# EDGAR Filing Document

**Accession Number:** 0001953575
**File Stem:** 0001213900-25-121463
**Filing Date:** 2025-12
**Character Count:** 489596
**Document Hash:** 6c900b12647e0f88d7897b702847c1b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-121463.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001213900-25-121463

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20251215

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Collective Mining Ltd.
- **CENTRAL INDEX KEY:** 0001953575
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42170
- **FILM NUMBER:** 251570058

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 82 RICHMOND ST. E
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** Z4
- **BUSINESS PHONE:** (416) 451-2727

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 82 RICHMOND ST. E
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** Z4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of December, 2025**

**Commission File Number: 001-42170**

**Collective Mining Ltd.**

**(Translation of registrant's name into English)**

**82 Richmond Street East, 4th Floor**

**Toronto, Ontario**

**Canada, M5C 1P1**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

This report on Form 6-K is being furnished for the sole purpose of providing a copy of the National Instrument 43-101 Technical Report filed on Sedar+ on December 12, 2025 by Collective Mining Ltd. for the Guayabales Gold-Silver-Copper-Tungsten Project, located in the Department of Caldas, Colombia.

EXHIBIT INDEX

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION |
| 99.1 | [Technical Report dated December 2, 2025 with respect to the Guayabales Gold-Silver-Copper-Tungsten Project.](ea026896701ex99-1_collective.htm) |
| 99.2 | [Consent of Stewart D. Redwood, BSc(Hons), PhD, FIMMM, FGS.](ea026896701ex99-2_collective.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Collective Mining Ltd.** | **Collective Mining Ltd.** |
| Date: December 15, 2025 | By: | */s/ Paul Begin* |
|  | Name: | Paul Begin |
|  | Title: | Chief Financial Officer and Corporate |
|  |  | Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

NI 43-101 Technical report

**Guayabales Gold-Silver-Copper-Tungsten Project**

Department of Caldas, Colombia

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| ![](ex99-1_003.jpg) | **Dr. Stewart D. Redwood <br> Consulting Economic Geologist**<br>2 December 2025 |

---

![](ex99-1_004.jpg)

**NI 43-101 TECHNICAL REPORT**

**For the**

**Guayabales Gold-Silver-Copper-Tungsten Project, Department of Caldas, Colombia**

For

**Collective Mining Ltd.**

82 Richmond Street East, 4<sup>th</sup> Floor, Toronto, ON, M5C1P1

**By**

**STEWART D. REDWOOD**

**BSc (Hons), PhD, FIMMM, FGS**

**Consulting Geologist**

P.O. Box 0832-0757, World Trade Center, Panama City, Panama

stewart@sredwood.com

![](ex99-1_005.jpg)

Effective date: 15 September 2025

Signature date: 2 December 2025

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**DATE AND SIGNATURE PAGE**

The effective date of this technical report, titled "NI 43-101 Technical Report for the Guayabales Gold-Silver-Copper-Tungsten Project, Department of Caldas, Colombia" is 15 September 2025.

Signed: 2 December 2025

"Stewart D. Redwood"

Stewart D. Redwood

BSc(Hons), PhD, FIMMM, FGS

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**AUTHOR'S CERTIFICATE** 

I, Stewart D. Redwood, FIMMM, hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am a Consulting Geologist with address at P.O. Box 0832-0757, World Trade Center, Panama
 City, Republic of Panama.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 am the author of the technical report titled "NI 43-101 Technical Report for the Guayabales
 Gold-Silver-Copper-Tungsten Project, Department of Caldas, Colombia" (the Technical
 Report) with effective date 15 September 2025 and signature date 2 December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 graduated from the University of Glasgow with a First Class Honours Bachelor of Science degree
 in Geology in 1982, and from the University of Aberdeen with a Doctorate in Geology in 1986.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 am a Fellow in good standing of The Institute of Materials, Minerals and Mining, Number 47017.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 have more than 40 years' field experience as a geologist working in mineral exploration
 and mine geology including gold, silver, copper and polymetallic deposits of epithermal,
 porphyry and other types worldwide, including more than 20 years' experience in Colombia.

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 have read the definition of "Qualified Person" set out in National Instrument
 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional
 organization (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements
 to be a "Qualified Person" for the purposes of NI 43-101. I made a current personal
 inspection of the Guayabales Project on 9 to 14 March 2025.

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 am responsible for all sections of the Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 am independent of Collective Mining Ltd applying all of the tests in Section 1.5 of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;9. My
 previous involvement with the project was to write technical reports for Collective Mining
 Ltd with signature dates 22 September 2021 and 21 April 2023 and to review the Apollo deposit
 in a report dated 28 March 2025.

&nbsp;&nbsp;&nbsp;&nbsp;10. I
 have read NI 43-101 and the Technical Report has been prepared in compliance with that instrument.

&nbsp;&nbsp;&nbsp;&nbsp;11. As
 of the date of this certificate, to the best of my knowledge, information and belief, the
 Technical Report contains all scientific and technical information that is required to be
 disclosed to make the Technical Report not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;12. I
 consent to the filing of the Technical Report with any stock exchange and other regulatory
 authority and any publication by them, including electronic publication in the company files
 on their websites accessible by the public, of the Technical Report.

Dated 2 December 2025 Signature: *"*Stewart D. Redwood*"*

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| DATE AND SIGNATURE PAGE | DATE AND SIGNATURE PAGE | DATE AND SIGNATURE PAGE | 2 |
| AUTHOR'S CERTIFICATE | AUTHOR'S CERTIFICATE | AUTHOR'S CERTIFICATE | 3 |
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | 4 |
| &nbsp;&nbsp;&nbsp;List of Tables | &nbsp;&nbsp;&nbsp;List of Tables | &nbsp;&nbsp;&nbsp;List of Tables | 8 |
| &nbsp;&nbsp;&nbsp;List of Figures | &nbsp;&nbsp;&nbsp;List of Figures | &nbsp;&nbsp;&nbsp;List of Figures | 9 |
| &nbsp;&nbsp;&nbsp;Abbreviations | &nbsp;&nbsp;&nbsp;Abbreviations | &nbsp;&nbsp;&nbsp;Abbreviations | 12 |
| 1 | &nbsp;&nbsp;&nbsp;SUMMARY | &nbsp;&nbsp;&nbsp;SUMMARY | 15 |
|  | 1.1 | Introduction | 15 |
|  | 1.2 | Property Description and Location | 15 |
|  | 1.3 | Accessibility, Climate, Local Resources, Infrastructure and Physiography | 15 |
|  | 1.4 | History | 16 |
|  | 1.5 | Geological Setting and Mineralization | 16 |
|  | 1.6 | Deposit Type | 17 |
|  | 1.7 | Exploration | 17 |
|  | 1.8 | Drilling | 18 |
|  | 1.9 | Mineral Processing and Metallurgical Testing | 20 |
|  | 1.10 | Mineral Resource Estimates | 21 |
|  | 1.11 | Interpretation and Conclusions | 21 |
|  | 1.12 | Recommendations | 22 |
| 2 | &nbsp;&nbsp;&nbsp;INTRODUCTION | &nbsp;&nbsp;&nbsp;INTRODUCTION | 24 |
|  | 2.1 | Purpose of Report | 24 |
|  | 2.2 | Terms of Reference | 24 |
|  | 2.3 | The Issuer | 24 |
|  | 2.4 | Sources of Information | 25 |
|  | 2.5 | Current Personal Inspection | 26 |
| 3 | &nbsp;&nbsp;&nbsp;RELIANCE ON OTHER EXPERTS | &nbsp;&nbsp;&nbsp;RELIANCE ON OTHER EXPERTS | 26 |
| 4 | &nbsp;&nbsp;&nbsp;PROPERTY DESCRIPTION AND LOCATION | &nbsp;&nbsp;&nbsp;PROPERTY DESCRIPTION AND LOCATION | 27 |
|  | 4.1 | Property Location | 27 |
|  | 4.2 | Legal Framework | 28 |
|  | 4.3 | Mining Property Rights | 30 |
|  | 4.4 | Mining Property Acquisition Agreements | 33 |
|  | 4.5 | Royalties | 34 |
|  | 4.6 | Legal Access and Surface Rights | 35 |
|  | 4.7 | Water Rights | 35 |
|  | 4.8 | Environmental Liabilities | 36 |
|  | 4.9 | National Parks and Reserves | 36 |
|  | 4.10 | Indigenous Reserves and Communities | 36 |
|  | 4.11 | Other | 36 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 5.0 | &nbsp;&nbsp;&nbsp;ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | &nbsp;&nbsp;&nbsp;ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | &nbsp;&nbsp;&nbsp;ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | &nbsp;&nbsp;&nbsp;ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | 37 |
|  | 5.1 | Accessibility | Accessibility | Accessibility | 37 |
|  | 5.2 | Climate | Climate | Climate | 39 |
|  | 5.3 | Hydrology | Hydrology | Hydrology | 44 |
|  | 5.4 | Local Resources and Infrastructure | Local Resources and Infrastructure | Local Resources and Infrastructure | 45 |
|  | 5.5 | Physiography | Physiography | Physiography | 46 |
| 6.0 | &nbsp;&nbsp;&nbsp;HISTORY | &nbsp;&nbsp;&nbsp;HISTORY | &nbsp;&nbsp;&nbsp;HISTORY | &nbsp;&nbsp;&nbsp;HISTORY | 49 |
|  | 6.1 | Mining History | Mining History | Mining History | 49 |
|  | 6.2 | Prior Owners of the Property | Prior Owners of the Property | Prior Owners of the Property | 49 |
|  | 6.3 | Historical mineral resource estimates | Historical mineral resource estimates | Historical mineral resource estimates | 50 |
|  | 6.4 | Historical production | Historical production | Historical production | 50 |
| 7.0 | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING AND MINERALIZATION | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING AND MINERALIZATION | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING AND MINERALIZATION | &nbsp;&nbsp;&nbsp;GEOLOGICAL SETTING AND MINERALIZATION | 51 |
|  | 7.1 | Regional Geology | Regional Geology | Regional Geology | 51 |
|  | 7.2 | Local Geology | Local Geology | Local Geology | 54 |
|  | 7.3 | Property Geology | Property Geology | Property Geology | 54 |
|  |  | 7.3.1 | Lithology | Lithology | 54 |
|  |  | 7.3.2 | Alteration | Alteration | 62 |
|  |  |  | 7.3.2.1 | Secondary biotite | 63 |
|  |  |  | 7.3.2.2 | Chlorite-sericite | 63 |
|  |  |  | 7.3.2.3 | Chlorite-epidote | 64 |
|  |  |  | 7.3.2.4 | Sericite | 65 |
|  |  |  | 7.3.2.5 | Chlorite | 66 |
|  |  | 7.3.3 | Mineralization | Mineralization | 66 |
|  |  |  | 7.3.3.1 | Porphyry-type mineralization | 66 |
|  |  |  | 7.3.3.2 | Breccias | 67 |
|  |  |  | 7.3.3.3 | Polymetallic Veins | 68 |
|  |  |  | 7.3.3.4 | Ramp Zone Mineralisation | 69 |
|  |  |  | 7.3.3.5 | Supergene Oxide Zone | 70 |
|  | 7.4 | Significant Mineralized Zones | Significant Mineralized Zones | Significant Mineralized Zones | 71 |
|  |  | 7.4.1 | Targets | Targets | 71 |
|  |  | 7.4.2 | Apollo Target | Apollo Target | 72 |
|  |  | 7.4.3 | Trap Target | Trap Target | 76 |
|  |  | 7.4.4 | Other Targets | Other Targets | 77 |
|  |  | 7.4.5 | Conclusions | Conclusions | 77 |
| 8.0 | &nbsp;&nbsp;&nbsp;DEPOSIT TYPES | &nbsp;&nbsp;&nbsp;DEPOSIT TYPES | &nbsp;&nbsp;&nbsp;DEPOSIT TYPES | &nbsp;&nbsp;&nbsp;DEPOSIT TYPES | 78 |
|  | 8.1 | Guayabales Porphyry-Breccia-Vein System | Guayabales Porphyry-Breccia-Vein System | Guayabales Porphyry-Breccia-Vein System | 78 |
|  | 8.2 | Reduced Intrusion-Related Gold Systems (RIRGS) | Reduced Intrusion-Related Gold Systems (RIRGS) | Reduced Intrusion-Related Gold Systems (RIRGS) | 80 |
|  | 8.3 | Porphyry Cu-Mo-Au Systems | Porphyry Cu-Mo-Au Systems | Porphyry Cu-Mo-Au Systems | 83 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| 9.0 | &nbsp;&nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;&nbsp;EXPLORATION | 85 |
|  | 9.1 | Historical Exploration | Historical Exploration | 85 |
|  |  | 9.1.1 | Summary | 85 |
|  |  | 9.1.2 | Topographical Surveys and Grids | 85 |
|  |  | 9.1.3 | Geological Mapping | 85 |
|  |  | 9.1.4 | Petrography | 86 |
|  |  | 9.1.5 | Soil Geochemistry | 86 |
|  |  | 9.1.6 | Rock Geochemistry | 86 |
|  |  | 9.1.7 | Geophysics | 86 |
|  | 9.2 | Collective Mining Exploration | Collective Mining Exploration | 87 |
|  |  | 9.2.1 | Summary | 87 |
|  |  | 9.2.2 | Topographical Surveys and Grids | 87 |
|  |  | 9.2.3 | Geological Mapping | 88 |
|  |  | 9.2.4 | Petrography | 88 |
|  |  | 9.2.5 | Soil Geochemistry | 88 |
|  |  | 9.2.6 | Rock Geochemistry | 92 |
|  |  | 9.2.7 | Geophysics | 98 |
|  | 9.3 | Significant Results and Interpretation to Generate Drill Targets | Significant Results and Interpretation to Generate Drill Targets | 102 |
|  |  | 9.3.1 | Drill Targets | 102 |
|  |  | 9.3.2 | Apollo Target | 102 |
|  |  | 9.3.3 | Trap Target | 107 |
|  | 9.4 | Comments on Section 9 | Comments on Section 9 | 111 |
| 10.0 | &nbsp;&nbsp;&nbsp;DRILLING | &nbsp;&nbsp;&nbsp;DRILLING | &nbsp;&nbsp;&nbsp;DRILLING | 112 |
|  | 10.1 | Historical Drilling | Historical Drilling | 112 |
|  |  | 10.1.1 | Drill Programmes | 112 |
|  |  | 10.1.2 | Collar and Downhole Surveys | 114 |
|  |  | 10.1.3 | Drill Platforms | 114 |
|  |  | 10.1.4 | Recovery | 115 |
|  |  | 10.1.5 | Logging and Sampling Protocols | 115 |
|  |  | 10.1.6 | Density | 115 |
|  |  | 10.1.7 | Results | 115 |
|  |  | 10.1.8 | Sample Length / True Thickness | 117 |
|  |  | 10.1.9 | Comments | 117 |
|  | 10.2 | Collective Mining Drilling | Collective Mining Drilling | 117 |
|  |  | 10.2.1 | Drill Programmes | 117 |
|  |  | 10.2.2 | Collar and Downhole Surveys | 128 |
|  |  | 10.2.3 | Drill Pads | 129 |
|  |  | 10.2.4 | Recovery | 129 |
|  |  | 10.2.5 | Logging and Sampling Protocols | 130 |
|  |  | 10.2.6 | Geotechnical Logging | 133 |
|  |  | 10.2.7 | Density | 133 |
|  |  | 10.2.8 | Magnetic Susceptibility | 134 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | 10.2.9 | Mineralogy | Mineralogy | 134 |
|  |  | 10.2.10 | Results | Results | 135 |
|  |  |  | 10.2.10.1 | Apollo Target | 135 |
|  |  |  | 10.2.10.2 | Plutus North Target | 156 |
|  |  |  | 10.2.10.3 | Plutus South Target | 158 |
|  |  |  | 10.2.10.4 | The Box Target | 159 |
|  |  |  | 10.2.10.5 | Trap Target | 160 |
|  |  |  | 10.2.10.6 | ME Target | 163 |
|  |  |  | 10.2.10.7 | X Target | 165 |
|  |  |  | 10.2.10.8 | Knife-Towers Target | 166 |
|  |  |  | 10.2.10.9 | Victory Target | 166 |
|  |  | 10.2.11 | Sample Length / True Thickness | Sample Length / True Thickness | 166 |
|  |  | 10.2.12 | Comments | Comments | 166 |
| 11.0 | &nbsp;&nbsp;&nbsp;SAMPLE PREPARATION, ANALYSIS AND SECURITY | &nbsp;&nbsp;&nbsp;SAMPLE PREPARATION, ANALYSIS AND SECURITY | &nbsp;&nbsp;&nbsp;SAMPLE PREPARATION, ANALYSIS AND SECURITY | &nbsp;&nbsp;&nbsp;SAMPLE PREPARATION, ANALYSIS AND SECURITY | 167 |
|  | 11.1 | Historical Data | Historical Data | Historical Data | 167 |
|  |  | 11.1.1 | Sample Preparation, Analysis and Security | Sample Preparation, Analysis and Security | 167 |
|  |  | 11.1.2 | Quality Assurance and Quality Control (QA-QC) | Quality Assurance and Quality Control (QA-QC) | 168 |
|  | 11.2 | Collective Mining | Collective Mining | Collective Mining | 169 |
|  |  | 11.2.1 | Sample Preparation, Analysis and Security | Sample Preparation, Analysis and Security | 169 |
|  |  | 11.2.2 | Quality Assurance and Quality Control (QA-QC) | Quality Assurance and Quality Control (QA-QC) | 172 |
|  |  |  | 11.2.2.1 | CSRM | 173 |
|  |  |  | 11.2.2.2 | Blanks | 177 |
|  |  |  | 11.2.2.3 | Coarse and Fine Duplicates | 179 |
|  |  |  | 11.2.2.4 | Field Duplicates | 181 |
|  |  |  | 11.2.2.5 | Check Samples | 181 |
|  | 11.3 | Comments on Section 11 | Comments on Section 11 | Comments on Section 11 | 182 |
| 12.0 | &nbsp;&nbsp;&nbsp;DATA VERIFICATION | &nbsp;&nbsp;&nbsp;DATA VERIFICATION | &nbsp;&nbsp;&nbsp;DATA VERIFICATION | &nbsp;&nbsp;&nbsp;DATA VERIFICATION | 183 |
|  | 12.1 | Data Verification | Data Verification | Data Verification | 183 |
|  | 12.2 | Site Visits | Site Visits | Site Visits | 183 |
|  | 12.3 | Drill Core | Drill Core | Drill Core | 184 |
|  | 12.4 | Database and Assay Certificates | Database and Assay Certificates | Database and Assay Certificates | 184 |
|  | 12.5 | QA-QC | QA-QC | QA-QC | 184 |
|  | 12.6 | Conclusion | Conclusion | Conclusion | 184 |
| 13.0 | &nbsp;&nbsp;&nbsp;MINERAL PROCESSING AND METALLURGICAL TESTING | &nbsp;&nbsp;&nbsp;MINERAL PROCESSING AND METALLURGICAL TESTING | &nbsp;&nbsp;&nbsp;MINERAL PROCESSING AND METALLURGICAL TESTING | &nbsp;&nbsp;&nbsp;MINERAL PROCESSING AND METALLURGICAL TESTING | 185 |
| 14.0 | &nbsp;&nbsp;&nbsp;MINERAL RESOURCE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESOURCE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESOURCE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESOURCE ESTIMATES | 186 |
| 15.0 | &nbsp;&nbsp;&nbsp;MINERAL RESERVE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESERVE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESERVE ESTIMATES | &nbsp;&nbsp;&nbsp;MINERAL RESERVE ESTIMATES | 186 |
| 16.0 | &nbsp;&nbsp;&nbsp;MINING METHODS | &nbsp;&nbsp;&nbsp;MINING METHODS | &nbsp;&nbsp;&nbsp;MINING METHODS | &nbsp;&nbsp;&nbsp;MINING METHODS | 186 |
| 17.0 | &nbsp;&nbsp;&nbsp;RECOVERY METHODS | &nbsp;&nbsp;&nbsp;RECOVERY METHODS | &nbsp;&nbsp;&nbsp;RECOVERY METHODS | &nbsp;&nbsp;&nbsp;RECOVERY METHODS | 186 |
| 18.0 | &nbsp;&nbsp;&nbsp;PROJECT INFRASTRUCTURE | &nbsp;&nbsp;&nbsp;PROJECT INFRASTRUCTURE | &nbsp;&nbsp;&nbsp;PROJECT INFRASTRUCTURE | &nbsp;&nbsp;&nbsp;PROJECT INFRASTRUCTURE | 186 |
| 19.0 | &nbsp;&nbsp;&nbsp;MARKET STUDIES AND CONTRACTS | &nbsp;&nbsp;&nbsp;MARKET STUDIES AND CONTRACTS | &nbsp;&nbsp;&nbsp;MARKET STUDIES AND CONTRACTS | &nbsp;&nbsp;&nbsp;MARKET STUDIES AND CONTRACTS | 186 |
| 20.0 | &nbsp;&nbsp;&nbsp;ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | &nbsp;&nbsp;&nbsp;ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | &nbsp;&nbsp;&nbsp;ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | &nbsp;&nbsp;&nbsp;ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | 186 |
| 21.0 | &nbsp;&nbsp;&nbsp;CAPITAL AND OPERATING COSTS | &nbsp;&nbsp;&nbsp;CAPITAL AND OPERATING COSTS | &nbsp;&nbsp;&nbsp;CAPITAL AND OPERATING COSTS | &nbsp;&nbsp;&nbsp;CAPITAL AND OPERATING COSTS | 186 |
| 22.0 | &nbsp;&nbsp;&nbsp;ECONOMIC ANALYSIS | &nbsp;&nbsp;&nbsp;ECONOMIC ANALYSIS | &nbsp;&nbsp;&nbsp;ECONOMIC ANALYSIS | &nbsp;&nbsp;&nbsp;ECONOMIC ANALYSIS | 186 |
| 23.0 | &nbsp;&nbsp;&nbsp;ADJACENT PROPERTIES | &nbsp;&nbsp;&nbsp;ADJACENT PROPERTIES | &nbsp;&nbsp;&nbsp;ADJACENT PROPERTIES | &nbsp;&nbsp;&nbsp;ADJACENT PROPERTIES | 187 |
|  | 23.1 | Marmato | Marmato | Marmato | 187 |
| 24.0 | &nbsp;&nbsp;&nbsp;OTHER RELEVANT DATA AND INFORMATION | &nbsp;&nbsp;&nbsp;OTHER RELEVANT DATA AND INFORMATION | &nbsp;&nbsp;&nbsp;OTHER RELEVANT DATA AND INFORMATION | &nbsp;&nbsp;&nbsp;OTHER RELEVANT DATA AND INFORMATION | 187 |
| 25.0 | &nbsp;&nbsp;&nbsp;INTERPRETATION AND CONCLUSIONS | &nbsp;&nbsp;&nbsp;INTERPRETATION AND CONCLUSIONS | &nbsp;&nbsp;&nbsp;INTERPRETATION AND CONCLUSIONS | &nbsp;&nbsp;&nbsp;INTERPRETATION AND CONCLUSIONS | 188 |
| 26.0 | &nbsp;&nbsp;&nbsp;RECOMMENDATIONS | &nbsp;&nbsp;&nbsp;RECOMMENDATIONS | &nbsp;&nbsp;&nbsp;RECOMMENDATIONS | &nbsp;&nbsp;&nbsp;RECOMMENDATIONS | 189 |
| 27.0 | &nbsp;&nbsp;&nbsp;REFERENCES | &nbsp;&nbsp;&nbsp;REFERENCES | &nbsp;&nbsp;&nbsp;REFERENCES | &nbsp;&nbsp;&nbsp;REFERENCES | 190 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**List of Tables**

---

| | | |
|:---|:---|:---|
| Table 0.1. | List of abbreviations. | 14 |
| Table 1.1. | Estimated budget for the recommended exploration programmes for the Guayabales Project. | 23 |
| Table 4.1 | List of the mining rights with title of the Guayabales Project. | 32 |
| Table 4.2. | List of concession applications of the Guayabales Project. | 33 |
| Table 4.3 | Yearly payments resulting from mining title option agreements. | 34 |
| Table 4.4. | List of Superficial Water Concessions and applications for the Guayabales Project. | 35 |
| Table 5.1 | The principal access routes from Medellin, Manizales and Pereira to Supía, and from Supía to the Guayabales Project. | 37 |
| Table 5.2 | General data on the nearest hydrometeorological stations to the project (source IDEAM). | 39 |
| Table 5.3 | Summary of maximum, minimum and percentile values of water flow for Puente Carretera station (IDEAM). | 42 |
| Table 5.4 | General information of MET I. | 43 |
| Table 5.5 | General information of MET I variables. | 43 |
| Table 5.6 | General summary of the piezometers. | 45 |
| Table 6.1 | Summary of the history of the Guayabales Project. | 49 |
| Table 7.1. | Description of the main lithologies in the Guayabales Project. | 57 |
| Table 7.2. | Summary of the geology of the targets identified in the Guayabales Project. | 71 |
| Table 9.1 | Summary of historical exploration carried out at the Guayabales Project. | 85 |
| Table 9.2. | Summary of exploration carried out by Collective Mining at the Guayabales Project in 2020-2025. | 87 |
| Table 9.3. | Protocol and chain of custody for soil and rock samples. | 93 |
| Table 10.1 | Summary of historical diamond drill programs. | 112 |
| Table 10.2 | Drill collar table for historical drilling at the Guayabales Project. | 113 |
| Table 10.3 | Significant drill intersections in the Guayabales historical drill holes. | 116 |
| Table 10.4. | Summary of the drilling contractors of the Guayabales diamond drill programmes. | 119 |
| Table 10.5. | Summary of Guayabales drill holes by target. | 119 |
| Table 10.6. | Table of Collective Mining drill holes. | 126 |
| Table 10.7. | Acoustic televiewer surveyed drill holes | 128 |
| Table 10.8. | Core logging and sampling flowsheet with chain of custody. | 132 |
| Table 10.9. | Summary of density measurements of Guayabales core. | 134 |
| Table 10.10. | Table of significant drill intersections of the Apollo target. | 153 |
| Table 10.11. | Table of significant drill intersections of the Plutus North target. | 157 |
| Table 10.12. | Table of significant drill intersections of the Plutus South target | 158 |
| Table 10.13. | Table of significant drill intersections of the Box target | 159 |
| Table 10.14. | Table of significant drill intersections of the Trap target. | 162 |
| Table 10.15. | Table of significant drill intersections of the ME Target. | 164 |
| Table 10.16. | Table of significant drill intersections of the X target. | 165 |
| Table 11.1 | Summary of the sample preparation and analyses methods of the historical samples. | 167 |
| Table 11.2 | QA-QC samples used in the historical sampling programs. | 168 |
| Table 11.3 | Summary of the sample preparation and analyses methods of the Collective Mining samples. | 169 |
| Table 11.4. | Elements and limits of detection in SGS ICP package ICM40B. | 170 |
| Table 11.5. | Elements and limits of detection in SGS ICP package ICM14B. | 170 |
| Table 11.6. | Limits of detection of SGS assays for gold, silver and overlimit base metals, iron and sulphur. | 171 |
| Table 11.7 | Elements and limits of detection in ALS ICP package MS61. | 171 |
| Table 11.8. | Limits of detection of ALS assays for gold, silver and overlimit base metals, iron and sulphur. | 172 |
| Table 11.9 | QA-QC protocol of Collective Mining. | 173 |
| Table 11.10. | CSRM statistics. | 173 |
| Table 13.1. | Summary of metallurgical test work carried out on samples from the Apollo target. | 185 |
| Table 26.1 | Estimated budget for the recommended exploration programmes for the Guayabales Project. | 189 |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**List of Figures**

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| | | |
|:---|:---|:---|
| Figure 2.1 | The corporate structure of Collective Mining. | 25 |
| Figure 4.1 | Location map of the Guayabales Project. | 27 |
| Figure 4.2. | Plan of Guayabales Property mining rights showing concession contracts in red fill and concession applications in red outline. | 31 |
| Figure 5.1 | Location and access map of the Guayabales Project. Inset shows enlargement of the Guayabales Project with the mining rights and local roads. | 38 |
| Figure 5.2 | Location of selected hydrometeorological stations to the Guayabales Project. | 39 |
| Figure 5.3 | Average annual rainfall in the project area (IDEAM). | 40 |
| Figure 5.4 | (a) Annual precipitation cycle and (b) standardized annual precipitation cycle (IDEAM). | 40 |
| Figure 5.5 | Annual cycle of average temperature. | 41 |
| Figure 5.6 | Annual Flow cycle (IDEAM). | 42 |
| Figure 5.7 | Average annual real evapotranspiration (RET) for the project area (IDEAM). | 44 |
| Figure 5.8. | A general view of the physiography of the Guayabales Project looking southwest at the Apollo target from Drill Pad 2 and showing the drill access path and the location of other drill pads (S. Redwood). | 47 |
| Figure 5.9. | A general view of the Guayabales Project looking north from the access road to the town of Caramanta on the far ridge (S. Redwood). | 48 |
| Figure 7.1 | Regional tectonic and terrane map of Colombia showing the location of the Guayabales Project (Cediel et al., 2003). | 52 |
| Figure 7.2 | The geology and major gold deposits of the Middle Cauca Gold-Copper Belt showing the location of the Guayabales Project. | 53 |
| Figure 7.3. | Geological map of the Guayabales Project showing targets. | 55 |
| Figure 7.4. | Core sample photographs of the Apollo porphyries. | 58 |
| Figure 7.5. | Core sample photographs of the Trap porphyries. | 59 |
| Figure 7.6. | Core sample photographs of the Plutus North porphyries. | 59 |
| Figure 7.7. | Core sample photographs of the Plutus South porphyries. | 60 |
| Figure 7.8. | Core sample photographs of the Box porphyries. | 60 |
| Figure 7.9. | Core sample photographs of the breccia facies present at the Guayabales property. A) Monomict crackle breccia with green chlorite filling fractures and open spaces. B) Shingle breccia. C) Sulphide-bearing angular breccia, with cement of ore minerals and gangue. D) Fluidised breccia. | 61 |
| Figure 7.10. | Core sample photography of magmatic breccias at the Guayabales project. | 62 |
| Figure 7.11. | Secondary biotite alteration in porphyries and brecciated porphyries replacing mafic minerals and in groundmass. Chlorite-sericite alteration overprinting the secondary biotite alteration can be observed in all photographs. | 63 |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | | |
|:---|:---|:---|
| Figure 7.12. | Chlorite-sericite hydrothermal alteration examples present across the Guayabales property. Chlorite-sericite present in porphyries and brecciated porphyries. | 64 |
| Figure 7.13. | Chlorite-epidote hydrothermal alteration examples present in the Apollo target. | 65 |
| Figure 7.14. | Left: Strong sericite alteration in quartz diorite. Right: Strong sericite alteration with sulphides hosted in angular breccia. | 65 |
| Figure 7.15. | Left: Chlorite alteration in clasts and matrix of angular breccia. Right: Chlorite alteration surrounding clasts in angular breccia. | 66 |
| Figure 7.16. | Porphyry veinlet types present at the Guayabales property. | 67 |
| Figure 7.17. | Breccia types at the Apollo target. Different sulphide cement types present as chalcopyrite, pyrrhotite, pyrite, sphalerite, galena, scheelite, carbonates and quartz. Rock flour altered to chlorite and sericite. | 68 |
| Figure 7.18. | Representative images of the Carbonate Base Metal veins type of mineralization at the Guayabales property. CBM veins sulphide content is dominated by Fe-rich sphalerite (Marmatite) and galena. Sulfosalts are also present in this late-stage mineralization. | 69 |
| Figure 7.19. | Representative images of the Ramp zone mineralization. | 70 |
| Figure 7.20. | A geological map of the Apollo target showing the Collective Mining drill hole traces and seven newly discovered breccia bodies around the main breccia body. | 74 |
| Figure 7.21. | Schematic cross section of the Apollo Porphyry System showing the relationship between surrounding porphyries, intermineral breccias and late veins. | 75 |
| Figure 7.22. | Apollo Porphyry System model with stages of mineralisation. | 76 |
| Figure 7.23. | Geological map of the Trap target showing the Collective Mining drill hole traces. | 77 |
| Figure 8.1. | Cartoon NW-SE long section along the Marmato trend showing an interpretation of the possible relationship between the Apollo System and Marmato Deeps Zone (Collective Mining). | 79 |
| Figure 8.2. | Cartoon showing the different styles of Au-Bi-W and Sn-W deposits (Baker et al., 2005). | 81 |
| Figure 8.3. | Plan model of RIRGS Au deposits from the Tintina Gold Province (Alaska-Yukon) showing geochemical zonation around a central pluton of 0.1-5.0 km diameter and the variety of possible mineralisation styles (Hart, 2007). | 81 |
| Figure 8.4. | Cartoon cross section model of a RIRGS system showing a pluton with different styles of Au mineralisation in the cupola and shoulders (Hart, 2007). In the case of Apollo, mineralisation is hosted by a magmatic-hydrothermal breccia cutting the stock. | 82 |
| Figure 8.5. | Plot showing the variations in metal association as a function of magmatic oxidation state and the lithologic characteristics of the host plutons. Note the distinctive fields of RIRGS Au-W and porphyry Cu-Au (Hart, 2007). | 82 |
| Figure 8.6 | Porphyry system model (Sillitoe, 2010). | 84 |
| Figure 9.1. | Guayabales Project, Collective Mining and historical soil geochemistry for gold. | 89 |
| Figure 9.2. | Guayabales Project, Collective Mining and historical soil geochemistry for copper. | 90 |
| Figure 9.3. | Guayabales Project, Collective Mining and historical soil geochemistry for silver. | 91 |
| Figure 9.4. | Guayabales Project, Collective Mining and historical soil geochemistry for molybdenum. | 92 |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | | |
|:---|:---|:---|
| Figure 9.5. | Guayabales Project, Collective Mining and historical rock geochemistry for gold. | 94 |
| Figure 9.6. | Guayabales Project, Collective Mining and historical rock geochemistry for copper. | 95 |
| Figure 9.7. | Guayabales Project, Collective Mining and historical rock geochemistry for silver. | 96 |
| Figure 9.8. | Guayabales Project, Collective Mining and historical rock geochemistry for molybdenum. | 97 |
| Figure 9.9. | Guayabales Project joint version of IP chargeability at 100 m depth reprocessed by Condor North Consulting. | 99 |
| Figure 9.10. | Guayabales Project joint version of IP resistivity at 100 m depth reprocessed by Condor North Consulting. | 100 |
| Figure 9.11. | Density map (g/cc) of the Apollo target at 200m depth processed by Arce Geofisicos. | 101 |
| Figure 9.12. | Apollo target geology and geochemistry for gold (soil, rock, drill core). | 102 |
| Figure 9.13. | Apollo target geology and geochemistry for copper (soil, rock, drill core). | 103 |
| Figure 9.14. | Apollo target geology and geochemistry for silver (soil, rock, drill core). | 104 |
| Figure 9.15. | Apollo target geology and geochemistry for molybdenum (soil, rock, drill core). | 105 |
| Figure 9.16. | Apollo target geology and geochemistry for tungsten (soil, rock, drill core). | 106 |
| Figure 9.17. | Trap target geology and geochemistry for gold (soil, rock, drill core). | 107 |
| Figure 9.18. | Trap target geology and geochemistry for copper (soil, rock, drill core). | 108 |
| Figure 9.19. | Trap target geology and geochemistry for silver (soil, rock, drill core). | 109 |
| Figure 9.20. | Trap target geology and geochemistry for molybdenum (soil, rock, drill core). | 110 |
| Figure 10.1. | Location map of the historical drill collar locations and drill hole traces in the Guayabales Project. | 114 |
| Figure 10.2. | Kluane KD-1000 hydraulic drill rig drilling hole APC-094 on Drill Pad 14 on 06 March 2024. | 118 |
| Figure 10.3. | Location map of Collective Mining drill holes in Guayabales. | 127 |
| Figure 10.4. | A typical drill platform. | 129 |
| Figure 10.5. | Core logging facility in Supia (2023). | 130 |
| Figure 10.6. | Core storage facility in Supia (2025). | 131 |
| Figure 10.7. | Plan showing hole traces and significant intersections at the Apollo target. | 154 |
| Figure 10.8. | Cross section SW-NE looking northwest at the Apollo target showing significant drill intersections. | 155 |
| Figure 10.9. | Cross sections of the Apollo target showing distribution of Cu, W and Au. | 155 |
| Figure 10.10. | Cross sections of the Apollo target showing distribution of Ag, Mo and Zn. | 156 |
| Figure 10.11. | Plan of the significant drill intersections in the Plutus North and Plutus South targets. | 158 |
| Figure 10.12. | Plan of the significant drill intersections in the Trap target. | 163 |
| Figure 10.13. | Plan of the significant drill intersections in the X target. | 166 |
| Figure 11.1. | Scatter plots of CSRM low, medium and high grade for gold. | 175 |
| Figure 11.2. | Scatter plots of CSRM low, medium and high grade for silver. | 176 |
| Figure 11.3. | Scatter plots of CSRM low, medium and high grade for copper. | 177 |
| Figure 11.4. | Scatter plots of coarse and fine blanks for gold. | 178 |
| Figure 11.5. | Scatter plots of coarse and fine blanks for silver. | 179 |
| Figure 11.6. | Scatter plots of coarse and fine blanks for copper. | 179 |
| Figure 11.7. | Scatter plots of duplicates for gold. | 180 |
| Figure 11.8. | Scatter plots of duplicates for silver. | 181 |
| Figure 11.9. | Scatter plots of duplicates for copper. | 181 |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Abbreviations**

A list of the abbreviations used in the report is provided in Table 0.1. All currency units are stated in US Dollars, unless otherwise specified. Quantities are generally expressed in the metric International System (SI) of units. The coordinate system used is WGS84.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Abbreviation** |
| &nbsp;&nbsp;Actlabs Colombia S.A.S., Activation Laboratories Ltd. | &nbsp;&nbsp;Actlabs |
| &nbsp;&nbsp;ALS Chemex, ALS Minerals | &nbsp;&nbsp;ALS |
| &nbsp;&nbsp;Argon step-heating method of radiometric dating of rocks. | &nbsp;&nbsp;Ar-Ar |
| &nbsp;&nbsp;Atomic absorption spectrophotometer | &nbsp;&nbsp;AAS |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;ave |
| &nbsp;&nbsp;Fine blank | &nbsp;&nbsp;BKF |
| &nbsp;&nbsp;Coarse blank | &nbsp;&nbsp;BKG |
| &nbsp;&nbsp;Angular breccia | &nbsp;&nbsp;BA |
| &nbsp;&nbsp;Mineralised angular breccia | &nbsp;&nbsp;BAM |
| &nbsp;&nbsp;Crackle breccia | &nbsp;&nbsp;BC |
| &nbsp;&nbsp;Before Common Era | &nbsp;&nbsp;BCE |
| &nbsp;&nbsp;Fluidised breccia | &nbsp;&nbsp;BF |
| &nbsp;&nbsp;Intrusion breccia | &nbsp;&nbsp;BI |
| &nbsp;&nbsp;Carbonate base metal | &nbsp;&nbsp;CBM |
| &nbsp;&nbsp;Canadian Dollar | &nbsp;&nbsp;CDN$ |
| &nbsp;&nbsp;Canadian Institute of Mining, Metallurgy and Petroleum | &nbsp;&nbsp;CIM |
| &nbsp;&nbsp;Canadian National Instrument 43-101 | &nbsp;&nbsp;NI 43-101 |
| &nbsp;&nbsp;Carbonate base metals vein | &nbsp;&nbsp;CBM |
| &nbsp;&nbsp;Centimetre(s) | &nbsp;&nbsp;cm |
| &nbsp;&nbsp;Collective Mining Ltd. | &nbsp;&nbsp;Collective Mining |
| &nbsp;&nbsp;Collective Mining Ltd. Sucursal Colombia | &nbsp;&nbsp;Collective Mining Colombia |
| &nbsp;&nbsp;Republic of Colombia | &nbsp;&nbsp;Colombia |
| &nbsp;&nbsp;Colombian Geological Survey (*Servicio Geológico Colombiano*) | &nbsp;&nbsp;SGC |
| &nbsp;&nbsp;Common Era | &nbsp;&nbsp;CE |
| &nbsp;&nbsp;Comunidad Minera Guayabales | &nbsp;&nbsp;Minera Guayabales |
| &nbsp;&nbsp;Concentrate | &nbsp;&nbsp;con |
| &nbsp;&nbsp;Corporación Minera de Colombia S.A.S. | &nbsp;&nbsp;CMC |
| &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Colombian Mines |
| &nbsp;&nbsp;Certified Standard Reference Materials | &nbsp;&nbsp;CSRM |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Abbreviation** |
| &nbsp;&nbsp;Combia Volcanic Province | &nbsp;&nbsp;CVP |
| &nbsp;&nbsp;Degree(s) | &nbsp;&nbsp;<sup>o</sup> |
| &nbsp;&nbsp;Directional core barrel | &nbsp;&nbsp;DCB |
| &nbsp;&nbsp;United States' Dollar(s) | &nbsp;&nbsp;US$ |
| &nbsp;&nbsp;Fine duplicate | &nbsp;&nbsp;DUF |
| &nbsp;&nbsp;Coarse duplicate | &nbsp;&nbsp;DUG |
| &nbsp;&nbsp;East-west | &nbsp;&nbsp;EW |
| &nbsp;&nbsp;End of hole | &nbsp;&nbsp;EOH |
| &nbsp;&nbsp;Environmental Impact Study (*Estudio de Impacto Ambiental*) | &nbsp;&nbsp;EIA |
| &nbsp;&nbsp;Environmental Management Plan (*Plan de Manejo Ambiental*) | &nbsp;&nbsp;PMA |
| &nbsp;&nbsp;Environmental, social, governance | &nbsp;&nbsp;ESG |
| &nbsp;&nbsp;General & administration | &nbsp;&nbsp;G&A |
| &nbsp;&nbsp;Gram(s) | &nbsp;&nbsp;g |
| &nbsp;&nbsp;Grams per metric ton | &nbsp;&nbsp;g/t |
| &nbsp;&nbsp;Greater than | &nbsp;&nbsp;> |
| &nbsp;&nbsp;Hectare(s) | &nbsp;&nbsp;ha |
| &nbsp;&nbsp;Institute of Hydrology, Meteorology and Environmental Studies | &nbsp;&nbsp;IDEAM |
| &nbsp;&nbsp;Inductively coupled plasma spectrometer | &nbsp;&nbsp;ICP |
| &nbsp;&nbsp;Inductively coupled plasma atomic / optical emission spectrometer | &nbsp;&nbsp;ICP-AES or ICP-OES |
| &nbsp;&nbsp;Inductively coupled plasma mass spectrometer | &nbsp;&nbsp;ICP-MS |
| &nbsp;&nbsp;Colombian Institute of Geology & Mining (*Instituto Colombiano de Geología y Minería*) | &nbsp;&nbsp;INGEOMINAS |
| &nbsp;&nbsp;Induced polarization geophysical survey | &nbsp;&nbsp;IP |
| &nbsp;&nbsp;International Organization for Standardization | &nbsp;&nbsp;ISO |
| &nbsp;&nbsp;Kilogram(s) | &nbsp;&nbsp;kg |
| &nbsp;&nbsp;Kilometre(s) | &nbsp;&nbsp;km |
| &nbsp;&nbsp;Square kilometre (s) | &nbsp;&nbsp;km<sup>2</sup> |
| &nbsp;&nbsp;Pound, million pounds, billion pounds | &nbsp;&nbsp;lb, Mlb, Blb |
| &nbsp;&nbsp;Radiometric dating method of zircons by laser ablation and ICP-MS | &nbsp;&nbsp;LA-ICP-MS |
| &nbsp;&nbsp;Less than | &nbsp;&nbsp;< |
| &nbsp;&nbsp;Lower limit of detection | &nbsp;&nbsp;LLD |
| &nbsp;&nbsp;Mercer Gold Corporation | &nbsp;&nbsp;Mercer Gold |
| &nbsp;&nbsp;Meter(s) | &nbsp;&nbsp;m |
| &nbsp;&nbsp;Meters above mean sea level | &nbsp;&nbsp;masl |
| &nbsp;&nbsp;Million metric tons | &nbsp;&nbsp;Mt |
| &nbsp;&nbsp;Million Troy ounces | &nbsp;&nbsp;Moz |

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*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Abbreviation** |
| &nbsp;&nbsp;Million years ago | &nbsp;&nbsp;Ma |
| &nbsp;&nbsp;Millimetre(s) | &nbsp;&nbsp;mm |
| &nbsp;&nbsp;Minerales Provenza S.A.S. | &nbsp;&nbsp;Minerales Provenza |
| &nbsp;&nbsp;Mining Plan (*Programa de Trabajos y Obras de Explotación*) | &nbsp;&nbsp;PTO |
| &nbsp;&nbsp;Ministry of the Environment | &nbsp;&nbsp;MinAmbiente |
| &nbsp;&nbsp;Minutes | &nbsp;&nbsp;' |
| &nbsp;&nbsp;Net smelter return | &nbsp;&nbsp;NSR |
| &nbsp;&nbsp;No significant values | &nbsp;&nbsp;NSV |
| &nbsp;&nbsp;Northwest | &nbsp;&nbsp;NW |
| &nbsp;&nbsp;Ounces (Troy) | &nbsp;&nbsp;oz |
| &nbsp;&nbsp;Millions of ounces (Troy) | &nbsp;&nbsp;Moz |
| &nbsp;&nbsp;Parts per billion | &nbsp;&nbsp;ppb |
| &nbsp;&nbsp;Parts per million | &nbsp;&nbsp;ppm |
| &nbsp;&nbsp;Percent(age) | &nbsp;&nbsp;% |
| &nbsp;&nbsp;Plus or minus | &nbsp;&nbsp;± |
| &nbsp;&nbsp;Quality Assurance - Quality Control | &nbsp;&nbsp;QA-QC |
| &nbsp;&nbsp;Qualified Person | &nbsp;&nbsp;QP |
| &nbsp;&nbsp;Recovery | &nbsp;&nbsp;Rec |
| &nbsp;&nbsp;Standard deviation | &nbsp;&nbsp;SD |
| &nbsp;&nbsp;The System for Electronic Document Analysis and Retrieval Plus | &nbsp;&nbsp;SEDAR+ |
| &nbsp;&nbsp;Système International d'Unités (International System of Units) | &nbsp;&nbsp;SI |
| &nbsp;&nbsp;SGS Colombia S.A., SGS Peru S.A. | &nbsp;&nbsp;SGS |
| &nbsp;&nbsp;Metric ton(s) | &nbsp;&nbsp;t |
| &nbsp;&nbsp;Metric tons per day | &nbsp;&nbsp;tpd |
| &nbsp;&nbsp;TSX Venture Exchange | &nbsp;&nbsp;TSX-V |
| &nbsp;&nbsp;Universal Transverse Mercator | &nbsp;&nbsp;UTM |
| &nbsp;&nbsp;Uranium-lead method of radiometric dating of minerals | &nbsp;&nbsp;U-Pb |

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**Table 0.1. List of abbreviations.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | |
|:---|:---|
| 1 | SUMMARY |

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1.1 Introduction

Collective Mining Ltd. (Collective Mining) requested that Dr. Stewart D. Redwood, Consulting Geologist, prepare an independent NI 43-101 technical report for the Guayabales Project in the Department of Caldas, Republic of Colombia. The purpose of the report is an update of the previous report with signature date 21 April 2023 to describe material changes.

