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• Mineral Exploration and Development: Focusing on the discovery and advancement of high-grade gold and silver mineral deposits, primarily in Colombia.

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Collective Mining (symbol: CNL) is an exploration and development company focused on discovering and defining high-grade gold, silver, and copper deposits in Colombia. As an exploration-stage company, it is not currently engaged in the commercial production and sale of minerals. Therefore, Collective Mining does not have major customers in the traditional sense of companies or individuals purchasing its products or services.

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Ned Jalil, Chief Executive Officer

Ned Jalil was appointed CEO of Collective Mining on April 22, 2025. He brings over 25 years of global experience in the mining industry, encompassing gold, silver, copper, and nickel projects. He has a proven track record of leading projects from exploration through to feasibility, construction, and production. Prior to joining Collective Mining, Mr. Jalil held senior executive roles with Kinross Gold and Appian Capital. As Chief Technical Officer at Kinross, he was instrumental in advancing key assets such as the Great Bear and Manh Choh projects. At Appian Capital, he led the MVV Copper-Gold Project to completion ahead of schedule and under budget.

Paul Begin, Chief Financial Officer and Corporate Secretary

Paul Begin is a co-founder of Collective Mining and serves as the Chief Financial Officer and Corporate Secretary. He is a finance expert known for his ability to manage capital structures and drive economic efficiency, ensuring the company's financial robustness through his expertise in securing financing and overseeing corporate governance. Before Collective Mining, Mr. Begin served as CFO for Continental Gold for a decade, where he played a crucial role in discovering over 11 million ounces of high-grade gold in Colombia, permitting the project, raising financing (including $500 million in debt packages), building, and commissioning the mine. Continental Gold was ultimately sold to Zijin Mining for an enterprise value of $2 billion in March 2020.

Omar Ossma, President

Omar Ossma is the President of Collective Mining, continuing in this role after Ned Jalil's appointment as CEO. A seasoned executive, Mr. Ossma possesses extensive experience in financial strategy and project development. He previously served as the Legal Vice President for Continental Gold, where he was instrumental in the company's strategy for licensing, building, and operating the Buriticá Project, which became Colombia's largest gold mine. As a native Colombian and a lawyer, he is recognized for his expertise in navigating the complex regulatory environment in Colombia and fostering strong relationships with local communities.

Ari Sussman, Executive Chairman of the Board

Ari Sussman is the Executive Chairman of the Board and a co-founder of Collective Mining. He founded, served as CEO, and was a Director of Continental Gold Inc. from 2010 until its acquisition in March 2020. Under his leadership, Continental Gold raised nearly $1 billion and discovered more than 11 million ounces of high-grade gold and silver at the Buriticá project in Colombia. Following the completion of the mine's construction, Continental Gold was sold to Zijin Mining for approximately C$2 billion in March 2020.

Carlos Andrés Santos, Executive Vice President

Carlos Andrés Santos was appointed Executive Vice President on January 19, 2026. He brings over two decades of senior leadership experience in strategy, operations, transformation, and corporate services across the Americas, with a notable track record in Colombia's resource sector. Before joining Collective Mining, Mr. Santos served as CEO of Americas Business Services at Holcim / Amrize, where he spearheaded regional growth and cash-generation strategies from Canada to Argentina. He also held key executive positions at Ecopetrol S.A., Colombia's largest integrated energy company, including Vice President of Supply Chain & Shared Services.

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The key risks to Collective Mining's business, trading under the symbol CNL, are primarily associated with the inherent uncertainties of mineral exploration and development, alongside specific regulatory and operational challenges in Colombia.

1. Regulatory and Operational Compliance in Colombia: Collective Mining faces significant risks related to its operational and regulatory compliance in Colombia. The company has categorically rejected allegations of conducting exploration activities on untitled land and in environmentally restricted areas. However, reports indicate that some concession applications have been suspended due to environmental concerns, and such issues, including incomplete cells within or next to titles, are not uncommon in the Colombian mining industry. These challenges could restrict mining activities and impact the company's ability to obtain necessary licenses, permits, and approvals from governmental authorities, potentially jeopardizing the future of its flagship projects like Apollo within the Guayabales project.
2. Early-Stage Exploration and Development Uncertainties: As an exploration and development company, Collective Mining is in a formative stage, lacking revenue and experiencing ongoing losses. The success of the business is inherently speculative and depends on various factors, including the actual results of current exploration activities, possible variations in mineralization, grade or recovery rates, and the conclusions of future economic evaluations. There is no guarantee that exploration efforts will lead to commercially viable discoveries or that projects will successfully advance to production.
3. Commodity Price and Financial Market Fluctuations: Collective Mining is exposed to the volatility of spot and forward prices for gold, silver, copper, and other base metals, as well as fluctuations in currency markets. For an exploration company with no current revenue, metal prices significantly influence the perceived value of its future production and its ability to attract further investment. Furthermore, the company's high Price-to-Book (P/B) multiple suggests that its valuation is heavily reliant on market sentiment and the potential of its resources, making it susceptible to compression if investor enthusiasm wanes or broader securities markets experience downturns.

