2	0.1
Total Cash ($ Mil)	70.6	38.9	14.2
Enterprise Value ($ Mil)	827.1	310.7	187.3
Valuation Ratios
P/S TTM	0.0	0.0	0.0
P/EBIT TTM	-21.8	-10.6	-9.8
P/E TTM	-21.7	-10.6	-9.8
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3
P/EBIT TTM (Sector)	6.6	6.3	6.6
P/E TTM (Sector)	4.6	5.5	7.5

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CNL Stock

Return (1M):

Factor Drivers of Stock Movement

The 28.3% change in CNL stock from 7/31/2025 to 10/30/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	7312025	10302025	Change
Stock Price ($)	9.03	11.59	28.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	78.71	78.71	-0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

The 22.1% change in CNL stock from 5/1/2025 to 10/30/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	5012025	10302025	Change
Stock Price ($)	9.49	11.59	22.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	74.64	78.71	-5.46%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

The 212.7% change in CNL stock from 10/30/2024 to 10/30/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	10302024	10302025	Change
Stock Price ($)	3.71	11.59	212.69%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	60.20	78.71	-30.74%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

The 624.4% change in CNL stock from 10/31/2022 to 10/30/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	10312022	10302025	Change
Stock Price ($)	1.60	11.59	624.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	47.39	78.71	-66.10%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CNL Return	-	-	-13%	67%	30%	179%	435%
Peers Return	38%	-9%	-6%	-3%	-0%	79%	102%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
CNL Win Rate	-	20%	42%	42%	58%	78%
Peers Win Rate	37%	35%	38%	40%	37%	71%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
CNL Max Drawdown	-	-	-32%	0%	-30%	0%
Peers Max Drawdown	-19%	-22%	-26%	-19%	-17%	-0%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: B, FNV, FSM, NAMM, NEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique Key	Event	CNL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-52.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	110.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	93 days	464 days

Compare to B, FNV, FSM, NAMM, NEM

In The Past

Collective Mining's stock fell -52.5% during the 2022 Inflation Shock from a high on 7/14/2021. A -52.5% loss requires a 110.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Collective Mining (CNL)

Business Description

Better Bets than Collective Mining (CNL)

	CNL	Better Performance than CNL
Metric	Value	Industry (Gold)
Total Yield	-4.5%	NEM (9.2%), AEM (5.1%), B (5.8%), FNV (2.7%), AU (7.5%)

	CNL	Better Performance than CNL
Metric	Value	Sector (Materials)
Total Yield	-4.5%	LIN (4.7%), SCCO (4.6%), NEM (9.2%), SHW (3.9%), AEM (5.1%)

	CNL	Better Performance than CNL
Metric	Value	All Other Sectors
Total Yield	-4.5%	NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)

		Best Bets In Materials Sector
	CNL	RGLD	USLM	SCCO	CF	EXP	LIN	NEU	NEM	CBT	AXTA
What You Pay
P/E	-22.1	26.0	28.0	31.0	10.4	15.5	30.2	14.7	12.6	8.5	13.5
P/EBIT	-22.2	22.3	24.2	18.4	6.6	11.3	21.7	10.7	8.6	5.5	8.2
What You Get
Rev Chg Q	�	20.4%	19.6%	20.1%	20.2%	4.3%	2.8%	0.6%	20.0%	-9.2%	-2.4%
Rev Chg LTM	�	30.1%	22.0%	23.2%	9.5%	0.9%	1.3%	3.7%	26.6%	-3.6%	-1.8%
Rev Chg 3Y Avg	�	8.2%	19.1%	3.3%	-12.4%	5.6%	0.6%	4.7%	23.9%	-2.5%	2.7%
FCF/Rev 3Y Avg	�	10.2%	24.7%	23.7%	21.3%	17.5%	15.4%	14.0%	13.8%	8.9%	8.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Trade Ideas

Select past ideas related to CNL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.0%	3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-16.8%	-16.8%	-16.8%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.0%	8.0%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.5%	14.5%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-23.1%	-23.1%	-23.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.0%	3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-16.8%	-16.8%	-16.8%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.0%	8.0%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.5%	14.5%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-23.1%	-23.1%	-23.3%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	279.1%	161.2%
2	INBX	Inhibrx Biosciences	131.0%	409.8%
3	PUMP	ProPetro	99.6%	16.2%
4	DYN	Dyne Therapeutics	88.4%	-0.0%
5	VICR	Vicor	85.4%	89.2%
6	CELC	Celcuity	74.6%	503.2%
7	GLUE	Monte Rosa Therapeutics	73.5%	87.5%
8	NVTS	Navitas Semiconductor	72.1%	251.8%
9	LUMN	Lumen Technologies	70.3%	94.7%
10	BALY	Ballys	63.4%	4.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	-62.9%	5106.3%
2	LRN	Stride	-53.8%	-35.8%
3	FMC	FMC	-51.0%	-66.6%
4	FI	Fiserv	-48.3%	-68.3%
5	NFE	New Fortress Energy	-43.6%	-91.9%
6	VG	Venture Global	-41.7%
7	OGN	Organon	-40.2%	-55.0%
8	VRNS	Varonis Systems	-39.5%	-21.2%
9	ITGR	Integer	-38.5%	-52.2%
10	LENZ	LENZ Therapeutics	-37.9%	5.5%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