1.2 Property Description and Location

The Guayabales Project is located at 5°30' N, 75°36' W, and at altitudes ranging between 1,470 m and 2,150 m.

Collective Mining's mining rights at the Guayabales Project comprise 9 granted concession contracts for 3,127.32 ha (894.76 ha exploitation plus 2,232.56 ha exploration), and 37 concession applications for 2,704.53 ha, for a total of 5,831.85 ha. In addition, there are 196 claim applications (123.92 ha) for incomplete cells surrounding the exploitation titles. There is a single type of concession contract covering exploration, construction and mining that is valid for 30 years and can be extended for another 30 years.

Concessions LH-0017-17, 620-17, 619-17, 674-17, and HB1-08302X, acquired by Collective Mining, are currently under assignment registration procedures before the mining authority, with payments still owed to the assignors. Concessions 781-17 and DLH-14451X, including their incomplete cells, are subject to option agreements. These acquisition and option agreements require total staged payments of US$26.2 million due through 2030, of which US$11.6 million was paid up to 2025. There are exploration expenditure commitments under these agreements totalling about US$13.5 million. Collective Mining will acquire 100% of these concessions. Concessions HI8-15231 and 501712 were filed directly by Collective Mining's subsidiaries.

Two concession applications are subject to a promise of assignment agreement in favour of Collective Mining. The remaining 35 applications were filed directly by Collective Mining's subsidiaries.

1.3 Accessibility, Climate, Local Resources, Infrastructure and
Physiography

The Guayabales Project is located 80 km south of Medellín, 75 km north of Pereira, and 50 km northwest of Manizales, within the Municipalities of Marmato, Supía, and La Merced (Department of Caldas) and the Municipality of Caramanta (Department of Antioquia).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The Köppen climate classification for the Guayabales Project is Temperate Highland Tropical climate (Cwb).

Field work can be carried on the project out all year round.

The project is close to two international airports in Medellin and Pereira, the PanAmerican Highway, electricity and oil/natural gas grids.

The project is located in steep, forested terrain on the eastern edge of the Western Cordillera and on the western side of the Cauca River valley. The project lies within the tropical, moist forest to premontane wet forest ecological zones of the Holdridge Life Zone climatic classification system. The vegetation is tropical forest that has been partly cleared for rough pasture, with secondary forest growth.

1.4 History

Gold has been mined in the Marmato-Supia district, which includes the Guayabales Project, since ancient times. The recent history begins in 1995 when the Guayabales Miners Association started artisanal gold mining of the Encanto zone of the Guayabales Project. The project was explored for gold by three companies between 2005-2012: Colombia Gold plc in 2005, Colombian Mines Corporation (Colombian Mines) in 2006-2009, and Mercer Gold Corporation (Mercer Gold) in 2010-2012 (called Tresoro Mining Corp. from 2011). Exploration carried out was geological mapping, soil sampling, rock sampling, mapping and channel sampling of artisanal mines, and diamond drilling. In 2008, Colombian Mines drilled 17 diamond drill holes for 2,079 m in the Encanto Zone, and in 2010-2011, Mercer Gold drilled 11 diamond drill holes for 4,067 m in the Encanto Zone and to the northeast of this zone. Drilling targeted Au-Ag-polymetallic veins. Two holes intersected porphyry gold mineralisation. Exploration was inactive from 2014-2019.

1.5 Geological Setting and Mineralization

The Guayabales Project lies within the Western Cordillera of the Colombian Andes in the late Miocene Middle Cauca Gold-Copper Belt. The project occurs in the Romeral Terrane that is bounded by the Romeral Fault System on the east and the Cauca-Patia Fault System to the west, and comprises metamorphic rocks of medium to high grade, ophiolitic sequences and oceanic sediments of Late Jurassic to Early Cretaceous age. These are overlain by continental sedimentary rocks of Oligocene-Miocene age, and andesitic volcanic rocks of Late Miocene age. Gold-silver-copper mineralization in the belt is related to multiple clusters of Late Miocene porphyry intrusions of diorite to quartz diorite composition, and related breccias and veins.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The Guayabales Project is located in the Middle Cauca Gold-Copper Belt. This belt extends for about 250 km in a north-south direction from the Buritica gold mine to La Colosa gold deposit. The gold mineralization in the belt is of intermediate sulphidation epithermal to sub-epithermal style Au-Ag-polymetallic deposits (also known as carbonate-base metal veins) and porphyry Au and Au-Cu deposits. Mineralization is related to porphyry intrusions of late Miocene age. The principal deposits in the belt are the Buritica vein Au-Ag deposit (Zijin Mining Group Co. Ltd.), the Nuevo Chaquiro porphyry Au-Cu deposit (AngloGold Ashanti), the Marmato Au-Ag deposit (Aris Gold Corporation), located 1.75 km southeast of Guayabales, and La Colosa porphyry Au deposit (AngloGold Ashanti).

Collective Mining has discovered 12 Au-Ag-Cu targets, some with Mo, Pb, Zn or WO<sub>3</sub>. The most important targets are the Apollo porphyry-breccia-vein Au-Ag-Cu-WO<sub>3</sub> deposit and the Trap porphyry-vein Au-Ag-(Cu) deposit.

The Apollo deposit is an inverted cone shaped magmatic-hydrothermal breccia with maximum dimensions of 600 m by 400 m that has been drilled to 1,350 m vertical depth. It cross cuts early porphyry Cu-Au-Mo mineralisation, is surrounded by crackle breccias, and is cut by late Au-Ag carbonate – base metal veins. The mineralisation is zoned vertically and comprises: 1) an upper zone of Au-Ag-Cu-WO<sub>3</sub> to 150 m depth; 2) Au-Ag-Cu to 500-600 m depth; 3) Au-Ag to 1,000 m depth; and 4) Au-Ag-Bi-Te from 1,000 m depth to >1,350 m depth.

1.6 Deposit Type

There are four deposit types in the project: porphyry Cu-Au-Mo, breccia-hosted Au-Ag-Cu, Au-Ag-polymetallic carbonate-base metal veins, and reduced intrusion-related gold system (RIRGS) Au-Ag-Cu-WO<sub>3</sub> and Au-Ag-Bi-Te mineralization. There is also supergene oxide Au-Ag mineralisation.

1.7 Exploration

Collective Mining has carried out exploration of the Guayabales Project since 2020. The work consisted of geological mapping, rock sampling, soil sampling, relogging of historic drill core, a LIDAR survey, an airborne magnetic and radiometric survey, IP survey, gravity survey, data compilation and reinterpretation. The exploration defined 12 drill targets, of which 10 targets were tested by diamond drilling to date.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

1.8 Drilling

Collective Mining carried out two diamond drilling programmes at the Guayabales Project between September 2021 and September 2025, the effective date of this Technical Report. The programs consisted of 293 holes totalling 122,727.70 m. Ten targets were tested with the majority of the drilling at the Apollo target (69%, 196 holes for 84,648.90 m) and Trap target (13.5%), with the rest of the drilling on the Box, Knife-Towers, ME, Plutus North, Plutus South, X and Victory targets

The most significant discovery is the Apollo Au-Ag-Cu-WO<sub>3</sub> deposit which is a hybrid porphyry – reduced intrusion related (RIRGS) stockwork deposit with an intermineral breccia and is overprinted by high grade gold-silver bearing sheeted carbonate base metal veins (CBM). The current dimensions of the Apollo deposit, based on drilling, are 600 m by 400 m across by 1,350 m vertical, and it is open in all directions. The breccia lies within stockwork mineralization.

On a grams/tonne x metres basis, hole APC104-D5 is the highest-grade intercept ever drilled at Apollo yielding 1,499 g/t gold equivalent. To date, the company has drilled 18 gold equivalent accumulation intercepts at over 1,000-grams x metres at Apollo as follows:

● APC104_D05: 497.35 m @ 2.68 g/t Au, 20 g/t Ag, 0.05% Cu

● APC104_D01: 534.40 m @ 2.16 g/t Au, 32 g/t Ag, 0.09% Cu

● APC_072: 519.10 m @ 2.12 g/t Au, 36 g/t Ag, 0.10% Cu

● APC_055: 792.25 m @ 0.88 g/t Au, 39 g/t Ag, 0.18% Cu

● APC104_D02: 402.60 m @ 2.32 g/t Au, 43 g/t Ag, 0.14% Cu

● APC_064: 451.40 m @ 1.48 g/t Au, 57 g/t Ag, 0.26% Cu

● APC_035: 359.15m @ 1.84 g/t Au, 48 g/t Ag, 0.48% Cu

● APC_060: 557.85 m @ 0.74 g/t Au, 59 g/t Ag, 0.33% Cu

● APC_095: 513.70 m @ 1.50 g/t Au, 42 g/t Ag, 0.18% Cu

● APC088_D02: 548.90 m @ 1.33 g/t Au, 31 g/t Ag, 0.12% Cu

● APC_122: 397.50 m @ 1.20 g/t Au, 60 g/t Ag, 0.33% Cu

● APC_093: 560.05 m @ 1.18 g/t Au,34 g/t Ag, 0.33% Cu

● APC_053: 329.75 m @ 2.30 g/t Au, 42 g/t Ag, 0.16% Cu

● APC099_D05: 517.35 m @ 1.84 g/t Au, 10 g/t Ag, 0.03% Cu

● APC_049: 847.25 m @ 0.64 g/t Au, 16 g/t Ag, 0.14% Cu

● APC_065: 503.25 m @ 1.55 g/t Au, 23 g/t Ag, 0.10% Cu

● APC_031: 384.70 m @ 1.17 g/t Au, 43 g/t Ag, 0.37% Cu

● APC_063: 593.65 m @ 1.46 g/t Au, 15 g/t Ag, 0.03% Cu

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Specifics zones of Apollo Target are:

Shallow Tungsten Zone

● APC_115: 124.00 m @ 0.55 g/t Au, 86 g/t Ag, 0.63% Cu, 0.16% WO<sub>3 </sub>from surface

● APC_129: 95.85 m @ 0.76 g/t Au, 55 g/t Ag, 0.52% Cu, 0.15% WO<sub>3 </sub>from 30.80 m

● APC_125: 442.35 m @ 1.18 g/t Au, 43 g/t Ag, 0.21% Cu, 0.05% WO<sub>3 </sub>from surface

● APC_134: 183.70 m @ 0.86 g/t Au, 44 g/t Ag, 0.83% Cu, 0.14% WO<sub>3 </sub>from 37.30 m

High-Grade Zones:

● APC104_D01: 150.55 m @ 4.71 g/t Au, 87 g/t Ag, 0.22% Cu

● APC104_D02: 181.35 m @ 4.00 g/t Au, 80 g/t Ag, 0.28% Cu

● APC104_D05: 106.35 m @ 8.12 g/t Au, 57 g/t Ag, 0.12% Cu

Ramp Zone:

● APC099_D05: 57.65 m @ 7.83 g/t Au, 33 g/t Ag

● APC103_D02: 51.95 m @ 8.21 g/t Au, 30 g/t Ag

● APC105_D01: 75.80 m @ 8.06 g/t Au, 15 g/t Ag

Results from other targets include:

Plutus North target

● PNC_002: 185.80 m @ 0.59 g/t Au, 13 g/t Ag, 0.02% Cu.

● PNC_002: 136.45 m @ 0.97 g/t Au, 20 g/t Ag, 0.04% Cu.

● PNC_005: 304.60 m @ 0.58 g/t Au, 9 g/t Ag, 0.03% Cu.

● PNC_007: 194.05 m @ 0.18 g/t Au, 4 g/t Ag, 0.07% Cu.

Plutus South target

● PSC_001: 328.05 m @ 0.19 g/t Au, 5 g/t Ag, 0.05% Cu.

● PSC_002: 199.60 m @ 0.19 g/t Au, 5 g/t Ag, 0.06% Cu.

● PSC_004: 131.55 m @ 0.19 g/t Au, 32 g/t Ag, 0.06% Cu.

● PSC_008: 160.40 m @ 0.17 g/t Au, 10 g/t Ag, 0.06% Cu.

Box Target

● BOXC_007: 33.30 m @ 0.91 g/t Au, 50 g/t Ag, 0.10% Zn, 0.02% Pb, 0.01% Cu.

● BOXC_008: 34.95 m @ 0.72 g/t Au, 16 g/t Ag, 0.05% Zn, 0.04% Pb, 0.03% Cu.

● BOXC_010: 55.00 m @ 0.45 g/t Au, 59 g/t Ag, 0.23% Zn, 0.04% Pb, 0.01% Cu.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Trap target

● TRC_002: 646.00 m @ 0.71 g/t Au, 6 g/t Ag, 0.02% Cu.

● TRC_006: 206.95 m @ 0.90 g/t Au, 5 g/t Ag.

● TRC_007A: 632.25 m @ 0.92 g/t Au, 9 g/t Ag.

● TRC_011: 174.45 m @ 0.89 g/t Au, 11 g/t Ag.

● TRC_014: 30.00 m @ 3.10 g/t Au, 149 g/t Ag, 0.05% Cu.

● TRC_030: 200.85 m @ 1.01 g/t Au, 5 g/t Ag, 0.04% Cu.

ME Target

● APC_081: 111.25 m @ 0.83 g/t Au, 10 g/t Ag, 0.03% Cu.

● APC_083: 55.40 m @ 0.98 g/t Au, 14 g/t Ag, 0.02% Cu.

● MEC_002: 0.65 m @ 534.00 g/t Au, 40 g/t Ag.

● MEC_002: 0.90 m @ 47.20 g/t Au, 8 g/t Ag.

X Target

● XTC_001: 12.85 m @ 1.82 g/t Au, 361 g/t Ag.

● XTC_001: 18.65 m @ 0.72 g/t Au, 59 g/t Ag.

● XTC_002: 1.10 m @ 1.22 g/t Au, 426 g/t Ag.

1.9 Mineral Processing and Metallurgical Testing

Collective Mining's metallurgical test work at the Apollo system from 2022 to 2024 shows excellent Au, Ag, Cu and WO<sub>3</sub> recoveries using conventional processing. Cyanide leach Au recoveries reach up to 97.57% with Ag in the range 50% to 60%. Flotation produced concentrates with recoveries up to 95.3% Cu, 79.4% Au and 83.6% Ag. Flotation optimization testing on concentrate showed substantial improvements in overall metal recovery, with Au recovery of 89.4% and Ag recovery of 85.2%, while maintaining Cu recovery at 94%. Tungsten gravity recovery was up to 74%. Test work highlights simple metallurgy and high recoveries based on multiple tests carried out on samples representative of the Apollo mineralisation, supporting robust processing assumptions. Ongoing studies aim to build a comprehensive geometallurgical model to guide further process optimization.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

1.10 Mineral Resource Estimates

There are no mineral resource estimates for the Guayabales Project that were prepared in accordance with the current CIM standards and definitions required by the Canadian NI 43-101 "Standards for Disclosure of Mining Projects". Mineral resources that are not mineral reserves do not have demonstrated economic viability.

1.11 Interpretation and Conclusions

The Guayabales Project is located in the Middle Cauca Gold-Copper Belt on the eastern side of the Western Cordillera of Colombia. This metallogenic belt of Late Miocene age is highly prospective for porphyry gold-copper, breccia gold-copper and auriferous polymetallic vein deposits. The Apollo discovery is located 1.75 km northwest of the historic Marmato gold-silver mine, where a major underground expansion is under development to exploit the Lower Mine.

The Guayabales Project lies within the Romeral terrane that is bounded by the Romeral fault system to the east and the Cauca-Patia fault system to the west, and comprises metamorphic rocks of medium to high grade, ophiolitic sequences and oceanic sediments of Late Jurassic to Early Cretaceous age. Gold-silver-copper mineralization in the belt is related to multiple clusters of Late Miocene porphyry intrusions of diorite to quartz diorite composition, breccias and veins.

The Guayabales Project is located in a historic, active gold mining district within an area with good infrastructure including a major highway, abundant water, power grids and nearby rail and airport facilities.

Exploration by Collective Mining at the Guayabales Project has identified 12 targets for Au, Ag, Zn, Pb, Cu, Mo and WO<sub>3</sub> in porphyry, reduced intrusion related, breccia and high grade veins. Ten of these have been tested by drilling with the discovery of a significant mineral deposit at the Apollo target which has the dimensions and grades to be a potentially major deposit. The results justify additional drilling program to define the extent and grade of the system and make a Mineral Resource estimate.

Metallurgical test work of samples from Apollo shows high recoveries for Au and moderate recoveries for Ag by cyanide leach, bottle roll tests of both oxides and sulphides, high recoveries of Cu, Ag and Au by flotation, and high recoveries of WO<sub>3</sub> by gravimetry. These demonstrate the project's amenability to conventional processing methods.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Collective Mining has also made three other discoveries of long drill intersections of Au, Ag and/or Cu at the Plutus North breccia, Plutus South and Trap porphyry-vein targets. The amount of drilling at these targets is much less than at Apollo, and further drilling is required to define the extent, geometry and grades. Finally, there are 8 other targets that have very little drilling or have not been drilled yet and require further exploration and drilling.

The QP concludes that the Guayabales Project is a discovery-stage project for porphyry, reduced intrusion related, breccia and vein-hosted Au and Ag mineralisation with Cu, Zn, Pb, Mo and WO<sub>3</sub>. The exploration programmes carried out by Collective Mining are well planned and well executed and supply sufficient information to plan further exploration. Sampling, sample preparation, assaying and analyses were carried out in accordance with best current industry standard practices and are suitable to plan further exploration. Sampling, assaying and analyses include quality assurance and quality control procedures. There are no known significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information.

1.12 Recommendations

The QP recommends a two-stage, two-year exploration programme for the Guayabales Project.

**The objective of Stage I is to define a mineral resource estimate and carry out a preliminary economic assessment (PEA) of the Apollo target. This will require 65,000 m of additional diamond drilling including deep drilling of the Ramp Zone. It is also recommended to carry out exploration of other targets to generate additional drill targets and 10,000 m of drilling on other targets is budgeted. Drilling is on-going since the cut-off date of the present report. The estimated time for Stage I is about 13 months until the end of 2026 and the estimated budget is US$28,250,000 (Table 1.1).**

The objective of Stage II is to carry out a pre-feasibility study (PFS) of the Apollo target. This will require an estimated 110,000 m of additional diamond drilling to convert inferred resources to measured and indicated resources. The PFS requires metallurgical test work, geotechnical studies, environmental baseline studies, and engineering studies for mining, process design, tailings, and other aspects. It is also recommended to continue exploration of other targets to generate drill targets and carry out 10,000 m of drilling. The estimated time for Stage II is 12 months until the end of 2027 and the estimated budget is US$52,100,000 (Table 1.1).

The Stage II programme is conditional on a positive outcome of the Stage I programme The total estimated time for both stages is about 2 years until the end of 2027 and the total estimated budget is US$80,350,000 (Table 1.1).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_006.jpg)

**Table 1.1. Estimated budget for the recommended exploration programmes for the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

2 INTRODUCTION

2.1 Purpose of Report

Collective Mining Ltd. (Collective Mining) requested that Dr. Stewart D. Redwood, Consulting Geologist, prepare an updated, independent NI 43-101 Technical Report for the Guayabales Project in the Department of Caldas, Republic of Colombia. The purpose of the report is an update of the previous report dated 23 April 2023 to describe changes to a material mineral property.

2.2 Terms of Reference

The terms of reference were to prepare a Technical Report as defined in Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1 (Technical Report) and Companion Policy 43-101CP for the Guayabales Project.

2.3 The Issuer

Collective Mining Ltd. (Collective Mining) is a company registered in Ontario which trades on the TSX and NYSE exchanges under the symbol CNL. It carries out business through a holding company in Bermuda called Collective Mining Limited, a Colombian branch called Collective Mining Limited Sucursal Colombia (Collective Mining Colombia), and two wholly-owned Colombian subsidiaries called Minerales Provenza S.A.S. (Minerales Provenza) and Minera Campana S.A.S.. It also has a holding company in the USA called Collective Mining (USA) Inc. (Figure 2.1).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_007.jpg)

**Figure 2.1 The corporate structure of Collective Mining.**

2.4 Sources of Information

The main sources of information for the project are the project database, unpublished historical and Collective Mining company reports, and historical NI 43-101 technical reports, press releases, financial reports and other documents filed on SEDAR+. The reports that were consulted, as well as other technical reports, published government reports and scientific papers, are listed in Section 27 of this report. The author considers that he has seen all of the relevant information that exists for the project. The cut-off date for the database is 15 September 2025.

Six previous NI 43-101 technical reports were written for the project:

&nbsp;&nbsp;&nbsp;&nbsp;1. Thompson (2007) for Colombian Mines Corporation;

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

&nbsp;&nbsp;&nbsp;&nbsp;2. Turner (2010) for Uranium International Corporation (later Mercer Gold Corporation);

&nbsp;&nbsp;&nbsp;&nbsp;3. Turner (2011) for Mercer Gold Corporation. This report was not filed on SEDAR and appears to have been
private. A copy has not been located but it is quoted extensively in the next technical report by Leroux (2012).

&nbsp;&nbsp;&nbsp;&nbsp;4. Leroux (2012) for Tresoro Mining Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;5. Redwood (2021) for Collective Mining;

&nbsp;&nbsp;&nbsp;&nbsp;6. Redwood (2023) for Collective Mining.

2.5 Current Personal Inspection

The author made a current personal inspection of the Guayabales Project and the company's field office and core logging and storage facility in Supia on 9 to 14 March 2025. Previous site visits were made on 24-25 October 2020 and 12-15 January 2023. The site visits are described in Section 12.

3 RELIANCE ON OTHER EXPERTS

For Sections 4.2 to 4.10, the QP has relied on information supplied by Omar Ossma, President of Collective Mining, and by Natalia Hernandez, Legal Manager & Human Resources Manager of Collective Mining, in a report titled "Entorno Legal Proyecto Guayabales" ("Legal Framework Guayabales Project") dated 24 September 2025.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

4 PROPERTY DESCRIPTION AND LOCATION

4.1 Property Location

The Guayabales Property is located 80 km south of Medellin, 75 km north of Pereira and 50 km north-northwest of Manizales. Politically, the property is located in the Municipalities of Marmato, Supia and La Merced, Department of Caldas, and the Municipality of Caramanta, Department of Antioquia, at approximately 5°30'N, 75°36'W and an altitude of between 1,470 to 2,150 masl (Figure 4.1).

![](ex99-1_008.jpg)

**Figure 4.1 Location map of the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

4.2 Legal Framework

All mineral resources in Colombia belong to the state and can be explored and exploited by means of concession contracts granted by the state. The mining authority is the National Mining Agency (Agencia Nacional Minería or ANM). The Ministry of Mines and Energy is in charge of setting and overseeing the Government´s national mining policies. Mining is governed by the Mining Law 685 of 2001 and subsequent decrees and resolutions, except for mining titles granted before that law, which are grandfathered by the law in place at the time of their granting (most commonly Decree 2655, 1988). Certain minor amendments to the law have been enacted by means of Laws 1450 of 2011, 1753 of 2015, 1955 of 2019, and 2224 of 2023. Under the Mining Law 685 of 2001, there is a single type of concession contract covering exploration, construction and mining that is valid for 30 years and can be extended for another 30 years.

Concession contract areas are defined on a map with reference to a starting point (punto arcifinio) with distances and bearings, or map coordinates. Older concession contract areas are irregular polygons that are defined in the contractual agreement, while newer ones are formed of square cells of 1.24 ha area (about 352 m by 352 m) each oriented north-south.

The application process for concession contracts is entirely online as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase a PIN number (one per concession application). Each PIN costs one minimum salary which is currently
Colombian pesos (COP) 1,430,000.00 (about US$335) plus sales tax.

&nbsp;&nbsp;&nbsp;&nbsp;2. Submit the application on the internet at the ANM website ANNA Mineria www.annamineria.anm.gov.co/sigm/externalLogin.

&nbsp;&nbsp;&nbsp;&nbsp;3. Upload pdf copies of the annexes to the application. These comprise legal, economic and technical documents
including demonstration of the economic capacity of the applicant and the exploration proposal for the requested area. As per a State
Council Court ruling issued on 4 August, 2022, the applicant must also provide a certification from the relevant environmental authority
which reports whether the project overlaps with certain types of environmentally protected or sensitive ecosystems, and whether the said
ecosystems are identified within the mining cadaster, and finally whether mining activities are permitted or not within the said environmental
areas.

&nbsp;&nbsp;&nbsp;&nbsp;4. A Technical Study is carried out by ANM to determine whether there is any overlap with other contracts
or applications. The applicant is notified of the "free areas." The full area of the application may not be granted in its
entirety if there is overlap with existing mining rights.

&nbsp;&nbsp;&nbsp;&nbsp;5. A legal and financial study is made by ANM.

&nbsp;&nbsp;&nbsp;&nbsp;6. A consultation process is held with the mayor of the municipality in which the application is located.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

&nbsp;&nbsp;&nbsp;&nbsp;7. A public hearing is held to inform the neighbouring communities.

&nbsp;&nbsp;&nbsp;&nbsp;8. The contract is prepared and signed.

&nbsp;&nbsp;&nbsp;&nbsp;9. The contract is inscribed in the National Mining Registry (Registro Minero Nacional, RMN). The contract
comes into effect on the date of registration.

A surface tax (canon superficial) is paid annually in advance during the exploration and construction phases of mining concession contracts. This payment is due when the concession contract is registered in the National Mining Registry (RMN). The amount of the surface tax varies depending on the size and phase of the concession contract and ranges between half a daily minimum wage per hectare (approximately US$5.50) and three daily minimum wages per hectare (approximately US$16.50).

In 2025, the daily minimum wage in Colombia is COP $47,450. Therefore, the surface tax per hectare for 2025 is calculated as follows:

● Minimum: 0.5 × COP $47,450 = COP $23,725 per hectare per year (≈ US$5.50)

● Maximum: 3 × COP $47,450 = COP $142,350 per hectare per year (≈ US$16.50)

Only exploration activities involving underground methods (i.e. drilling) require a mining title. Superficial exploration activities or prospecting can be carried out freely and do not require a mining title.

The concession contract has three phases:

&nbsp;&nbsp;&nbsp;&nbsp;1. Exploration Phase:

● Starts once the contract is registered in the National Mining Registry.

● Valid for 3 years plus up to 4 extensions of 2 years each, for a maximum of 11 years.

● Annual surface tax payments are required.

● Requires an annual Environmental Mining Insurance Policy for 5% of the value of the planned exploration expenditure for the year.

● No environmental licensing is required during this phase, other than specific permits and concessions required for the use of natural renewable resources, such as water rights, dumping rights, and forestry rights, amongst others. In addition, explorers must file a follow up document known as Mining Environmental Guidelines (Guias Minero Ambientales), which explains the explorer´s proposed environmental management activities during exploration. This document does not require approval by the environmental authority

● At the end of the exploration phase, the explorer must file a Mining Plan (Programa de Trabajos y Obras de Explotación or PTO) with the mining authority and an Environmental Impact Study (Estudio de Impacto Ambiental or EIA) with the environmental authority in order to start construction and exploitation activities.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

&nbsp;&nbsp;&nbsp;&nbsp;2. Construction Phase:

● May only be initiated once the PTO and EIA have been approved and an environmental license has been issued.

● Valid for 3 years, plus a single 1-year extension.

● Annual surface tax payments continue.

● Requires an annual Environmental Mining Insurance Policy for 5% of the value of the planned investment as defined in the PTO for the year.

&nbsp;&nbsp;&nbsp;&nbsp;3. Exploitation Phase:

● Valid for the remaining time of the concession (deducting elapsed exploration and construction time) which may be renewed for 30 years.

● An annual Environmental Mining Insurance Policy is required equivalent to 10% of the estimated production in the PTO.

● No annual surface taxes.

● Pay a royalty based on the regulations in force at the time of granting of the Contract.

4.3 Mining Property Rights

Collective Mining's mining rights at the Guayabales Project (Figure 4.2) comprise 9 granted concessions for 3,127.32 ha (894.76 ha exploitation plus 2,232.56 ha exploration) (Table 4.1) and 37 concession applications for 2,704.53 ha (Table 4.2), for a total of 5,831.85 ha.

Additionally, 196 claim applications (123.92 ha) have been made for incomplete cells that surround to of the exploitation titles. These "incomplete cells" are gaps between claims that are smaller than the standard cell size created when converting irregular legacy claims to the current grid-based system of square cells measuring 1.24 ha (about 352 m by 352 m) and oriented north-south. Importantly, incomplete cells cannot be staked by any third party and can only belong to a mineral title holder abutting an incomplete cell, which in this instance is the company or its affiliates, on all sides. Furthermore, the mining title owners of the Guayabales license, for which Collective Mining accelerated its option agreement to own an undivided 100% interest in June 2025 (see Item 4.4), requested in 2022 that the Colombian authorities integrate the incomplete cells abutting its mining title into the title. The authorities responded in writing, confirming that the incomplete cells will be incorporated into the title once the Colombian mining cadaster's software is updated to support such integration.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The location of a mining title is defined by the coordinates of its corners, as described in each of the mining concession agreements executed with the mining authority. There is no legal requirement to mark the corners by monuments in the field or have the corners officially surveyed, and the corners have not been surveyed.

![](ex99-1_009.jpg)

**Figure 4.2. Plan of Guayabales Property mining rights showing concession contracts in red fill and concession applications in red outline.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No,** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Date of Registration** | &nbsp;&nbsp;**Date of Expiry** | &nbsp;&nbsp;**Area (ha)** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;LH0071-17 | &nbsp;&nbsp;Exploitation | &nbsp;&nbsp;Asociacion de Mineros Guayabales | &nbsp;&nbsp;28/03/2008 | &nbsp;&nbsp;27/03/2038 | &nbsp;&nbsp;247.87 |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;The Box | &nbsp;&nbsp;781-17 | &nbsp;&nbsp;Exploitation | &nbsp;&nbsp;Sandra Liliana Saldarriaga Escobar, Margarita Maria Saldarriaga Escobar, Monica Paola Saldarriaga Escobar | &nbsp;&nbsp;16/05/2006 | &nbsp;&nbsp;15/05/2037 | &nbsp;&nbsp;165.11 |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;HI8-15231 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Collective Mining Limited Sucursal Colombia | &nbsp;&nbsp;11/10/2021 | &nbsp;&nbsp;11/10/2051 | &nbsp;&nbsp;1710.00 |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;501712 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Minerales Provenza SAS | &nbsp;&nbsp;25/10/2021 | &nbsp;&nbsp;24/10/2051 | &nbsp;&nbsp;288.18 |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;HB1-08302X | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Teresita Agudelo Correa | &nbsp;&nbsp;3/11/2021 | &nbsp;&nbsp;2/11/2051 | &nbsp;&nbsp;12.26 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;674-17 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Luis Fernando García | &nbsp;&nbsp;20/10/2021 | &nbsp;&nbsp;20/10/2051 | &nbsp;&nbsp;77.23 |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;619-17 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Luis Fernando García | &nbsp;&nbsp;20/10/2021 | &nbsp;&nbsp;20/10/2051 | &nbsp;&nbsp;109.11 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp; 620-17<br>| &nbsp;&nbsp;Exploitation | &nbsp;&nbsp;Luis Fernando García | &nbsp;&nbsp;23/09/2004 | &nbsp;&nbsp;22/09/2033 | &nbsp;&nbsp;481.88 |
| &nbsp;&nbsp;**9** | &nbsp;&nbsp;Guayabales | &nbsp;&nbsp;DLH-14451X | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Luis Fernando García | &nbsp;&nbsp;20/10/2021 | &nbsp;&nbsp;19/10/2051 | &nbsp;&nbsp;35.55 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total |  | &nbsp;&nbsp;3127.32 |

---

**Table 4.1 List of the mining rights with title of the Guayabales Project.**

Ownership: Collective Mining (3, 4), assignment requested to Collective Mining (1, 5, 6, 7, 8), subject to option agreement in favour of Collective Mining (2, 9).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** |
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Date of Applications** | &nbsp;&nbsp;**Area (ha)** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;501711 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;7/05/2021 | &nbsp;&nbsp;128.73 |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;501714 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;7/05/2021 | &nbsp;&nbsp;578.70 |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;501716 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;7/05/2021 | &nbsp;&nbsp;73.55 |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;501718 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;7/05/2021 | &nbsp;&nbsp;36.77 |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;501726 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;7/05/2021 | &nbsp;&nbsp;58.84 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;502173 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;23/07/2021 | &nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;502174 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;23/07/2021 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;502619 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;17/09/2021 | &nbsp;&nbsp;66.20 |
| &nbsp;&nbsp;**9** | &nbsp;&nbsp;503238 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;14/10/2021 | &nbsp;&nbsp;41.68 |
| &nbsp;&nbsp;**10** | &nbsp;&nbsp;503239 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;14/10/2021 | &nbsp;&nbsp;15.94 |
| &nbsp;&nbsp;**11** | &nbsp;&nbsp;CAG-141X | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;MINEROS SA | &nbsp;&nbsp;13/10/2021 | &nbsp;&nbsp;23.29 |
| &nbsp;&nbsp;**12** | &nbsp;&nbsp;503720 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;9/12/2021 | &nbsp;&nbsp;19.62 |
| &nbsp;&nbsp;**13** | &nbsp;&nbsp;503718 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;9/12/2021 | &nbsp;&nbsp;1.23 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** | &nbsp;&nbsp;**Concession Applications for the Guayabales Project** |
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Date of Applications** | &nbsp;&nbsp;**Area (ha)** |
| &nbsp;&nbsp;**14** | &nbsp;&nbsp;503793 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;16/12/2021 | &nbsp;&nbsp;52.71 |
| &nbsp;&nbsp;**15** | &nbsp;&nbsp;503879 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(74025) MINERALES PROVENZA SAS | &nbsp;&nbsp;24/12/2021 | &nbsp;&nbsp;24.52 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;503882 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;24/12/2021 | &nbsp;&nbsp;22.06 |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;503899 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;27/12/2021 | &nbsp;&nbsp;52.72 |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;503911 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;28/12/2021 | &nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;**19** | &nbsp;&nbsp;503912 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(74025) MINERALES PROVENZA SAS | &nbsp;&nbsp;28/12/2021 | &nbsp;&nbsp;23.29 |
| &nbsp;&nbsp;**20** | &nbsp;&nbsp;503983 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;30/12/2021 | &nbsp;&nbsp;549.18 |
| &nbsp;&nbsp;**21** | &nbsp;&nbsp;504941 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(74025) MINERALES PROVENZA SAS | &nbsp;&nbsp;22/03/2022 | &nbsp;&nbsp;19.62 |
| &nbsp;&nbsp;**22** | &nbsp;&nbsp;505577 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;13/04/2022 | &nbsp;&nbsp;53.95 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;508707 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(74025) MINERALES PROVENZA SAS | &nbsp;&nbsp;27/11/2023 | &nbsp;&nbsp;4.90 |
| &nbsp;&nbsp;**24** | &nbsp;&nbsp;508750 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(74025) MINERALES PROVENZA SAS | &nbsp;&nbsp;5/12/2023 | &nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;**25** | &nbsp;&nbsp;508751 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;5/12/2023 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**26** | &nbsp;&nbsp;509008 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;22/02/2024 | &nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;**27** | &nbsp;&nbsp;509135 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;8/04/2024 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**28** | &nbsp;&nbsp;509188 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;12/04/2024 | &nbsp;&nbsp;18.39 |
| &nbsp;&nbsp;**29** | &nbsp;&nbsp;509506 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;3/07/2024 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;510319 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;4/12/2024 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**31** | &nbsp;&nbsp;510320 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;4/12/2024 | &nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;510534 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;11/02/2025 | &nbsp;&nbsp;405.83 |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;510733 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;14/03/2025 | &nbsp;&nbsp;93.18 |
| &nbsp;&nbsp;**34** | &nbsp;&nbsp;511063 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;28/05/2025 | &nbsp;&nbsp;236.64 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;511435 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;4/08/2025 | &nbsp;&nbsp;17.16 |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;511645 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(76966) COLLECTIVE MINING LIMITED SUCURSAL COLOMBIA | &nbsp;&nbsp;12/09/2025 | &nbsp;&nbsp;34.33 |
| &nbsp;&nbsp;**37** | &nbsp;&nbsp;509976 | &nbsp;&nbsp;EXPLORATION | &nbsp;&nbsp;(12725) LUIS FERNANDO GARCIA GARCIA | &nbsp;&nbsp;25/09/2024 | &nbsp;&nbsp;34.33 |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**2704.53** |

---

**Table 4.2. List of concession applications of the Guayabales Project.**

4.4 Mining Property Acquisition Agreements

Concessions LH-0071-17, 620-17, 674-17, 619-17, and HB1-08302X were acquired by Collective Mining between July and September 2025 and grant it full mining-title rights and corresponding investment obligations. Concessions 781-17 and DLH-14451X are subject to agreements granting Collective Mining Colombia the right to carry out exploration activities on behalf of the holders, with defined exploration-investment commitments and a future right to acquire ownership.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

These acquisition and option agreements require total staged payments of US$26.2 million, due through 2030, as shown in Table 4.3. Between 2020 and September 2025, Collective Mining has paid US$11.6 million, and is up to date on all contractual obligations.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Amount (US$)** | &nbsp;&nbsp;**Payments made (US$)** |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;350000 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;800000 |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1100000 |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;750000 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;666667 | &nbsp;&nbsp;666667 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;10313889 | &nbsp;&nbsp;9725000 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;3095378 |  |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;2506389 |  |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2093889 |  |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;3880000 |  |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3630000 |  |

---

**Table 4.3 Yearly payments resulting from mining title option agreements.**

Total exploration expenditure commitments under these agreements amount to approximately US$13.5 million over their term. As a result of these payments, Collective Mining Colombia will have the right to acquire 100% ownership of the relevant tenements. During execution, the titleholders may continue existing operations within the concession areas, which must cease once Collective Mining Colombia completes the payments.