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Collective Mining (symbol: CNL) is an exploration company primarily focused on gold, silver, copper, and tungsten. The addressable markets for these main products are global.

The estimated global market sizes for Collective Mining's main products are:

• Gold: The global gold market size was valued at approximately 4,890.0 tons in 2025 and is projected to grow to 5,118.1 tons in 2026. In terms of value, the global gold mining market was estimated at USD 308.07 billion in 2025. Total global gold demand, including over-the-counter transactions, exceeded 5,000 tonnes in 2025.
• Silver: The global silver market size was valued at USD 95.20 billion in 2025 and is projected to reach USD 202.07 billion by 2033. In terms of volume, the global silver market size was 37.78 kilotons in 2025, estimated to grow to 39.53 kilotons in 2026. Global silver demand in 2025 was approximately 1.12 billion ounces.
• Copper: The global copper products market size was calculated at USD 375.85 billion in 2025 and is predicted to increase to USD 397.09 billion in 2026. The global copper market size was estimated at USD 349.14 billion in 2025 and is expected to reach around USD 573.24 billion by 2035.
• Tungsten: The global tungsten market size was valued at approximately USD 7.3 billion in 2025 and is poised to expand to USD 7.6 billion in 2026. Another estimate places the global tungsten market size at USD 5.14 billion in 2025, projected to reach USD 5.56 billion in 2026. The market volume was 134.75 kilotons in 2025, estimated to grow to 141.02 kilotons in 2026.

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Collective Mining (CNL), currently an exploration-stage company, anticipates future revenue growth through several key drivers primarily focused on advancing its flagship Guayabales Project in Colombia towards production.

1. Expansion and Upgrading of Mineral Resources: A primary driver for future revenue will be the successful expansion and upgrading of mineral resources, particularly at the high-grade Apollo and Trap systems within the Guayabales Project. Ongoing and planned drilling programs, such as the 60,000-meter drilling program for 2025 and 2026, aim to delineate and extend high-grade discoveries and improve resource estimations. Positive results, including high-grade intercepts from zones like the Ramp Zone within Apollo, are crucial for enhancing the project's economic viability and ultimately the scale of potential future production.
2. Advancement Through Mine Development Milestones: Collective Mining's progression of the Guayabales Project through critical development stages toward a production decision will be a significant revenue driver. This includes the recent acquisition of all remaining surface rights necessary for a future mining operation at Guayabales. The planned commencement of an exploration adit in Q4 2026, which will support geological understanding and facilitate future scoping and feasibility studies, is a direct step towards establishing a revenue-generating mine.
3. Leveraging Polymetallic Deposits: The polymetallic nature of the Apollo system, which is enriched in gold, copper, tungsten, and silver, presents multiple potential revenue streams once in production. Focusing on the economic recovery of these diverse metals can enhance overall project economics and contribute to robust future revenue.
4. Favorable Commodity Prices: While external to the company's direct operational control, sustained favorable market prices for gold, silver, copper, and tungsten will be a critical driver of future revenue. The profitability of Collective Mining's projects is inherently linked to the fluctuating prices of these metals. Maintaining a focus on low-cost, high-grade discoveries helps mitigate price volatility, but strong commodity markets will maximize revenue generation.

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Share Issuance

• In October 2025, Collective Mining closed an upsized public offering of 6,600,000 common shares at C$19.00 per share, generating C$125,400,000 in gross proceeds.
• Concurrently in October 2025, the company completed a non-brokered private placement with Agnico Eagle Mines Limited, where Agnico Eagle purchased 789,473 shares for approximately C$15 million.
• In March 2025, Agnico Eagle Mines Limited subscribed for 4,741,984 common shares at C$11.00 per share for approximately C$52.1 million and exercised warrants for an additional C$11,272,500, totaling C$63.4 million in gross proceeds.

Inbound Investments

• Agnico Eagle Mines Limited made a significant investment in Collective Mining, increasing its ownership interest to approximately 14.99% through a C$52.1 million share subscription and the exercise of C$11.27 million in warrants in March 2025.
• In October 2025, Agnico Eagle Mines Limited further invested approximately C$15 million in Collective Mining through a non-brokered private placement.
• Collective Mining closed a C$18.9 million strategic investment in March 2024.

Capital Expenditures

• In 2025, Collective Mining planned an expanded 70,000-meter drill program at its Guayabales and San Antonio projects, fully funded by its treasury which exceeded $78 million USD.
• The net proceeds from the C$140 million financings in October 2025 are intended to fund ongoing work programs, including exploration activities, technical studies, and underground development on the Guayabales Project.
• In March 2026, Collective Mining announced the acquisition of remaining surface rights for a future mining operation at the Guayabales Project for US$44.0 million, payable in installments over five years, signifying a major step towards developing the polymetallic deposit.