Peer Comparisons for Collective Mining

Financials

	CNL	B	FNV	FSM	NAMM	NEM	Median
Name	Collecti.	Barrick .	Franco-N.	Fortuna .	Namib Mi.	Newmont
Mkt Price	11.59	33.06	188.90	8.26	1.92	82.31	22.33
Mkt Cap	0.9	56.7	36.4	2.5	-	90.3	36.4
Rev LTM	0	13,824	1,334	1,098	-	21,503	1,334
Op Inc LTM	-29	5,351	911	322	-	9,359	911
FCF LTM	-25	-	-938	238	-	6,122	106
FCF 3Y Avg	-20	-	42	113	-	2,636	77
CFO LTM	-25	-	1,176	437	-	9,224	806
CFO 3Y Avg	-20	-	1,017	324	-	5,616	670

Growth & Margins

	CNL	B	FNV	FSM	NAMM	NEM	Median
Name	Collecti.	Barrick .	Franco-N.	Fortuna .	Namib Mi.	Newmont
Rev Chg LTM	-	16.9%	18.1%	26.8%	-	26.6%	22.4%
Rev Chg 3Y Avg	-	5.9%	0.7%	16.8%	-	23.9%	11.3%
Rev Chg Q	-	16.4%	42.0%	47.4%	-	20.0%	31.0%
QoQ Delta Rev Chg LTM	-	3.9%	8.9%	7.2%	-	4.5%	5.9%
Op Mgn LTM	-	38.7%	68.3%	29.4%	-	43.5%	41.1%
Op Mgn 3Y Avg	-	29.4%	63.5%	19.4%	-	23.9%	26.7%
QoQ Delta Op Mgn LTM	-	3.2%	1.6%	2.9%	-	4.5%	3.0%
CFO/Rev LTM	-	-	88.1%	39.8%	-	42.9%	42.9%
CFO/Rev 3Y Avg	-	-	82.3%	36.2%	-	32.6%	36.2%
FCF/Rev LTM	-	-	-70.3%	21.7%	-	28.5%	21.7%
FCF/Rev 3Y Avg	-	-	6.5%	10.5%	-	13.8%	10.5%

Valuation

	CNL	B	FNV	FSM	NAMM	NEM	Median
Name	Collecti.	Barrick .	Franco-N.	Fortuna .	Namib Mi.	Newmont
Mkt Cap	0.9	56.7	36.4	2.5	-	90.3	36.4
P/S	-	4.1	27.3	2.3	-	4.2	4.2
P/EBIT	-22.2	9.9	36.3	8.1	-	8.6	8.6
P/E	-22.1	20.5	46.4	16.1	-	12.6	16.1
P/CFO	-36.5	-	31.0	5.8	-	9.8	7.8
Total Yield	-4.5%	5.8%	2.7%	6.2%	-	9.2%	5.8%
Dividend Yield	0.0%	0.9%	0.5%	0.0%	-	1.2%	0.5%
FCF Yield 3Y Avg	-7.2%	-	0.4%	5.4%	-	3.6%	2.0%
D/E	0.0	0.0	0.0	0.1	-	0.1	0.0
Net D/E	-0.1	0.0	-0.0	-0.1	-	-0.0	-0.0