Concession application CAG-141X, filed by Mineros S.A., is subject to a promise-to-assign agreement in favour of Collective Mining, conditional on the title being granted, with a pending payment of US$25,000 upon issuance and transfer of the title.

4.5 Royalties

Royalties payable to the State are 4% of the gross value at the mine mouth for gold and silver, and 5% for copper (Law 141 of 1994, amended by Law 756 of 2002). For royalty purposes, gold and silver prices are determined by the government and usually set at 80 % of the average London PM Fix price for the previous month.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

4.6 Legal Access and Surface Rights

Granting a mining concession does not include surface access rights; landowner or community consent is required.

Collective Mining holds surface rights over 19 properties within the Guayabales Project, covering 282.82 ha. The company also holds access rights to properties owned by the holders of concessions LH0071-17 and 781-17, though not all surface rights have yet been acquired. Under the option contracts, the holders must grant access to their lands within the concession areas.

In addition, Collective Mining has entered into easement agreements with several landowners in the Guayabales Project. Currently, it holds easement rights over 18 land lots, enabling exploration activities, including:

● 12 lots used for 20 drilling platforms;

● 2 lots for water-intake access at Arquía and Guayabales (the latter under the option agreement with the Guayabales Miners Association); and

● 4 lots for hoses, pumps, and storage tanks associated with the Arquía and Guayabales water lines.

Most agreements are 12-month terms with payment of a fee.

4.7 Water Rights

A Superficial Water Concession is required if water is to be taken from creeks or underground sources for drilling. The company has three Superficial Water Concessions approved (Table 4.4). Water rights may take from 6 to 9 months to obtain. If needed, water can be purchased in bulk and trucked in tanks to the drilling areas.

---

| | | | |
|:---|:---|:---|:---|
| **Water Permit Name** | **Status** | **Number** | **Date Granted** |
| Agua Clara | Approved | Resolution No. 2022-0122 | January 2022 |
| Arquía | Approved | Resolution No. 2023-2053 | December 2023 |
| Mina Guayabales y Quebrada San Jorge | Approved | Resolution No. 2023-1288 | August 2023 |

---

**Table 4.4. List of Superficial Water Concessions and applications for the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

4.8 Environmental Liabilities

The Guayabales Project has artisanal mining in four areas. Under Colombian law, existent artisanal mining will not be an environmental liability for Collective Mining. As good sustainability practice, the company has approached the local miners to evaluate joint opportunities and to evaluate the potential of the areas for exploration. The company has carried out environmental baseline studies to determine existing liabilities in the area and continues to do so as it identifies local miners.

4.9 National Parks and Reserves

There are no national parks, reserves or other areas that exclude mining covering the Guayabales Project area.

4.10 Indigenous Reserves and Communities

Within the Municipality of Supía, there are three Indigenous reserves (*resguardo indígena* in Spanish), called the Cañamomo - Loma Prieta Reserve, the La Trina Reserve, and the Cartama Reserve. There is also one Indigenous community (*parcialidad indígena* in Spanish), called Cauromá, where the people live according to indigenous laws and customs but they do not own the territory. In the Municipality of Marmato, there is an indigenous community called Cartama. All of these belong to the Embera Chami indigenous group. The Cauroma and Cartama indigenous communities overlap with parts of Collective Mining's mining rights, but not with the areas of current interest for exploration.

Exploration is permitted by law in both the reserves and the communities and, in practice, would require an agreement with the relevant indigenous communities. In principle, prior consultation would not be necessary for the granting of the environmental license for the exploitation phase of this project, as there is no overlap of mining titles with indigenous reserves. However, prior consultation may be necessary depending on the level of direct or indirect impact that a project may have on a neighbouring reserve or community.

4.11 Other

The QP is not aware of any other significant factors and risks that may affect access, title or the right or ability to perform work on the property.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The Guayabales Project is located close to several major cities. It is 80 km S of Medellin (population 2.5 million), the capital of the Department of Antioquia and the second largest city in Colombia, 50 km NNW of Manizales (population 434,400), the capital of the Department of Caldas, 75 km N of Pereira (population 477,000), the capital of the Department of Risaralda, and about 190 km WNW of Bogotá (population 7.4 million), the capital of the Republic of Colombia.

Access to the field office and core logging and storage facility in the town of Supía (population about 26,000) is by paved highways from Medellin (141 to 172 km depending on the route), Manizales (81 km) and Pereira (98 to 122 km) (Table 5.1, Figure 5.1. Supía is 5 km SW of the Guayabales Project with access by a secondary paved road and by local, unsurfaced roads (12 km).

---

| | | | |
|:---|:---|:---|:---|
| **From** | **To** | **Route** | **Distance (km)** |
| Medellín | Bolombolo | Route 60 (tolls) | 76 |
| Bolombolo | La Pintada | Route 25B | 35 |
| La Pintada | Supía | Route 25 (tolls) | 61 |
| Total |  |  | 172 |
| Medellin | La Pintada | Route 25 (tolls) | 79 |
| La Pintada | Supía | Route 25 (tolls) | 61 |
| Total |  |  | 141 |
| Medellín | Camilocé | Route 60 (tolls) | 38 |
| Camilocé | Puente Iglesias | Municipal road | 42 |
| Puente Iglesias | La Pintada | Route 25B (tolls) | 18 |
| La Pintada | Supía | Route 25 (tolls) | 61 |
| Total |  |  | 159 |
| Manizales | Supía | Route 50 (tolls) | 81 |
| Pereira | Supía | Routes 29 and 50 (tolls) | 98 |
| Pereira | Q. La Tesalia Viterbo | Route 29RS and 25 (tolls) | 55 |
| Q. La Tesalia | Fortunato Gaviria Bridge | Pacific 3 Highway (tolls) | 23 |
| Fortunato Gaviria Bridge | Supía | Route 29 and 25 (tolls) | 44 |
| Total |  |  | 122 |
| Supía | Mediacaral | Secondary road to Caramanta, surfaced 35% | 15 |
| Mediacaral | Guayabales | Local road, unsurfaced | 0.7 |
| Total |  |  | 12 |
| Supía | La Felisa | Route 2508 | 13 |
| La Felisa | Marmato access | Route 25 | 13 |
| Marmato access | Guayabales | Secondary road to Marmato, surfaced 50% | 18 |
| Total |  |  | 44 |

---

**Table 5.1 The principal access routes from Medellin, Manizales and Pereira to Supía, and from Supía to the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_010.jpg)

**Figure 5.1 Location and access map of the Guayabales Project. Inset shows enlargement of the Guayabales Project with the mining rights and local roads.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

5.2 Climate

The Köppen climate classification for the Guayabales Project is Temperate Highland Tropical climate with dry winters (Cwb) and average monthly temperatures below 22°C with at least 4 months greater than 10°C.

Field work can be carried on the project out all year round.

There are no hydrometeorological stations in the project area so a station survey of IDEAM (Institute of Hydrology, Meteorology and Environmental Studies) was carried out to locate the nearest stations based on proximity, minimum data record of 10 years, and good data representativity (Table 5.2, Figure 5.2). Collective Mining installed a weather station, MET 1, at Apollo in December 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ID** | **Name** | **Category** | **Status** | **Variable** | **Scale** | **Altitude (m.a.s.l.)** | **Distance<br> from Project<br> (km)** |
| 26180190 | Aguadas [26180190] | PM | Active | Precipitation | Daily | 2180 | 21.76 |
| 26170180 | Caramanta [26170180] | PM | Active | Precipitation | Daily | 2112 | 6.26 |
| 26160160 | María La [26160160] | PM | Active | Precipitation | Daily | 645 | 11.08 |
| 26160090 | Pacora Plaza Feria [26160090] | PM | Active | Precipitation | Daily | 1821 | 18.30 |
| 26170170 | Pradera La [26170170] | PM | Suspended | Precipitation | Daily | 1950 | 6.72 |
| 26170290 | Riosucio [26170290] | PM | Active | Precipitation | Daily | 1946 | 14.71 |
| 26177010 | Puente Carretera [26177010] | LM | Active | Water flow | Daily | 1192 | 6.15 |

---

**Table 5.2 General data on the nearest hydrometeorological stations to the project (source IDEAM).**

Category: PM pluviometric, LM limnimetric.

![](ex99-1_011.jpg)

**Figure 5.2 Location of selected hydrometeorological stations to the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The average annual precipitation for the area of interest varies between 2,437.4 mm and 2,827.0 mm (Figure 5.3), with the latter being the most representative value as it is associated with the Caramanta station which is closest to the project area.

![](ex99-1_012.jpg)

**Figure 5.3 Average annual rainfall in the project area (IDEAM).**

The area is characterized by a bimodal rainfall cycle (Figure 5.4), with a first dry season between December and February and a second dry season between June and August, with minimum values of about 110.3 mm. There is a wet season between April and May, and a slightly more intense second wet season between October and November with average maximum values of 381.3 mm. This pattern is confirmed in the annual cycle of standardized precipitation anomalies (Figure 5.4).

---

| | |
|:---|:---|
| ![](ex99-1_013.jpg) | ![](ex99-1_014.jpg) |

---

**Figure 5.4 (a) Annual precipitation cycle and (b) standardized annual precipitation cycle (IDEAM).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

There are no IDEAM temperature records for the area of interest, so satellite data from the WorldClim and Chelsa climatological databases were used. The annual cycle of average temperature in the area of interest (Figure 5.5) varies between 17.4°C in October and 19.2°C in March. There is a seasonal pattern with higher average temperatures between February and May, and a decrease during the second half of the year, particularly in July and October.

![](ex99-1_015.jpg)

**Figure 5.5 Annual cycle of average temperature.**

The flow regime in the area shows a bimodal pattern (Figure 5.6 and Table 5.3), characterized by two predominantly dry seasons (January–March and July–September) and two wet seasons (April–June and October–December). In relation to precipitation, there is approximately a one-month lag in the flow response starting in July. While precipitation peaks in October, the corresponding increase in flow is observed in November, suggesting a delayed hydrological response to rainfall events.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_016.jpg)

**Figure 5.6 Annual Flow cycle (IDEAM).**

---

| | |
|:---|:---|
| **Data from** | **Puente Carretera Station** |
| N° of records | 11.732 |
| Average (m<sup>3</sup>/s) | 8.18 |
| Min. Flow (m<sup>3</sup>/s) | 0.20 |
| Q25% (m<sup>3</sup>/s) | 3.80 |
| Q50% (m<sup>3</sup>/s) | 6.04 |
| Q75% (m<sup>3</sup>/s) | 10.12 |
| Max. Flow (m<sup>3</sup>/s) | 124.00 |

---

**Table 5.3 Summary of maximum, minimum and percentile values of water flow for Puente Carretera station (IDEAM).**

The MET I station, owned by the Collective Mining, has collected limited data so far (Table 5.4, Table 5.5). During 2024, precipitation reached maximum values of 98.9 mm in August and 75.5 mm in November, while in 2025 it peaked at 54.5 mm in March. The average temperature in December 2023 was 18.4 °C, a value similar to that estimated by WorldClim (18.5 °C). Relative humidity ranged between 69.4% and 92.5%, indicating high atmospheric variability. Atmospheric pressure fluctuated between 595.0 and 601.6 mm Hg, showing no clear trend. Solar radiation reached a maximum of 556.3 W/m², typical of midday hours. Finally, wind mainly came from the southeast, with speeds ranging from 0.2 to 2.7 m/s with gusts exceeding 4.0 m/s.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**Altitude (m.a.s.l.)** | &nbsp;&nbsp;**National Origin Coordinates** | &nbsp;&nbsp;**National Origin Coordinates** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**Altitude (m.a.s.l.)** | &nbsp;&nbsp;**Easting (m)** | &nbsp;&nbsp;**Northing (m)** |
| &nbsp;&nbsp;MET I | &nbsp;&nbsp;Climatological | &nbsp;&nbsp;Active | &nbsp;&nbsp;2047 | &nbsp;&nbsp;4710024.602 | &nbsp;&nbsp;2165740.300 |

---

**Table 5.4 General information of MET I.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Scale** | &nbsp;&nbsp;**Start Date** | &nbsp;&nbsp;**End Date** | &nbsp;&nbsp;**Duration (years)** |
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Scale** | &nbsp;&nbsp;**Start Date** | &nbsp;&nbsp;**End Date** | &nbsp;&nbsp;**Duration (years)** |
| &nbsp;&nbsp;Precipitation | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;30/09/2025 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Temperature | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Relative Humidity | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Atmospheric Pressure | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Solar Radiation | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Wind Speed | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Wind Direction | &nbsp;&nbsp;Hourly | &nbsp;&nbsp;1/12/2023 | &nbsp;&nbsp;31/12/2023 | &nbsp;&nbsp;0.1 |

---

**Table 5.5 General information of MET I variables.**

 ****

The real evapotranspiration (RET) values vary from 608.98 mm to 762.35 mm. A general trend of increasing temperature values is observed from southwest to northeast.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 5.7 Average annual real evapotranspiration (RET) for the project area (IDEAM).**

5.3 Hydrology

Collective Mining has installed 13 piezometers at depths of 24 to 150 m in different geological units including diorite, quartz diorite, breccias, schists, and saprolite. Overall, there is high variability in hydraulic parameters, influenced by the heterogeneity of geological formations and depth differences among piezometers. A concentration of flow is observed towards lower elevation areas, with a general W to E flow trend and local trends directing flow toward main streams such as Chaurquía, San Jorge, and La Llorona, which in turn direct water toward the Cauca River.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Piezometer** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Captured unit** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**Hydraulic parameters** | &nbsp;&nbsp;**Hydraulic parameters** |
| &nbsp;&nbsp;**Piezometer** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Captured unit** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**K (m/day)** | &nbsp;&nbsp;**T (m²/day)** |
| &nbsp;&nbsp;PZC-001 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Mineralized angular breccias (surface) and hydrothermal breccias (at depth) | &nbsp;&nbsp;105 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;2.47 |
| &nbsp;&nbsp;PZC-002 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Diorite / Quartz diorite | &nbsp;&nbsp;136 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.46 |
| &nbsp;&nbsp;PZC-003 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Diorite and angular breccias | &nbsp;&nbsp;130 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;PZC-004 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Diorite and angular breccias | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.0004 | &nbsp;&nbsp;0.007 |
| &nbsp;&nbsp;PZC-006 | &nbsp;&nbsp;Aug 2025 | &nbsp;&nbsp;Diorite | &nbsp;&nbsp;76 | &nbsp;&nbsp;3.89 | &nbsp;&nbsp;62.03 |
| &nbsp;&nbsp;PZC-007 | &nbsp;&nbsp;Aug 2025 | &nbsp;&nbsp;Diorite | &nbsp;&nbsp;63 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;PZC-008 | &nbsp;&nbsp;Aug 2025 | &nbsp;&nbsp;Angular breccia | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;PZC-009 | &nbsp;&nbsp;Aug 2025 | &nbsp;&nbsp;Schists | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;PZC-010 | &nbsp;&nbsp;Sep 2025 | &nbsp;&nbsp;Quartz diorite - Schists | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.0025 |
| &nbsp;&nbsp;PZC-011 | &nbsp;&nbsp;Sep 2025 | &nbsp;&nbsp;Saprolite | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;101.5 |
| &nbsp;&nbsp;PZC-012 | &nbsp;&nbsp;Sep 2025 | &nbsp;&nbsp;Diorite / Quartz diorite | &nbsp;&nbsp;150 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;22.21 |
| &nbsp;&nbsp;PZC-013 | &nbsp;&nbsp;Sep 2025 | &nbsp;&nbsp;Diorite / Schists | &nbsp;&nbsp;120 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;11.93 |

---

**Table 5.6 General summary of the piezometers.**

5.4 Local Resources and Infrastructure

The Guayabales Project is located about 200 km east of the Pacific Ocean and 300 km south of the Caribbean Sea. The nearest port is Buenaventura on the Pacific Ocean. The nearest railhead is at Medellin. There are international airports at Medellin and Pereira, and a national airport at Manizales. The Medellin to Cali segment of the PanAmerican Highway, Route 25, runs through Supia, the base for the project.

The national electricity and natural gas grids run along the River Cauca valley about 3 km east of the project. They comprise three 230 kV power lines and a ten-inch diameter oil and gas pipeline with a capacity of 12,000 barrels per day.

Field personnel for the exploration program are available locally from towns and villages near the project. The district is expected to be able to supply the basic workforce for any future mining operation. There is an industrial underground gold mine operation at Marmato, and there is abundant artisanal mining in the region.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The region has high rainfall and there are ample water resources available.

The project lies within the tropical, moist forest to premontane wet forest ecological zones of the Holdridge Life Zone climatic classification system. The vegetation is tropical forest that has been partly cleared for pasture, with secondary forest growth. Land is used for rough pasture for cattle, and growing coffee.

Collective Mining is currently in the process of acquiring land and, as of today, holds surface rights over 19 properties within the Guayabales Project. The project remains in the exploration phase, making it premature to define the specific locations of surface rights that could be required for future mining infrastructure. Similarly, it is too early to determine potential areas for tailings storage, waste rock disposal, or processing plant sites.

5.5 Physiography

The Guayabales Project is located on the eastern edge of the Western Cordillera and on the western side of the Cauca River Valley. The project is located at altitudes between 990.7 and 2,225.4 meters above sea level (masl). The Cauca is an important river that flows north through a deep valley that separates the Western and Central mountain ranges. It has an average daily flow of 674.1 m3/s according to the IRRA – AUT [26167070] station of IDEAM, located in the municipality of Neira Caldas. It is a tributary of the Magdalena River, which flows into the Caribbean Sea in the city of Barranquilla. Rocks is exposed in streams, rivers, road cuttings and artisanal mines, but in other areas exposure is limited. The terrain is steep and covered by forest with some clearings used as pastures.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_018.jpg)

**Figure 5.8. A general view of the physiography of the Guayabales Project looking southwest at the Apollo target from Drill Pad 2 and showing the drill access path and the location of other drill pads (S. Redwood).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_019.jpg)

**Figure 5.9. A general view of the Guayabales Project looking north from the access road to the town of Caramanta on the far ridge (S. Redwood).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | |
|:---|:---|
| 6 | HISTORY |

---

6.1 Mining History

The Marmato-Supia district, including Guayabales, was mined for gold since pre-Columbian times by the Quimbaya culture (600 BCE – 1600 CE), who were highly skilled goldsmiths, during the Spanish colonial period (1534-1819), and during the republican period (1819 to present) (Gartner, 2005; Bray et al., 2021). The specific history of Guayabales is not known.

6.2 Prior Owners of the Property

The recent history of the Guayabales Project began in 1995 when the Guayabales Mining Community (*Comunidad Minera Guayabales*), also known as the Guayabales Miners Association (*Asociación de Mineros Guayabales*), started artisanal gold mining. It developed 16 small underground mines in the Encanto zone. It began the process to legalise ownership in 2002 and was granted ownership when the title to concession contract LH-0071-17 was registered on 28 March 2008. The total gold production is not known. The history of the Guayabales Project is summarised in Table 6.1.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Years** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Work carried out** | &nbsp;&nbsp;**NI 43-101 reports** |
| &nbsp;&nbsp; 600 BCE to<br> 21<sup>st</sup> Century<br> CE | &nbsp;&nbsp; Quimbaya Culture<br> (600 BCE – 1600 CE)<br> Spanish Colonial Period<br> (1534-1819)<br> Republic of Colombia period<br> (1819-present) | &nbsp;&nbsp;The Marmato-Supia district, including Guayabales, was mined for gold since pre-Columbian times. |  |
| &nbsp;&nbsp;1995-present | &nbsp;&nbsp;Guayabales Mining Community | &nbsp;&nbsp;Artisanal gold mining in 16 underground mines. Legalisation started 2002. Mining title LH-0071-17 registered 28 March 2008. |  |
| &nbsp;&nbsp;2005-2006 | &nbsp;&nbsp;Colombia Gold plc, London | &nbsp;&nbsp;Underground sampling, surface rock sampling. |  |
| &nbsp;&nbsp;2006-2009 | &nbsp;&nbsp;Colombian Mines Corporation, Vancouver | &nbsp;&nbsp;Underground sampling, surface rock sampling, 17 diamond drill holes (DDH) for 2,079 m. | &nbsp;&nbsp;Thompson (2007) |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation, Nevada | &nbsp;&nbsp;Underground and surface rock sampling, soil grid, geological mapping, 11 diamond drill holes for 4,067 m. | &nbsp;&nbsp;Turner (2010, 2011) |
| &nbsp;&nbsp;2011-2013 | &nbsp;&nbsp;Tresoro Mining Corp., Nevada (name changed from Mercer Gold Corporation) | &nbsp;&nbsp;No work. Option expired 2012 or 2013. | &nbsp;&nbsp;Leroux (2012) |
| &nbsp;&nbsp;2014-2019 |  | &nbsp;&nbsp;Exploration inactive |  |
| &nbsp;&nbsp;2020-present | &nbsp;&nbsp;Collective Mining Ltd., Toronto | &nbsp;&nbsp;Current exploration programme | &nbsp;&nbsp; Redwood (2021, 2023) and this report |

---

**Table 6.1 Summary of the history of the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

From 2005-2013 the Guayabales project was explored for gold by three companies under option agreements with Comunidad Minera Guayabales. These were Colombia Gold plc in 2005-2006, Colombian Mines Corporation (Colombian Mines) in 2006-2009 (Thompson, 2007), and Mercer Gold Corporation (Mercer Gold) in 2010-2011 (previously called Uranium International Corp.) (Turner, 2010, 2011). Mercer Gold changed its name to Tresoro Mining Corp. in 2011 but it carried out no more exploration (Leroux, 2012). Its option expired for non-compliance sometime in 2012 or 2013, and the company declared bankruptcy on 3 March 2014. Exploration carried out by these companies included geological mapping, soil sampling, rock sampling, and mapping and channel sampling of artisanal mines, and diamond drilling. In 2008 Colombian Mines drilled 17 holes for 2,079 m in the Encanto Zone, and in 2010-2011 Mercer Gold drilled 11 holes for 4,067 m in the Encanto Zone and to the northeast of this zone. The results of the historical exploration and drilling are reported in Sections 9.1 and 10.1.

Exploration of the Comunidad Minera Guayabales concession focused on the NW to WNW-trending Encanto Zone where 16 small gold mines are currently operated by Comunidad Minera Guayabales. The zone is a shear zone at least 500 m long and 20-40 m wide with gold-silver-polymetallic veins that were targeted by drilling. Porphyry stockwork veining mineralization is exposed in some road cuts shown by argillic and sericitic alteration overprinting quartz veinlet stockworks and hematite after magnetite veinlets, and was intersected in two historical drill holes.

6.3 Historical mineral resource estimates

There are no historical mineral resource estimates for the Guayabales project.

6.4 Historical production

There has been small scale, artisanal production of gold from the Guayabales project but the quantity is not known.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

The Guayabales Project is located in the Western Cordillera of the Colombian Andes in the late Miocene Middle Cauca Gold-Copper Belt (Figure 7.1). The project occurs in the Romeral terrane, an oceanic terrane comprising a melange of metabasalts, amphibolites, serpentinites, graphitic schist, biotite schist, sericite schist and chlorite schist that are called the Arquía Complex of probable Late Jurassic to Early Cretaceous age (Cediel & Cáceres, 2000; Cediel et al., 2003). This terrane was accreted to the continental margin along the Romeral Fault in the Aptian. Movement on the Romeral Fault was dextral indicating that terrane accretion was highly oblique from the southwest. The terrane is bounded by the Cauca-Patia Fault on the west side. Further west, additional oceanic and island arc terranes were subsequently accreted to the Western Cordillera in the Paleogene and Neogene periods, culminating in the on-going collision of the Panamá-Choco arc since the late Miocene. This reactivated the Cauca-Patia and Romeral faults with left lateral and reverse movements (Cediel & Cáceres, 2000; Cediel et al., 2003). The Romeral terrane is partially covered by continental sediments of the middle Oligocene to late Miocene age Amagá Formation, comprising grey to green coloured conglomerates, sandstones, shales and coal seams, and by thick subaerial basaltic to andesitic volcanic and sedimentary rocks of the late Miocene Combia Formation. Epithermal Au-Ag-Zn and porphyry Au-Ag-Cu-Mo mineralization in the Middle Cauca Gold-Copper Belt is related to clusters of late Miocene porphyry intrusions of diorite to tonalite composition, and intrusive breccias (Figure 7.2).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_020.jpg)

**Figure 7.1 Regional tectonic and terrane map of Colombia showing the location of the Guayabales Project (Cediel et al., 2003).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 7.2 The geology and major gold deposits of the Middle Cauca Gold-Copper Belt showing the location of the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7.2 Local Geology

The local geology comprises the country rock of the Late Jurassic to Early Cretaceous Arquía Complex, an elongated, narrow, and discontinuous belt composed of carbonaceous, chloritic, and sericitic schists, as well as segments of ultramafic rocks with a low degree of metamorphism (Villagómez et al., 2011; Touissaint and Restrepo, 2020). Foliation in the schist packages typically dips gently to the southeast based on surface exposures and drill core intersections. The Arquía Complex forms roof pendants. To the west of the tenement lies the Oligocene to lower Miocene Amagá Formation (Figure 7.3) composed of basal conglomerate, sandstones with carbonaceous beds, mudstones and claystone. These are overlain by volcano-sedimentary rocks of the late Miocene Combia Formation (9-4 Ma) that locally exceeds 1,000 m in stratigraphic thickness (Leal-Mejía et al., 2019; Weber et al., 2020; Villalba et al., 2023). It is divided into two members: a volcanic member comprising intercalated basalt, andesite, tuff, and subvolcanic stocks, and a sedimentary member of conglomerate, sandstone, and siltstone deposited in continental debris flows and braided fluvial environments (Jaramillo et al., 2019; Leal-Mejía et al., 2019; Weber et al., 2020). The Amagá and Combia Formations were deposited in a pull-apart basin in the Cauca-Patia continental intermontane basin and are cut by late Miocene porphyry intrusions with porphyry Au-Ag-Cu-Mo and epithermal Au-Ag-Zn mineralisation such as the targets of the Guayabales Project.

7.3 Property Geology

7.3.1 Lithology

The geology of the Guayabales Project is shown on a map in Figure 7.3 and the principal lithologies are described in Table 7.1. These interpretations are derived from surface mapping conducted by Collective Mining and from detailed core logging. The project area has extensive cover of soil, volcanic ash, saprolite, dense vegetation, and landslide deposits. Due to the scarcity of bedrock exposure, geological mapping is necessarily generalized and interpretative in nature.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_022.jpg)

**Figure 7.3. Geological map of the Guayabales Project showing targets.**

The project area is characterised by multiphase porphyritic intrusions and associated magmatic-hydrothermal breccias. These units are part of the Miocene Combia Volcanic Province (CVP). Basement rocks consist of schists and ultramafic rocks of the Arquía Complex, with sandstones and mudstones of the Amaga Formation to the west and remnant outliers of Combia Formation lavas and tuffs of basalt to andesite composition.

The structural setting of the Guayabales Project is strongly influenced by the major Cauca-Romeral fault system, a large-scale strike-slip deformation zone that is followed by the Cauca River's north trend. Lineament analysis of topographic data integrated with regional mapping have identified that N-trending fault systems are intersected by steeply dipping to subvertical NW-, WNW-, and E-trending fault systems. The Guayabales shear zone is interpreted as a major NW-trending structural corridor that crosses the centre of the project area (Figure 7.3). It produces numerous subsidiary faults throughout the concession and is interpreted as the primary first-order fault system controlling the structural architecture of the district.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Gold, Ag, Cu, Mo and WO<sub>3</sub> mineralization is related to porphyry and reduced intrusion related systems, which are overprinted by carbonate base metal veins with Au, Ag, Cu, Pb and Zn and trend NW-WNW and EW. The alteration includes potassic, chlorite-sericite, chlorite-epidote and intermediate argillic. The late vein overprints are associated with intense intermediate argillic alteration which is characterized by sericite, carbonates and pyrite.

---

| | |
|:---|:---|
| **Lithology** | **Description** |
| **BXT (Tectonic Breccia)** | **Milled rock formed by the breaking and crushing of rocks due to tectonic forces, usually along fault zones. These breccias indicate fault movement and are important as pathways for fluids and zones of structural weakness.** |
| **Tuff** | **Consolidated volcanic rock composed primarily of compacted and cemented volcanic ash and small pyroclastic fragments.** |
| **Cover** | **Unconsolidated sediments—such as clays, silts, sands, gravels, tills, and peat—formed during the Quaternary Period.** |
| **Basalt** | **Small mafic bodies of dark greenish colour with an aphanitic texture.** |
| **P60** | **A late porphyry dyke striking ~310° characterized by plagioclase mega-phenocrysts >1 cm in size, set in a fine-grained groundmass, with chilled margins, and steeply dipping (>80°).** |
| **BAM (Mineralized Angular Breccia)** | **Sulphide-bearing angular breccia cemented by ore minerals and gangue. Cement texture occurs as massive, irregular and straight-walled fracture fills that crosscut clasts, as open-space fills between clasts and matrix, and as irregularly shaped vugs, with lesser veinlets cross-cutting the body.** |
| **BA (Angular breccia)** | **Breccia with angular and transported clasts in a matrix of altered rock-flour, clast to matrix ratio varies from 8:2 to 9:1. Predominantly polymictic and clast-supported. Cement includes quartz, carbonate, pyrrhotite, pyrite, chalcopyrite, scheelite, sphalerite, and galena, with the dominant alteration characterized by sericite and chlorite.** |
| **BF (Fluidized breccia)** | **Characterized by high milled-matrix content (>30 vol.%), rounded clasts, poorly sorted to chaotic, matrix supported, clast to matrix ratio averages approximately 7:3 and exhibit typical chlorite + sericite assemblages, share similar textures with the angular breccia, but lack significant mineralization.** |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | |
|:---|:---|
| **Lithology** | **Description** |
| **BI (Igneous breccia)** | **Breccia with consists or xenoliths of country rock and porphyry with a porphyry matrix.** |
| **BC (Crackle breccia)** | **Breccia with only slight rotation of clasts relative to one another, with minimal displacement. The clasts often match along their opposed sides. The matrix consists of comminuted wall rock (rock-flour, <0.1-1mm).** |
| **P50** | **Fine-grained porphyry with euhedral biotite in an aphanitic groundmass. This body is the least common in the deposit and occurs as irregular dykes.less than a few tens of meters wide.** |
| **P40** | **Medium-grained quartz diorite porphyry which covers the greatest extent of the project area. Crowded phenocrysts of plagioclase (35-40%), quartz (5-10%), biotite and hornblende (5-8%). The groundmass is aplitic containing fine quartz and plagioclase.** |
| **P30** | **Coarse-grained porphyry with finer crystalline groundmass with high density of quartz veinlets. The phenocryst to groundmass ratio is approximately 7:3.** |
| **P20** | **A medium-grained diorite porphyritic composed of crowded phenocrysts of plagioclase (~40%), quartz (<5%) and fine-grained biotite (~18%) with hornblende (~5%), apatite (~2%) and rutile (1-2%) replacing primary mafic minerals. The groundmass is fine-grained (<0.3 mm) and consists of microcrystalline quartz and plagioclase.** |
| **P10** | **Quartz diorite porphyry with large phenocrysts (1-2mm) of quartz (~12%), plagioclase (~30%) and biotite (~5%) with minor hornblende, apatite, and zircon. The quartz phenocrysts exhibits undulatory extinction and subtle indications of intracrystalline strain.** |
| **Fine diorite** | **Diorite porphyry of dark to light grey colour with fine-grained groundmass and phenocrysts of plagioclase (35–40%), quartz (<5%), and hornblende (7%).** |
| **Coarse diorite** | **Multiple quartz diorite porphyries are present with different textures. Thy are dark to light grey and medium to coarse grained phenocrysts of plagioclase (35-45%), quartz (5-10%), biotite and hornblende (5-10%).** |
| **Diorite** | **Multiple diorite porphyries are present with different textures. Dark to light grey in colour with medium grained phenocrysts of plagioclase (35-60%), quartz (<5%), hornblende and biotite (<10%).** |
| **Hornblende diorite** | **Diorite porphyry, dark to light grey colour, porphyritic to equigranular texture. Microcrystalline groundmass with hornblende phenocrysts (7–10%).** |
| **Amaga Formation** | **Sandstones, siltstones, and coal seams.** |
| **Arquía Complex** | **The complex includes serpentine schist, metagabbro, garnet-bearing amphibolite, quartz-sericite schist with variable content of quartz segregations, chloritic schist, and ultramafic rocks.** |

---

**Table 7.1. Description of the main lithologies in the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The host rocks are several different phases of diorite and quartz diorite porphyry. The diorite porphyry has phenocrysts of plagioclase and hornblende. The grain size and percentage of phenocrysts varies, and a crowded porphyritic texture is common. The quartz diorite porphyry has phenocrysts of biotite and hornblende that are often replaced by sulphides, and 30% plagioclase, 5-10% quartz eyes with a microcrystalline quartz - K feldspar groundmass. Figures 7.4 to 7.8 show the main reference charts illustrating the textural classifications of the lithologies from Apollo, Trap, Plutus North, Plutus South, and Box.

![](ex99-1_023.jpg)

**Figure 7.4. Core sample photographs of the Apollo porphyries.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 7.5. Core sample photographs of the Trap porphyries.**

![](ex99-1_025.jpg)

**Figure 7.6. Core sample photographs of the Plutus North porphyries.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_026.jpg)

**Figure 7.7. Core sample photographs of the Plutus South porphyries.**

![](ex99-1_027.jpg)

**Figure 7.8. Core sample photographs of the Box porphyries.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Multiple breccias are present within the Guayabales Project. They are classified as hydrothermal breccias and magmatic breccias. The hydrothermal breccias exhibit textural variability ranging from matrix-supported to clast-supported fabrics, with a matrix comprising sericite, carbonates, sulfides, quartz, and rock flour. They display pervasive sericitic alteration affecting both clasts and matrix. The fragments are subangular to subrounded and host abundant sulphides including pyrite, chalcopyrite and pyrrhotite. The Apollo target hosts significant breccia bodies that host high-grade mineralisation. Four breccia facies have been described: 1) crackle breccia, 2) shingle breccia, 3) angular breccia, and 4) fluidized breccia (Figure 7.9 and Table 7.1).

The magmatic breccias consist of clasts or xenoliths of country rock and early porphyries with an igneous matrix (Figure 7.10). These breccias commonly occur along the margins of intrusive bodies.

![](ex99-1_028.jpg)

**Figure 7.9. Core sample photographs of the breccia facies present at the Guayabales property. A) Monomict crackle breccia with green chlorite filling fractures and open spaces. B) Shingle breccia. C) Sulphide-bearing angular breccia, with cement of ore minerals and gangue. D) Fluidised breccia.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 7.10. Core sample photography of magmatic breccias at the Guayabales project.**

7.3.2 Alteration

Potassic, propylitic, chlorite-sericite, sericitic and intermediate argillic alteration are present in the project with different level of intensity and style. The potassic alteration is characterized by replacement of the mafic minerals by secondary biotite, magnetite and sometimes epidote. These minerals are also associated with quartz veins, and secondary biotite has been identified in vein halos. Chlorite-epidote alteration is mainly characterized by overprinting mafic minerals located on the outer zones of the potassic alteration. Strong intermediate argillic alteration is related to the late-stage high grade polymetallic veins and can affect all lithologies. It is the main alteration at Apollo North and Plutus North.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7.3.2.1 Secondary biotite

Secondary biotite alteration occurs mainly in diorites, quartz diorites and schists. It is pervasive in schists. In porphyries it replaces primary mafic minerals. P30, P20 and P10 quartz diorites display greater intensity of secondary biotite in the groundmass. The quartz diorite has weak alteration to secondary biotite with magnetite ad K feldspar. The potassic alteration in the Apollo target is dominated by secondary biotite.

![](ex99-1_030.jpg)

**Figure 7.11. Secondary biotite alteration in porphyries and brecciated porphyries replacing mafic minerals and in groundmass. Chlorite-sericite alteration overprinting the secondary biotite alteration can be observed in all photographs.**

7.3.2.2 Chlorite-sericite

The main alteration in the Apollo target is chlorite-sericite which replaces secondary biotite alteration. The greatest intensity of this alteration is in the breccia rock flour (BAM, BA, BC, BF), and it is present in both mineralized and non-mineralized zones.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_031.jpg)

**Figure 7.12. Chlorite-sericite hydrothermal alteration examples present across the Guayabales property. Chlorite-sericite present in porphyries and brecciated porphyries.**

7.3.2.3 Chlorite-epidote

Chlorite-epidote alteration is present in the Apollo target. Chlorite replaces mafic phenocrysts and epidote replaces plagioclase. This alteration is present in the P60 late porphyry at the Apollo target. The chlorite-epidote hydrothermal alteration can be sometimes associated with magnetite and calcite.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_032.jpg)

**Figure 7.13. Chlorite-epidote hydrothermal alteration examples present in the Apollo target.**

7.3.2.4 Sericite

Sericite displays different levels of intensity, occurring more strongly in fault zones and near polymetallic mineralization, associated with structures.

![](ex99-1_033.jpg)

**Figure 7.14. Left: Strong sericite alteration in quartz diorite. Right: Strong sericite alteration with sulphides hosted in angular breccia.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7.3.2.5 Chlorite

Chlorite alteration is mostly found with sericite alteration in the zone of mineralization. Chlorite is associated with mafic minerals and carbonates, and it is most intense in the matrix and surrounding clasts in mineralized and non-mineralized breccias.

![](ex99-1_034.jpg)

**Figure 7.15. Left: Chlorite alteration in clasts and matrix of angular breccia. Right: Chlorite alteration surrounding clasts in angular breccia.**

7.3.3 Mineralization

Four styles of primary or hypogene mineralization occur in the project: porphyry, breccias, polymetallic veins and reduced intrusion-related gold mineralization (RIRGS), as well as supergene oxide mineralisation.

7.3.3.1 Porphyry-type mineralization

Porphyry-style Cu-Mo-Au mineralization is characterized by high densities of quartz veinlets, comprising 5% to 20% of the rock volume, with associated magnetite and trace amounts of sulphides including pyrite, molybdenite, and chalcopyrite. These minerals occur within suture and cross-cutting quartz veinlets of A, AB, B, and M types. At Apollo, porphyry Cu-Mo-Au mineralisation occurs in porphyry P10 prior to brecciation, and also occurs as xenoliths in porphyry P10.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_035.jpg)

**Figure 7.16. Porphyry veinlet types present at the Guayabales property.**

7.3.3.2 Breccias

Breccias vary from matrix-supported to clast-supported, and are cemented primarily by carbonates and sulphides, with the matrix primarily composed of rock flour. They have strong chlorite-sericite alteration of both clasts and matrix, as well as having subangular to sub-rounded clasts with high vein densities of quartz + magnetite or of K-feldspar + magnetite. The main sulphides are pyrite, chalcopyrite and pyrrhotite at deeper levels. They show strong oxidation to hematite, goethite and jarosite on surface and have anomalous Au, Ag, Cu, W and Mo values. The Apollo target has important breccias.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_036.jpg)

**Figure 7.17. Breccia types at the Apollo target. Different sulphide cement types present as chalcopyrite, pyrrhotite, pyrite, sphalerite, galena, scheelite, carbonates and quartz. Rock flour altered to chlorite and sericite.**

7.3.3.3 Polymetallic Veins

Polymetallic carbonate-base metal (CBM) veins are associated with late-stage structures, including shear zones, and comprise Fe-sphalerite, galena, pyrite, and carbonates within a sericite-altered halo. These veins are strongly controlled by a structural regime dominated by NW- and EW-trending. Individual veins range in width from 0.5 m to 5 m, locally forming significant mineralized zones.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 7.18. Representative images of the Carbonate Base Metal veins type of mineralization at the Guayabales property. CBM veins sulphide content is dominated by Fe-rich sphalerite (Marmatite) and galena. Sulfosalts are also present in this late-stage mineralization.**

The Apollo target has important CBM-type mineralization. High-grade Subzones are structurally controlled zones of this mineralization that occur both within and outside of breccia bodies. The Subzones are localized at the intersection of northwestern (NW) and east-west trending (EW) veins, both along strike and down dip. They contain Au, pyrite, galena, sphalerite and carbonate.

7.3.3.4 Ramp Zone Mineralisation

The Ramp Zone at Apollo is a deep, high-grade, Au-Ag zone intersected at a depth of 1,00 m and drilled to a depth of 1,200 m as of the effective date of this report, and was extended to 1,350 m by the signature date of this report. The zone is characterized by Au-Ag-Bi-Te mineralization in sulphide-rich veins, as well as in hydrothermally altered breccias and crackled porphyries. Structurally, the zone is controlled by northwestern (NW) and eastern (EW) trending faults and enhanced by breccia permeability. The alteration is biotite and chlorite-sericite.

The mineralogy is pyrrhotite, minor arsenopyrite, pyrite, chalcopyrite, and galena with electrum, minor native gold, Bi-Ag-(Pb-Sb) sulphosalts, Ag tellurides, and argentite (AgS). The reported Bi-Ag-(Pb-Sb) sulphosalts are ourayite (Ag₃Pb₄Bi₅S₁₃), matildite (AgBiS₂), owyheeite (Pb₇Ag₂(Sb,Bi)₈S₂₀), benleonardite (Ag₈(Sb,As)Te₂S₃) and sternbergite (AgFe₂S₃). In one sample overprinted by CBM, the Ag-Sb sulphosalts freibergite (Ag₆(Cu₄Fe₂)Sb₄S₁₂) and stephanite (Ag₅SbS₄) are present. The reported tellurides are hessite (Ag₂Te) and cervelleite (Ag₃TeS).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_038.jpg)

**Figure 7.19. Representative images of the Ramp zone mineralization.**

7.3.3.5 Supergene Oxide Zone

The Apollo deposit is capped by a supergene oxide zone about 30 m thick. It is characterised by saprolite (clay and goethite with no relict rock texture) underlain by saprock (clay and goethite alteration with the rock texture visible) and then by a mixed or transitional oxide-sulphide zone. The mineralisation is mainly Fe and Mn oxides. Gold and Ag grades are similar to those in the primary zone with no enrichment. Copper is depleted due to leaching; there is minor supergene chalcocite in the top of the primary sulphide zone but there is no significant supergene Cu enrichment zone.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7.4 Significant Mineralized Zones

7.4.1 Targets

Collective Mining has identified 12 targets at the Guayabales Project that are shown on Figure 7.3 and summarised in Table 7.2. The majority of the drilling to date has focused on the Apollo target (69.0% of drilled meters, see Section 10.2.1) and the Trap target (13.5%) which are described below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Former Names** | &nbsp;&nbsp;**Area (m)** | &nbsp;&nbsp;**Geology** | &nbsp;&nbsp;**Alteration** | &nbsp;&nbsp;**Mineralisation** | &nbsp;&nbsp;**Geochemistry (soil, rock)** | &nbsp;&nbsp;**Style** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;Olympus (ex La Llorona) | &nbsp;&nbsp;1000 x 800 | &nbsp;&nbsp;Hydrothermal breccias, Dio and Qdio porphyry, schist | &nbsp;&nbsp;Chl-Ser,<br> Bt, Argillic | &nbsp;&nbsp;Cpy-Po-Py-<br> Mo-Sch-Sph-<br> Gn-Sulfosalts | &nbsp;&nbsp;Cu-Bi-W-As-Au-Sn-Ag | &nbsp;&nbsp;Breccia - CBM |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;Victory Central | &nbsp;&nbsp;2000 x 1000 | &nbsp;&nbsp;Qdio porphyry, Schist | &nbsp;&nbsp;Ser, Chl-<br> Epi, Bt | &nbsp;&nbsp;Py-Mt-Cc-Mo-<br> Sph-Gn-<br> Sulfosalts | &nbsp;&nbsp;Ag-Au-Cu-Mo | &nbsp;&nbsp;Porphyry - CBM |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;Donut | &nbsp;&nbsp;600 x 400 | &nbsp;&nbsp;Qdio porphyry, Dio porphyry, breccias | &nbsp;&nbsp;Ser, Chl-<br> Epi, Bt, Kps | &nbsp;&nbsp;Py-Mt-Cpy-<br> Mo-Gn-Sph-<br> Sulfosalts | &nbsp;&nbsp;Cu-Mo-Au-Bi-W | &nbsp;&nbsp;Breccia - Porphyry - CBM |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Plutus South |  | &nbsp;&nbsp;1000 x 750 | &nbsp;&nbsp;Qdio porphyry, schist | &nbsp;&nbsp;Bt, Chl-<br> Ser | &nbsp;&nbsp;Qz-Mt-Cpy-Py | &nbsp;&nbsp;Cu-Mo-Bi-Sn | &nbsp;&nbsp;Porphyry |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;ME | &nbsp;&nbsp;Guayabales and Encanto | &nbsp;&nbsp;800 x 600 | &nbsp;&nbsp;Schist, Qdio – Dio porphyries, breccias | &nbsp;&nbsp;Chl, Ser,<br> Bt | &nbsp;&nbsp;Cb-Sph-Gn-Py-<br> Sulfosalts | &nbsp;&nbsp;Au-Ag-Te-Mo-Bi | &nbsp;&nbsp;CBM, Breccia |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;X |  | &nbsp;&nbsp;500 x 400 | &nbsp;&nbsp;Schist, siltstone, Dio porphyry, breccia | &nbsp;&nbsp;Ser, Clays | &nbsp;&nbsp;Py-Sph-Gn | &nbsp;&nbsp;As-Au-Bi-Cu-Mo-Sn-W | &nbsp;&nbsp;CBM, Breccia |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Box |  | &nbsp;&nbsp;1300 x 800 | &nbsp;&nbsp;Dio and Qdio Porphyry, mudstone, schist | &nbsp;&nbsp;Bt, Chl-<br> Ser, Epi | &nbsp;&nbsp;Py-Cpy-Gn-Sph | &nbsp;&nbsp;Ag-Au-As-Bi-Sn | &nbsp;&nbsp;Porphyry, breccia, CBM |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Victory |  | &nbsp;&nbsp;700 x 700 | &nbsp;&nbsp;Qdio and Dio porphyry | &nbsp;&nbsp;Ser, Ep,<br> Clays, Bt | &nbsp;&nbsp;Qz-Mt-Mo | &nbsp;&nbsp;Au-Cu-Mo-As | &nbsp;&nbsp;Porphyry |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Baco |  | &nbsp;&nbsp;400 x 400 | &nbsp;&nbsp;Qdio and Dio porphyry, schist | &nbsp;&nbsp;Ser | &nbsp;&nbsp;Py-Sph-Gn | &nbsp;&nbsp;Au-Bi-Sn-Te | &nbsp;&nbsp;Porphyry, CBM |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Crono |  | &nbsp;&nbsp;450 x 300 | &nbsp;&nbsp;Qdio porphyry | &nbsp;&nbsp;Ser | &nbsp;&nbsp;Py-Cpy-Mo-Sph | &nbsp;&nbsp;Au-Te-Bi-Sn | &nbsp;&nbsp;Porphyry |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Tower |  | &nbsp;&nbsp;800 x 400 | &nbsp;&nbsp;Schist, Dio porphyry, breccia | &nbsp;&nbsp;Ser, clays | &nbsp;&nbsp;Py-Sph-Gn | &nbsp;&nbsp;Au-W-Bi-Cu-Te-Sn | &nbsp;&nbsp;Porphyry, breccia, CBM |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Knife |  | &nbsp;&nbsp;800 x 600 | &nbsp;&nbsp;Qdio and Dio porphyry, siltstone | &nbsp;&nbsp;Ser, clays | &nbsp;&nbsp;Py-Sph-Gn-<br> Cpy-Mo | &nbsp;&nbsp;Au-Ag-Sn-Bi-As-W | &nbsp;&nbsp;CBM, Porphyry |
| &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. | &nbsp;&nbsp;Abbreviations= Dio= Diorite, Qdio= Quartz diorite, Chl = chlorite, Cb = Carbonate, Bt = Secondary biotite, Qz = Quartz, Po = Pyrrhotite, Py = Pyrite, Cpy = Chalcopyrite, Sph = Sphalerite, Gn = Galena, Sch = Scheelite, Mo= Molybdenite, Mt= Magnetite, Cc= Chalcocite, Kps= K feldspar. |

---

**Table 7.2. Summary of the geology of the targets identified in the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

7.4.2 Apollo Target

The Apollo target has Au, Ag, Cu and WO<sub>3</sub> mineralisation associated with a partially reduced intrusion related system with breccias and late carbonate-base metal veins. The geology comprises multiple phases of diorite and quartz diorite porphyry. The system covers an area defined by surface mapping of about 1,000 m by 800 m, which includes the former Olympus target. The target has been drilled to a depth of 1,350 m and remains open in all directions. Mineralisation is hosted mainly in a breccia with an inverted funnel-shape or cone shape with dimensions of 200 m by 100 m on surface and maximum dimensions of 600 m NE by 400 m NW at depth, and has been drilled to a depth of 1,350 m. The northern Apollo target (formerly named Olympus) is characterized by a Au-Ag vein zone that extends for about 350 m in strike.

There are four phases of mineralization in the Apollo target: 1) Stage 0: Porphyry-type Cu-Mo-Au mineralization in porphyry P10 and in xenoliths in P10 with disseminated chalcopyrite, pyrrhotite and pyrite and porphyry veins of quartz-pyrrhotite-chalcopyrite, quartz-molybdenite, and magnetite-quartz-chalcopyrite; 2) Stage 1: Breccia-hosted sulphide mineralisation of pyrite-chalcopyrite replacing pyrrhotite with high grade Au and Ag, including argentite and native silver, associated with high grade Cu, with quartz gangue; this has scheelite in the top 150 m and chalcopyrite to 500-600 m depth; and pyrrhotite at depth replaced upwards by pyrite-chalcopyrite 3) crackle breccias at 1,000 m to >1,350 m depth with sulphide-rich Au-Ag-Bi-Te, and 4) Stage 2: late-stage CBM veins with coarse native Au, black Fe-sphalerite ("marmatite"), galena, pyrite, Ag±Cu±Pb-Sb sulphosalts (freibergite, stephanite, tetrahedrite, boulangerite, and bournonite) with a gangue of ankerite, siderite, and quartz.

There are quartz diorite porphyry clasts with quartz veinlets in the breccias which host the stage 0 mineralization indicating undiscovered older porphyry-style mineralisation. Small bodies of the Arquía Complex basement rocks comprising graphite and sericite schists, ultramafic rocks and basalts form roof pendants and outcrop to the west and southwest.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The final intrusive event is a diorite porphyry that forms a NW-trending dyke that cross-cuts the mineralized breccia. It is matrix-rich with large plagioclase phenocrysts (P60). It has epidote-albite alteration but no sulphides and is post-mineral in relative age. The dyke cross-cuts the Marmato and Aguas Claras deposits also, where it is called P3, and has a known length of about 6 km.

The dominant alteration is chlorite-sericite which overprints secondary biotite alteration. There is strong intermediate argillic alteration (illite-sericite with kaolinite at shallow levels) when carbonate base metal veins and faulted rocks are present.

Two additional high-grade Au-Ag zones have been recognised by recent drilling. The high-grade Subzones represent structurally controlled zones of CBM mineralisation that are localized at the intersection of steeply dipping northwestern (NW) and eastern (EW) trending veins, both along strike and down-dip, which display a low-dipping angle. These zones are found within and outside the main breccia body. These Subzones are composed of Au, pyrite, galena, sphalerite and carbonate. High-grade Subzone One currently measures 180 m of strike by more than 70 m width and over 70 m vertically. Multiple High-grade Subzones are potentially present across the Apollo system where these structural intersections occur.

The Ramp Zone corresponds to a reduced intrusion-related Au-Ag-Bi-Te mineralisation measuring 75 m of strike by up to 480 m width by 150 m vertically. The style of mineralisation is sulphide-rich veins, breccias and crackled porphyries. Structurally, the zone is controlled by NW and EW structural trends and it is also enhanced by breccia permeability.

The mineralisation is zoned vertically and comprises: 1) an upper zone of Au-Ag-Cu-WO<sub>3</sub> to 150 m depth; 2) Au-Ag-Cu to 500-600 m depth; 3) Au-Ag to 1,000 m depth; and 4) Au-Ag-Bi-Te from 1,000 m depth to >1,350 m depth.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_039.jpg)

**Figure 7.20. A geological map of the Apollo target showing the Collective Mining drill hole traces and seven newly discovered breccia bodies around the main breccia body.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

A model for the Apollo Porphyry System is shown in Figure 7.21 and typical core photos of lithology, alteration and mineralization for each stage are shown in Figure 7.22.

![](ex99-1_040.jpg)

**Figure 7.21. Schematic cross section of the Apollo Porphyry System showing the relationship between surrounding porphyries, intermineral breccias and late veins.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 7.22. Apollo Porphyry System model with stages of mineralisation.**

7.4.3 Trap Target

The Trap target is a NNW-trending structural corridor in quartz diorite porphyry with porphyry Au-Ag-Cu-Mo mineralisation associated with potassic (biotite-magnetite) and chlorite-sericite alteration with magnetite, chalcopyrite, disseminated chalcocite and quartz veins. This is overprinted by late-stage NW-SE and EW trending carbonate base metal polymetallic veins with Au, Ag, Cu, Pb and Zn associated with intense sericite-pyrite alteration. The veins extend for >1,000 m NW.

The geology consists of diorite and quartz diorite porphyry stocks and graphite schists of the Arquía Complex. There are multiple phases of fracturing with older, NS structures displaced by NW-WNW trending structural corridors and finally, by late E-W structures. This major NW trending structural corridor is interpreted to be the NW extension of the Echandia-Marmato mineralised corridor.

In the El Pital sector there is a mixture of the two types of mineralisation, quartz diorite with secondary biotite, magnetite veins, chalcocite and disseminated chalcopyrite, as well as the NW-trending Trap Fault with a high content of sphalerite, galena, carbonates, malachite and strong sericite alteration. The diorite body is located several hundred meters north of the El Pital sector, and has weak secondary biotite, disseminated magnetite and weak chlorite-epidote. In the San Francisco creek, porphyry-type mineralization occurs with secondary biotite, epidote, disseminated and stringer chalcopyrite, and locally quartz veins with molybdenite suture.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_042.jpg)

**Figure 7.23. Geological map of the Trap target showing the Collective Mining drill hole traces.**

7.4.4 Other Targets

The geology of the other targets is shown on Figure 7.3 and is summarized in Table 7.2.

7.4.5 Conclusions

Twelve drill targets have been defined at the Guayabales Project by Collective Mining for porphyry, reduced intrusion related, breccia and CBM veins for Au, Ag, Cu, Pb, Zn, Mo and WO<sub>3</sub> mineralization based on geological mapping, surface rock and soil geochemistry, shallow mine geochemistry, geophysics and limited historical drilling. Ten of the targets have been tested by drilling, which resulted in the discovery of significant mineral systems at the Apollo and Trap targets which have been the focus of drilling. However, the targets are at too early an exploration stage at present to be able to quantify the length, width, depth and continuity of mineralization.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

8 DEPOSIT TYPES

8.1 Guayabales Porphyry-Breccia-Vein System

Mineralisation at the Guayabales Project comprises 12 known targets for Au-Ag with Cu, Mo, WO<sub>3</sub>, Pb and Zn that are hosted by multiple porphyry stocks and wall rock of Arquia Group schists, Amaga Formation siliciclastic sedimentary rocks and Combia Formation volcanic and sedimentary rocks. The deposit types are porphyry Au-Ag-Cu±Mo, reduced intrusion-related Au, intermineral breccias with Au-Ag±Cu, and structurally-controlled, Au-Ag-bearing carbonate-base metal (Zn-Pb-Cu) veins (CBM).

The Apollo Au-Ag-Cu-WO<sub>3</sub> deposit has been explored in the most detail. Apollo is a hydrothermal breccia formed in a subvolcanic porphyry environment with zonation of both alteration and mineralisation. Multistage mineralisation includes early porphyry, various periods of sulphide infill within a hydrothermal breccia matrix and multiple overprinting, late stage, sulphosalts and carbonate base metal (CBM) veins. The characteristic features of Apollo include:

● Early pre-breccia porphyry system shown by quartz veinlets in porphyry clasts in breccia;

● The downward flaring or cone shaped geometry of the breccia, which differs from normal funnel-shaped breccias and may indicate formation at depth;

● A strong correlation between Cu and Ag with a low Cu/Ag ratio in the upper part of the breccia which is not a typical porphyry fluid;

● The presence of WO<sub>3</sub> as scheelite and, moreover, at shallow depth of up to 150 m in contrast to its normal occurrence at depth in hydrothermal deposits, which is attributed here to the presence of roof pendants of graphitic schist causing reduction of the fluid and deposition of scheelite;

● Upward transition of deep pyrrhotite to replacement by pyrite and chalcopyrite interpreted as a change from a reduced to a more oxidizing fluid chemistry;

● High grade Au-Ag-Bi-Te sulphide-rich zone in crackle breccia at 1,000->1,350 m depth, indicating a reduced fluid which is similar to and occurs at the same elevation as the top of the Marmato Deeps Zone located 1.75 km SE (Figure 8.1);

● Late stage, high Au-Ag grade epithermal, Ag and Pb sulphosalt-bearing, carbonate-base metal veins which are notable for their great vertical extent of >1,350 m, and indicate a change in fluid chemistry from an early, reduced, low sulphidation fluid to a late, low temperature, oxidized, intermediate to high sulphidation fluid.

The characteristics of the Apollo deposit are more characteristic of a reduced intrusion-related gold system (RIRGS) rather than a porphyry system. The system varied between reduced (upper Au-Ag-Cu-WO3 zone, deep pyrrhotite with Au-Ag, deep Au-Ag-Bi-Te zone) and oxidized (pre-breccia porphyry, upper breccia fill of Au-Ag-Cu, CBM veins).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Apollo, Marmato and Aguas Claras occur within a 3.5 km northwest trending corridor which hosts multiple calc-alkalic porphyry stocks, dike swarms, and multiple NW and EW trending carbonate base metal veins (Figure 8.1). The three deposits have the same age.

Radiometric dating of the Apollo porphyries by LA-ICP-MS U–Pb zircon shows that magmatic activity occurred from 6.75 ± 0.091 Ma to 6.39 ± 0.087 Ma, while Re–Os molybdenite dating indicates that the principal phase of bulk-tonnage mineralisation occurred at 6.82 ± 0.028 Ma (Reading et al., 2025). The ages of magmatism and mineralisation ages are the same and indicate a direct genetic link between porphyry intrusion and ore formation at Apollo.

Significantly, the ages are similar to Marmato where the porphyry intrusions have been dated at 6.576 ± 0.075 Ma to 5.75 ± 0.11 Ma by LA-ICP-MS U-Pb on zircon and mineralisation was dated by <sup>40</sup>Ar/<sup>39</sup>Ar analyses of adularia between 6.95 ± 0.02 Ma and 5.96 ± 0.02 Ma (Santacruz et al., 2021). Marmato is described as a hybrid reduced intrusion-related/porphyry gold deposit (Santacruz et al., 2021).

The Aguas Claras porphyry gold deposit, located 1.75 km SE of Marmato, is an oxidized, Maricunga-type porphyry gold deposit related to quartz veinlets with magnetite, pyrite and minor chalcopyrite hosted by quartz diorite to granodiorite porphyry stocks dated at 6.55 ± 0.15 Ma to 5.74 ± 0.14 Ma by LA-ICP-MS U-Pb zircon, and by Combia Formation basalt (Santacruz et al., 2021).

![](ex99-1_043.jpg)

**Figure 8.1. Cartoon NW-SE long section along the Marmato trend showing an interpretation of the possible relationship between the Apollo System and Marmato Deeps Zone (Collective Mining).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

8.2 Reduced Intrusion-Related Gold Systems (RIRGS)

Many features of the Apollo deposit are typical of reduced intrusion related gold systems (RIRGS) such as those of the Tintina belt (Alaska-Yukon) and Kori Kollo (Bolivia) as described by Thompson et al. (1999), Baker et al. (2005) and Hart (2007) (Figure 8.2 to Figure 8.5). Conditions at the Apollo system fluctuated between oxidised porphyry, oxidised epithermal and RIRGS.

The characteristics of RIRGS deposits are (Hart, 2007):

● Sheeted Au-bearing quartz veins in the brittle roof zone of small plutons or stocks;

● Au-Bi-Te-W metal assemblage;

● Skarn, replacement, veins in wall rock surrounding the pluton;

● Zoned from proximal Au-W-As to distal Ag-Pb-Zn;

● Typically associated with metaluminous, moderately reduced, moderately fractionated, biotite>hornblende>pyroxene quartz monzonites that have mixed with volatile-rich lamprophyric melts;

● Magmas are ilmenite-series due to a reduced primary oxidation state;

● Sulphides are characterised by pyrrhotite due to the reduced state.

● Form at 5-7 km depth.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_044.jpg)

**Figure 8.2. Cartoon showing the different styles of Au-Bi-W and Sn-W deposits (Baker et al., 2005).**

![](ex99-1_045.jpg)

**Figure 8.3. Plan model of RIRGS Au deposits from the Tintina Gold Province (Alaska-Yukon) showing geochemical zonation around a central pluton of 0.1-5.0 km diameter and the variety of possible mineralisation styles (Hart, 2007).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_046.jpg)

**Figure 8.4. Cartoon cross section model of a RIRGS system showing a pluton with different styles of Au mineralisation in the cupola and shoulders (Hart, 2007). In the case of Apollo, mineralisation is hosted by a magmatic-hydrothermal breccia cutting the stock.**

**Figure 8.5. Plot showing the variations in metal association as a function of magmatic oxidation state and the lithologic characteristics of the host plutons. Note the distinctive fields of RIRGS Au-W and porphyry Cu-Au (Hart, 2007).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

8.3 Porphyry Cu-Mo-Au Systems

Porphyry systems were reviewed by Sillitoe (2010) and a schematic deposit model is shown in Figure 8.6. Porphyry systems may contain porphyry Cu ± Mo ± Au deposits of various sizes from <10 to 10,000 million tonnes. Typical primary porphyry Cu deposits have average grades of 0.5 to 1.5% Cu, <0.01 to 0.04% Mo, and 0.01 to 1.5 g/t Au. Porphyry Au deposits have grades of 0.9 to 1.5 g/t Au but little Cu (<0.1 %).

The alteration and mineralization in porphyry systems can have a volume of many cubic kilometres of rock and are zoned outward from stocks or dike swarms, which typically comprise several generations of intermediate to felsic porphyry intrusions. Porphyry Cu ± Au ± Mo deposits are centred on the intrusions. High-sulphidation epithermal deposits may occur in lithocaps above porphyry Cu deposits, and are typically massive sulphide lodes in deeper feeder structures and Au-Ag-rich, disseminated deposits in the upper parts. Intermediate sulphidation epithermal veins may develop on the peripheries of the lithocaps. The porphyry systems of the Middle Cauca Gold-Copper Belt are characterised by late stage, high grade Au-Ag-polymetallic carbonate-base metal (CBM) veins with a vertical extent of 1-2 km,

The alteration and mineralization in porphyry Cu deposits is zoned upward from barren, early sodic-calcic alteration through potentially ore-grade potassic, chlorite-sericite, and sericitic alteration, capped by an advanced argillic alteration lithocap up to >1 km in thickness. Low sulphidation-state chalcopyrite ± bornite assemblages are characteristic of potassic zones, whereas higher sulphidation-state sulphides are generated progressively upwards as a result of temperature decline and the accompanying greater degrees of hydrolytic alteration, culminating in pyrite ± enargite ± covellite in the shallow parts of the lithocaps. The porphyry Cu mineralization occurs in a distinctive sequence of quartz-bearing veinlets as well as in disseminated form in the altered rock. Magmatic-hydrothermal breccias may form during porphyry intrusion and may have high-grade mineralization because of their high permeability. The Apollo breccia is a large example of a magmatic-hydrothermal breccia. In contrast, most phreatomagmatic breccias, constituting maar-diatreme systems, are poorly mineralized because they usually formed late in the evolution of the porphyry systems.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_048.jpg)

**Figure 8.6 Porphyry system model (Sillitoe, 2010).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9 EXPLORATION

9.1 Historical Exploration

9.1.1 Summary

The historical exploration activities carried out at the Guayabales Project are summarised in Table 9.1.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Survey** | &nbsp;&nbsp;**Contractor** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Zone** |
| &nbsp;&nbsp;2005-2006 | &nbsp;&nbsp;Colombia Gold plc | &nbsp;&nbsp;Rock sampling mines and surface |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;263 | &nbsp;&nbsp;Encanto Zone |
| &nbsp;&nbsp;2006-2009 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Rock sampling mines |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;512 | &nbsp;&nbsp;Encanto Zone |
| &nbsp;&nbsp;2006-2009 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Rock sampling surface |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;212 | &nbsp;&nbsp;Encanto Zone |
| &nbsp;&nbsp;2006-2009 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Rock sampling road cuts |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;163 | &nbsp;&nbsp; New access road<br> LH-0017-17 |
| &nbsp;&nbsp;2006-2009 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Diamond drilling 17 holes | &nbsp;&nbsp;Terramundo | &nbsp;&nbsp;Meters | &nbsp;&nbsp;2079.36 | &nbsp;&nbsp;Encanto Zone |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation (became Tresoro Mining Corp.) | &nbsp;&nbsp;Geological mapping |  | &nbsp;&nbsp;km<sup>2</sup> | &nbsp;&nbsp;2.50 | &nbsp;&nbsp; Whole property<br> LH-0017-17 |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation (became Tresoro Mining Corp.) | &nbsp;&nbsp;Soil sample grid 100 m x 100 m |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;253 | &nbsp;&nbsp; Whole property<br> LH-0017-17 |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation (became Tresoro Mining Corp.) | &nbsp;&nbsp;Rock sampling surface |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;89 | &nbsp;&nbsp; Whole property<br> LH-0017-17 |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation (became Tresoro Mining Corp.) | &nbsp;&nbsp;Rock sampling mines |  | &nbsp;&nbsp;Samples | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;Encanto Zone |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold Corporation (became Tresoro Mining Corp.) | &nbsp;&nbsp;Diamond drilling 11 holes | &nbsp;&nbsp;Logan Drilling | &nbsp;&nbsp;Meters | &nbsp;&nbsp;4067.90 | &nbsp;&nbsp; Encanto and<br> Donut targets |

---

**Table 9.1 Summary of historical exploration carried out at the Guayabales Project.**

9.1.2 Topographical Surveys and Grids

No topographical survey was carried out by the historical operators.

9.1.3 Geological Mapping

Geological mapping of the concession was carried out by Mercer Gold, and of the mine workings by all three companies.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.1.4 Petrography

No petrographic study was carried out.

9.1.5 Soil Geochemistry

Soil sampling was carried out by Mercer Gold on a 100 m by 100 m grid. Plots of soil geochemistry for Au, Ag, Cu and Mo are shown combined with Collective Mining sampling in Figure 9.1 to Figure 9.4 (Section 9.2.5).

The sampling protocol is not known. The QP considers that the sampling method is appropriate for the type of mineralisation sought and that the samples are representative of the mineralisation sought. A potential source of sampling bias is cover of young volcanic ash and displacement of soils by landslides, as described in item 9.2.5.

9.1.6 Rock Geochemistry

Rock channel sampling was carried out in underground mines, outcrops and road cuttings by all three companies. Plots of rock geochemistry for Au, Ag, Cu and Mo are shown combined with Collective Mining sampling in Figure 9.5 to Figure 9.8 (Section 9.2.6).

The sampling protocol is not known. The QP considers that the sampling method is appropriate for the type of mineralisation sought, that the samples are representative of the mineralisation sought, and that there are no sources of potential sampling bias.

9.1.7 Geophysics

No geophysical surveys were carried out historically.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.2 Collective Mining Exploration

9.2.1 Summary

The exploration of the Guayabales Project carried out by Collective Mining is summarised in Table 9.2.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Survey** | &nbsp;&nbsp;**Contractor** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Target** |
| &nbsp;&nbsp;2020-2022 | &nbsp;&nbsp;Database compile historic data |  | &nbsp;&nbsp;samples | &nbsp;&nbsp;1561 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2020-2025 | &nbsp;&nbsp;Historical core relogging |  | &nbsp;&nbsp;meters | &nbsp;&nbsp;5294 | &nbsp;&nbsp;Encanto, Donut |
| &nbsp;&nbsp;2020-2025 | &nbsp;&nbsp;Geological mapping |  | &nbsp;&nbsp;km2 | &nbsp;&nbsp;37.5 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2020-2025 | &nbsp;&nbsp;Rock sampling |  | &nbsp;&nbsp;samples | &nbsp;&nbsp;6783 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2020-2025 | &nbsp;&nbsp;Soil sampling |  | &nbsp;&nbsp;samples | &nbsp;&nbsp;3077 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;LIDAR survey | &nbsp;&nbsp;Lidarus | &nbsp;&nbsp;km2 | &nbsp;&nbsp;76.8 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;Full Waveform Distributed Array Induced Polarization survey (AGDAS) | &nbsp;&nbsp;Arce Geofísicos Ltd | &nbsp;&nbsp;km2 | &nbsp;&nbsp;3.37939 | &nbsp;&nbsp;Olympus and Box |
| &nbsp;&nbsp;2020-2021 | &nbsp;&nbsp;Heli-magnetic and radiometric survey | &nbsp;&nbsp;MPX Geophysics Ltd & Arce Geophysics Ltd | &nbsp;&nbsp;Line km | &nbsp;&nbsp;775.9 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;Heli-magnetic and radiometric survey Reprocessing | &nbsp;&nbsp;Condor North Consulting | &nbsp;&nbsp;line km | &nbsp;&nbsp;775.9 | &nbsp;&nbsp;Whole property |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;IP survey Reprocessing | &nbsp;&nbsp;Condor North Consulting | &nbsp;&nbsp;km2 | &nbsp;&nbsp;3.37939 | &nbsp;&nbsp;Olympus and Box |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;IP Reprocessing - Joint inversion model of the three blocks of the DCIP Survey conducted by Arce Geofísicos | &nbsp;&nbsp;Condor North Consulting | &nbsp;&nbsp;Km2 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;Box-Olympus |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;IP Reprocessing- Constrained 3D resistivity inversion using the 2021 DCIP data collected over the Box target area, in combination with the 3D geology model | &nbsp;&nbsp;Condor North Consulting | &nbsp;&nbsp;m2 | &nbsp;&nbsp;975 | &nbsp;&nbsp;Box |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;Gravity survey | &nbsp;&nbsp;Arce Geofísicos | &nbsp;&nbsp;Ha | &nbsp;&nbsp;220 | &nbsp;&nbsp;Apollo, ME, Plutus |

---

**Table 9.2. Summary of exploration carried out by Collective Mining at the Guayabales Project in 2020-2025.**

9.2.2 Topographical Surveys and Grids

Collective Mining carried out a LIDAR survey of the concessions and surrounding areas in 2021 to create a digital terrain model (DTM), a digital surface model (DSM) and a topographic map with 1 m contours.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.2.3 Geological Mapping

Collective Mining carried out geological mapping of the concessions and targets since 2020-2025, which is ongoing, as well as reviewing and compiling historical mapping. The results are described in Section 7.3 and the targets in Section 9.3.

9.2.4 Petrography

Collective Mining has carried out petrography of 58 samples from drill core (Table 9.2).

9.2.5 Soil Geochemistry

Collective Mining has collected 3,077 soil samples. Soil samples were generally taken on ridges and spurs, and in some places on a grid of 100 m by 100 m. The company has a written protocol for soil sampling. Samples are taken at the C soil horizon at a depth between 1.5-3.5 m using a manually operated auger. The sample is collected on a plastic sheet and then placed in a sample bag that is numbered and sealed. The geologist completes a sample description card with the location, soil profile description, weathering intensity, colour, oxides and other information. This is entered into the exploration database. The protocol and chain of custody for transport and analysis of rock and soil samples is summarised in Table 9.3. The results for Au, Cu, Ag and Mo are shown in maps in Figure 9.1 to Figure 9.4.

The QP considers that the sampling method is appropriate for the type of mineralisation sought. The grid samples are often not effective due to young volcanic ash cover and landslides. The ash has been washed away on the ridges and so the ridge and spur samples are more effective, do not have this sampling bias, and are representative of the mineralisation sought.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_049.jpg)

**Figure 9.1. Guayabales Project, Collective Mining and historical soil geochemistry for gold.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_050.jpg)

**Figure 9.2. Guayabales Project, Collective Mining and historical soil geochemistry for copper.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_051.jpg)

**Figure 9.3. Guayabales Project, Collective Mining and historical soil geochemistry for silver.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_052.jpg)

**Figure 9.4. Guayabales Project, Collective Mining and historical soil geochemistry for molybdenum.**

9.2.6 Rock Geochemistry

Collective Mining has taken 6,783 surface and underground rock samples as of the effective date of this report. The types of samples taken were chip channel samples in areas of good exposure and rock chip samples in areas with non-continuous exposure. The company has a written protocol for taking rock samples. The chip channel samples are marked with paint in lengths of 2.00 m and a continuous sample is taken using a hammer and chisel. The broken rock is collected on a plastic sheet and then placed in a sample bag that is numbered and sealed. Rock chip samples are taken in a similar manner but by taking a rock chip every approximately 10 cm, rather than a continuous channel. A sample description card is completed in the field for each sample with the location and description. The protocol and chain of custody for transport and analysis of rock and soil samples is summarised in Table 9.3. The results for Au, Cu, Ag and Mo are shown in maps in Figure 9.1Figure 9.5 to Figure 9.8.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The QP considers that the sampling method is appropriate for the type of mineralisation sought, that the samples are representative of the mineralisation sought, are adequate for the purpose intended which is to define the extent of mineralisation on surface and to identify drill targets, and are not considered to have any potential sources of sampling bias.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Step** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Person(s)** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Field | &nbsp;&nbsp;Technician, geologist | &nbsp;&nbsp;Sample collection according to protocol of stream sediment (none taken), soil, rock or underground mine samples. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Transport to field camp and to core logging facility, Supia | &nbsp;&nbsp;Company pickup truck and driver |  |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Core logging facility | &nbsp;&nbsp;Facility manager | &nbsp;&nbsp;Temporary secure storage. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Core logging facility | &nbsp;&nbsp;Geologist, technician | &nbsp;&nbsp;Insert QAQC samples. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Core logging facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Samples packed in sacks and labelled. Lab order form prepared. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Transport to lab, Medellin | &nbsp;&nbsp;Company pickup truck and driver | &nbsp;&nbsp;Sample batches sent to lab three times per week. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Laboratory Medellin | &nbsp;&nbsp;Laboratory personnel | &nbsp;&nbsp;Receive samples. Sample preparation. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Laboratory Callao | &nbsp;&nbsp;Laboratory personnel | &nbsp;&nbsp;Sample pulps shipped by courier, assayed at Callao Lab. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Sample storage rooms at camp | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Sample coarse rejects and pulps returned by lab, checked, noted in database, secure storage. |

---

**Table 9.3. Protocol and chain of custody for soil and rock samples.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.5. Guayabales Project, Collective Mining and historical rock geochemistry for gold.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_054.jpg)

**Figure 9.6. Guayabales Project, Collective Mining and historical rock geochemistry for copper.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.7. Guayabales Project, Collective Mining and historical rock geochemistry for silver.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_056.jpg)

**Figure 9.8. Guayabales Project, Collective Mining and historical rock geochemistry for molybdenum.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.2.7 Geophysics

Collective Mining carried out a helicopter-borne magnetic and radiometric geophysical survey in December 2020 over an area of about 9 km E-W by 8 km N-S centred on the mining titles. Data was collected on 775.9 line-km on N-S flight lines with a line spacing of 100 m and nominal mean terrain clearance of 80 m, with E-W tie lines. The survey was flown by MPX Geophysics Ltd (MPX, 2020). The data was processed by Arce Geophysics (Arce, 2021) and reprocessed by Condor Consulting.

In 2021, Arce Geofísicos Ltd. carried out a Full Waveform Distributed Array Induced Polarization (IP) survey (AGDAS) at Apollo, Box, and Victory targets, covering an area of interest of 3.38 km² across three blocks. However, the effectiveness of this survey was limited due to high chargeability responses from graphite schists and sulphides.

During 2024, Condor North Consulting generated a joint inversion model of the three blocks using the 2021 data, with the objective of developing a more consistent model to serve as a baseline for comparison with upcoming ZTEM and VTEM surveys. Later in 2024, Collective Mining attempted to conduct ZTEM and VTEM surveys with Geotech Ltd. over the Guayabales project, covering approximately 70 km², but the survey failed due to high noise from powerlines. Additionally, Condor North Consulting compared inversion modelling results from 3D DC resistivity and induced polarization (DCIP) data for the Guayabales project with geological cross-sections provided by Collective Mining. Smooth resistivity and chargeability inversion models were created using the 2021 DCIP data collected over the three blocks, and the depth of investigation for both models was determined.

In 2025, Condor North Consulting performed a constrained 3D resistivity inversion using the 2021 DCIP data collected over the Box target area, combined with a 3D geology model provided by Collective Mining. The geology model was converted into a voxel model, and rock units were assigned conductivity values based on average petrophysical data (a voxel model is a three-dimensional, regularly gridded representation of the subsurface composed of individual volumetric cells ("voxels"). Each voxel is assigned one variable such as density, magnetic susceptibility, or resistivity).

Later in 2025, Arce Geofísicos conducted a gravity survey at the Guayabales project. The survey consisted of 372 stations arranged on a 50 m by 100 m grid (Figure 9.11). The same base station used during the first stage was employed for drift correction. Two Scintrex CG-6 gravity meters were used to carry out the measurements. An additional 372 stations were acquired during this second stage, resulting in a total of 414 stations. The gravity survey was completed with 372 stations at 50 m intervals along previously defined lines. A minimum of 5 repeated readings were taken at each station. The CG6 gravimeter is capable of measuring resolutions in the order of 0.1 microGals.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_057.jpg)

**Figure 9.9. Guayabales Project joint version of IP chargeability at 100 m depth reprocessed by Condor North Consulting.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.10. Guayabales Project joint version of IP resistivity at 100 m depth reprocessed by Condor North Consulting.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.11. Density map (g/cc) of the Apollo target at 200m depth processed by Arce Geofisicos.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.3 Significant Results and Interpretation to Generate Drill Targets

9.3.1 Drill Targets

Exploration carried out by Collective Mining has identified 12 targets to date which are summarized in Table 7.2 and are shown in Figure 7.3. Geochemical maps are shown for the Apollo and Trap targets where the majority of drilling was carried out.

9.3.2 Apollo Target

Plans of the geochemistry of Au, Cu, Ag, Mo and W in rocks and soils that were used to define drill targets at Apollo are shown in Figure 9.12 to Figure 9.16, together with the later drill core results. Geochemistry and mapping identified a breccia as a drill target.

![](ex99-1_060.jpg)

**Figure 9.12. Apollo target geology and geochemistry for gold (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.13. Apollo target geology and geochemistry for copper (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_062.jpg)

**Figure 9.14. Apollo target geology and geochemistry for silver (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_063.jpg)

**Figure 9.15. Apollo target geology and geochemistry for molybdenum (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_064.jpg)

**Figure 9.16. Apollo target geology and geochemistry for tungsten (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.3.3 Trap Target

Plans of the geochemistry of Au, Cu, Ag and Mo in rocks and soils that were used to define drill targets at the Trap target are shown in Figure 9.17 to Figure 9.20, together with the later drill core results.

![](ex99-1_065.jpg)

**Figure 9.17. Trap target geology and geochemistry for gold (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.18. Trap target geology and geochemistry for copper (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 9.19. Trap target geology and geochemistry for silver (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_068.jpg)

**Figure 9.20. Trap target geology and geochemistry for molybdenum (soil, rock, drill core).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

9.4 Comments on Section 9

Soil and rock geochemistry has defined multiple drill targets at Guayabales. The Collective Mining sampling was carried out using standard industry procedures and the samples are considered to be representative for the purpose of planning future exploration. Rock geochemistry was the most effective means of identifying targets. Care has to be exercised in soil geochemistry due to young volcanic ash cover which masks the underlying bedrock geochemistry, thus grid surveys are not effective, and ridge and spur samples were found to be effective. The IP survey was not very effective due to the presence of graphite schists.

Collective Mining also reconstructed the database of historical sampling based on laboratory certificates and inherited databases. The historical sampling protocols are not known but the sampling is believed to have been done using standard industry procedures. The sample results are considered to be adequate for the purpose of planning future exploration. The historical sampling was used by Collective Mining as a guide to identify areas of interest in which it carried out new rock and soil sampling.

There are no factors in historical samples, as far as can be determined, or the Collective Mining sampling that could have resulted in sample bias.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10 DRILLING

10.1 Historical Drilling

10.1.1 Drill Programmes

Two diamond drill programmes were carried out by previous companies in 2008 and 2010-2011 with a total of 28 holes drilled using the wireline recovery method for a total of 6,147.26 m. These focused on the Encanto zone (now called the ME target).

Colombian Mines drilled 17 diamond drill holes for 2,079.36 m in 2008. Eleven holes were drilled with a skid-mounted Boyle 37 rig with lengths of 83.70 to 221.50 m and an average of 160.9 m. Five holes were drilled with a man-portable Winkie drill (GDH-05, 06, 09, 11, 16) with lengths of 9.53 to 48.90 m and an average of 29.6 m and failed to reach their targets.