Returns

	CNL	B	FNV	FSM	NAMM	NEM	Median
Name	Collecti.	Barrick .	Franco-N.	Fortuna .	Namib Mi.	Newmont
1M Rtn	-19.8%	0.9%	-15.3%	-7.8%	-41.6%	-2.4%	-11.5%
3M Rtn	28.3%	57.4%	18.8%	28.1%	-51.5%	33.0%	28.2%
6M Rtn	22.1%	82.0%	14.5%	38.8%	-	61.1%	38.8%
12M Rtn	212.7%	68.6%	40.0%	61.6%	-	78.9%	68.6%
3Y Rtn	624.4%	136.8%	57.8%	197.1%	-	112.8%	136.8%
1M Excs Rtn	-23.1%	-3.6%	-16.7%	-8.7%	-40.9%	-5.9%	-12.7%
3M Excs Rtn	16.2%	46.2%	7.7%	19.9%	-64.3%	22.6%	18.0%
6M Excs Rtn	0.4%	60.2%	-7.2%	17.1%	-	39.4%	17.1%
12M Excs Rtn	202.1%	52.1%	23.1%	44.2%	-	56.5%	52.1%
3Y Excs Rtn	538.6%	56.5%	-17.5%	116.1%	-	34.0%	56.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/13/2025	3/26/2025	3/28/2024	4/21/2023	4/7/2022	4/7/2022
Key Financials
Total Revenue	0	0	0	0	0	0
EBITDA	-41	-27	-19	-17	-17	-2
Operating Income	-29	-24	-19	-16	-10	-1
Net Income	-41	-27	-19	-17	-17	-2
EPS	-0.49	-0.33	-0.33	-0.36	-0.47	-0.04
Growth Rates
Total Revenue Growth	-	-	-	-	-	-
EBITDA Growth	-105.3%	-40.8%	-10.8%	0.8%	-929.9%	-
Operating Income Growth	-23.5%	-22.7%	-18.3%	-60.8%	-592.7%	-
Net Income Growth	-105.5%	-40.8%	-10.8%	0.2%	-917.7%	-
Margins
EBITDA Margin	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-
Cash & Debt
Total Cash	71	39	14	9	16	2
Total Debt	1	0	0	0	0	0
Net Debt / (Cash)	-69	-39	-14	-8	-16	-1
Cash Flows
Net Cash from Operations	-25	-23	-17	-14	-8	-2
Free Cash from Operations	-25	-23	-17	-15	-8	-2
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/13/2025	5/14/2025	3/26/2025	11/14/2024	8/13/2024	5/14/2024	3/28/2024	11/14/2023	8/13/2024	5/25/2023	4/21/2023	11/17/2022
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	-8	-17	-9	-6	-6	-5	-5	-4	-6	-4	-5	-4
Operating Income	-10	-7	-6	-6	-6	-5	-7	-5	-4	-3	-4	-4
Net Income	-9	-17	-10	-6	-6	-5	-5	-4	-6	-4	-5	-4
EPS	-0.11	-0.22	-0.07	-0.09	-0.09	-0.07	-0.09	-0.06	-0.10	-0.07	-0.09	-0.09
Key Financials TTM
Total Revenue TTM	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-41	-39	-27	-22	-20	-20	-19	-18	-19	-17	-17	-16
Operating Income TTM	-29	-26	-24	-24	-23	-21	-19	-17	-16	-15	-16	-16
Net Income TTM	-41	-39	-27	-23	-20	-20	-19	-18	-19	-17	-17	-16
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA Growth	-32.7%	-259.5%	-81.4%	-68.3%	-3.3%	-18.4%	-15.7%	12.2%	-38.5%	1.0%	-26.0%	-2523.3%
Operating Income Growth	-51.0%	-34.0%	1.2%	-10.7%	-44.0%	-63.4%	-62.0%	-33.3%	-8.7%	27.7%	-12.9%	-58.1%
Net Income Growth	-34.5%	-258.2%	-80.5%	-68.1%	-3.8%	-18.9%	-16.1%	11.9%	-38.2%	1.2%	-26.1%	-3281.9%
Margins Quarterly
EBITDA Margin	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Debt
Total Cash	71	78	39	16	21	24	14	20	-	27	9	5
Total Debt	1	1	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-69	-77	-39	-15	-21	-24	-14	-20	-	-27	-8	-5
Cash Flows Quarterly
FCF from Operations	-8	-5	-6	-6	-7	-4	-6	-4	-3	-3	-3	-3
Cash Flows TTM
FCF from Operations TTM	-25	-24	-23	-23	-21	-18	-17	-14	-13	-13	-14	-14
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-35.4%	-26.7%	-32.0%	-32.7%	-38.4%	-34.9%	-48.2%	-45.1%	-	-32.7%	-46.2%	-50.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-26.4%	-25.2%	-29.6%	-32.9%	-35.0%	-37.0%	-35.9%	-35.5%	-	-40.3%	-47.2%	-50.2%

Price Behavior

Price Behavior

Market Price	$11.59
Market Cap ($ Bil)	0.9
Distance from 52W High	-21.4%
	50 Days	200 Days
DMA Price	$12.71	$8.62
DMA Trend	up	up
Distance from DMA	-8.8%	34.5%
	3M	1YR
Volatility	60.8%	60.0%
Downside Capture	-43.87	-52.40
Upside Capture	92.04	68.80
Correlation (SPY)	2.2%	7.9%

CNL Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-1.74	0.55	0.63	0.16	0.27	0.27
Up Beta	-4.55	1.06	0.72	0.34	0.42	-0.06
Down Beta	-6.18	-0.65	-1.79	0.20	0.23	0.44
Up Capture	60%	277%	194%	30%	101%	37%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	11	25	31	63	134	281
Down Capture	-252%	-218%	39%	-103%	-110%	37%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	10	17	32	61	111	306

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	978,384
Short Interest: % Change Since 9302025	-51.1%
Average Daily Volume	76,167
Days-to-Cover Short Interest	12.85
Basic Shares Quantity	78,712,812
Short % of Basic Shares	1.2%

SEC Filings

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Report Date	Filing Date	Filing
6302025	8132025	6-K 6/30/2025
3312025	5142025	6-K 3/31/2025
12312024	3262025	40-F 12/31/2024
9302024	11142024	6-K 9/30/2024

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Collective Mining (CNL)

Market Price (10/31/2025): $11.39 | Market Cap: $896.5 MilSector: Materials | Industry: Gold

Collective Mining (CNL)

Market Price (10/31/2025): $11.39Market Cap: $896.5 MilSector: MaterialsIndustry: Gold

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Market Price (10/31/2025): $11.39 | Market Cap: $896.5 Mil
Sector: Materials | Industry: Gold

Market Price (10/31/2025): $11.39
Market Cap: $896.5 Mil
Sector: Materials
Industry: Gold