Mercer Gold drilled 11 diamond drill holes for 4,067.90 m in 2010-2011 with a track-mounted Duralite T600N drill rig. The hole lengths were 76.6 to 620.0 m with an average of 369.8 m. The holes were drilled in the Guayabales and Plutus North targets. The contractors, rig types and core sizes are summarised in Table 10.1. The drill collar locations are listed in Table 10.2 and are shown in a plan in Figure 10.1.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Contractor** | &nbsp;&nbsp;**Rig type** | &nbsp;&nbsp;**Core size** | &nbsp;&nbsp;**Diameter (mm)** | &nbsp;&nbsp;**Holes** | &nbsp;&nbsp;**Total meters** |
| &nbsp;&nbsp;2008 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Terramundo | &nbsp;&nbsp;Boyles 37 | &nbsp;&nbsp;HQ | &nbsp;&nbsp;63.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1931.20 |
| &nbsp;&nbsp;2008 | &nbsp;&nbsp;Colombian Mines Corporation | &nbsp;&nbsp;Terramundo | &nbsp;&nbsp;Winkie | &nbsp;&nbsp;BTW | &nbsp;&nbsp;42 | &nbsp;&nbsp;5 | &nbsp;&nbsp;148.16 |
| &nbsp;&nbsp;2010-2011 | &nbsp;&nbsp;Mercer Gold | &nbsp;&nbsp;Logan Drilling Colombia SAS | &nbsp;&nbsp;Duralite T600N | &nbsp;&nbsp;HQ, NQ | &nbsp;&nbsp;63.5, 47.6 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4067.90 |
| &nbsp;&nbsp;Total |  |  |  |  |  | &nbsp;&nbsp;28 | &nbsp;&nbsp;6147.26 |

---

**Table 10.1 Summary of historical diamond drill programs.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Hole No.** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Easting WGS84** | &nbsp;&nbsp;**Northing WGS84** | &nbsp;&nbsp;**Altitude (m)** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Inclination** | &nbsp;&nbsp;**Depth (m)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;GDH-01 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431704 | &nbsp;&nbsp;606726 | &nbsp;&nbsp;1881.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;198.80 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;GDH-02 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431704 | &nbsp;&nbsp;606726 | &nbsp;&nbsp;1881.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;221.50 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;GDH-03 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431774 | &nbsp;&nbsp;606679 | &nbsp;&nbsp;1914.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;201.80 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;GDH-04 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431762 | &nbsp;&nbsp;606814 | &nbsp;&nbsp;1890.3 | &nbsp;&nbsp;50 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;128.00 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;GDH-05 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431749 | &nbsp;&nbsp;606886 | &nbsp;&nbsp;1849.6 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;9.53 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;GDH-06 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431855 | &nbsp;&nbsp;606981 | &nbsp;&nbsp;1820.1 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;43.69 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;GDH-07 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431745 | &nbsp;&nbsp;606919 | &nbsp;&nbsp;1844.9 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;83.70 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;GDH-08 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431745 | &nbsp;&nbsp;606919 | &nbsp;&nbsp;1844.9 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;124.30 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;GDH-09 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431855 | &nbsp;&nbsp;606981 | &nbsp;&nbsp;1820.1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;48.90 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;GDH-10 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431594 | &nbsp;&nbsp;606921 | &nbsp;&nbsp;1872.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;215.60 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;GDH-11 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431834 | &nbsp;&nbsp;606933 | &nbsp;&nbsp;1828.0 | &nbsp;&nbsp;50 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;19.60 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;GDH-12 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431594 | &nbsp;&nbsp;606921 | &nbsp;&nbsp;1872.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;202.50 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;GDH-13 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431745 | &nbsp;&nbsp;606919 | &nbsp;&nbsp;1844.9 | &nbsp;&nbsp;245 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;104.50 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;GDH-14 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431869 | &nbsp;&nbsp;606900 | &nbsp;&nbsp;1860.0 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;148.45 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;GDH-15 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431952 | &nbsp;&nbsp;606877 | &nbsp;&nbsp;1889.7 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;148.65 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;GDH-16 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;431756 | &nbsp;&nbsp;606890 | &nbsp;&nbsp;1846.6 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;26.44 |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;GDH-17 &nbsp;&nbsp;CM | &nbsp;&nbsp;2008 | &nbsp;&nbsp;432037 | &nbsp;&nbsp;606810 | &nbsp;&nbsp;1916.0 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;153.40 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;MGDH-01 &nbsp;&nbsp;MG | &nbsp;&nbsp;2010 | &nbsp;&nbsp;431889 | &nbsp;&nbsp;606857 | &nbsp;&nbsp;1866.0 | &nbsp;&nbsp;182.9 | &nbsp;&nbsp;-42.1 | &nbsp;&nbsp;117.50 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;MGDH-01A &nbsp;&nbsp;MG | &nbsp;&nbsp;2010 | &nbsp;&nbsp;431890 | &nbsp;&nbsp;606858 | &nbsp;&nbsp;1866.0 | &nbsp;&nbsp;201.8 | &nbsp;&nbsp;-45.8 | &nbsp;&nbsp;76.60 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;MGDH-02 &nbsp;&nbsp;MG | &nbsp;&nbsp;2010 | &nbsp;&nbsp;431887 | &nbsp;&nbsp;606856 | &nbsp;&nbsp;1866.0 | &nbsp;&nbsp;200.8 | &nbsp;&nbsp;-67.9 | &nbsp;&nbsp;300.50 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;MGDH-03 &nbsp;&nbsp;MG | &nbsp;&nbsp;2010 | &nbsp;&nbsp;431804 | &nbsp;&nbsp;606969 | &nbsp;&nbsp;1863.8 | &nbsp;&nbsp;238.6 | &nbsp;&nbsp;-53.8 | &nbsp;&nbsp;620.00 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;MGDH-04 &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;431801 | &nbsp;&nbsp;607047 | &nbsp;&nbsp;1871.9 | &nbsp;&nbsp;24.4 | &nbsp;&nbsp;-56.2 | &nbsp;&nbsp;505.60 |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;MGDH-04A &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;431802 | &nbsp;&nbsp;607048 | &nbsp;&nbsp;1871.9 | &nbsp;&nbsp;19.7 | &nbsp;&nbsp;-46.5 | &nbsp;&nbsp;400.00 |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;MGDH-05 &nbsp;&nbsp;MG | &nbsp;&nbsp;2010 | &nbsp;&nbsp;431999 | &nbsp;&nbsp;606876 | &nbsp;&nbsp;1896.0 | &nbsp;&nbsp;195.3 | &nbsp;&nbsp;-60.2 | &nbsp;&nbsp;600.00 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;MGDH-06 &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;432086 | &nbsp;&nbsp;607294 | &nbsp;&nbsp;1799.9 | &nbsp;&nbsp;70.8 | &nbsp;&nbsp;-42.5 | &nbsp;&nbsp;400.00 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;MGDH-06A &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;432087 | &nbsp;&nbsp;607295 | &nbsp;&nbsp;1799.9 | &nbsp;&nbsp;191.0 | &nbsp;&nbsp;-41.3 | &nbsp;&nbsp;500.20 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;MGDH-07 &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;432225 | &nbsp;&nbsp;607623 | &nbsp;&nbsp;1848.0 | &nbsp;&nbsp;199.2 | &nbsp;&nbsp;-44.7 | &nbsp;&nbsp;97.50 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;MGDH-07A &nbsp;&nbsp;MG | &nbsp;&nbsp;2011 | &nbsp;&nbsp;432226 | &nbsp;&nbsp;607621 | &nbsp;&nbsp;1848.0 | &nbsp;&nbsp;199.7 | &nbsp;&nbsp;-47.9 | &nbsp;&nbsp;450.00 |

---

**Table 10.2 Drill collar table for historical drilling at the Guayabales Project.**

CM Colombian Mines Corporation. MG Mercer Gold. The collar locations are shown on Figure 10.1.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_069.jpg)

**Figure 10.1. Location map of the historical drill collar locations and drill hole traces in the Guayabales Project.**

10.1.2 Collar and Downhole Surveys

The survey method used to record the drill collars is not recorded.

No downhole directional surveys were carried out.

10.1.3 Drill Platforms

The drill platforms were restored and revegetated after use. The hole collars are not marked.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.1.4 Recovery

The average core recovery of the holes is not known.

10.1.5 Logging and Sampling Protocols

The historical technical reports do not describe the protocols for the core handling, logging, sampling and chain of security for the two drill programs (Turner, 2010; Leroux, 2012). The core is stored in wooden boxes and was cut in half lengthwise with a diamond saw for sampling.

10.1.6 Density

No measurements of density or specific gravity were made from drill core in either program.

10.1.7 Results

A table of significant drill intersections is given in Table 10.3.

Colombian Mines drilled 17 diamond drill holes for a total of 2,078.8 m in 2008 numbered GDH-01 to GDH-17. It tested epithermal veins in the Encanto Zone (ME target) along 450 m strike length. Intersections included 21.85 m (9.18 m estimated true width) @ 2.43 g/t Au and 16.5 g/t Ag, including 3.15 m (1.32 m estimated true width) @ 11.0 g/t Au and 43.0 g/t Ag (GDH-07).

Mercer Gold drilled 11 diamond drill holes for 4,060.97 m in 2010-2011 numbered MGDH-01 to MGDH-7A, including four repeated holes with the suffix A when the original hole failed to reach the target depth. The targets were mostly epithermal veins in the Encanto Zone (ME target), and two holes tested porphyry-style mineralization in the Guayabales (Plutus South) and Plutus North targets. Significant intersections in the Encanto Zone included 13.7 m (11.4 m true width) @ 2.36 g/t Au and 38.0 g/t Ag (MGDH-01), 4.0 m (2.6 m true width) @ 2.00 g/t Au and 33.5 g/t Ag (MGDH-02), 2.0 m (1.66 m true width) @ 3.30 g/t Au and <2.0 g/t Ag (MGDH-04), 2.00 m (1.66 m true width) @ 5.56 g/t Au and 49.0 g/t Ag (MGDH-04A), 12.0 m (10.0 m true width) @ 2.14 g/t Au and 12.8 g/t Ag (MGDH-05), 4.0 m (3.33 m true width) @ 2.08 g/t Au and 5.0 g/t Ag (MGDH-05) and 2.0 m (1.66 m true width) @ 2.41 g/t Au and 22.0 g/t Ag (MGDH-05).

Two of the Mercer Gold holes, MGDH-06A and MGDH-07A, intersected porphyry style mineralization in the Guayabales (Plutus South) and Plutus North targets. Hole MGDH-06A was collared north of the Encanto Zone with azimuth 191°. The QP examined the core in 2020 and observed that the hole cut a feldspar-biotite diorite porphyry with large phenocrysts in the upper part of hole with intersections of Au mineralization >0.1 g/t of 96.5 m @ 0.169 g/t Au (7.5-104.0 m) and 138.0 m @ 0.113 g/t Au (128.0-266.0 m). The porphyry is interpreted to be inter-mineral in relative age. The lower part of the hole cut a late mineral quartz diorite porphyry with crowded phenocrysts with low grade Au mineralization <0.1 g/t. The inter-mineral diorite porphyry has biotite-magnetite alteration with quartz B veinlets with pyrite, molybdenite and a few magnetite veinlets. It is cross cut by pyrite veinlets and quartz-pyrite-molybdenite veinlets with a sericite halo, with pervasive sericite in places.

The QP also examined the core of hole MGDH-07A drilled across the Plutus North target with azimuth 199.7°. It cut inter-mineral diorite porphyries, magmatic breccia, basalt county rock and late-mineral basalt dykes. Mineralization >0.1 g/t Au occurs in saprolite, basalt and inter-mineral diorite porphyries in the upper part of the hole with intersections of 110.0 m @ 0.164 g/t Au (12.0-122.0 m) and 106.0 m @ 0.153 g/t Au (188.0-294.0 m).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole No.** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Est. True<br> Width (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;GDH-01 | &nbsp;&nbsp;185.95 | &nbsp;&nbsp;197.38 | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;15.2 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;194.60 | &nbsp;&nbsp;195.80 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;5.12 | &nbsp;&nbsp;43.8 |
| &nbsp;&nbsp;GDH-02 | &nbsp;&nbsp;21.40 | &nbsp;&nbsp;27.00 | &nbsp;&nbsp;5.60 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;13.0 |
| &nbsp;&nbsp;GDH-04 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;33.1 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;87.85 | &nbsp;&nbsp;93.50 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;38.3 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;90.75 | &nbsp;&nbsp;93.50 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;4.92 | &nbsp;&nbsp;72.3 |
| &nbsp;&nbsp;GDH-07 | &nbsp;&nbsp;50.25 | &nbsp;&nbsp;72.10 | &nbsp;&nbsp;21.85 | &nbsp;&nbsp;9.18 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;16.5 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;50.25 | &nbsp;&nbsp;53.40 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;43.0 |
| &nbsp;&nbsp;GDH-08 | &nbsp;&nbsp;87.00 | &nbsp;&nbsp;117.85 | &nbsp;&nbsp;30.85 | &nbsp;&nbsp;5.24 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;17.0 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;95.50 | &nbsp;&nbsp;99.25 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;32.7 |
| &nbsp;&nbsp;GDH-13 | &nbsp;&nbsp;91.80 | &nbsp;&nbsp;103.60 | &nbsp;&nbsp;11.80 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;97.90 | &nbsp;&nbsp;101.00 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;10.48 | &nbsp;&nbsp;26.2 |
| &nbsp;&nbsp;GDH-14 | &nbsp;&nbsp;78.90 | &nbsp;&nbsp;122.95 | &nbsp;&nbsp;44.05 | &nbsp;&nbsp;18.50 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;17.6 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;96.45 | &nbsp;&nbsp;97.50 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;18.45 | &nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;108.95 | &nbsp;&nbsp;110.55 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;117.95 | &nbsp;&nbsp;122.95 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;67.6 |
| &nbsp;&nbsp;GDH-15 | &nbsp;&nbsp;110.10 | &nbsp;&nbsp;139.45 | &nbsp;&nbsp;29.35 | &nbsp;&nbsp;9.98 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;MGDH-01 | &nbsp;&nbsp;20.80 | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;21.70 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;28.4 |
| &nbsp;&nbsp;Includes | &nbsp;&nbsp;28.80 | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;11.40 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;38.0 |
| &nbsp;&nbsp;MGDH-01A | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;44.00 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;16.70 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;MGDH-02 | &nbsp;&nbsp;70.00 | &nbsp;&nbsp;74.00 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;33.5 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;108.00 | &nbsp;&nbsp;112.00 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;MGDH-03 | &nbsp;&nbsp;204.00 | &nbsp;&nbsp;209.00 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;308.00 | &nbsp;&nbsp;312.00 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;27.5 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;498.00 | &nbsp;&nbsp;506.00 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;6.63 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;MGDH-04 | &nbsp;&nbsp;80.00 | &nbsp;&nbsp;82.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;<2 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;184.00 | &nbsp;&nbsp;186.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;18.0 |
| &nbsp;&nbsp;MGDH-04A | &nbsp;&nbsp;120.00 | &nbsp;&nbsp;122.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;49.0 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;180.00 | &nbsp;&nbsp;182.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;MGDH-05 | &nbsp;&nbsp;20.50 | &nbsp;&nbsp;26.50 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;57.0 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;67.00 | &nbsp;&nbsp;70.00 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;56.0 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;544.00 | &nbsp;&nbsp;556.00 | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;12.8 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;582.00 | &nbsp;&nbsp;586.00 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;3.33 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;MGDH-06 | &nbsp;&nbsp;226.00 | &nbsp;&nbsp;228.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;MGDH-06A | &nbsp;&nbsp;7.50 | &nbsp;&nbsp;104.00 | &nbsp;&nbsp;96.50 | &nbsp;&nbsp;n/a | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;128.00 | &nbsp;&nbsp;266.00 | &nbsp;&nbsp;138.00 | &nbsp;&nbsp;n/a | &nbsp;&nbsp;0.11 | &nbsp;&nbsp; 3.5 |
| &nbsp;&nbsp;MGDH-07 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;MGDH-07A | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;122.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;n/a | &nbsp;&nbsp;0.16 | &nbsp;&nbsp; 4.1 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;188.00 | &nbsp;&nbsp;294.00 | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;n/a | &nbsp;&nbsp;0.15 | &nbsp;&nbsp; 1.4 |

---

**Table 10.3 Significant drill intersections in the Guayabales historical drill holes.**

GDH intervals from Turner (2010) based on veins.

MGDH intervals from Leroux (2012) based on veins.

MGDH-06A, 07A porphyry intersections calculated by the QP at a cut-off of 0.1 g/t Au.

n/a not applicable.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.1.8 Sample Length / True Thickness

The drill intersections do not represent the true width of the mineralized zones. The true widths were estimated for the epithermal vein intersections by Turner (2010) and Leroux (2012) (Table 10.3). The true width cannot be estimated for porphyry intersections which require multiple holes to determine the geometry, width and thickness of the mineralised zones.

10.1.9 Comments

The protocols for the drilling, logging, sampling and QA-QC of the legacy drilling are not known but appear to have been carried out to current industry standards. The QP considers that there are no drilling, sampling or recovery factors that could materially affect the accuracy and reliability of the results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Collective Mining Drilling

10.2.1 Drill Programmes

Collective Mining carried out a Phase 1 diamond drilling programme between September 2021 and December 2022 of 27,618.15 m in 71 holes, and an ongoing Phase 2 diamond drilling programme from January 2023 to the effective date of this Technical Report of 95,109.55 m in 222 holes for a total of 122,727.70 m in 293 holes (Table 10.4). The contractors were Kluane Colombia SAS and Logan Drilling SAS using modular, portable drill rigs with hydraulic drive using the wireline core drilling method (Table 10.4). Up to 10 drill rigs were in operation at the same time during Phase 2. The drill hole distribution by target is listed in Table 10.5, the drill collars are listed in Table 10.6 and the collar locations are shown in a plan in Figure 10.3.

Most of the drilling was carried out at the Apollo (69.0%) and Trap (13.5%) targets, with the rest of the drilling on the Box, Knife-Towers, ME, Plutus North, Plutus South, X and Victory targets (Table 10.5). The average hole length is 418.87 m, the minimum length is 58.55 m, and the maximum length is 1192.80 m, with 5 holes greater than 1,000 m long and 28 holes greater than 700 m long.

Directional diamond drilling was used for some holes using the Aziwell system in order to accurately reach predetermined subsurface targets while ensuring optimal core recovery and orientation control. Directional drilling is employed when deviation or deflection of the borehole is required to follow a specific planned trajectory. This controlled drilling technique allows the drill bit to be guided along a non-vertical path toward the target using specialised downhole tools and steering systems, enabling precise interception of mineralised zones that cannot be reached through conventional vertical drilling methods. The system enables drilling of 'mother holes' and multiple 'daughter' holes.

The Aziwell system is a directional core barrel designed to conduct controlled drilling operations with core recovery capability and is operated in accordance with Aziwell's established procedures. The orientation steps for the Directional Core Barrel (DCB) are as follows: (1) inspection of the 124" Stillson wrench, (2) verification of the drilling machine rotation stop sensor, (3) orientation of the DCB, (4) retrieval of the inner tube, and (5) acquisition of Aziguide sensor data to initiate the Directional Core Drilling (DCD) operation.

After these steps, directional drilling begins with adjustments to water pressure, while the diamond drilling machine operator is instructed on the drilling parameters to be followed before and during the run. The progress of drilling is continuously monitored to confirm proper advancement and to ensure that no deviations from the planned trajectory occur. Upon completion of the directional section, the drill rods must be withdrawn, the DCB removed, and replaced with a conventional core barrel to continue drilling the planned length of the daughter hole using standard diamond drilling techniques.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_070.jpg)

**Figure 10.2. Kluane KD-1000 hydraulic drill rig drilling hole APC-094 on Drill Pad 14 on 06 March 2024.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Phase** | &nbsp;&nbsp;**Contractor** | &nbsp;&nbsp;**Rig type, <br> x number** | &nbsp;&nbsp;**Core size, <br> diameter (mm)** | &nbsp;&nbsp;**Holes** | &nbsp;&nbsp;**Total meters** |
| &nbsp;&nbsp;2021-22 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kluane Colombia SAS | &nbsp;&nbsp; KD-1000 x 1<br> KD-1700 x 2 | &nbsp;&nbsp;HTW (70.92),<br> NTW (56.0), BTW (42.0) | &nbsp;&nbsp;71 | &nbsp;&nbsp;27618.15 |
| &nbsp;&nbsp;2023-25 | &nbsp;&nbsp;2 | &nbsp;&nbsp;Kluane Colombia SAS | &nbsp;&nbsp; KD-1700 x 5<br> KD-1000 x 1<br> KD-200 x 2<br> KD-600 x 2<br>| &nbsp;&nbsp; PQ (85.0), NQ (44.0),<br> BQ (36.4), HQ3 (61.1), <br> NQ3 (45.1), HTW (70.9),<br> NTW (56.0), BTW (42.0) | &nbsp;&nbsp;210 | &nbsp;&nbsp;91239.00 |
| &nbsp;&nbsp;2023-25 | &nbsp;&nbsp;2 | &nbsp;&nbsp;Logan Drilling SAS | &nbsp;&nbsp; DL-1000 x 1<br> LC-800 x 1 | &nbsp;&nbsp; PQ (85.0),<br> HQ (63.5), <br> BQ (36.4), <br> NQ3 (45.1) | &nbsp;&nbsp;12 | &nbsp;&nbsp;3870.55 |
|  |  |  |  | &nbsp;&nbsp;Sub-total Phase 2 | &nbsp;&nbsp;222 | &nbsp;&nbsp;95109.55 |
|  |  |  |  | &nbsp;&nbsp;Total Phase 1 + 2 | &nbsp;&nbsp;293 | &nbsp;&nbsp;122727.70 |

---

**Table 10.4. Summary of the drilling contractors of the Guayabales diamond drill programmes.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Platforms** | &nbsp;&nbsp;**Drill Holes** | &nbsp;&nbsp;**Total Length (m)** | &nbsp;&nbsp;**Meters (%)** |
| &nbsp;&nbsp;Apollo | &nbsp;&nbsp;33 | &nbsp;&nbsp;196 | &nbsp;&nbsp;84648.9 | &nbsp;&nbsp;68.97 |
| &nbsp;&nbsp;Box | &nbsp;&nbsp;6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;5403.6 | &nbsp;&nbsp;4.40 |
| &nbsp;&nbsp;Knife-Towers | &nbsp;&nbsp;2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1628.9 | &nbsp;&nbsp;1.32 |
| &nbsp;&nbsp;ME | &nbsp;&nbsp;3 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3734.1 | &nbsp;&nbsp;3.04 |
| &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;4 | &nbsp;&nbsp;17 | &nbsp;&nbsp;6079.6 | &nbsp;&nbsp;4.95 |
| &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;1 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2939.3 | &nbsp;&nbsp;2.39 |
| &nbsp;&nbsp;Trap | &nbsp;&nbsp;11 | &nbsp;&nbsp;38 | &nbsp;&nbsp;16622.95 | &nbsp;&nbsp;13.54 |
| &nbsp;&nbsp;X | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;734.15 | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Victory | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;936.2 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**293** | &nbsp;&nbsp;**122727.7** | &nbsp;&nbsp;**100** |

---

**Table 10.5. Summary of Guayabales drill holes by target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;APC_001 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;170 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;438.70 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;APC_002 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;235 | &nbsp;&nbsp;-42 | &nbsp;&nbsp;393.10 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;APC_003 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;28 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;506.15 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;APC_004 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;185 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;327.80 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;235 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;524.10 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;APC_006 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;28 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;759.00 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;225 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;360.15 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-78 | &nbsp;&nbsp;523.00 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;APC_009 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;168 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;330.75 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;APC_010 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;126 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;439.05 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;195 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;243.75 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;APC_012 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;95 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;474.35 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;85 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;374.15 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;APC_014 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;355 | &nbsp;&nbsp;-57 | &nbsp;&nbsp;407.50 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;310 | &nbsp;&nbsp;-37 | &nbsp;&nbsp;387.30 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;APC_016 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;215 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;303.35 |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;356 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;912.80 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;166 | &nbsp;&nbsp;-66 | &nbsp;&nbsp;499.05 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;APC_019 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;144 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;582.30 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;APC_020 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;185 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;445.40 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;APC_021 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;356 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;347.80 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;13 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;734.80 |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;APC_023 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;170 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;454.90 |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;APC_024 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;185 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;349.95 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;APC_025 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;326 | &nbsp;&nbsp;-57 | &nbsp;&nbsp;215.80 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;APC_026 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;56 | &nbsp;&nbsp;-76.5 | &nbsp;&nbsp;813.70 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;APC_027 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;84 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;424.50 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;263 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;956.35 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;6 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;644.80 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;APC_030 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;174 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;589.00 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;APC_031 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;330 | &nbsp;&nbsp;-78 | &nbsp;&nbsp;389.60 |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;APC_032 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;350 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;323.35 |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;APC_033 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;0 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;381.35 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;APC_034 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;265 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;217.45 |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;APC_035 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;313 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;366.15 |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;APC_036 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;112 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;154.10 |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;APC_037 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;342 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;475.80 |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;APC_038 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;353 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;183.70 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;APC_039 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;33 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;284.30 |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;APC_040 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;245 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;214.55 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;APC_041 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;50 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;162.40 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;APC_042 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;85 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;126.30 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;305 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;293.00 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;APC_044 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;285 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;430.20 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;APC_045 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;190 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;238.40 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;258 | &nbsp;&nbsp;-77 | &nbsp;&nbsp;425.55 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;81 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;636.30 |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;235 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;354.55 |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;315 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;852.90 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;APC_050 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;92 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;264.20 |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;APC_051 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;435.65 |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;APC_052 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;262 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;209.15 |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;50 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;602.45 |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;629.75 |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;17 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;909.45 |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;49 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;453.00 |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;APC_057 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;265 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;504.05 |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;230 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;314.70 |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;APC_059 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;182 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;325.75 |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;APC_060 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;46 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;599.45 |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;APC_061 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;223 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;223.60 |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;APC_062 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;215 | &nbsp;&nbsp;-56 | &nbsp;&nbsp;333.15 |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;APC_063 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;25 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;593.65 |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;APC_064 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;57 | &nbsp;&nbsp;-59 | &nbsp;&nbsp;484.80 |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;37 | &nbsp;&nbsp;-84 | &nbsp;&nbsp;530.75 |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;APC_066 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;514.05 |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;APC_067 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;91 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;225.65 |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;275 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;353.40 |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;APC_069 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;86 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;576.90 |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;APC_070 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;293.30 |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;APC_071 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;115 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;353.35 |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;APC_072 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;40 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;528.45 |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;APC_073 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;295 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;551.75 |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;205 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;532.10 |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;APC_075 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;240 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;519.55 |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;APC_076 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;268 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;139.10 |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;APC_077 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;398.40 |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;APC_079 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;147 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;559.55 |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;APC_080 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;200 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;250.35 |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;225 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;263.10 |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;APC_084 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;165 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;269.25 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;APC_086 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;153 | &nbsp;&nbsp;-64 | &nbsp;&nbsp;229.35 |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;APC_088 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;349 | &nbsp;&nbsp;-79 | &nbsp;&nbsp;90.10 |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;APC_089 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;132 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;187.70 |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;APC_090 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;211 | &nbsp;&nbsp;-77 | &nbsp;&nbsp;470.15 |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;APC_092 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;256 | &nbsp;&nbsp;-59 | &nbsp;&nbsp;757.45 |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;8 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;1144.50 |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;90 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;669.30 |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;APC_095 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;345 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;1117.80 |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;APC_096 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;170 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;469.60 |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;317 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;1129.05 |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;APC_098D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;190 | &nbsp;&nbsp;-64 | &nbsp;&nbsp;280.30 |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;APC_099D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;188 | &nbsp;&nbsp;-66 | &nbsp;&nbsp;403.10 |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;APC_103D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;198 | &nbsp;&nbsp;-74 | &nbsp;&nbsp;900.20 |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;APC_104D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;195 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;166.30 |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;APC_105D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;43 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;682.00 |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;APC_107D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;210 | &nbsp;&nbsp;-63 | &nbsp;&nbsp;167.55 |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;APC_108 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;110 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;136.80 |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;APC_109 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;185 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;105.95 |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;APC_110 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;147.15 |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;APC_111 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;155 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;131.60 |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;APC_112 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;5 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;82.30 |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;APC_113 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;145 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;105.00 |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;APC_114 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;280 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;173.15 |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;APC_115 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;230 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;342.15 |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;APC_116 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;340 | &nbsp;&nbsp;-64 | &nbsp;&nbsp;129.75 |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;APC_117D | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;211 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;100.55 |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;APC_118 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;25 | &nbsp;&nbsp;-66 | &nbsp;&nbsp;169.70 |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;APC_119 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;300 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;146.70 |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;APC_120 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;195.50 |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;APC_121 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;48 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;163.40 |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;APC_122 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;35 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;397.50 |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;APC_123 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;223 | &nbsp;&nbsp;-30 | &nbsp;&nbsp;407.15 |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;APC_124 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;355 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;137.00 |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;APC_125 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;45 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;442.35 |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;APC_126 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;310 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;384.30 |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;943.95 |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;APC_128 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;476.60 |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;APC_129 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;25 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;163.50 |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;APC_130 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;227 | &nbsp;&nbsp;-51 | &nbsp;&nbsp;543.25 |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;APC_131 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;350 | &nbsp;&nbsp;-81 | &nbsp;&nbsp;260.15 |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;APC_132 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;140 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;203.85 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;APC_133 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;240 | &nbsp;&nbsp;-56 | &nbsp;&nbsp;692.85 |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;APC_134 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;32 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;264.40 |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;APC_135 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;50 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;203.75 |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;APC_136 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;10 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;161.90 |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;APC_137 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;233 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;470.15 |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;APC_139 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;215 | &nbsp;&nbsp;-57 | &nbsp;&nbsp;396.10 |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;APC001_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;169 | &nbsp;&nbsp;-52.3 | &nbsp;&nbsp;213.15 |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180.01 | &nbsp;&nbsp;-65.59 | &nbsp;&nbsp;624.10 |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;163 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;501.80 |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;195.58 | &nbsp;&nbsp;-64.74 | &nbsp;&nbsp;481.10 |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;207 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;728.25 |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;180 | &nbsp;&nbsp;-76 | &nbsp;&nbsp;778.60 |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;APC070_D06 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;206.44 | &nbsp;&nbsp;-74.22 | &nbsp;&nbsp;608.65 |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;APC088_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;355.58 | &nbsp;&nbsp;-62.24 | &nbsp;&nbsp;1054.85 |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;26.29 | &nbsp;&nbsp;-56.65 | &nbsp;&nbsp;855.00 |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;233.37 | &nbsp;&nbsp;-74.38 | &nbsp;&nbsp;657.05 |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;217 | &nbsp;&nbsp;-35 | &nbsp;&nbsp;479.45 |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;186.7 | &nbsp;&nbsp;-57 | &nbsp;&nbsp;351.70 |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;202.88 | &nbsp;&nbsp;-61.01 | &nbsp;&nbsp;462.65 |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;APC098_D04 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;209.73 | &nbsp;&nbsp;-29.14 | &nbsp;&nbsp;58.55 |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;207.36 | &nbsp;&nbsp;-47.06 | &nbsp;&nbsp;461.80 |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;APC099_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;162 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;83.15 |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;209.7 | &nbsp;&nbsp;-56.6 | &nbsp;&nbsp;805.00 |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;APC099_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;159.56 | &nbsp;&nbsp;-67.75 | &nbsp;&nbsp;472.45 |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;213 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;771.90 |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;220 | &nbsp;&nbsp;-74 | &nbsp;&nbsp;914.35 |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;APC100_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;191 | &nbsp;&nbsp;-64.5 | &nbsp;&nbsp;381.15 |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;APC103_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;209.2 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;521.85 |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;APC103_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;223 | &nbsp;&nbsp;-71 | &nbsp;&nbsp;361.35 |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;APC103_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;236 | &nbsp;&nbsp;-64.5 | &nbsp;&nbsp;350.55 |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;252 | &nbsp;&nbsp;-54 | &nbsp;&nbsp;750.20 |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;APC104_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;261.94 | &nbsp;&nbsp;-50.26 | &nbsp;&nbsp;432.75 |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;241 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;509.10 |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;APC104_D04 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;224 | &nbsp;&nbsp;-59 | &nbsp;&nbsp;443.20 |
| &nbsp;&nbsp;167 | &nbsp;&nbsp;APC104_D05 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;248 | &nbsp;&nbsp;-60.5 | &nbsp;&nbsp;791.60 |
| &nbsp;&nbsp;168 | &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;264 | &nbsp;&nbsp;-56 | &nbsp;&nbsp;553.85 |
| &nbsp;&nbsp;169 | &nbsp;&nbsp;APC104_D07A | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;208.84 | &nbsp;&nbsp;-59.12 | &nbsp;&nbsp;402.75 |
| &nbsp;&nbsp;170 | &nbsp;&nbsp;APC105_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;43 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;636.25 |
| &nbsp;&nbsp;171 | &nbsp;&nbsp;APC107_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;251 | &nbsp;&nbsp;-53 | &nbsp;&nbsp;545.50 |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;APC107_D02 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;241.14 | &nbsp;&nbsp;-54.26 | &nbsp;&nbsp;405.25 |
| &nbsp;&nbsp;173 | &nbsp;&nbsp;APC107_D03 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;259 | &nbsp;&nbsp;-54 | &nbsp;&nbsp;513.70 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;174 | &nbsp;&nbsp;APC107_D04 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;203.8 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;240.90 |
| &nbsp;&nbsp;175 | &nbsp;&nbsp;APC107_D05 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;186 | &nbsp;&nbsp;-57 | &nbsp;&nbsp;317.80 |
| &nbsp;&nbsp;176 | &nbsp;&nbsp;APC117_D01 | &nbsp;&nbsp;Apollo | &nbsp;&nbsp;233 | &nbsp;&nbsp;-47 | &nbsp;&nbsp;800.10 |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;APC_091 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;5 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;753.65 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;APC_100D | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;152 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;518.05 |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;200 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;284.60 |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;240 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;608.15 |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;APC_106D | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;195 | &nbsp;&nbsp;-71.5 | &nbsp;&nbsp;751.20 |
| &nbsp;&nbsp;209 | &nbsp;&nbsp;OLCC_001 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;265 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;366.85 |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;OLCC_002 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;250 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;424.20 |
| &nbsp;&nbsp;211 | &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;310 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;632.75 |
| &nbsp;&nbsp;212 | &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;280 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;688.10 |
| &nbsp;&nbsp;213 | &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;330 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;415.85 |
| &nbsp;&nbsp;214 | &nbsp;&nbsp;OLCC_006 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;250 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;276.35 |
| &nbsp;&nbsp;215 | &nbsp;&nbsp;OLCC_007 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;250 | &nbsp;&nbsp;-78 | &nbsp;&nbsp;326.05 |
| &nbsp;&nbsp;216 | &nbsp;&nbsp;OLCC_008 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;195 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;333.70 |
| &nbsp;&nbsp;217 | &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;355 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;411.85 |
| &nbsp;&nbsp;218 | &nbsp;&nbsp;OLCC_010 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;347 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;134.40 |
| &nbsp;&nbsp;219 | &nbsp;&nbsp;OLCC_011 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;294 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;168.30 |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;294 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;401.30 |
| &nbsp;&nbsp;221 | &nbsp;&nbsp;OLCC_013 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;130 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;189.25 |
| &nbsp;&nbsp;222 | &nbsp;&nbsp;OLCS_001 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;130 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;349.05 |
| &nbsp;&nbsp;223 | &nbsp;&nbsp;OLCS_002D | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;22 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;175.80 |
| &nbsp;&nbsp;224 | &nbsp;&nbsp;OLCS_002D01 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;18 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;234.40 |
| &nbsp;&nbsp;225 | &nbsp;&nbsp;OLCS_003 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;225 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;162.10 |
| &nbsp;&nbsp;226 | &nbsp;&nbsp;OLCS_004 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;72 | &nbsp;&nbsp;-53 | &nbsp;&nbsp;141.70 |
| &nbsp;&nbsp;227 | &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;95 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;402.65 |
| &nbsp;&nbsp;228 | &nbsp;&nbsp;OLCU_001 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;215 | &nbsp;&nbsp;-30 | &nbsp;&nbsp;243.00 |
| &nbsp;&nbsp;229 | &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;51 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;331.80 |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;25 | &nbsp;&nbsp;-35 | &nbsp;&nbsp;290.20 |
| &nbsp;&nbsp;231 | &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;310 | &nbsp;&nbsp;-79 | &nbsp;&nbsp;1192.80 |
| &nbsp;&nbsp;232 | &nbsp;&nbsp;OLD_002 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;345 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;319.55 |
| &nbsp;&nbsp;248 | &nbsp;&nbsp;PZC_003 | &nbsp;&nbsp;Apollo Extension | &nbsp;&nbsp;0 | &nbsp;&nbsp;-90 | &nbsp;&nbsp;241.85 |
| &nbsp;&nbsp;177 | &nbsp;&nbsp;BOC_001 | &nbsp;&nbsp;Box | &nbsp;&nbsp;2 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;471.90 |
| &nbsp;&nbsp;178 | &nbsp;&nbsp;BOC_002 | &nbsp;&nbsp;Box | &nbsp;&nbsp;230 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;200.40 |
| &nbsp;&nbsp;179 | &nbsp;&nbsp;BOC_003 | &nbsp;&nbsp;Box | &nbsp;&nbsp;75 | &nbsp;&nbsp;-36 | &nbsp;&nbsp;339.05 |
| &nbsp;&nbsp;180 | &nbsp;&nbsp;BOXC_001 | &nbsp;&nbsp;Box | &nbsp;&nbsp;210 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;616.00 |
| &nbsp;&nbsp;181 | &nbsp;&nbsp;BOXC_002 | &nbsp;&nbsp;Box | &nbsp;&nbsp;205 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;206.70 |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;BOXC_003 | &nbsp;&nbsp;Box | &nbsp;&nbsp;192 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;482.10 |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;BOXC_004 | &nbsp;&nbsp;Box | &nbsp;&nbsp;180 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;275.50 |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;BOXC_005 | &nbsp;&nbsp;Box | &nbsp;&nbsp;171 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;254.75 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;185 | &nbsp;&nbsp;BOXC_006 | &nbsp;&nbsp;Box | &nbsp;&nbsp;50 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;365.15 |
| &nbsp;&nbsp;186 | &nbsp;&nbsp;BOXC_007 | &nbsp;&nbsp;Box | &nbsp;&nbsp;15 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;132.00 |
| &nbsp;&nbsp;187 | &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;Box | &nbsp;&nbsp;268 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;492.55 |
| &nbsp;&nbsp;188 | &nbsp;&nbsp;BOXC_009 | &nbsp;&nbsp;Box | &nbsp;&nbsp;60 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;239.40 |
| &nbsp;&nbsp;189 | &nbsp;&nbsp;BOXC_010 | &nbsp;&nbsp;Box | &nbsp;&nbsp;343 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;349.85 |
| &nbsp;&nbsp;190 | &nbsp;&nbsp;BOXC_011 | &nbsp;&nbsp;Box | &nbsp;&nbsp;17 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;595.85 |
| &nbsp;&nbsp;191 | &nbsp;&nbsp;BOXC_012 | &nbsp;&nbsp;Box | &nbsp;&nbsp;348 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;271.40 |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;BOXC_013 | &nbsp;&nbsp;Box | &nbsp;&nbsp;215 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;111.00 |
| &nbsp;&nbsp;203 | &nbsp;&nbsp;KNC_001 | &nbsp;&nbsp;Knife | &nbsp;&nbsp;230 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;204.45 |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;KNC_002 | &nbsp;&nbsp;Knife | &nbsp;&nbsp;11 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;452.05 |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;ME | &nbsp;&nbsp;213 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;479.55 |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;ME | &nbsp;&nbsp;213 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;476.00 |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;ME | &nbsp;&nbsp;213 | &nbsp;&nbsp;-87 | &nbsp;&nbsp;391.40 |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;APC_085 | &nbsp;&nbsp;ME | &nbsp;&nbsp;180 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;385.05 |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;APC_087 | &nbsp;&nbsp;ME | &nbsp;&nbsp;150 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;73.70 |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;MEC_001 | &nbsp;&nbsp;ME | &nbsp;&nbsp;217 | &nbsp;&nbsp;-77 | &nbsp;&nbsp;544.60 |
| &nbsp;&nbsp;206 | &nbsp;&nbsp;MEC_002 | &nbsp;&nbsp;ME | &nbsp;&nbsp;40 | &nbsp;&nbsp;-64 | &nbsp;&nbsp;585.85 |
| &nbsp;&nbsp;207 | &nbsp;&nbsp;MEC_003 | &nbsp;&nbsp;ME | &nbsp;&nbsp;50 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;376.95 |
| &nbsp;&nbsp;208 | &nbsp;&nbsp;MEC_004 | &nbsp;&nbsp;ME | &nbsp;&nbsp;150 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;421.00 |
| &nbsp;&nbsp;193 | &nbsp;&nbsp;DOC_001 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;320 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;263.15 |
| &nbsp;&nbsp;194 | &nbsp;&nbsp;DOC_002 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;0 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;264.75 |
| &nbsp;&nbsp;195 | &nbsp;&nbsp;DOC_003 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;0 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;380.95 |
| &nbsp;&nbsp;196 | &nbsp;&nbsp;DOC_004 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;250 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;312.30 |
| &nbsp;&nbsp;197 | &nbsp;&nbsp;DOC_005 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;110 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;327.25 |
| &nbsp;&nbsp;198 | &nbsp;&nbsp;DOC_006 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;15 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;243.00 |
| &nbsp;&nbsp;199 | &nbsp;&nbsp;DOC_007 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;40 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;155.15 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;DOC_008 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;355 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;150.95 |
| &nbsp;&nbsp;201 | &nbsp;&nbsp;DOC_009 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;237 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;185.30 |
| &nbsp;&nbsp;202 | &nbsp;&nbsp;DOC_010 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;335 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;251.75 |
| &nbsp;&nbsp;233 | &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;203 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;594.95 |
| &nbsp;&nbsp;234 | &nbsp;&nbsp;PNC_002 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;232 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;579.40 |
| &nbsp;&nbsp;235 | &nbsp;&nbsp;PNC_003 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;163 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;456.80 |
| &nbsp;&nbsp;236 | &nbsp;&nbsp;PNC_004 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;238 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;614.20 |
| &nbsp;&nbsp;237 | &nbsp;&nbsp;PNC_005 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;240 | &nbsp;&nbsp;-78 | &nbsp;&nbsp;464.20 |
| &nbsp;&nbsp;238 | &nbsp;&nbsp;PNC_006 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;210 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;374.45 |
| &nbsp;&nbsp;239 | &nbsp;&nbsp;PNC_007 | &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;350 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;461.05 |
| &nbsp;&nbsp;240 | &nbsp;&nbsp;PSC_001 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;337 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;502.45 |
| &nbsp;&nbsp;241 | &nbsp;&nbsp;PSC_002 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;76 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;453.80 |
| &nbsp;&nbsp;242 | &nbsp;&nbsp;PSC_003 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;30 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;347.55 |
| &nbsp;&nbsp;243 | &nbsp;&nbsp;PSC_004 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;215 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;471.95 |
| &nbsp;&nbsp;244 | &nbsp;&nbsp;PSC_005 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;255 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;182.60 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;Hole number | &nbsp;&nbsp;Target | &nbsp;&nbsp;Azimuth | &nbsp;&nbsp;Inclination | &nbsp;&nbsp;Depth (m) |
| &nbsp;&nbsp;245 | &nbsp;&nbsp;PSC_006 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;140 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;210.75 |
| &nbsp;&nbsp;246 | &nbsp;&nbsp;PSC_007 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;355 | &nbsp;&nbsp;-88 | &nbsp;&nbsp;283.45 |
| &nbsp;&nbsp;247 | &nbsp;&nbsp;PSC_008 | &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;345 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;486.75 |
| &nbsp;&nbsp;249 | &nbsp;&nbsp;TOC_001 | &nbsp;&nbsp;Tower | &nbsp;&nbsp;262 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;387.85 |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;TOC_002 | &nbsp;&nbsp;Tower | &nbsp;&nbsp;200 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;238.90 |
| &nbsp;&nbsp;251 | &nbsp;&nbsp;TOC_003 | &nbsp;&nbsp;Tower | &nbsp;&nbsp;350 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;345.65 |
| &nbsp;&nbsp;252 | &nbsp;&nbsp;TRC_001 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;10 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;380.25 |
| &nbsp;&nbsp;253 | &nbsp;&nbsp;TRC_002 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;160 | &nbsp;&nbsp;-58 | &nbsp;&nbsp;665.50 |
| &nbsp;&nbsp;254 | &nbsp;&nbsp;TRC_003 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;280 | &nbsp;&nbsp;-58 | &nbsp;&nbsp;479.05 |
| &nbsp;&nbsp;255 | &nbsp;&nbsp;TRC_004 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;90 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;330.15 |
| &nbsp;&nbsp;256 | &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;178 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;563.50 |
| &nbsp;&nbsp;257 | &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;150 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;829.05 |
| &nbsp;&nbsp;258 | &nbsp;&nbsp;TRC_007 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;270 | &nbsp;&nbsp;-81 | &nbsp;&nbsp;357.75 |
| &nbsp;&nbsp;259 | &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;Trap | &nbsp;&nbsp;192 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;843.10 |
| &nbsp;&nbsp;260 | &nbsp;&nbsp;TRC_008 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;218 | &nbsp;&nbsp;-67 | &nbsp;&nbsp;407.90 |
| &nbsp;&nbsp;261 | &nbsp;&nbsp;TRC_009 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;170 | &nbsp;&nbsp;-72 | &nbsp;&nbsp;524.35 |
| &nbsp;&nbsp;262 | &nbsp;&nbsp;TRC_010 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;315 | &nbsp;&nbsp;-82 | &nbsp;&nbsp;556.70 |
| &nbsp;&nbsp;263 | &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;190 | &nbsp;&nbsp;-80 | &nbsp;&nbsp;659.60 |
| &nbsp;&nbsp;264 | &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;201 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;637.35 |
| &nbsp;&nbsp;265 | &nbsp;&nbsp;TRC_013 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;64 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;416.80 |
| &nbsp;&nbsp;266 | &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;225 | &nbsp;&nbsp;-74 | &nbsp;&nbsp;548.25 |
| &nbsp;&nbsp;267 | &nbsp;&nbsp;TRC_015 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;100 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;327.35 |
| &nbsp;&nbsp;268 | &nbsp;&nbsp;TRC_016 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;260 | &nbsp;&nbsp;-74 | &nbsp;&nbsp;438.55 |
| &nbsp;&nbsp;269 | &nbsp;&nbsp;TRC_017 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;250 | &nbsp;&nbsp;-58 | &nbsp;&nbsp;355.95 |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;TRC_018 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;238 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;311.80 |
| &nbsp;&nbsp;271 | &nbsp;&nbsp;TRC_019 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;220 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;399.50 |
| &nbsp;&nbsp;272 | &nbsp;&nbsp;TRC_020 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;210 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;463.70 |
| &nbsp;&nbsp;273 | &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;235 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;552.80 |
| &nbsp;&nbsp;274 | &nbsp;&nbsp;TRC_022 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;5 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;324.85 |
| &nbsp;&nbsp;275 | &nbsp;&nbsp;TRC_023 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;199 | &nbsp;&nbsp;-81 | &nbsp;&nbsp;294.25 |
| &nbsp;&nbsp;276 | &nbsp;&nbsp;TRC_024 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;55 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;350.50 |
| &nbsp;&nbsp;277 | &nbsp;&nbsp;TRC_025 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;335 | &nbsp;&nbsp;-68 | &nbsp;&nbsp;301.25 |
| &nbsp;&nbsp;278 | &nbsp;&nbsp;TRC_026 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;33 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;210.20 |
| &nbsp;&nbsp;279 | &nbsp;&nbsp;TRC_027 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;85 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;265.40 |
| &nbsp;&nbsp;280 | &nbsp;&nbsp;TRC_028D | &nbsp;&nbsp;Trap | &nbsp;&nbsp;234 | &nbsp;&nbsp;-85 | &nbsp;&nbsp;362.05 |
| &nbsp;&nbsp;281 | &nbsp;&nbsp;TRC_029 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;353 | &nbsp;&nbsp;-73 | &nbsp;&nbsp;247.80 |
| &nbsp;&nbsp;282 | &nbsp;&nbsp;TRC_030 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;185 | &nbsp;&nbsp;-83 | &nbsp;&nbsp;212.50 |
| &nbsp;&nbsp;283 | &nbsp;&nbsp;TRC_031 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;190 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;323.90 |
| &nbsp;&nbsp;284 | &nbsp;&nbsp;TRC_032 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;229 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;637.80 |
| &nbsp;&nbsp;285 | &nbsp;&nbsp;TRC_033 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;245 | &nbsp;&nbsp;-58 | &nbsp;&nbsp;623.35 |
| &nbsp;&nbsp;286 | &nbsp;&nbsp;TRC028_D01 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;246 | &nbsp;&nbsp;-75 | &nbsp;&nbsp;504.60 |
| &nbsp;&nbsp;287 | &nbsp;&nbsp;TRC028_D02 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;281.54 | &nbsp;&nbsp;-71.09 | &nbsp;&nbsp;235.90 |
| &nbsp;&nbsp;288 | &nbsp;&nbsp;VICE_001 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;25 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;364.65 |
| &nbsp;&nbsp;289 | &nbsp;&nbsp;VICE_002 | &nbsp;&nbsp;Trap | &nbsp;&nbsp;75 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;315.00 |
| &nbsp;&nbsp;290 | &nbsp;&nbsp;VICW_001 | &nbsp;&nbsp;Victory | &nbsp;&nbsp;185 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;519.90 |
| &nbsp;&nbsp;291 | &nbsp;&nbsp;VICW_002 | &nbsp;&nbsp;Victory | &nbsp;&nbsp;219 | &nbsp;&nbsp;-55 | &nbsp;&nbsp;416.30 |
| &nbsp;&nbsp;292 | &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;X | &nbsp;&nbsp;24 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;395.10 |
| &nbsp;&nbsp;293 | &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;X | &nbsp;&nbsp;320 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;339.05 |

---

**Table 10.6. Table of Collective Mining drill holes.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The collar locations are shown in Figure 10.3. D indicates a daughter hole.

**Figure 10.3. Location map of Collective Mining drill holes in Guayabales.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.2 Collar and Downhole Surveys

The collars are surveyed by total station using a network of eight survey control points. Downhole directional surveys are made using a gyro survey instrument several times during the drilling of a hole.

Acoustic televiewer downhole surveys have been made in 49 drill holes totalling 17,496.37 m. The acoustic televiewer survey works by the transmission of an ultrasonic pulse to the borehole walls in which amplitude and travel time values are used to generate a high-resolution image of the walls. The objective is to identify the orientation of the different planar structures including faults, veins, fractures, damage zones, foliation, and others. The raw data is processed and filtered and precise structure orientations are manually picked. These are ranked based on the continuity, infill and aperture of the structure, and then contrasted in the image and confirmed through logging. Furthermore, rock quality and competence variables can be assessed through the images and data, as well as for tracking the phreatic level.

Importantly, given that televiewer analysis generates a large volume of picked structures, the correlation of televiewer with drill core structures will facilitate subsequent analysis of kinematics, geometry, distribution, density and 3D modelling. Filtering the picked data in terms of continuity, aperture, and a variety of orientations in 3D and structural related software provides insightful information for understanding and exploring the mineralized system.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Surveyed drill holes** | &nbsp;&nbsp;**Sum of Interval (m)** |
| &nbsp;&nbsp;Apollo | &nbsp;&nbsp;30 | &nbsp;&nbsp;10758.52 |
| &nbsp;&nbsp;Box | &nbsp;&nbsp;4 | &nbsp;&nbsp;1067.62 |
| &nbsp;&nbsp;ME | &nbsp;&nbsp;1 | &nbsp;&nbsp;362.15 |
| &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;2 | &nbsp;&nbsp;664.83 |
| &nbsp;&nbsp;Trap | &nbsp;&nbsp;12 | &nbsp;&nbsp;4643.15 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**49** | &nbsp;&nbsp;**17496.37** |

---

**Table 10.7. Acoustic televiewer surveyed drill holes**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.3 Drill Pads

The drill pads are built by hand due to the steep slopes and are accessed by mule trails (Figure 10.4). Multiple holes are drilled from each pad. A collar monument is installed. The pads are restored and revegetated after final use. The drill rigs are man-portable. Men and mules move the rigs, rods, tanks and accessories, carry in consumables such as fuel and drilling mud, and carry out core boxes. Water is pumped from streams at two authorised water licenses and distributed by water lines over several kilometres to the pads. Returned drill water is collected in tanks, rather than sumps, and is recirculated. Drill cuttings are treated as hazardous waste due to the presence of sulphides and metals. The solids settle out in the recirculation tanks, are collected and put in sacks, then taken to the core logging facility in Supia, and, together with the cuttings from the core saw, are periodically collected by a licensed contractor for safe disposal at an authorised hazardous waste disposal facility.

![](ex99-1_072.jpg)

**Figure 10.4. A typical drill platform.**

10.2.4 Recovery

The average core recovery for all drilling programs is 98%.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.5 Logging and Sampling Protocols

A summary of the core logging and sampling flowsheet, protocols and chain of custody is given in Table 10.8. There is a written manual of protocols. Core logging, sample preparation and storage of core, coarse rejects and pulps are carried out at a secure Core Logging & Storage Facility in Supia (Figure 10.5, Figure 10.6).

![](ex99-1_073.jpg)

**Figure 10.5. Core logging facility in Supia (2023).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 10.6. Core storage facility in Supia (2025).**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Step** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Person(s)** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Transport from rig to Core Logging & Storage Facility, Supia | &nbsp;&nbsp;Drill contractor | &nbsp;&nbsp;The core boxes are transported by the drilling company from the rig to the road by mule, and by pick-up truck to the core logging facility. Custody is given to the Logging Manager. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Logging manager | &nbsp;&nbsp;Check core boxes against driller's list. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Geologist | &nbsp;&nbsp;Quick log. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Photo 1 of uncut core boxes. Photos are stored directly in a laptop computer and named using IMAGO app. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Geotechnical log. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Geologist | &nbsp;&nbsp;Geological log using MX Deposit program on a laptop computer. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Geologist | &nbsp;&nbsp;Mark sample intervals and cut-line. Priority is given to geology. Minimum sample length 0.50 m, maximum 2.00 m. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Assign sample numbers and list in laptop using MX Deposit. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician core cutting | &nbsp;&nbsp;Cut core using a diamond core saw. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Sample cut core into plastic bags and seal with cable tie. |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Photo 2 of cut and sampled core boxes. |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Magnetic susceptibility. |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Select specific gravity samples for shipment to lab. |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Geologist, technician | &nbsp;&nbsp;Insert QAQC samples. |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technicians | &nbsp;&nbsp;Core boxes stored in rack. |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Core Logging & Storage Facility | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Samples packed in sacks and labelled. Lab order form prepared. |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Transport to laboratory, Medellin | &nbsp;&nbsp;Pickup Truck and driver from company that provides the field vehicles | &nbsp;&nbsp;Sample batches sent to lab three times per week. |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Laboratory Medellin | &nbsp;&nbsp;Laboratory personnel | &nbsp;&nbsp;Custody is given to the laboratory. Receive samples. Sample preparation. |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Laboratory Callao | &nbsp;&nbsp;Laboratory personnel | &nbsp;&nbsp;Sample pulps shipped by courier to assay lab. |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Core Logging & Storage Facility, Supia | &nbsp;&nbsp;Technician | &nbsp;&nbsp;Custody is given to the Logging Manager. Sample coarse rejects and pulps returned by lab, checked, noted in database, stored in Core Storage Facility. |

---

**Table 10.8. Core logging and sampling flowsheet with chain of custody.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.6 Geotechnical Logging

Geotechnical logging is carried out as follows:

● Core recovery measurement, recorded on a meter-by-meter basis, to determine the recovery of rock material, identify the exact depths of key intervals, and locate core losses that occurred during drilling. This information directly influences the accuracy of subsequent geotechnical analyses.

● Measurement of Rock Quality Designation (RQD) to assess the degree of fracturing within the rock, provide an approximate indication of cohesion, and estimate representative block size within the rock mass.

● Point Load Testing (PLT) is conducted on selected core samples to evaluate approximate rock strength based on the uncorrected point load index. The results provide quantitative information on rock strength under varying loading conditions, depths, and geotechnical units, establishing a link between qualitative strength assessments and quantitative engineering requirements.

● Geotechnical logging following the Rock Mass Rating (RMR) classification system proposed by Bieniawski (1989), which includes the description and characterization of discontinuities as well as additional parameters such as rock strength, fracture frequency, groundwater conditions, and structural orientations. The Geological Strength Index (GSI) proposed by Hoek and Marinos (2000) is also applied to classify rock mass quality through direct observation of the rock and its discontinuities.

10.2.7 Density

Density measurements are carried out by the company by coating complete drill cores with paraffin wax. Measurements have been made on 8,368 samples from 223 drill holes with an average density of 2.71 g/cm<sup>3</sup> (Table 10.9). Density measurements are carried out by the following procedure using Archimedes' principle:

● Systematic core sampling every 10 m, or at shorter intervals according to geological criteria due to changes in lithology, alteration, and/or mineralization.

● The selected samples must be complete cores with a length between 10 and 30 cm, depending on the diameter of the core. Only in special cases is half core used.

● The sample undergoes a process of dry weighing, complete coating with paraffin wax, and weighing by immersing it in water.

● Weights and density values (paraffin and water) are used to calculate the apparent specific gravity.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Additionally, specific gravity was measured on 91 samples from the Apollo target at ALS Colombia Ltda laboratory in Medellin by weighing in air and water after wax coating.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Number of samples** | &nbsp;&nbsp;**Paraffin-coated average density (g/cm<sup>3</sup>)** |
| &nbsp;&nbsp;Apollo | &nbsp;&nbsp;5240 | &nbsp;&nbsp;2.72 |
| &nbsp;&nbsp;ME | &nbsp;&nbsp;355 | &nbsp;&nbsp;2.71 |
| &nbsp;&nbsp;Plutus South | &nbsp;&nbsp;202 | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;Plutus North | &nbsp;&nbsp;342 | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;The Box | &nbsp;&nbsp;403 | &nbsp;&nbsp;2.72 |
| &nbsp;&nbsp;Trap | &nbsp;&nbsp;1598 | &nbsp;&nbsp;2.66 |
| &nbsp;&nbsp;X | &nbsp;&nbsp;73 | &nbsp;&nbsp;2.69 |
| &nbsp;&nbsp;Tower | &nbsp;&nbsp;91 | &nbsp;&nbsp;2.70 |
| &nbsp;&nbsp;Knife | &nbsp;&nbsp;64 | &nbsp;&nbsp;2.67 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8368** | &nbsp;&nbsp;**2.71** |

---

**Table 10.9. Summary of density measurements of Guayabales core.**

10.2.8 Magnetic Susceptibility

Magnetic susceptibility and electrical conductivity measurements were conducted using a KT-10 Magnetic Susceptibility Meter (Terraplus). This handheld instrument operates at a frequency of 10 kHz and provides high-sensitivity measurements in the range of 0.001 × 10⁻³ to 1,999.99 × 10⁻³ SI units for magnetic susceptibility and 1 to 100,000 S/m for conductivity. Measurements are taken directly on intact drill core at 25 cm intervals along the entire length of each hole. The results are averaged over one-metre intervals to obtain a single representative value for both magnetic susceptibility and conductivity per metre of core. All measurements are performed in discrete mode to ensure repeatability and to minimize coil-position variability relative to the core surface. This dataset is maintained and reviewed on a daily basis to monitor geophysical variations across lithological units and mineralised intervals, providing additional support for geological interpretation and correlation with geochemical and petrophysical data.

10.2.9 Mineralogy

Collective Mining has carried out petrography of 58 samples from drill core from the Apollo, Plutus North and Trap targets. These were carried out by Minerlab Ltds (26), University of Caldas (14) and SGS Chile (18).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Advanced mineralogy by Qemscan / Tima was carried out for 28 samples from Apollo at SGS Chile (24) and ALS Kamloops (4).

Spectral analysis of core (3,098 samples) and sample pulps (578 samples) was carried out by Collective Mining using Terraspec short-wave infra-red (SWIR) spectroscopy.

10.2.10 Results

The drilling program at the Guayabales project resulted in the discovery of significant mineral system at the Apollo target along with additional drilling discoveries in other targets such as Plutus, Trap, Box, ME and X.

10.2.10.1 Apollo Target

The drill programme resulted in a significant grassroots discovery of a new bulk tonnage and high-grade, gold-silver-copper-tungsten porphyry-breccia-vein system named the Apollo Porphyry System. The discovery hole was announced on 22 June 2022. A total of 196 holes were drilled from 2021 to September 2025, the effective date of this Technical Report, from 33 different pads for 84,648.9m at the Apollo Target.

On a grams/tonne x metres basis, APC104-D5 is the highest-grade intercept drilled at Apollo yielding 1,499 g/t gold equivalent. To date, the company has drilled 18 gold equivalent accumulation intercepts at over 1,000-grams x metres at Apollo as follows:

● APC104_D05: 497.35 m @ 2.68 g/t Au, 20 g/t Ag, 0.05% Cu

● APC104_D01: 534.40 m @ 2.16 g/t Au, 32 g/t Ag, 0.09% Cu

● APC_072: 519.10 m @ 2.12 g/t Au, 36 g/t Ag, 0.10% Cu

● APC_055: 792.25 m @ 0.88 g/t Au, 39 g/t Ag, 0.18% Cu

● APC104_D02: 402.60 m @ 2.32 g/t Au, 43 g/t Ag, 0.14% Cu

● APC_064: 451.40 m @ 1.48 g/t Au, 57 g/t Ag, 0.26% Cu

● APC_035: 359.15m @ 1.84 g/t Au, 48 g/t Ag, 0.48% Cu

● APC_060: 557.85 m @ 0.74 g/t Au, 59 g/t Ag, 0.33% Cu

● APC_095: 513.70 m @ 1.50 g/t Au, 42 g/t Ag, 0.18% Cu

● APC088_D02: 548.90 m @ 1.33 g/t Au, 31 g/t Ag, 0.12% Cu

● APC_122: 397.50 m @ 1.20 g/t Au, 60 g/t Ag, 0.33% Cu

● APC_093: 560.05m @ 1.18 g/t Au,34 g/t Ag, 0.33% Cu

● APC_053: 329.75m @ 2.30 g/t Au, 42 g/t Ag, 0.16% Cu

● APC099_D05: 517.35 m @ 1.84 g/t Au, 10 g/t Ag, 0.03% Cu

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

● APC_049: 847.25 m @ 0.64 g/t Au, 16 g/t Ag, 0.14% Cu

● APC_065: 503.25 m @ 1.55 g/t Au, 23 g/t Ag, 0.10% Cu

● APC_031: 384.70 m @ 1.17 g/t Au, 43 g/t Ag, 0.37% Cu

● APC_063: 593.65 m @ 1.46 g/t Au, 15 g/t Ag, 0.03% Cu

Specifics zones of the Apollo target are:

Shallow Tungsten Zone

● APC_115: 124.00 m @ 0.55 g/t Au, 86 g/t Ag, 0.63% Cu, 0.16% WO<sub>3 </sub>from surface

● APC_129: 95.85m @ 0.76 g/t Au, 55 g/t Ag, 0.52% Cu, 0.15% WO<sub>3 </sub>from 30.80 m

● APC_125: 442.35 m @ 1.18 g/t Au, 43 g/t Ag, 0.21% Cu, 0.05% WO<sub>3 </sub>from surface

● APC_134: 183.70 m @ 0.86 g/t Au, 44 g/t Ag, 0.83% Cu, 0.14% WO<sub>3 </sub>from 37.30 m

High-Grade Zones:

● APC104_D01: 150.55 m @ 4.71 g/t Au, 87 g/t Ag, 0.22% Cu

● APC104_D02: 181.35 m @ 4.00 g/t Au, 80 g/t Ag, 0.28% Cu

● APC104_D05: 106.35 m @ 8.12 g/t Au, 57 g/t Ag, 0.12% Cu

Ramp Zone:

● APC099_D05: 57.65 m @ 7.83 g/t Au, 33 g/t Ag

● APC103_D02: 51.95 m @ 8.21 g/t Au, 30 g/t Ag

● APC105_D01: 75.80 m @ 8.06 g/t Au, 15 g/t Ag

The significant intersections of the results are listed in Table 10.10. The current dimensions of the Apollo Porphyry System are 600 m along strike by 400 m across by 1,200 m vertical, and it is open in all directions. The breccia lies within stockwork mineralization. The high grades in the breccia are due to multiple phases of mineralization which include early gold-silver-copper-tungsten breccia matrix mineralization derived from a reduced intrusion related source and younger, overprinting, sheeted carbonate base metal vein systems.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;OLCC_001 | &nbsp;&nbsp;30.55 | &nbsp;&nbsp;146.80 | &nbsp;&nbsp;116.25 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;OLCC_001 | &nbsp;&nbsp;83.95 | &nbsp;&nbsp;93.50 | &nbsp;&nbsp;9.55 | &nbsp;&nbsp;7.90 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.007 |  |
| &nbsp;&nbsp;OLCC_001 | &nbsp;&nbsp;202.20 | &nbsp;&nbsp;203.70 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;476 |  | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCC_002 | &nbsp;&nbsp;46.00 | &nbsp;&nbsp;87.80 | &nbsp;&nbsp;41.80 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.012 |  |
| &nbsp;&nbsp;OLCC_002 | &nbsp;&nbsp;151.15 | &nbsp;&nbsp;152.00 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;176 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_002 | &nbsp;&nbsp;259.75 | &nbsp;&nbsp;260.25 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;80 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;61.70 | &nbsp;&nbsp;363.60 | &nbsp;&nbsp;301.90 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;70.95 | &nbsp;&nbsp;72.10 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;7.59 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;195.90 | &nbsp;&nbsp;197.25 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;70.32 | &nbsp;&nbsp;457 |  | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.012 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;214.80 | &nbsp;&nbsp;215.50 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;15.02 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.016 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;329.60 | &nbsp;&nbsp;330.90 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;42.62 | &nbsp;&nbsp;108 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;470.20 | &nbsp;&nbsp;471.70 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;5.53 | &nbsp;&nbsp;0 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;486.70 | &nbsp;&nbsp;520.90 | &nbsp;&nbsp;34.20 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;508.60 | &nbsp;&nbsp;509.10 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;12.89 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_003 | &nbsp;&nbsp;630.00 | &nbsp;&nbsp;630.50 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;73.00 | &nbsp;&nbsp;289.70 | &nbsp;&nbsp;216.70 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;73.00 | &nbsp;&nbsp;83.25 | &nbsp;&nbsp;10.25 | &nbsp;&nbsp;8.89 | &nbsp;&nbsp;142 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.007 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;288.60 | &nbsp;&nbsp;289.70 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;38.54 | &nbsp;&nbsp;263 |  | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;427.10 | &nbsp;&nbsp;427.80 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;9.11 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;449.20 | &nbsp;&nbsp;449.80 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;5.84 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;480.30 | &nbsp;&nbsp;590.40 | &nbsp;&nbsp;110.10 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;526.40 | &nbsp;&nbsp;528.35 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;62 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_004 | &nbsp;&nbsp;539.15 | &nbsp;&nbsp;542.30 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;43 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;70.60 | &nbsp;&nbsp;59.60 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;38.80 | &nbsp;&nbsp;40.10 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;43.10 | &nbsp;&nbsp;43.80 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;215 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;196.40 | &nbsp;&nbsp;221.65 | &nbsp;&nbsp;25.25 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;OLCC_005 | &nbsp;&nbsp;360.35 | &nbsp;&nbsp;361.65 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;4.35 | &nbsp;&nbsp;80 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_006 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OLCC_007 | &nbsp;&nbsp;225.20 | &nbsp;&nbsp;227.00 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;32 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;OLCC_008 | &nbsp;&nbsp;143.65 | &nbsp;&nbsp;145.10 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;46 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_008 | &nbsp;&nbsp;265.70 | &nbsp;&nbsp;266.30 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;9.80 | &nbsp;&nbsp;242 |  | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_008 | &nbsp;&nbsp;306.30 | &nbsp;&nbsp;306.80 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.010 |  |
| &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;67.00 | &nbsp;&nbsp;68.15 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;221 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;92.80 | &nbsp;&nbsp;93.30 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;5.19 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;145.20 | &nbsp;&nbsp;148.00 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;150 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;194.30 | &nbsp;&nbsp;194.85 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.022 |  |
| &nbsp;&nbsp;OLCC_009 | &nbsp;&nbsp;408.55 | &nbsp;&nbsp;409.05 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;115 |  | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_010 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OLCC_011 | &nbsp;&nbsp;45.50 | &nbsp;&nbsp;46.20 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;OLCC_011 | &nbsp;&nbsp;72.75 | &nbsp;&nbsp;80.60 | &nbsp;&nbsp;7.85 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;89 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.010 |  |
| &nbsp;&nbsp;OLCC_011 | &nbsp;&nbsp;79.35 | &nbsp;&nbsp;80.60 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;341 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;OLCC_011 | &nbsp;&nbsp;115.90 | &nbsp;&nbsp;116.70 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;84 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;31.35 | &nbsp;&nbsp;32.35 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;74.40 | &nbsp;&nbsp;76.15 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;108.25 | &nbsp;&nbsp;109.25 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;109 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;243.00 | &nbsp;&nbsp;243.60 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;40 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;OLCC_012 | &nbsp;&nbsp;264.75 | &nbsp;&nbsp;269.50 | &nbsp;&nbsp;4.75 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;112 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;OLCC_013 | &nbsp;&nbsp;20.60 | &nbsp;&nbsp;57.30 | &nbsp;&nbsp;36.70 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;38 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.008 |  |
| &nbsp;&nbsp;OLCC_013 | &nbsp;&nbsp;94.40 | &nbsp;&nbsp;114.40 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;58 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.007 |  |
| &nbsp;&nbsp;OLCC_013 | &nbsp;&nbsp;101.40 | &nbsp;&nbsp;102.70 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;306 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;OLCC_013 | &nbsp;&nbsp;111.00 | &nbsp;&nbsp;111.80 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;245 |  | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCU_001 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;242 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;133.55 | &nbsp;&nbsp;134.25 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;180 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;172.60 | &nbsp;&nbsp;227.85 | &nbsp;&nbsp;55.25 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;205.00 | &nbsp;&nbsp;206.60 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.010 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;207.60 | &nbsp;&nbsp;208.80 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;211.05 | &nbsp;&nbsp;211.60 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;217.30 | &nbsp;&nbsp;224.75 | &nbsp;&nbsp;7.45 | &nbsp;&nbsp;8.62 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;264.70 | &nbsp;&nbsp;265.20 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;8.05 | &nbsp;&nbsp;89 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;284.15 | &nbsp;&nbsp;331.30 | &nbsp;&nbsp;47.15 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;301.50 | &nbsp;&nbsp;302.70 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;55 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCU_002 | &nbsp;&nbsp;329.80 | &nbsp;&nbsp;331.30 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;58.55 | &nbsp;&nbsp;59.40 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;116.85 | &nbsp;&nbsp;134.30 | &nbsp;&nbsp;17.45 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;111.55 | &nbsp;&nbsp;112.25 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;108 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;133.70 | &nbsp;&nbsp;134.30 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;8.95 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCU_003 | &nbsp;&nbsp;204.80 | &nbsp;&nbsp;206.10 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;OLCS_001 | &nbsp;&nbsp;90.40 | &nbsp;&nbsp;91.70 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;208 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;OLCS_002D | &nbsp;&nbsp;67.90 | &nbsp;&nbsp;68.40 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;132 |  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCS_002D01 | &nbsp;&nbsp;189.35 | &nbsp;&nbsp;191.00 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCS_003 | &nbsp;&nbsp;37.00 | &nbsp;&nbsp;78.80 | &nbsp;&nbsp;41.80 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;34 |  |  |  |  |
| &nbsp;&nbsp;OLCS_003 | &nbsp;&nbsp;38.50 | &nbsp;&nbsp;48.90 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;36 |  |  |  |  |
| &nbsp;&nbsp;OLCS_003 | &nbsp;&nbsp;73.60 | &nbsp;&nbsp;78.80 | &nbsp;&nbsp;5.20 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;117 |  |  |  |  |
| &nbsp;&nbsp;OLCS_004 | &nbsp;&nbsp;117.40 | &nbsp;&nbsp;118.40 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;51 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;OLCS_004 | &nbsp;&nbsp;129.70 | &nbsp;&nbsp;132.50 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;329 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.020 |  |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;50.00 | &nbsp;&nbsp;53.20 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;93.20 | &nbsp;&nbsp;94.30 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;7.89 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;108.45 | &nbsp;&nbsp;109.00 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;133.25 | &nbsp;&nbsp;134.35 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;4.97 | &nbsp;&nbsp;103 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.006 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;268.30 | &nbsp;&nbsp;271.45 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;116 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;OLCS_005 | &nbsp;&nbsp;362.00 | &nbsp;&nbsp;362.90 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_001 | &nbsp;&nbsp;291.60 | &nbsp;&nbsp;379.40 | &nbsp;&nbsp;87.80 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_001 | &nbsp;&nbsp;291.60 | &nbsp;&nbsp;302.50 | &nbsp;&nbsp;10.90 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_001 | &nbsp;&nbsp;352.00 | &nbsp;&nbsp;366.30 | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC001_D01 | &nbsp;&nbsp;293.00 | &nbsp;&nbsp;382.40 | &nbsp;&nbsp;89.40 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC001_D01 | &nbsp;&nbsp;296.60 | &nbsp;&nbsp;315.90 | &nbsp;&nbsp;19.35 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;128 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC001_D01 | &nbsp;&nbsp;367.10 | &nbsp;&nbsp;382.40 | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_002 | &nbsp;&nbsp;154.70 | &nbsp;&nbsp;361.85 | &nbsp;&nbsp;207.15 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_002 | &nbsp;&nbsp;192.50 | &nbsp;&nbsp;209.90 | &nbsp;&nbsp;17.40 | &nbsp;&nbsp;6.57 | &nbsp;&nbsp;44 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_002 | &nbsp;&nbsp;270.60 | &nbsp;&nbsp;291.55 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;68 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_003 | &nbsp;&nbsp;303.40 | &nbsp;&nbsp;484.00 | &nbsp;&nbsp;180.60 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;39 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_003 | &nbsp;&nbsp;304.90 | &nbsp;&nbsp;326.00 | &nbsp;&nbsp;21.10 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_003 | &nbsp;&nbsp;363.10 | &nbsp;&nbsp;409.70 | &nbsp;&nbsp;46.60 | &nbsp;&nbsp;3.78 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_004 | &nbsp;&nbsp;132.30 | &nbsp;&nbsp;149.80 | &nbsp;&nbsp;17.50 | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;21 |  |  |  |  |
| &nbsp;&nbsp;APC_004 | &nbsp;&nbsp;143.60 | &nbsp;&nbsp;144.25 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;331.47 | &nbsp;&nbsp;53 |  |  |  |  |
| &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;210.25 | &nbsp;&nbsp;478.25 | &nbsp;&nbsp;268.00 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;210.25 | &nbsp;&nbsp;226.60 | &nbsp;&nbsp;16.35 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;252.60 | &nbsp;&nbsp;271.80 | &nbsp;&nbsp;19.20 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;456.00 | &nbsp;&nbsp;478.25 | &nbsp;&nbsp;22.25 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_005 | &nbsp;&nbsp;496.80 | &nbsp;&nbsp;510.65 | &nbsp;&nbsp;13.85 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_006 | &nbsp;&nbsp;364.60 | &nbsp;&nbsp;690.65 | &nbsp;&nbsp;326.05 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_006 | &nbsp;&nbsp;480.15 | &nbsp;&nbsp;631.65 | &nbsp;&nbsp;151.50 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_006 | &nbsp;&nbsp;680.10 | &nbsp;&nbsp;690.65 | &nbsp;&nbsp;10.55 | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;85.65 | &nbsp;&nbsp;111.20 | &nbsp;&nbsp;25.55 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;23 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;110.10 | &nbsp;&nbsp;111.20 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;5.62 | &nbsp;&nbsp;158 |  |  |  |  |
| &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;199.85 | &nbsp;&nbsp;238.25 | &nbsp;&nbsp;38.40 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;207.10 | &nbsp;&nbsp;222.35 | &nbsp;&nbsp;15.25 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;33 |  |  |  |  |
| &nbsp;&nbsp;APC_007 | &nbsp;&nbsp;325.00 | &nbsp;&nbsp;345.45 | &nbsp;&nbsp;20.45 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;202.00 | &nbsp;&nbsp;467.75 | &nbsp;&nbsp;265.75 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;55 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.045 |  |
| &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;202.00 | &nbsp;&nbsp;215.20 | &nbsp;&nbsp;13.20 | &nbsp;&nbsp;3.68 | &nbsp;&nbsp;27 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.238 |  |
| &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;239.05 | &nbsp;&nbsp;257.50 | &nbsp;&nbsp;18.45 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;53 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.216 |  |
| &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;279.40 | &nbsp;&nbsp;307.85 | &nbsp;&nbsp;28.45 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.016 |  |
| &nbsp;&nbsp;APC_008 | &nbsp;&nbsp;342.60 | &nbsp;&nbsp;358.10 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;158 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.104 |  |
| &nbsp;&nbsp;APC_009 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_010 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;55.60 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;7.73 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;157.55 | &nbsp;&nbsp;158.10 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;160.00 | &nbsp;&nbsp;161.20 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;113 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;173.60 | &nbsp;&nbsp;174.25 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;231.00 | &nbsp;&nbsp;231.65 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;11.80 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;234.70 | &nbsp;&nbsp;235.45 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_011 | &nbsp;&nbsp;237.10 | &nbsp;&nbsp;238.45 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;4.22 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_012 | &nbsp;&nbsp;191.35 | &nbsp;&nbsp;429.05 | &nbsp;&nbsp;237.70 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_012 | &nbsp;&nbsp;209.70 | &nbsp;&nbsp;224.00 | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;77 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_012 | &nbsp;&nbsp;339.55 | &nbsp;&nbsp;361.30 | &nbsp;&nbsp;21.75 | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;210 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_012 | &nbsp;&nbsp;416.90 | &nbsp;&nbsp;429.05 | &nbsp;&nbsp;12.15 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;84 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;126.40 | &nbsp;&nbsp;143.20 | &nbsp;&nbsp;16.80 | &nbsp;&nbsp;4.24 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;128.95 | &nbsp;&nbsp;132.85 | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;9.73 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;141.20 | &nbsp;&nbsp;143.20 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;15.54 | &nbsp;&nbsp;65 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;242.10 | &nbsp;&nbsp;242.80 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;3.63 | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;343.60 | &nbsp;&nbsp;353.70 | &nbsp;&nbsp;10.10 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_013 | &nbsp;&nbsp;343.60 | &nbsp;&nbsp;345.60 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;2.77 | &nbsp;&nbsp;25 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_014 | &nbsp;&nbsp;84.25 | &nbsp;&nbsp;131.70 | &nbsp;&nbsp;47.45 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_014 | &nbsp;&nbsp;197.00 | &nbsp;&nbsp;391.30 | &nbsp;&nbsp;194.30 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;56 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;54.20 | &nbsp;&nbsp;110.25 | &nbsp;&nbsp;56.05 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;68.60 | &nbsp;&nbsp;69.10 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;6.26 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;77.85 | &nbsp;&nbsp;79.20 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;4.17 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;180.95 | &nbsp;&nbsp;181.65 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;13.29 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_015 | &nbsp;&nbsp;206.95 | &nbsp;&nbsp;207.50 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;7.87 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;- | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_016 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;118.20 | &nbsp;&nbsp;190.50 | &nbsp;&nbsp;72.30 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;121.90 | &nbsp;&nbsp;130.40 | &nbsp;&nbsp;8.50 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;252.60 | &nbsp;&nbsp;264.25 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;365.15 | &nbsp;&nbsp;912.80 | &nbsp;&nbsp;547.65 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;527.80 | &nbsp;&nbsp;561.10 | &nbsp;&nbsp;33.30 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;579.20 | &nbsp;&nbsp;596.80 | &nbsp;&nbsp;17.60 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_017 | &nbsp;&nbsp;816.00 | &nbsp;&nbsp;837.50 | &nbsp;&nbsp;21.50 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;136.05 | &nbsp;&nbsp;304.65 | &nbsp;&nbsp;168.60 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;69 |  | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;149.20 | &nbsp;&nbsp;157.00 | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;5.08 | &nbsp;&nbsp;35 |  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;193.20 | &nbsp;&nbsp;205.10 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;154 |  | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;233.90 | &nbsp;&nbsp;251.50 | &nbsp;&nbsp;17.60 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;56 |  | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_018 | &nbsp;&nbsp;291.65 | &nbsp;&nbsp;297.00 | &nbsp;&nbsp;5.35 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_019 | &nbsp;&nbsp;199.20 | &nbsp;&nbsp;497.80 | &nbsp;&nbsp;298.60 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;34 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_019 | &nbsp;&nbsp;199.20 | &nbsp;&nbsp;323.50 | &nbsp;&nbsp;124.30 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;64 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_020 | &nbsp;&nbsp;298.20 | &nbsp;&nbsp;400.40 | &nbsp;&nbsp;102.20 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_020 | &nbsp;&nbsp;324.25 | &nbsp;&nbsp;357.85 | &nbsp;&nbsp;33.60 | &nbsp;&nbsp;6.30 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_021 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;89.25 | &nbsp;&nbsp;136.50 | &nbsp;&nbsp;47.25 | &nbsp;&nbsp;4.65 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;167.00 | &nbsp;&nbsp;183.80 | &nbsp;&nbsp;16.80 | &nbsp;&nbsp;2.59 | &nbsp;&nbsp;79 |  | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;308.80 | &nbsp;&nbsp;734.80 | &nbsp;&nbsp;426.00 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;406.15 | &nbsp;&nbsp;471.00 | &nbsp;&nbsp;64.85 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;33 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;568.10 | &nbsp;&nbsp;593.90 | &nbsp;&nbsp;25.80 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_022 | &nbsp;&nbsp;665.85 | &nbsp;&nbsp;681.40 | &nbsp;&nbsp;15.55 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_023 | &nbsp;&nbsp;311.35 | &nbsp;&nbsp;383.05 | &nbsp;&nbsp;71.70 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_023 | &nbsp;&nbsp;359.10 | &nbsp;&nbsp;376.40 | &nbsp;&nbsp;17.30 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_024 | &nbsp;&nbsp;101.00 | &nbsp;&nbsp;151.60 | &nbsp;&nbsp;50.60 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_024 | &nbsp;&nbsp;110.05 | &nbsp;&nbsp;120.20 | &nbsp;&nbsp;10.15 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_024 | &nbsp;&nbsp;128.75 | &nbsp;&nbsp;134.75 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_024 | &nbsp;&nbsp;316.25 | &nbsp;&nbsp;317.65 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;4.85 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_025 | &nbsp;&nbsp;73.00 | &nbsp;&nbsp;179.85 | &nbsp;&nbsp;106.85 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_025 | &nbsp;&nbsp;111.00 | &nbsp;&nbsp;125.00 | &nbsp;&nbsp;14.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;35 |  | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_026 | &nbsp;&nbsp;415.00 | &nbsp;&nbsp;726.20 | &nbsp;&nbsp;311.20 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_026 | &nbsp;&nbsp;415.00 | &nbsp;&nbsp;551.90 | &nbsp;&nbsp;136.90 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_027 | &nbsp;&nbsp;299.50 | &nbsp;&nbsp;372.40 | &nbsp;&nbsp;72.90 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;286.60 | &nbsp;&nbsp;305.55 | &nbsp;&nbsp;18.95 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;354.70 | &nbsp;&nbsp;956.35 | &nbsp;&nbsp;601.65 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;354.70 | &nbsp;&nbsp;614.65 | &nbsp;&nbsp;259.95 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;43 |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;713.10 | &nbsp;&nbsp;772.80 | &nbsp;&nbsp;59.70 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.040 |  |
| &nbsp;&nbsp;APC_028 | &nbsp;&nbsp;863.15 | &nbsp;&nbsp;868.80 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;111.30 | &nbsp;&nbsp;143.30 | &nbsp;&nbsp;32.00 | &nbsp;&nbsp;9.23 | &nbsp;&nbsp;60 |  | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;194.80 | &nbsp;&nbsp;203.45 | &nbsp;&nbsp;8.65 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;82 |  | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;343.80 | &nbsp;&nbsp;644.80 | &nbsp;&nbsp;301.00 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;343.80 | &nbsp;&nbsp;558.20 | &nbsp;&nbsp;214.40 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_029 | &nbsp;&nbsp;460.00 | &nbsp;&nbsp;558.20 | &nbsp;&nbsp;98.20 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_030 | &nbsp;&nbsp;267.60 | &nbsp;&nbsp;586.25 | &nbsp;&nbsp;318.65 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_030 | &nbsp;&nbsp;267.60 | &nbsp;&nbsp;328.40 | &nbsp;&nbsp;60.80 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;48 |  | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_030 | &nbsp;&nbsp;472.30 | &nbsp;&nbsp;553.70 | &nbsp;&nbsp;81.40 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_031 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;389.60 | &nbsp;&nbsp;384.70 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;43 |  | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.020 |  |
| &nbsp;&nbsp;APC_031 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;325.70 | &nbsp;&nbsp;320.80 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;49 |  | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.020 |  |
| &nbsp;&nbsp;APC_031 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;114.70 | &nbsp;&nbsp;109.80 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;45 |  | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.010 |  |
| &nbsp;&nbsp;APC_031 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;47.25 | &nbsp;&nbsp;42.35 | &nbsp;&nbsp;4.81 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_032 | &nbsp;&nbsp;296.45 | &nbsp;&nbsp;323.35 | &nbsp;&nbsp;26.90 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;14 |  |  |  |  |
| &nbsp;&nbsp;APC_033 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;381.35 | &nbsp;&nbsp;374.70 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;53 |  | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_033 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;49.50 | &nbsp;&nbsp;42.85 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;40 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_034 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_035 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;366.15 | &nbsp;&nbsp;359.15 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;48 |  | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_035 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;42.30 | &nbsp;&nbsp;35.30 | &nbsp;&nbsp;7.96 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_035 | &nbsp;&nbsp;318.30 | &nbsp;&nbsp;366.15 | &nbsp;&nbsp;47.85 | &nbsp;&nbsp;5.47 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_036 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;113.20 | &nbsp;&nbsp;110.40 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_036 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;22.35 | &nbsp;&nbsp;19.55 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_036 | &nbsp;&nbsp;102.05 | &nbsp;&nbsp;113.20 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;6.84 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.006 |  |
| &nbsp;&nbsp;APC_037 |  |  |  |  |  |  |  |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_038 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;169.95 | &nbsp;&nbsp;169.95 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_038 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;2 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_038 | &nbsp;&nbsp;156.60 | &nbsp;&nbsp;169.95 | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;32 |  | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_039 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;284.30 | &nbsp;&nbsp;276.30 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_039 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;41.00 | &nbsp;&nbsp;33.00 | &nbsp;&nbsp;4.44 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_039 | &nbsp;&nbsp;75.80 | &nbsp;&nbsp;93.55 | &nbsp;&nbsp;17.75 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_039 | &nbsp;&nbsp;185.80 | &nbsp;&nbsp;196.95 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;3.55 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_040 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;170.75 | &nbsp;&nbsp;169.25 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_040 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;16.75 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_040 | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;30.20 | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;9.45 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_040 | &nbsp;&nbsp;87.85 | &nbsp;&nbsp;132.70 | &nbsp;&nbsp;44.85 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_041 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;83.70 | &nbsp;&nbsp;82.05 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_041 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;29.70 | &nbsp;&nbsp;28.05 | &nbsp;&nbsp;3.44 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_041 | &nbsp;&nbsp;83.70 | &nbsp;&nbsp;140.70 | &nbsp;&nbsp;57.00 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;3 |  |  |  |  |
| &nbsp;&nbsp;APC_042 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;104.80 | &nbsp;&nbsp;104.80 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;68 |  | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_042 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;44.55 | &nbsp;&nbsp;44.55 | &nbsp;&nbsp;6.48 | &nbsp;&nbsp;37 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_042 | &nbsp;&nbsp;84.80 | &nbsp;&nbsp;104.80 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;6.26 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_042 | &nbsp;&nbsp;106.95 | &nbsp;&nbsp;126.30 | &nbsp;&nbsp;19.35 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;3 |  |  |  |  |
| &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;271.30 | &nbsp;&nbsp;271.30 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;4.02 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;51.60 | &nbsp;&nbsp;32.30 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;127.80 | &nbsp;&nbsp;144.70 | &nbsp;&nbsp;16.90 | &nbsp;&nbsp;4.02 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_043 | &nbsp;&nbsp;214.70 | &nbsp;&nbsp;256.75 | &nbsp;&nbsp;42.05 | &nbsp;&nbsp;5.07 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_044 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;430.20 | &nbsp;&nbsp;428.20 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_044 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;37.55 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_044 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;21.95 | &nbsp;&nbsp;19.95 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_044 | &nbsp;&nbsp;148.25 | &nbsp;&nbsp;166.50 | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;83 |  | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_045 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;162.20 | &nbsp;&nbsp;162.20 | &nbsp;&nbsp;2.59 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_045 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;17.05 | &nbsp;&nbsp;17.05 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_045 | &nbsp;&nbsp;17.05 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;36.95 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_045 | &nbsp;&nbsp;127.90 | &nbsp;&nbsp;155.00 | &nbsp;&nbsp;27.10 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;54 |  | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;363.75 | &nbsp;&nbsp;358.00 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;34.00 | &nbsp;&nbsp;28.25 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;19.25 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;153.05 | &nbsp;&nbsp;213.60 | &nbsp;&nbsp;60.55 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;48 |  | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_046 | &nbsp;&nbsp;418.45 | &nbsp;&nbsp;425.55 | &nbsp;&nbsp;7.10 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;49.25 | &nbsp;&nbsp;28.25 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;10 |  |  |  |  |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;100.95 | &nbsp;&nbsp;108.75 | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;8 |  |  |  |  |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;226.80 | &nbsp;&nbsp;534.40 | &nbsp;&nbsp;307.60 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;53 |  | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;233.15 | &nbsp;&nbsp;261.50 | &nbsp;&nbsp;28.35 | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;65 |  | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;354.40 | &nbsp;&nbsp;372.20 | &nbsp;&nbsp;17.80 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;42 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_047 | &nbsp;&nbsp;396.00 | &nbsp;&nbsp;413.10 | &nbsp;&nbsp;17.10 | &nbsp;&nbsp;5.19 | &nbsp;&nbsp;90 |  | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;236.70 | &nbsp;&nbsp;236.70 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;114.40 | &nbsp;&nbsp;114.40 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;12.40 | &nbsp;&nbsp;12.40 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;13.15 | &nbsp;&nbsp;31.40 | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_048 | &nbsp;&nbsp;128.10 | &nbsp;&nbsp;236.70 | &nbsp;&nbsp;108.60 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;852.90 | &nbsp;&nbsp;847.25 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;28.55 | &nbsp;&nbsp;22.90 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;76.60 | &nbsp;&nbsp;240.60 | &nbsp;&nbsp;164.00 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;40 |  | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;253.80 | &nbsp;&nbsp;293.85 | &nbsp;&nbsp;40.05 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;32 |  | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;443.85 | &nbsp;&nbsp;466.10 | &nbsp;&nbsp;22.25 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;491.45 | &nbsp;&nbsp;533.80 | &nbsp;&nbsp;42.35 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;559.10 | &nbsp;&nbsp;585.20 | &nbsp;&nbsp;26.10 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;625.60 | &nbsp;&nbsp;656.55 | &nbsp;&nbsp;30.95 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_049 | &nbsp;&nbsp;837.05 | &nbsp;&nbsp;852.90 | &nbsp;&nbsp;15.85 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;3 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_050 | &nbsp;&nbsp;53.30 | &nbsp;&nbsp;191.00 | &nbsp;&nbsp;137.70 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_050 | &nbsp;&nbsp;64.95 | &nbsp;&nbsp;93.50 | &nbsp;&nbsp;28.55 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;79 |  | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_050 | &nbsp;&nbsp;180.70 | &nbsp;&nbsp;187.70 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_051 | &nbsp;&nbsp;163.30 | &nbsp;&nbsp;275.85 | &nbsp;&nbsp;112.55 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_051 | &nbsp;&nbsp;198.25 | &nbsp;&nbsp;219.35 | &nbsp;&nbsp;21.10 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;39 |  | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_051 | &nbsp;&nbsp;260.80 | &nbsp;&nbsp;275.85 | &nbsp;&nbsp;15.05 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_052 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;192.20 | &nbsp;&nbsp;190.30 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;43 |  | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_052 | &nbsp;&nbsp;56.95 | &nbsp;&nbsp;91.00 | &nbsp;&nbsp;34.05 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_052 | &nbsp;&nbsp;157.00 | &nbsp;&nbsp;182.80 | &nbsp;&nbsp;25.80 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;138 |  | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;145.00 | &nbsp;&nbsp;145.00 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;58.30 | &nbsp;&nbsp;37.30 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;89.40 | &nbsp;&nbsp;114.80 | &nbsp;&nbsp;25.40 | &nbsp;&nbsp;3.03 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;129.00 | &nbsp;&nbsp;144.40 | &nbsp;&nbsp;15.40 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;232.95 | &nbsp;&nbsp;562.70 | &nbsp;&nbsp;329.75 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;42 |  | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;277.65 | &nbsp;&nbsp;334.25 | &nbsp;&nbsp;56.60 | &nbsp;&nbsp;8.58 | &nbsp;&nbsp;97 |  | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_053 | &nbsp;&nbsp;410.70 | &nbsp;&nbsp;429.80 | &nbsp;&nbsp;19.10 | &nbsp;&nbsp;3.08 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;358.10 | &nbsp;&nbsp;409.25 | &nbsp;&nbsp;51.15 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;390.65 | &nbsp;&nbsp;409.25 | &nbsp;&nbsp;18.60 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;490.05 | &nbsp;&nbsp;583.25 | &nbsp;&nbsp;93.20 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;541.80 | &nbsp;&nbsp;569.20 | &nbsp;&nbsp;27.40 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_054 | &nbsp;&nbsp;627.90 | &nbsp;&nbsp;629.75 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;792.25 | &nbsp;&nbsp;792.25 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;39 |  | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;48.80 | &nbsp;&nbsp;48.80 | &nbsp;&nbsp;2.93 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;49.55 | &nbsp;&nbsp;80.45 | &nbsp;&nbsp;30.90 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;96.00 | &nbsp;&nbsp;145.55 | &nbsp;&nbsp;49.55 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;65 |  | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;184.70 | &nbsp;&nbsp;206.25 | &nbsp;&nbsp;21.55 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;38 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;364.15 | &nbsp;&nbsp;395.20 | &nbsp;&nbsp;31.05 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;47 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;431.75 | &nbsp;&nbsp;453.40 | &nbsp;&nbsp;21.65 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_055 | &nbsp;&nbsp;591.50 | &nbsp;&nbsp;608.00 | &nbsp;&nbsp;16.50 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;116.30 | &nbsp;&nbsp;116.30 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;30.25 | &nbsp;&nbsp;30.25 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;88.95 | &nbsp;&nbsp;100.45 | &nbsp;&nbsp;11.50 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;144.35 | &nbsp;&nbsp;233.15 | &nbsp;&nbsp;88.80 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;311.50 | &nbsp;&nbsp;389.00 | &nbsp;&nbsp;77.50 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_056 | &nbsp;&nbsp;365.45 | &nbsp;&nbsp;384.35 | &nbsp;&nbsp;18.90 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_057 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;270.75 | &nbsp;&nbsp;270.75 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;51.00 | &nbsp;&nbsp;51.00 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;117.80 | &nbsp;&nbsp;171.80 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;76 |  | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;220.70 | &nbsp;&nbsp;234.90 | &nbsp;&nbsp;14.20 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_058 | &nbsp;&nbsp;247.65 | &nbsp;&nbsp;266.95 | &nbsp;&nbsp;19.30 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_059 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;163.25 | &nbsp;&nbsp;163.25 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;38 |  | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_059 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;24.75 | &nbsp;&nbsp;24.75 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_059 | &nbsp;&nbsp;46.20 | &nbsp;&nbsp;72.60 | &nbsp;&nbsp;26.40 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;80 |  | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_059 | &nbsp;&nbsp;83.30 | &nbsp;&nbsp;102.30 | &nbsp;&nbsp;19.00 | &nbsp;&nbsp;8.47 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_060 | &nbsp;&nbsp;41.60 | &nbsp;&nbsp;599.45 | &nbsp;&nbsp;557.85 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;59 |  | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_060 | &nbsp;&nbsp;149.40 | &nbsp;&nbsp;391.20 | &nbsp;&nbsp;241.80 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;109 |  | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_060 | &nbsp;&nbsp;409.30 | &nbsp;&nbsp;430.70 | &nbsp;&nbsp;21.40 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;47 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_060 | &nbsp;&nbsp;593.00 | &nbsp;&nbsp;599.45 | &nbsp;&nbsp;6.45 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_061 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;217.55 | &nbsp;&nbsp;217.55 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;51 |  | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_061 | &nbsp;&nbsp;130.55 | &nbsp;&nbsp;148.20 | &nbsp;&nbsp;17.65 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;162 |  | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_061 | &nbsp;&nbsp;160.05 | &nbsp;&nbsp;187.55 | &nbsp;&nbsp;27.50 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_062 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;161.30 | &nbsp;&nbsp;161.30 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;61 |  | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_062 | &nbsp;&nbsp;26.45 | &nbsp;&nbsp;60.05 | &nbsp;&nbsp;33.60 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_062 | &nbsp;&nbsp;203.60 | &nbsp;&nbsp;237.60 | &nbsp;&nbsp;34.00 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_062 | &nbsp;&nbsp;204.80 | &nbsp;&nbsp;220.90 | &nbsp;&nbsp;16.10 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_063 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;593.65 | &nbsp;&nbsp;593.65 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_063 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;353.10 | &nbsp;&nbsp;353.10 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_063 | &nbsp;&nbsp;353.10 | &nbsp;&nbsp;593.65 | &nbsp;&nbsp;240.55 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_064 | &nbsp;&nbsp;33.40 | &nbsp;&nbsp;484.80 | &nbsp;&nbsp;451.40 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;57 |  | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_064 | &nbsp;&nbsp;34.65 | &nbsp;&nbsp;133.15 | &nbsp;&nbsp;98.50 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_064 | &nbsp;&nbsp;309.40 | &nbsp;&nbsp;380.35 | &nbsp;&nbsp;70.95 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;104 |  | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;503.25 | &nbsp;&nbsp;503.25 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;126.90 | &nbsp;&nbsp;183.55 | &nbsp;&nbsp;56.65 | &nbsp;&nbsp;4.75 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;282.00 | &nbsp;&nbsp;307.85 | &nbsp;&nbsp;25.85 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;63 |  | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;325.60 | &nbsp;&nbsp;389.80 | &nbsp;&nbsp;64.20 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_065 | &nbsp;&nbsp;423.10 | &nbsp;&nbsp;465.45 | &nbsp;&nbsp;42.35 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_066 | &nbsp;&nbsp;245.15 | &nbsp;&nbsp;267.40 | &nbsp;&nbsp;22.25 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_066 | &nbsp;&nbsp;292.50 | &nbsp;&nbsp;393.55 | &nbsp;&nbsp;101.05 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_066 | &nbsp;&nbsp;348.10 | &nbsp;&nbsp;362.25 | &nbsp;&nbsp;14.15 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_066 | &nbsp;&nbsp;384.00 | &nbsp;&nbsp;393.55 | &nbsp;&nbsp;9.55 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;39 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_067 | &nbsp;&nbsp;109.25 | &nbsp;&nbsp;162.80 | &nbsp;&nbsp;53.55 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_067 | &nbsp;&nbsp;112.20 | &nbsp;&nbsp;136.85 | &nbsp;&nbsp;24.65 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;76.50 | &nbsp;&nbsp;122.00 | &nbsp;&nbsp;45.50 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;76.50 | &nbsp;&nbsp;79.40 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;98.15 | &nbsp;&nbsp;98.90 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;4.47 | &nbsp;&nbsp;270 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;105.05 | &nbsp;&nbsp;106.05 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;132 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.008 |  |
| &nbsp;&nbsp;APC_068 | &nbsp;&nbsp;112.65 | &nbsp;&nbsp;114.80 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;55 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.005 |  |
| &nbsp;&nbsp;APC_069 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;78.65 | &nbsp;&nbsp;78.35 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_069 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;60.65 | &nbsp;&nbsp;5.65 | &nbsp;&nbsp;5.33 | &nbsp;&nbsp;84 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_069 | &nbsp;&nbsp;221.40 | &nbsp;&nbsp;299.70 | &nbsp;&nbsp;78.30 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_069 | &nbsp;&nbsp;257.70 | &nbsp;&nbsp;265.40 | &nbsp;&nbsp;7.70 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_070 | &nbsp;&nbsp;83.30 | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;22.70 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_070 | &nbsp;&nbsp;83.30 | &nbsp;&nbsp;86.55 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;104 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;229.30 | &nbsp;&nbsp;428.70 | &nbsp;&nbsp;199.40 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;229.30 | &nbsp;&nbsp;251.60 | &nbsp;&nbsp;22.30 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;281.40 | &nbsp;&nbsp;314.30 | &nbsp;&nbsp;32.90 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;341.10 | &nbsp;&nbsp;372.90 | &nbsp;&nbsp;31.80 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;402.20 | &nbsp;&nbsp;428.70 | &nbsp;&nbsp;26.50 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D01 | &nbsp;&nbsp;488.15 | &nbsp;&nbsp;513.85 | &nbsp;&nbsp;25.70 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;26.70 | &nbsp;&nbsp;11.70 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;181.40 | &nbsp;&nbsp;187.30 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;213.10 | &nbsp;&nbsp;381.30 | &nbsp;&nbsp;168.20 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;240.00 | &nbsp;&nbsp;261.35 | &nbsp;&nbsp;21.35 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;296.90 | &nbsp;&nbsp;324.20 | &nbsp;&nbsp;27.30 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D02 | &nbsp;&nbsp;366.00 | &nbsp;&nbsp;381.30 | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;7.45 | &nbsp;&nbsp;12.55 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;106.45 | &nbsp;&nbsp;134.90 | &nbsp;&nbsp;28.45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;245.50 | &nbsp;&nbsp;414.30 | &nbsp;&nbsp;168.80 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;247.95 | &nbsp;&nbsp;269.60 | &nbsp;&nbsp;21.65 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;305.50 | &nbsp;&nbsp;414.30 | &nbsp;&nbsp;108.80 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D03 | &nbsp;&nbsp;476.40 | &nbsp;&nbsp;481.10 | &nbsp;&nbsp;4.70 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;28 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;45.25 | &nbsp;&nbsp;51.30 | &nbsp;&nbsp;6.05 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;35 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;119.35 | &nbsp;&nbsp;123.60 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;13.87 | &nbsp;&nbsp;60 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;192.00 | &nbsp;&nbsp;197.80 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;5.35 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;268.55 | &nbsp;&nbsp;658.00 | &nbsp;&nbsp;389.45 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;279.20 | &nbsp;&nbsp;308.45 | &nbsp;&nbsp;29.25 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;456.25 | &nbsp;&nbsp;540.50 | &nbsp;&nbsp;84.25 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;579.90 | &nbsp;&nbsp;592.25 | &nbsp;&nbsp;12.35 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D04 | &nbsp;&nbsp;636.20 | &nbsp;&nbsp;658.00 | &nbsp;&nbsp;21.80 | &nbsp;&nbsp;4.40 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;17.10 | &nbsp;&nbsp;116.30 | &nbsp;&nbsp;99.20 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;84.30 | &nbsp;&nbsp;115.65 | &nbsp;&nbsp;31.35 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;223.60 | &nbsp;&nbsp;751.00 | &nbsp;&nbsp;527.40 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;239.40 | &nbsp;&nbsp;268.90 | &nbsp;&nbsp;29.50 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;278.75 | &nbsp;&nbsp;308.00 | &nbsp;&nbsp;29.25 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;404.00 | &nbsp;&nbsp;437.60 | &nbsp;&nbsp;33.60 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D05 | &nbsp;&nbsp;603.60 | &nbsp;&nbsp;710.60 | &nbsp;&nbsp;107.00 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC070_D06 | &nbsp;&nbsp;75.15 | &nbsp;&nbsp;217.00 | &nbsp;&nbsp;141.85 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC070_D06 | &nbsp;&nbsp;75.80 | &nbsp;&nbsp;107.55 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC070_D06 | &nbsp;&nbsp;123.10 | &nbsp;&nbsp;165.35 | &nbsp;&nbsp;42.25 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_071 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;96.75 | &nbsp;&nbsp;90.75 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_071 | &nbsp;&nbsp;70.20 | &nbsp;&nbsp;96.75 | &nbsp;&nbsp;26.55 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;64 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.004 |  |
| &nbsp;&nbsp;APC_071 | &nbsp;&nbsp;131.95 | &nbsp;&nbsp;189.00 | &nbsp;&nbsp;57.05 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_071 | &nbsp;&nbsp;131.95 | &nbsp;&nbsp;148.90 | &nbsp;&nbsp;16.95 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.000 |  |
| &nbsp;&nbsp;APC_072 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;521.10 | &nbsp;&nbsp;519.10 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_072 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;229.75 | &nbsp;&nbsp;227.75 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_072 | &nbsp;&nbsp;230.30 | &nbsp;&nbsp;521.10 | &nbsp;&nbsp;290.80 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;47 |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_073 | &nbsp;&nbsp;114.30 | &nbsp;&nbsp;194.00 | &nbsp;&nbsp;79.70 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_073 | &nbsp;&nbsp;152.65 | &nbsp;&nbsp;172.35 | &nbsp;&nbsp;19.70 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_073 | &nbsp;&nbsp;290.75 | &nbsp;&nbsp;344.15 | &nbsp;&nbsp;53.40 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.003 |  |
| &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;62.30 | &nbsp;&nbsp;28.35 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;47.40 | &nbsp;&nbsp;13.45 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;44 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;272.20 | &nbsp;&nbsp;494.55 | &nbsp;&nbsp;222.35 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;25 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;272.20 | &nbsp;&nbsp;325.80 | &nbsp;&nbsp;53.60 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_074 | &nbsp;&nbsp;325.80 | &nbsp;&nbsp;494.55 | &nbsp;&nbsp;168.75 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC_075 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;116.15 | &nbsp;&nbsp;109.15 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_075 | &nbsp;&nbsp;109.75 | &nbsp;&nbsp;116.15 | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_075 | &nbsp;&nbsp;302.25 | &nbsp;&nbsp;337.05 | &nbsp;&nbsp;34.80 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_075 | &nbsp;&nbsp;333.40 | &nbsp;&nbsp;335.10 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;351 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_076 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_077 | &nbsp;&nbsp;52.40 | &nbsp;&nbsp;88.50 | &nbsp;&nbsp;36.10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_079 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_080 | &nbsp;&nbsp;119.90 | &nbsp;&nbsp;250.35 | &nbsp;&nbsp;130.45 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;33 |  | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;APC_080 | &nbsp;&nbsp;139.00 | &nbsp;&nbsp;155.30 | &nbsp;&nbsp;16.30 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_080 | &nbsp;&nbsp;159.05 | &nbsp;&nbsp;173.10 | &nbsp;&nbsp;14.05 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;55 |  | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;APC_080 | &nbsp;&nbsp;213.50 | &nbsp;&nbsp;250.35 | &nbsp;&nbsp;36.85 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;70.00 | &nbsp;&nbsp;105.80 | &nbsp;&nbsp;35.80 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;132.35 | &nbsp;&nbsp;231.10 | &nbsp;&nbsp;98.75 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;152.20 | &nbsp;&nbsp;175.05 | &nbsp;&nbsp;22.85 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.02 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;175.05 | &nbsp;&nbsp;204.65 | &nbsp;&nbsp;29.60 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;82 |  | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;APC_082 | &nbsp;&nbsp;204.65 | &nbsp;&nbsp;231.10 | &nbsp;&nbsp;26.45 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;79 |  | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_084 | &nbsp;&nbsp;120.00 | &nbsp;&nbsp;173.70 | &nbsp;&nbsp;53.70 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_084 | &nbsp;&nbsp;147.50 | &nbsp;&nbsp;166.20 | &nbsp;&nbsp;18.70 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_084 | &nbsp;&nbsp;257.60 | &nbsp;&nbsp;269.25 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_086 | &nbsp;&nbsp;53.00 | &nbsp;&nbsp;143.30 | &nbsp;&nbsp;90.30 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_086 | &nbsp;&nbsp;53.70 | &nbsp;&nbsp;65.90 | &nbsp;&nbsp;12.20 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_086 | &nbsp;&nbsp;73.60 | &nbsp;&nbsp;104.90 | &nbsp;&nbsp;31.30 | &nbsp;&nbsp;3.86 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_088 | &nbsp;&nbsp;70.10 | &nbsp;&nbsp;90.10 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC088_D01 | &nbsp;&nbsp;85.30 | &nbsp;&nbsp;582.65 | &nbsp;&nbsp;497.35 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.12 |  |  |
| &nbsp;&nbsp;APC088_D01 | &nbsp;&nbsp;85.30 | &nbsp;&nbsp;286.10 | &nbsp;&nbsp;200.80 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;61 |  | &nbsp;&nbsp;0.22 |  |  |
| &nbsp;&nbsp;APC088_D01 | &nbsp;&nbsp;756.00 | &nbsp;&nbsp;958.35 | &nbsp;&nbsp;202.35 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC088_D01 | &nbsp;&nbsp;809.00 | &nbsp;&nbsp;824.60 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;20.75 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;68.10 | &nbsp;&nbsp;617.00 | &nbsp;&nbsp;548.90 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.12 |  |  |
| &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;154.70 | &nbsp;&nbsp;288.60 | &nbsp;&nbsp;133.90 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;99 |  | &nbsp;&nbsp;0.36 |  |  |
| &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;356.50 | &nbsp;&nbsp;407.80 | &nbsp;&nbsp;51.30 | &nbsp;&nbsp;3.36 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;541.00 | &nbsp;&nbsp;556.10 | &nbsp;&nbsp;15.10 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC088_D02 | &nbsp;&nbsp;737.00 | &nbsp;&nbsp;755.20 | &nbsp;&nbsp;18.20 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_089 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;115.40 | &nbsp;&nbsp;109.60 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_089 | &nbsp;&nbsp;77.70 | &nbsp;&nbsp;105.00 | &nbsp;&nbsp;27.30 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_089 | &nbsp;&nbsp;146.40 | &nbsp;&nbsp;153.00 | &nbsp;&nbsp;6.60 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC_090 | &nbsp;&nbsp;86.10 | &nbsp;&nbsp;118.30 | &nbsp;&nbsp;32.20 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;49 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_090 | &nbsp;&nbsp;239.35 | &nbsp;&nbsp;342.70 | &nbsp;&nbsp;103.35 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;242.25 | &nbsp;&nbsp;296.00 | &nbsp;&nbsp;53.75 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |  |
| &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;399.35 | &nbsp;&nbsp;410.85 | &nbsp;&nbsp;11.50 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;460.65 | &nbsp;&nbsp;471.30 | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;542.65 | &nbsp;&nbsp;553.35 | &nbsp;&nbsp;10.70 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC090_D01 | &nbsp;&nbsp;582.25 | &nbsp;&nbsp;592.35 | &nbsp;&nbsp;10.10 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;2 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |  |
| &nbsp;&nbsp;APC_091 | &nbsp;&nbsp;282.30 | &nbsp;&nbsp;298.90 | &nbsp;&nbsp;16.60 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_091 | &nbsp;&nbsp;289.60 | &nbsp;&nbsp;294.65 | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;8.13 | &nbsp;&nbsp;36 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_091 | &nbsp;&nbsp;448.00 | &nbsp;&nbsp;449.35 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;4.15 | &nbsp;&nbsp;- |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_091 | &nbsp;&nbsp;455.70 | &nbsp;&nbsp;457.00 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;APC_092 | &nbsp;&nbsp;93.85 | &nbsp;&nbsp;245.05 | &nbsp;&nbsp;151.20 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC_092 | &nbsp;&nbsp;189.90 | &nbsp;&nbsp;245.05 | &nbsp;&nbsp;55.15 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.19 |  |  |
| &nbsp;&nbsp;APC_092 | &nbsp;&nbsp;321.40 | &nbsp;&nbsp;407.40 | &nbsp;&nbsp;86.00 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;127.25 | &nbsp;&nbsp;687.30 | &nbsp;&nbsp;560.05 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;34 |  | &nbsp;&nbsp;0.13 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;219.60 | &nbsp;&nbsp;331.60 | &nbsp;&nbsp;112.00 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;110 |  | &nbsp;&nbsp;0.43 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;396.90 | &nbsp;&nbsp;507.65 | &nbsp;&nbsp;110.75 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;788.10 | &nbsp;&nbsp;823.00 | &nbsp;&nbsp;34.90 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;898.00 | &nbsp;&nbsp;940.00 | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;1036.75 | &nbsp;&nbsp;1103.25 | &nbsp;&nbsp;66.50 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_093 | &nbsp;&nbsp;1049.15 | &nbsp;&nbsp;1065.90 | &nbsp;&nbsp;16.75 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;35.00 | &nbsp;&nbsp;35.00 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;142.65 | &nbsp;&nbsp;143.30 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;5.61 | &nbsp;&nbsp;63 |  | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;282.85 | &nbsp;&nbsp;283.90 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;95 |  | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;342.15 | &nbsp;&nbsp;342.85 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;0.00 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;354.65 | &nbsp;&nbsp;355.70 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;2 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;444.40 | &nbsp;&nbsp;445.40 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_094 | &nbsp;&nbsp;481.10 | &nbsp;&nbsp;501.80 | &nbsp;&nbsp;20.70 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.11 |  |  |
| &nbsp;&nbsp;APC_095 | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;23.75 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_095 | &nbsp;&nbsp;92.65 | &nbsp;&nbsp;103.65 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_095 | &nbsp;&nbsp;207.20 | &nbsp;&nbsp;720.90 | &nbsp;&nbsp;513.70 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;42 |  | &nbsp;&nbsp;0.18 |  |  |
| &nbsp;&nbsp;APC_095 | &nbsp;&nbsp;295.40 | &nbsp;&nbsp;412.35 | &nbsp;&nbsp;116.95 | &nbsp;&nbsp;3.73 | &nbsp;&nbsp;76 |  | &nbsp;&nbsp;0.26 |  |  |
| &nbsp;&nbsp;APC_096 | &nbsp;&nbsp;58.20 | &nbsp;&nbsp;59.25 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_096 | &nbsp;&nbsp;292.90 | &nbsp;&nbsp;294.10 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;3 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_096 | &nbsp;&nbsp;430.80 | &nbsp;&nbsp;432.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.00 |  |  |
| &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;192.00 | &nbsp;&nbsp;1017.70 | &nbsp;&nbsp;825.70 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;205.30 | &nbsp;&nbsp;310.55 | &nbsp;&nbsp;105.25 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;52 |  | &nbsp;&nbsp;0.48 |  |  |
| &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;479.10 | &nbsp;&nbsp;554.00 | &nbsp;&nbsp;74.90 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;825.05 | &nbsp;&nbsp;879.60 | &nbsp;&nbsp;54.55 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;7 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_097 | &nbsp;&nbsp;909.30 | &nbsp;&nbsp;927.35 | &nbsp;&nbsp;18.05 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_098D | &nbsp;&nbsp;31.20 | &nbsp;&nbsp;47.00 | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_098D | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;125.20 | &nbsp;&nbsp;19.20 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_098D | &nbsp;&nbsp;162.90 | &nbsp;&nbsp;169.85 | &nbsp;&nbsp;6.95 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_098D | &nbsp;&nbsp;212.70 | &nbsp;&nbsp;254.30 | &nbsp;&nbsp;41.60 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;11.15 | &nbsp;&nbsp;5.20 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;28.50 | &nbsp;&nbsp;42.75 | &nbsp;&nbsp;14.25 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;82.45 | &nbsp;&nbsp;102.20 | &nbsp;&nbsp;19.75 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;15 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;145.30 | &nbsp;&nbsp;365.90 | &nbsp;&nbsp;220.60 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;146.85 | &nbsp;&nbsp;162.55 | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;195.35 | &nbsp;&nbsp;227.55 | &nbsp;&nbsp;32.20 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC098_D01 | &nbsp;&nbsp;249.15 | &nbsp;&nbsp;276.90 | &nbsp;&nbsp;27.75 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;30.60 | &nbsp;&nbsp;286.95 | &nbsp;&nbsp;256.35 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;30.60 | &nbsp;&nbsp;73.60 | &nbsp;&nbsp;43.00 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;117.10 | &nbsp;&nbsp;125.00 | &nbsp;&nbsp;7.90 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;9 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;163.00 | &nbsp;&nbsp;174.90 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D02 | &nbsp;&nbsp;185.30 | &nbsp;&nbsp;286.95 | &nbsp;&nbsp;101.65 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;56.00 | &nbsp;&nbsp;94.15 | &nbsp;&nbsp;38.15 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;77.15 | &nbsp;&nbsp;94.15 | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;145.70 | &nbsp;&nbsp;153.10 | &nbsp;&nbsp;7.40 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;209.65 | &nbsp;&nbsp;420.75 | &nbsp;&nbsp;211.10 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.06 |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;335.55 | &nbsp;&nbsp;359.65 | &nbsp;&nbsp;24.10 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;29 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.08 |  |  |
| &nbsp;&nbsp;APC098_D03 | &nbsp;&nbsp;404.20 | &nbsp;&nbsp;420.75 | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.07 |  |  |
| &nbsp;&nbsp;APC098_D04 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;23.50 | &nbsp;&nbsp;21.80 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;31.20 | &nbsp;&nbsp;47.10 | &nbsp;&nbsp;15.90 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;198.00 | &nbsp;&nbsp;213.00 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;257.45 | &nbsp;&nbsp;421.60 | &nbsp;&nbsp;164.15 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;310.30 | &nbsp;&nbsp;334.80 | &nbsp;&nbsp;24.50 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;26 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.08 |  |  |
| &nbsp;&nbsp;APC098_D05 | &nbsp;&nbsp;351.45 | &nbsp;&nbsp;370.45 | &nbsp;&nbsp;19.00 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_099D | &nbsp;&nbsp;90.25 | &nbsp;&nbsp;90.90 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;22.00 | &nbsp;&nbsp;163 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_099D | &nbsp;&nbsp;120.75 | &nbsp;&nbsp;125.65 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;27 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_099D | &nbsp;&nbsp;311.80 | &nbsp;&nbsp;317.10 | &nbsp;&nbsp;5.30 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;APC099_D01 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;201.50 | &nbsp;&nbsp;203.05 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;72 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;253.40 | &nbsp;&nbsp;511.70 | &nbsp;&nbsp;258.30 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;253.40 | &nbsp;&nbsp;276.90 | &nbsp;&nbsp;23.50 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;362.20 | &nbsp;&nbsp;402.15 | &nbsp;&nbsp;39.95 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;445.50 | &nbsp;&nbsp;462.75 | &nbsp;&nbsp;17.25 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC099_D02 | &nbsp;&nbsp;623.50 | &nbsp;&nbsp;646.80 | &nbsp;&nbsp;23.30 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC099_D03 | &nbsp;&nbsp;236.85 | &nbsp;&nbsp;246.10 | &nbsp;&nbsp;9.25 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC099_D03 | &nbsp;&nbsp;289.95 | &nbsp;&nbsp;448.40 | &nbsp;&nbsp;158.45 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D03 | &nbsp;&nbsp;289.95 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;19.05 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;23 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC099_D03 | &nbsp;&nbsp;387.25 | &nbsp;&nbsp;410.60 | &nbsp;&nbsp;23.35 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;134.55 | &nbsp;&nbsp;136.50 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;35 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;255.25 | &nbsp;&nbsp;257.30 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;270.30 | &nbsp;&nbsp;274.50 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;369.00 | &nbsp;&nbsp;770.80 | &nbsp;&nbsp;401.80 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;374.00 | &nbsp;&nbsp;400.55 | &nbsp;&nbsp;26.55 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.07 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;416.95 | &nbsp;&nbsp;435.90 | &nbsp;&nbsp;18.95 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;23 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;567.25 | &nbsp;&nbsp;602.80 | &nbsp;&nbsp;35.55 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D04 | &nbsp;&nbsp;732.55 | &nbsp;&nbsp;770.80 | &nbsp;&nbsp;38.25 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;241.45 | &nbsp;&nbsp;250.80 | &nbsp;&nbsp;9.35 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;351.55 | &nbsp;&nbsp;868.90 | &nbsp;&nbsp;517.35 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;353.60 | &nbsp;&nbsp;384.90 | &nbsp;&nbsp;31.30 | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;575.10 | &nbsp;&nbsp;599.70 | &nbsp;&nbsp;24.60 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;729.25 | &nbsp;&nbsp;759.85 | &nbsp;&nbsp;30.60 | &nbsp;&nbsp;3.89 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;811.25 | &nbsp;&nbsp;868.90 | &nbsp;&nbsp;57.65 | &nbsp;&nbsp;7.83 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC099_D05 | &nbsp;&nbsp;819.10 | &nbsp;&nbsp;837.95 | &nbsp;&nbsp;18.85 | &nbsp;&nbsp;19.39 | &nbsp;&nbsp;83 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.21 |  |  |
| &nbsp;&nbsp;APC_100D | &nbsp;&nbsp;22.50 | &nbsp;&nbsp;97.95 | &nbsp;&nbsp;75.45 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;47 |  |  |  |  |
| &nbsp;&nbsp;APC_100D | &nbsp;&nbsp;81.00 | &nbsp;&nbsp;94.00 | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;169 |  |  |  |  |
| &nbsp;&nbsp;APC_100D | &nbsp;&nbsp;378.60 | &nbsp;&nbsp;379.80 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;7.84 | &nbsp;&nbsp;1 |  |  |  |  |
| &nbsp;&nbsp;APC_100D | &nbsp;&nbsp;499.70 | &nbsp;&nbsp;500.60 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;5.77 | &nbsp;&nbsp;4 |  |  |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC100_D01 | &nbsp;&nbsp;189.20 | &nbsp;&nbsp;339.70 | &nbsp;&nbsp;150.50 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC100_D01 | &nbsp;&nbsp;236.65 | &nbsp;&nbsp;278.65 | &nbsp;&nbsp;42.00 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;34.00 | &nbsp;&nbsp;55.45 | &nbsp;&nbsp;21.45 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;51 |  |  |  |  |
| &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;73.70 | &nbsp;&nbsp;127.25 | &nbsp;&nbsp;53.55 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;39 |  |  |  |  |
| &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;73.70 | &nbsp;&nbsp;91.70 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;95 |  |  |  |  |
| &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;180.20 | &nbsp;&nbsp;218.20 | &nbsp;&nbsp;38.00 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;14 |  |  |  |  |
| &nbsp;&nbsp;APC_101 | &nbsp;&nbsp;180.20 | &nbsp;&nbsp;185.90 | &nbsp;&nbsp;5.70 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;39 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;36.45 | &nbsp;&nbsp;55.80 | &nbsp;&nbsp;19.35 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;39 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;101.50 | &nbsp;&nbsp;125.60 | &nbsp;&nbsp;24.10 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;44 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;101.50 | &nbsp;&nbsp;106.55 | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;104 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;122.45 | &nbsp;&nbsp;125.60 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;103 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;242.00 | &nbsp;&nbsp;242.50 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;103 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;257.20 | &nbsp;&nbsp;258.10 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;14.60 | &nbsp;&nbsp;416 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;342.95 | &nbsp;&nbsp;347.35 | &nbsp;&nbsp;4.40 | &nbsp;&nbsp;3.08 | &nbsp;&nbsp;85 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;452.85 | &nbsp;&nbsp;453.75 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;16.50 | &nbsp;&nbsp;14 |  |  |  |  |
| &nbsp;&nbsp;APC_102 | &nbsp;&nbsp;473.20 | &nbsp;&nbsp;474.40 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;5.22 | &nbsp;&nbsp;3 |  |  |  |  |
| &nbsp;&nbsp;APC_103D | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC103_D01 | &nbsp;&nbsp;396.00 | &nbsp;&nbsp;444.30 | &nbsp;&nbsp;48.30 | &nbsp;&nbsp;2.94 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC103_D01 | &nbsp;&nbsp;421.00 | &nbsp;&nbsp;434.60 | &nbsp;&nbsp;13.60 | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;17 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC103_D02 | &nbsp;&nbsp;227.10 | &nbsp;&nbsp;279.05 | &nbsp;&nbsp;51.95 | &nbsp;&nbsp;8.21 | &nbsp;&nbsp;30 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC103_D02 | &nbsp;&nbsp;259.85 | &nbsp;&nbsp;277.90 | &nbsp;&nbsp;18.05 | &nbsp;&nbsp;16.14 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC103_D02 | &nbsp;&nbsp;340.30 | &nbsp;&nbsp;358.80 | &nbsp;&nbsp;18.50 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC103_D03 | &nbsp;&nbsp;127.90 | &nbsp;&nbsp;141.15 | &nbsp;&nbsp;13.25 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;7 |  |  |  |  |
| &nbsp;&nbsp;APC103_D03 | &nbsp;&nbsp;247.45 | &nbsp;&nbsp;267.75 | &nbsp;&nbsp;20.30 | &nbsp;&nbsp;6.62 | &nbsp;&nbsp;20 |  |  |  |  |
| &nbsp;&nbsp;APC_104D | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;50.30 | &nbsp;&nbsp;57.10 | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;107.10 | &nbsp;&nbsp;641.50 | &nbsp;&nbsp;534.40 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;165.45 | &nbsp;&nbsp;205.00 | &nbsp;&nbsp;39.55 | &nbsp;&nbsp;7.94 | &nbsp;&nbsp;156 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;0.28 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;107.10 | &nbsp;&nbsp;257.65 | &nbsp;&nbsp;150.55 | &nbsp;&nbsp;4.71 | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.22 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;358.20 | &nbsp;&nbsp;376.95 | &nbsp;&nbsp;18.75 | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;17 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;358.20 | &nbsp;&nbsp;395.95 | &nbsp;&nbsp;37.75 | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D01 | &nbsp;&nbsp;730.10 | &nbsp;&nbsp;750.20 | &nbsp;&nbsp;20.10 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D02 | &nbsp;&nbsp;5.15 | &nbsp;&nbsp;407.75 | &nbsp;&nbsp;402.60 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;43 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.14 |  |  |
| &nbsp;&nbsp;APC104_D02 | &nbsp;&nbsp;7.85 | &nbsp;&nbsp;189.20 | &nbsp;&nbsp;181.35 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;80 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.28 |  |  |
| &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;98.05 | &nbsp;&nbsp;449.40 | &nbsp;&nbsp;351.35 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;103.60 | &nbsp;&nbsp;186.75 | &nbsp;&nbsp;83.15 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;39 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.10 |  |  |
| &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;250.20 | &nbsp;&nbsp;267.40 | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;27 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.07 |  |  |
| &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;359.10 | &nbsp;&nbsp;378.35 | &nbsp;&nbsp;19.25 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;40 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D03 | &nbsp;&nbsp;399.00 | &nbsp;&nbsp;415.80 | &nbsp;&nbsp;16.80 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D04 | &nbsp;&nbsp;161.15 | &nbsp;&nbsp;337.55 | &nbsp;&nbsp;176.40 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;42 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.12 |  |  |
| &nbsp;&nbsp;APC104_D04 | &nbsp;&nbsp;182.50 | &nbsp;&nbsp;237.55 | &nbsp;&nbsp;55.05 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.26 |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC104_D04 | &nbsp;&nbsp;278.25 | &nbsp;&nbsp;306.20 | &nbsp;&nbsp;27.95 | &nbsp;&nbsp;4.80 | &nbsp;&nbsp;23 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC104_D05 | &nbsp;&nbsp;147.30 | &nbsp;&nbsp;644.65 | &nbsp;&nbsp;497.35 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC104_D05 | &nbsp;&nbsp;147.30 | &nbsp;&nbsp;253.65 | &nbsp;&nbsp;106.35 | &nbsp;&nbsp;8.12 | &nbsp;&nbsp;57 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.12 |  |  |
| &nbsp;&nbsp;APC104_D05 | &nbsp;&nbsp;209.60 | &nbsp;&nbsp;234.45 | &nbsp;&nbsp;24.85 | &nbsp;&nbsp;23.36 | &nbsp;&nbsp;120 | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;0.18 |  |  |
| &nbsp;&nbsp;APC104_D05 | &nbsp;&nbsp;764.45 | &nbsp;&nbsp;779.45 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;5.50 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;71.65 | &nbsp;&nbsp;335.50 | &nbsp;&nbsp;263.85 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.09 |  |  |
| &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;82.00 | &nbsp;&nbsp;196.50 | &nbsp;&nbsp;114.50 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;53 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.15 |  |  |
| &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;303.75 | &nbsp;&nbsp;335.50 | &nbsp;&nbsp;31.75 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;373.55 | &nbsp;&nbsp;395.50 | &nbsp;&nbsp;21.95 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC104_D06 | &nbsp;&nbsp;444.80 | &nbsp;&nbsp;461.95 | &nbsp;&nbsp;17.15 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.06 |  |  |
| &nbsp;&nbsp;APC104_D07A | &nbsp;&nbsp;160.90 | &nbsp;&nbsp;298.60 | &nbsp;&nbsp;137.70 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.22 |  |  |
| &nbsp;&nbsp;APC104_D07A | &nbsp;&nbsp;172.15 | &nbsp;&nbsp;202.40 | &nbsp;&nbsp;30.25 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.14 |  |  |
| &nbsp;&nbsp;APC_105D | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC105_D01 | &nbsp;&nbsp;469.60 | &nbsp;&nbsp;545.40 | &nbsp;&nbsp;75.80 | &nbsp;&nbsp;8.06 | &nbsp;&nbsp;15 |  |  |  |  |
| &nbsp;&nbsp;APC105_D01 | &nbsp;&nbsp;487.60 | &nbsp;&nbsp;508.60 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;24.42 | &nbsp;&nbsp;37 |  |  |  |  |
| &nbsp;&nbsp;APC_106D | &nbsp;&nbsp;353.20 | &nbsp;&nbsp;354.85 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;19.78 | &nbsp;&nbsp;122 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_106D | &nbsp;&nbsp;388.30 | &nbsp;&nbsp;390.20 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;8.66 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;APC_106D | &nbsp;&nbsp;732.95 | &nbsp;&nbsp;751.20 | &nbsp;&nbsp;18.25 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_106D | &nbsp;&nbsp;732.95 | &nbsp;&nbsp;738.80 | &nbsp;&nbsp;5.85 | &nbsp;&nbsp;4.50 | &nbsp;&nbsp;27 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_107D | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC107_D01 | &nbsp;&nbsp;61.60 | &nbsp;&nbsp;415.10 | &nbsp;&nbsp;353.50 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;51 |  | &nbsp;&nbsp;0.26 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D01 | &nbsp;&nbsp;61.60 | &nbsp;&nbsp;89.20 | &nbsp;&nbsp;27.60 | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;35 |  | &nbsp;&nbsp;0.09 |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;APC107_D01 | &nbsp;&nbsp;217.95 | &nbsp;&nbsp;248.00 | &nbsp;&nbsp;30.05 | &nbsp;&nbsp;2.45 | &nbsp;&nbsp;37 |  | &nbsp;&nbsp;0.09 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D01 | &nbsp;&nbsp;361.45 | &nbsp;&nbsp;394.20 | &nbsp;&nbsp;32.75 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.03 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D02 | &nbsp;&nbsp;18.80 | &nbsp;&nbsp;396.65 | &nbsp;&nbsp;377.85 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;37 |  | &nbsp;&nbsp;0.21 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D02 | &nbsp;&nbsp;100.15 | &nbsp;&nbsp;156.40 | &nbsp;&nbsp;56.25 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;102 |  | &nbsp;&nbsp;0.60 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D02 | &nbsp;&nbsp;316.00 | &nbsp;&nbsp;383.50 | &nbsp;&nbsp;67.50 | &nbsp;&nbsp;5.34 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D03 | &nbsp;&nbsp;156.45 | &nbsp;&nbsp;280.20 | &nbsp;&nbsp;123.75 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;91 |  | &nbsp;&nbsp;0.43 |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;APC107_D03 | &nbsp;&nbsp;181.00 | &nbsp;&nbsp;201.20 | &nbsp;&nbsp;20.20 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;91 |  | &nbsp;&nbsp;0.48 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC107_D03 | &nbsp;&nbsp;236.50 | &nbsp;&nbsp;255.05 | &nbsp;&nbsp;18.55 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;117 |  | &nbsp;&nbsp;0.43 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D03 | &nbsp;&nbsp;336.65 | &nbsp;&nbsp;385.95 | &nbsp;&nbsp;49.30 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.05 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D04 | &nbsp;&nbsp;48.50 | &nbsp;&nbsp;207.55 | &nbsp;&nbsp;159.05 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;98 |  | &nbsp;&nbsp;0.43 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC107_D04 | &nbsp;&nbsp;91.85 | &nbsp;&nbsp;151.10 | &nbsp;&nbsp;59.25 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;196 |  | &nbsp;&nbsp;0.68 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC107_D05 | &nbsp;&nbsp;172.95 | &nbsp;&nbsp;287.35 | &nbsp;&nbsp;114.40 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;150 |  | &nbsp;&nbsp;0.64 |  | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;APC107_D05 | &nbsp;&nbsp;210.10 | &nbsp;&nbsp;267.35 | &nbsp;&nbsp;57.25 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;221 |  | &nbsp;&nbsp;0.89 |  | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;APC_108 | &nbsp;&nbsp;65.75 | &nbsp;&nbsp;113.75 | &nbsp;&nbsp;48.00 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.04 |  | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;APC_108 | &nbsp;&nbsp;96.80 | &nbsp;&nbsp;113.75 | &nbsp;&nbsp;16.95 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.04 |  | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;APC_109 | &nbsp;&nbsp;44.30 | &nbsp;&nbsp;105.95 | &nbsp;&nbsp;61.65 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.07 |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;APC_109 | &nbsp;&nbsp;80.70 | &nbsp;&nbsp;105.95 | &nbsp;&nbsp;25.25 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.12 |  | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;APC_110 | &nbsp;&nbsp;22.60 | &nbsp;&nbsp;37.90 | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.05 |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_110 | &nbsp;&nbsp;56.15 | &nbsp;&nbsp;147.15 | &nbsp;&nbsp;91.00 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;48 |  | &nbsp;&nbsp;0.39 |  | &nbsp;&nbsp;0.32 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_111 | &nbsp;&nbsp;14.25 | &nbsp;&nbsp;131.60 | &nbsp;&nbsp;117.35 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;26 |  | &nbsp;&nbsp;0.22 |  | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;APC_111 | &nbsp;&nbsp;66.05 | &nbsp;&nbsp;94.20 | &nbsp;&nbsp;28.15 | &nbsp;&nbsp;3.49 | &nbsp;&nbsp;19 |  | &nbsp;&nbsp;0.12 |  | &nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;APC_112 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC_113 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;105.00 | &nbsp;&nbsp;99.00 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;0.26 |  | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;APC_113 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;24.40 | &nbsp;&nbsp;18.40 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;30 |  | &nbsp;&nbsp;0.16 |  | &nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;APC_114 | &nbsp;&nbsp;25.90 | &nbsp;&nbsp;159.00 | &nbsp;&nbsp;133.10 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;0.54 |  | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;APC_114 | &nbsp;&nbsp;71.80 | &nbsp;&nbsp;132.15 | &nbsp;&nbsp;60.35 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.54 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_115 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;125.30 | &nbsp;&nbsp;124.00 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;86 |  | &nbsp;&nbsp;0.63 |  | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;APC_116 | &nbsp;&nbsp;7.25 | &nbsp;&nbsp;81.00 | &nbsp;&nbsp;73.75 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;8 |  | &nbsp;&nbsp;0.13 |  | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;APC_116 | &nbsp;&nbsp;7.25 | &nbsp;&nbsp;27.10 | &nbsp;&nbsp;19.85 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.18 |  | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;APC_117D | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;APC117_D01 | &nbsp;&nbsp;393.20 | &nbsp;&nbsp;733.85 | &nbsp;&nbsp;340.65 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC117_D01 | &nbsp;&nbsp;393.20 | &nbsp;&nbsp;427.15 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.10 |  |  |
| &nbsp;&nbsp;APC117_D01 | &nbsp;&nbsp;533.75 | &nbsp;&nbsp;564.30 | &nbsp;&nbsp;30.55 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;26 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC117_D01 | &nbsp;&nbsp;705.95 | &nbsp;&nbsp;733.85 | &nbsp;&nbsp;27.90 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_118 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;87.85 | &nbsp;&nbsp;72.85 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.23 |  | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;APC_118 | &nbsp;&nbsp;113.65 | &nbsp;&nbsp;133.95 | &nbsp;&nbsp;20.30 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;116 |  | &nbsp;&nbsp;0.50 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_119 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;136.90 | &nbsp;&nbsp;135.20 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;50 |  | &nbsp;&nbsp;0.67 |  | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;APC_119 | &nbsp;&nbsp;24.50 | &nbsp;&nbsp;68.35 | &nbsp;&nbsp;43.85 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;45 |  | &nbsp;&nbsp;0.80 |  | &nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;APC_120 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;153.10 | &nbsp;&nbsp;152.10 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;53 |  | &nbsp;&nbsp;0.46 |  | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;APC_120 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;24.00 | &nbsp;&nbsp;23.00 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;37 |  | &nbsp;&nbsp;0.21 |  | &nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;APC_121 | &nbsp;&nbsp;42.50 | &nbsp;&nbsp;110.80 | &nbsp;&nbsp;68.30 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.18 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_121 | &nbsp;&nbsp;63.90 | &nbsp;&nbsp;86.90 | &nbsp;&nbsp;23.00 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.29 |  | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;APC_122 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;397.50 | &nbsp;&nbsp;397.50 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;60 |  | &nbsp;&nbsp;0.33 |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;APC_122 | &nbsp;&nbsp;17.40 | &nbsp;&nbsp;75.10 | &nbsp;&nbsp;57.70 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;39 |  | &nbsp;&nbsp;0.24 |  | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;APC_122 | &nbsp;&nbsp;293.25 | &nbsp;&nbsp;333.80 | &nbsp;&nbsp;40.55 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;115 |  | &nbsp;&nbsp;0.49 |  | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;APC_122 | &nbsp;&nbsp;348.20 | &nbsp;&nbsp;383.00 | &nbsp;&nbsp;34.80 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;0.07 |  | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;APC_123 | &nbsp;&nbsp;183.80 | &nbsp;&nbsp;322.75 | &nbsp;&nbsp;138.95 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.40 |  |  |
| &nbsp;&nbsp;APC_123 | &nbsp;&nbsp;211.85 | &nbsp;&nbsp;239.25 | &nbsp;&nbsp;27.40 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.15 |  |  |
| &nbsp;&nbsp;APC_123 | &nbsp;&nbsp;347.75 | &nbsp;&nbsp;405.15 | &nbsp;&nbsp;57.40 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.42 |  |  |
| &nbsp;&nbsp;APC_124 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;120.70 | &nbsp;&nbsp;99.75 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;16 |  | &nbsp;&nbsp;0.27 |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;APC_124 | &nbsp;&nbsp;20.95 | &nbsp;&nbsp;43.40 | &nbsp;&nbsp;22.45 | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;18 |  | &nbsp;&nbsp;0.35 |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;APC_125 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;442.35 | &nbsp;&nbsp;442.35 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;43 |  | &nbsp;&nbsp;0.21 |  | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;APC_125 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;71.15 | &nbsp;&nbsp;68.05 | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;29 |  | &nbsp;&nbsp;0.17 |  | &nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;APC_125 | &nbsp;&nbsp;279.30 | &nbsp;&nbsp;340.70 | &nbsp;&nbsp;61.40 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;85 |  | &nbsp;&nbsp;0.36 |  | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;APC_126 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;333.10 | &nbsp;&nbsp;325.10 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;27 |  | &nbsp;&nbsp;0.47 |  | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;APC_126 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;56.05 | &nbsp;&nbsp;40.55 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.33 |  | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;APC_126 | &nbsp;&nbsp;99.65 | &nbsp;&nbsp;171.80 | &nbsp;&nbsp;72.15 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;62 |  | &nbsp;&nbsp;1.20 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_126 | &nbsp;&nbsp;217.00 | &nbsp;&nbsp;243.60 | &nbsp;&nbsp;26.60 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;10 |  | &nbsp;&nbsp;0.21 |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;114.50 | &nbsp;&nbsp;115.70 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;237.90 | &nbsp;&nbsp;249.70 | &nbsp;&nbsp;11.80 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.02 |  |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** | &nbsp;&nbsp;**WO<sub>3</sub><br> %** |
| &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;334.80 | &nbsp;&nbsp;335.65 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;536.35 | &nbsp;&nbsp;537.00 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;404 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_127 | &nbsp;&nbsp;745.50 | &nbsp;&nbsp;755.65 | &nbsp;&nbsp;10.15 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;APC_128 | &nbsp;&nbsp;209.35 | &nbsp;&nbsp;389.70 | &nbsp;&nbsp;180.35 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.24 |  |  |
| &nbsp;&nbsp;APC_128 | &nbsp;&nbsp;301.55 | &nbsp;&nbsp;322.90 | &nbsp;&nbsp;21.35 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.22 |  |  |
| &nbsp;&nbsp;APC_128 | &nbsp;&nbsp;365.10 | &nbsp;&nbsp;389.70 | &nbsp;&nbsp;24.60 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.07 |  |  |
| &nbsp;&nbsp;APC_128 | &nbsp;&nbsp;450.25 | &nbsp;&nbsp;456.25 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;2.34 | &nbsp;&nbsp;3 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;APC_129 | &nbsp;&nbsp;30.80 | &nbsp;&nbsp;126.65 | &nbsp;&nbsp;95.85 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;55 |  | &nbsp;&nbsp;0.52 |  | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;APC_129 | &nbsp;&nbsp;35.80 | &nbsp;&nbsp;64.95 | &nbsp;&nbsp;29.15 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;32 |  | &nbsp;&nbsp;0.35 |  | &nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;APC_130 | &nbsp;&nbsp;234.40 | &nbsp;&nbsp;379.20 | &nbsp;&nbsp;144.80 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;53 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.43 |  |  |
| &nbsp;&nbsp;APC_130 | &nbsp;&nbsp;234.40 | &nbsp;&nbsp;257.95 | &nbsp;&nbsp;23.55 | &nbsp;&nbsp;3.03 | &nbsp;&nbsp;70 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.20 |  |  |
| &nbsp;&nbsp;APC_130 | &nbsp;&nbsp;402.30 | &nbsp;&nbsp;429.10 | &nbsp;&nbsp;26.80 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;43 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.13 |  |  |
| &nbsp;&nbsp;APC_131 | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;228.65 | &nbsp;&nbsp;221.10 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.28 |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;APC_131 | &nbsp;&nbsp;31.90 | &nbsp;&nbsp;52.15 | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.10 |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;APC_131 | &nbsp;&nbsp;75.55 | &nbsp;&nbsp;94.95 | &nbsp;&nbsp;19.40 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.14 |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;APC_131 | &nbsp;&nbsp;144.15 | &nbsp;&nbsp;228.65 | &nbsp;&nbsp;84.50 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;31 |  | &nbsp;&nbsp;0.60 |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;APC_132 | &nbsp;&nbsp;50.05 | &nbsp;&nbsp;161.10 | &nbsp;&nbsp;111.05 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;23 |  | &nbsp;&nbsp;0.46 |  | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;APC_133 | &nbsp;&nbsp;403.55 | &nbsp;&nbsp;553.65 | &nbsp;&nbsp;150.10 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_133 | &nbsp;&nbsp;406.00 | &nbsp;&nbsp;423.35 | &nbsp;&nbsp;17.35 | &nbsp;&nbsp;4.02 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;APC_133 | &nbsp;&nbsp;502.25 | &nbsp;&nbsp;550.95 | &nbsp;&nbsp;48.70 | &nbsp;&nbsp;4.17 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;APC_133 | &nbsp;&nbsp;656.55 | &nbsp;&nbsp;677.60 | &nbsp;&nbsp;21.05 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.08 |  |  |
| &nbsp;&nbsp;APC_134 | &nbsp;&nbsp;37.30 | &nbsp;&nbsp;221.00 | &nbsp;&nbsp;183.70 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;44 |  | &nbsp;&nbsp;0.83 |  | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;APC_134 | &nbsp;&nbsp;98.70 | &nbsp;&nbsp;130.55 | &nbsp;&nbsp;31.85 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;51 |  | &nbsp;&nbsp;0.99 |  | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;APC_135 | &nbsp;&nbsp;25.70 | &nbsp;&nbsp;90.50 | &nbsp;&nbsp;64.80 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.13 |  | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;APC_135 | &nbsp;&nbsp;124.60 | &nbsp;&nbsp;174.00 | &nbsp;&nbsp;49.40 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;66 |  | &nbsp;&nbsp;0.45 |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;APC_136 | &nbsp;&nbsp;28.70 | &nbsp;&nbsp;60.10 | &nbsp;&nbsp;31.40 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.33 |  | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;APC_136 | &nbsp;&nbsp;118.10 | &nbsp;&nbsp;155.25 | &nbsp;&nbsp;37.15 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;89 |  | &nbsp;&nbsp;0.92 |  | &nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;APC_137 | &nbsp;&nbsp;247.40 | &nbsp;&nbsp;389.80 | &nbsp;&nbsp;142.40 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.56 |  |  |
| &nbsp;&nbsp;APC_137 | &nbsp;&nbsp;247.40 | &nbsp;&nbsp;293.20 | &nbsp;&nbsp;45.80 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;80 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.71 |  |  |
| &nbsp;&nbsp;APC_139 | &nbsp;&nbsp;278.80 | &nbsp;&nbsp;331.95 | &nbsp;&nbsp;53.15 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.48 |  |  |
| &nbsp;&nbsp;APC_139 | &nbsp;&nbsp;367.00 | &nbsp;&nbsp;379.10 | &nbsp;&nbsp;12.10 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.05 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;118.55 | &nbsp;&nbsp;119.55 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;5.34 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;293.25 | &nbsp;&nbsp;294.10 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;308.00 | &nbsp;&nbsp;319.05 | &nbsp;&nbsp;11.05 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.01 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;340.00 | &nbsp;&nbsp;349.30 | &nbsp;&nbsp;9.30 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;497.45 | &nbsp;&nbsp;498.00 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;591.15 | &nbsp;&nbsp;613.75 | &nbsp;&nbsp;22.60 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;6 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;598.45 | &nbsp;&nbsp;613.75 | &nbsp;&nbsp;15.30 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;640.00 | &nbsp;&nbsp;647.20 | &nbsp;&nbsp;7.20 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;11 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;691.40 | &nbsp;&nbsp;699.70 | &nbsp;&nbsp;8.30 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;14 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;911.65 | &nbsp;&nbsp;942.15 | &nbsp;&nbsp;30.50 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;5 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;912.25 | &nbsp;&nbsp;918.90 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;13 |  | &nbsp;&nbsp;0.03 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;1011.45 | &nbsp;&nbsp;1018.25 | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;4 |  | &nbsp;&nbsp;0.02 |  |  |
| &nbsp;&nbsp;OLD_001 | &nbsp;&nbsp;1189.70 | &nbsp;&nbsp;1192.80 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;0.00 |  |  |
| &nbsp;&nbsp;OLD_002 | &nbsp;&nbsp;21.70 | &nbsp;&nbsp;23.50 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;24 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;OLD_002 | &nbsp;&nbsp;317.20 | &nbsp;&nbsp;319.55 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;136 |  | &nbsp;&nbsp;0.04 |  |  |
| &nbsp;&nbsp;PZC_003 | &nbsp;&nbsp;95.95 | &nbsp;&nbsp;146.05 | &nbsp;&nbsp;50.10 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;22 |  | &nbsp;&nbsp;0.10 |  |  |
| &nbsp;&nbsp;PZC_003 | &nbsp;&nbsp;95.95 | &nbsp;&nbsp;107.00 | &nbsp;&nbsp;11.05 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;0.07 |  |  |
| &nbsp;&nbsp;PZC_003 | &nbsp;&nbsp;125.90 | &nbsp;&nbsp;146.05 | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;35 |  | &nbsp;&nbsp;0.15 |  |  |

---

**Table 10.10. Table of significant drill intersections of the Apollo target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

A blank field indicates no significant value (NSV).

**Figure 10.7. Plan showing hole traces and significant intersections at the Apollo target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_076.jpg)

**Figure 10.8. Cross section SW-NE looking northwest at the Apollo target showing significant drill intersections.**

**Figure 10.9. Cross sections of the Apollo target showing distribution of Cu, W and Au.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 10.10. Cross sections of the Apollo target showing distribution of Ag, Mo and Zn.**

10.2.10.2 Plutus North Target

A total of 17 holes were drilled from 4 platforms for 6,079.6 at the Plutus North target (previously called Donut target) from 2021 to 2025. Highlights include:

● DOC_002: 104.00 m @ 1.20 g/t Au, 12.0 g/t Ag.

● DOC_003: 163.00 m @ 1.20 g/t Au, 11.0 g/t Ag.

● DOC_008: 107.65 m @ 0.78 g/t Au, 21.0 g/t Ag

● DOC_010: 176.20 m @ 0.44 g/t Au, 22.0 g/t Ag.

● PNC_002: 185.80 m @ 0.59 g/t Au, 13 g/t Ag, 0.02% Cu.

● PNC_002: 136.45 m @ 0.97 g/t Au, 20 g/t Ag, 0.04% Cu.

● PNC_005: 304.60 m @ 0.58 g/t Au, 9 g/t Ag, 0.03% Cu.

● PNC_007: 194.05 m @ 0.18 g/t Au, 4 g/t Ag, 0.07% Cu.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The significant intersections of Au, Ag, Cu and Mo are listed in Table 10.11.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** |
| &nbsp;&nbsp;DOC_001 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;7 |  |  |
| &nbsp;&nbsp;DOC_001 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;70.20 | &nbsp;&nbsp;15.20 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;23 |  |  |
| &nbsp;&nbsp;DOC_001 | &nbsp;&nbsp;89.70 | &nbsp;&nbsp;106.00 | &nbsp;&nbsp;16.30 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;5 |  |  |
| &nbsp;&nbsp;DOC_002 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;104.00 | &nbsp;&nbsp;104.00 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;12 |  |  |
| &nbsp;&nbsp;DOC_002 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;58.05 | &nbsp;&nbsp;42.05 | &nbsp;&nbsp;2.45 | &nbsp;&nbsp;8 |  |  |
| &nbsp;&nbsp;DOC_002 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;34.00 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;10 |  |  |
| &nbsp;&nbsp;DOC_002 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;22.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;33.25 | &nbsp;&nbsp;41 |  |  |
| &nbsp;&nbsp;DOC_003 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;163.00 | &nbsp;&nbsp;163.00 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;11 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_003 | &nbsp;&nbsp;155.60 | &nbsp;&nbsp;157.10 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;83.23 | &nbsp;&nbsp;37 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_004 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;260.20 | &nbsp;&nbsp;260.20 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;9 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_004 | &nbsp;&nbsp;182.80 | &nbsp;&nbsp;245.80 | &nbsp;&nbsp;63.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;8 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_004 | &nbsp;&nbsp;193.40 | &nbsp;&nbsp;195.30 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;9.98 | &nbsp;&nbsp;19 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_005 | &nbsp;&nbsp;13.50 | &nbsp;&nbsp;288.00 | &nbsp;&nbsp;274.50 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;DOC_005 | &nbsp;&nbsp;13.50 | &nbsp;&nbsp;81.00 | &nbsp;&nbsp;67.50 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;13 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DOC_005 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;163.00 | &nbsp;&nbsp;163.00 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;11 |  |  |
| &nbsp;&nbsp;DOC_006 | &nbsp;&nbsp;58.00 | &nbsp;&nbsp;209.10 | &nbsp;&nbsp;151.10 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;DOC_006 | &nbsp;&nbsp;58.00 | &nbsp;&nbsp;88.60 | &nbsp;&nbsp;30.60 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;DOC_007 | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;155.15 | &nbsp;&nbsp;142.15 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;DOC_008 | &nbsp;&nbsp;18.00 | &nbsp;&nbsp;125.65 | &nbsp;&nbsp;107.65 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;DOC_008 | &nbsp;&nbsp;27.90 | &nbsp;&nbsp;30.40 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;15.62 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;DOC_009 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;74.30 | &nbsp;&nbsp;68.90 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;DOC_010 | &nbsp;&nbsp;53.50 | &nbsp;&nbsp;229.70 | &nbsp;&nbsp;176.20 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;DOC_010 | &nbsp;&nbsp;53.50 | &nbsp;&nbsp;99.60 | &nbsp;&nbsp;46.10 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;25.35 | &nbsp;&nbsp;22.45 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;53.00 | &nbsp;&nbsp;138.05 | &nbsp;&nbsp;85.05 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.003 |
| &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;169.75 | &nbsp;&nbsp;209.10 | &nbsp;&nbsp;39.35 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;254.90 | &nbsp;&nbsp;279.30 | &nbsp;&nbsp;24.40 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;PNC_001 | &nbsp;&nbsp;312.10 | &nbsp;&nbsp;343.45 | &nbsp;&nbsp;31.35 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;PNC_002 | &nbsp;&nbsp;65.30 | &nbsp;&nbsp;100.40 | &nbsp;&nbsp;35.10 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;PNC_002 | &nbsp;&nbsp;143.20 | &nbsp;&nbsp;329.00 | &nbsp;&nbsp;185.80 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;PNC_002 | &nbsp;&nbsp;369.35 | &nbsp;&nbsp;505.80 | &nbsp;&nbsp;136.45 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;PNC_002 | &nbsp;&nbsp;462.35 | &nbsp;&nbsp;505.30 | &nbsp;&nbsp;42.95 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;PNC_003 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;83.00 | &nbsp;&nbsp;79.95 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.003 |
| &nbsp;&nbsp;PNC_004 | &nbsp;&nbsp;66.50 | &nbsp;&nbsp;92.10 | &nbsp;&nbsp;25.60 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;PNC_004 | &nbsp;&nbsp;130.30 | &nbsp;&nbsp;262.65 | &nbsp;&nbsp;132.35 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;PNC_004 | &nbsp;&nbsp;487.40 | &nbsp;&nbsp;545.00 | &nbsp;&nbsp;57.60 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.003 |
| &nbsp;&nbsp;PNC_005 | &nbsp;&nbsp;4.40 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;304.60 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.003 |
| &nbsp;&nbsp;PNC_005 | &nbsp;&nbsp;96.75 | &nbsp;&nbsp;144.65 | &nbsp;&nbsp;47.90 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;PNC_005 | &nbsp;&nbsp;255.00 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.003 |
| &nbsp;&nbsp;PNC_006 | &nbsp;&nbsp;11.25 | &nbsp;&nbsp;132.00 | &nbsp;&nbsp;120.75 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;PNC_006 | &nbsp;&nbsp;32.70 | &nbsp;&nbsp;54.40 | &nbsp;&nbsp;21.70 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;PNC_006 | &nbsp;&nbsp;88.75 | &nbsp;&nbsp;107.40 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;29 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;PNC_007 | &nbsp;&nbsp;122.60 | &nbsp;&nbsp;316.65 | &nbsp;&nbsp;194.05 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.07 |  |

---

**Table 10.11. Table of significant drill intersections of the Plutus North target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 10.11. Plan of the significant drill intersections in the Plutus North and Plutus South targets.**

10.2.10.3 Plutus South Target

A total of 8 holes (Table 10.12) were drilled from one platform for 2,939.3m at the Plutus South target. Highlights include:

● PSC_001: 328.05 m @ 0.19 g/t Au, 5 g/t Ag, 0.05% Cu.

● PSC_002: 199.60 m @ 0.19 g/t Au, 5 g/t Ag, 0.06% Cu.

● PSC_004: 131.55 m @ 0.19 g/t Au, 32 g/t Ag, 0.06% Cu.

● PSC_008: 160.40 m @ 0.17 g/t Au, 10 g/t Ag, 0.06% Cu.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;PSC_001 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;330.15 | &nbsp;&nbsp;328.05 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_002 | &nbsp;&nbsp;9.50 | &nbsp;&nbsp;209.10 | &nbsp;&nbsp;199.60 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;PSC_002 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;59.45 | &nbsp;&nbsp;38.45 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_002 | &nbsp;&nbsp;381.00 | &nbsp;&nbsp;419.50 | &nbsp;&nbsp;38.50 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;PSC_003 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;275.05 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_003 | &nbsp;&nbsp;40.85 | &nbsp;&nbsp;61.35 | &nbsp;&nbsp;20.50 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;25 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_003 | &nbsp;&nbsp;100.25 | &nbsp;&nbsp;101.80 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;276 | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;PSC_003 | &nbsp;&nbsp;303.10 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_004 | &nbsp;&nbsp;46.70 | &nbsp;&nbsp;178.25 | &nbsp;&nbsp;131.55 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;PSC_004 | &nbsp;&nbsp;84.35 | &nbsp;&nbsp;121.10 | &nbsp;&nbsp;36.75 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;54 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;PSC_004 | &nbsp;&nbsp;265.55 | &nbsp;&nbsp;268.60 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;5.20 | &nbsp;&nbsp;40 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;PSC_005 | &nbsp;&nbsp;72.30 | &nbsp;&nbsp;112.00 | &nbsp;&nbsp;39.70 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;PSC_006 | &nbsp;&nbsp;43.05 | &nbsp;&nbsp;117.60 | &nbsp;&nbsp;74.55 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;PSC_007 | &nbsp;&nbsp;43.00 | &nbsp;&nbsp;169.10 | &nbsp;&nbsp;126.10 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;PSC_008 | &nbsp;&nbsp;36.00 | &nbsp;&nbsp;196.40 | &nbsp;&nbsp;160.40 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.06 |

---

**Table 10.12. Table of significant drill intersections of the Plutus South target**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.10.4 The Box Target

A total of 16 holes were drilled from 6 different platforms for 5,403.6m at the Box target from 2021 to 2025 (Table 10.13). Highlights include:

● BOXC_007: 33.30 m @ 0.91 g/t Au, 50 g/t Ag, 0.10% Zn, 0.02% Pb, 0.01% Cu.

● BOXC_008: 34.95 m @ 0.72 g/t Au, 16 g/t Ag, 0.05% Zn, 0.04% Pb, 0.03% Cu.

● BOXC_010: 55.00 m @ 0.45 g/t Au, 59 g/t Ag, 0.23% Zn, 0.04% Pb, 0.01% Cu.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Pb<br> %** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;BOC_001 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BOC_002 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BOC_003 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BOXC_001 | &nbsp;&nbsp;186.65 | &nbsp;&nbsp;205.20 | &nbsp;&nbsp;18.55 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;BOXC_001 | &nbsp;&nbsp;202.85 | &nbsp;&nbsp;205.20 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;BOXC_001 | &nbsp;&nbsp;603.40 | &nbsp;&nbsp;604.50 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;12.25 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_002 | &nbsp;&nbsp;64.60 | &nbsp;&nbsp;79.75 | &nbsp;&nbsp;15.15 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;BOXC_002 | &nbsp;&nbsp;154.90 | &nbsp;&nbsp;157.30 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;3.44 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_003 | &nbsp;&nbsp;136.45 | &nbsp;&nbsp;174.55 | &nbsp;&nbsp;38.10 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;23 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;BOXC_003 | &nbsp;&nbsp;156.45 | &nbsp;&nbsp;158.10 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;231 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;BOXC_004 | &nbsp;&nbsp;216.30 | &nbsp;&nbsp;252.60 | &nbsp;&nbsp;36.30 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;BOXC_005 | &nbsp;&nbsp;168.35 | &nbsp;&nbsp;179.90 | &nbsp;&nbsp;11.55 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;BOXC_006 | &nbsp;&nbsp;259.00 | &nbsp;&nbsp;280.30 | &nbsp;&nbsp;21.30 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;BOXC_006 | &nbsp;&nbsp;273.00 | &nbsp;&nbsp;275.60 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;95 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;BOXC_007 | &nbsp;&nbsp;73.40 | &nbsp;&nbsp;106.70 | &nbsp;&nbsp;33.30 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_007 | &nbsp;&nbsp;87.45 | &nbsp;&nbsp;105.60 | &nbsp;&nbsp;18.15 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;17.10 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;255 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;171.80 | &nbsp;&nbsp;206.75 | &nbsp;&nbsp;34.95 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;171.80 | &nbsp;&nbsp;176.00 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;29 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;201.50 | &nbsp;&nbsp;206.75 | &nbsp;&nbsp;5.25 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;53 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;BOXC_008 | &nbsp;&nbsp;296.30 | &nbsp;&nbsp;327.80 | &nbsp;&nbsp;31.50 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;BOXC_009 | &nbsp;&nbsp;36.70 | &nbsp;&nbsp;50.30 | &nbsp;&nbsp;13.60 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_010 | &nbsp;&nbsp;8.50 | &nbsp;&nbsp;63.50 | &nbsp;&nbsp;55.00 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;59 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_010 | &nbsp;&nbsp;54.00 | &nbsp;&nbsp;63.50 | &nbsp;&nbsp;9.50 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;217 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;BOXC_011 | &nbsp;&nbsp;22.00 | &nbsp;&nbsp;41.40 | &nbsp;&nbsp;19.40 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;67 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_011 | &nbsp;&nbsp;70.95 | &nbsp;&nbsp;73.10 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;BOXC_012 | &nbsp;&nbsp;75.30 | &nbsp;&nbsp;96.80 | &nbsp;&nbsp;21.50 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;BOXC_013 | &nbsp;&nbsp;46.50 | &nbsp;&nbsp;61.70 | &nbsp;&nbsp;15.20 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;38 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |

---

**Table 10.13. Table of significant drill intersections of the Box target**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.10.5 Trap Target

Trap is a north to northwest trending, structurally controlled corridor with evidence of porphyry B veins overprinted by late-stage carbonate base metals veins. A total of 38 holes were drilled from 2022 to 2025 at 11 platforms for 16,622.95 m at the Trap target. The holes have the following highlights (Table 10.14):

● TRC_001: 102.20 m @ 1.26 g/t Au, 12.0 g/t Ag, 0.09% Cu.

● VICE_001: 14.70 m @ 1.14 g/t Au, 26.0 g/t Ag, 0.01% Cu.

● VICE_002: 18.90 m @ 1.06 g/t Au, 36.0 g/t Ag, 0.18% Cu.

● TRC_002: 646.00 m @ 0.71 g/t Au, 6 g/t Ag, 0.02% Cu.

● TRC_006: 206.95 m @ 0.90 g/t Au, 5 g/t Ag.

● TRC_007A: 632.25 m @ 0.92 g/t Au, 9 g/t Ag.

● TRC_011: 174.45 m @ 0.89 g/t Au, 11 g/t Ag.

● TRC_014: 30.00 m @ 3.10 g/t Au, 149 g/t Ag, 0.05% Cu.

● TRC_030: 200.85 m @ 1.01 g/t Au, 5 g/t Ag, 0.04% Cu.

The significant intersections for Au, Ag, Zn, Pb and Cu are listed in Table 10.14Table 10.14.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Pb<br> %** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;VICE_001 | &nbsp;&nbsp;212.60 | &nbsp;&nbsp;227.30 | &nbsp;&nbsp;14.70 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;26 |  |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;VICE_001 | &nbsp;&nbsp;213.20 | &nbsp;&nbsp;214.80 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;47 |  |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;VICE_001 | &nbsp;&nbsp;219.55 | &nbsp;&nbsp;220.70 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;131 |  |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;VICE_001 | &nbsp;&nbsp;253.50 | &nbsp;&nbsp;270.50 | &nbsp;&nbsp;17.00 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;6 |  |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;VICE_002 | &nbsp;&nbsp;214.60 | &nbsp;&nbsp;233.50 | &nbsp;&nbsp;18.90 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;36 |  |  | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;VICE_002 | &nbsp;&nbsp;214.60 | &nbsp;&nbsp;216.60 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;3.55 | &nbsp;&nbsp;208 |  |  | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;TRC_001 | &nbsp;&nbsp;233.80 | &nbsp;&nbsp;336.00 | &nbsp;&nbsp;102.20 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;12 |  |  | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;TRC_001 | &nbsp;&nbsp;259.10 | &nbsp;&nbsp;269.00 | &nbsp;&nbsp;9.90 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;25 |  |  | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;TRC_001 | &nbsp;&nbsp;294.50 | &nbsp;&nbsp;303.70 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;31 |  |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;TRC_002 | &nbsp;&nbsp;19.50 | &nbsp;&nbsp;665.50 | &nbsp;&nbsp;646.00 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;6 |  |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_002 | &nbsp;&nbsp;19.50 | &nbsp;&nbsp;321.00 | &nbsp;&nbsp;301.50 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;7 |  |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_002 | &nbsp;&nbsp;385.60 | &nbsp;&nbsp;477.30 | &nbsp;&nbsp;91.70 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;4 |  |  | &nbsp;&nbsp;- |
| &nbsp;&nbsp;TRC_003 | &nbsp;&nbsp;86.80 | &nbsp;&nbsp;246.55 | &nbsp;&nbsp;159.75 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;15 |  |  | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;TRC_003 | &nbsp;&nbsp;188.00 | &nbsp;&nbsp;235.00 | &nbsp;&nbsp;47.00 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;28 |  |  | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;TRC_003 | &nbsp;&nbsp;359.35 | &nbsp;&nbsp;432.05 | &nbsp;&nbsp;72.70 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;6 |  |  | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_004 | &nbsp;&nbsp;253.15 | &nbsp;&nbsp;261.05 | &nbsp;&nbsp;7.90 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.31 |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;31.25 | &nbsp;&nbsp;263.60 | &nbsp;&nbsp;232.35 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;69.30 | &nbsp;&nbsp;82.15 | &nbsp;&nbsp;12.85 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;108.85 | &nbsp;&nbsp;124.00 | &nbsp;&nbsp;15.15 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;177.45 | &nbsp;&nbsp;185.80 | &nbsp;&nbsp;8.35 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;223.80 | &nbsp;&nbsp;239.65 | &nbsp;&nbsp;15.85 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;333.30 | &nbsp;&nbsp;388.40 | &nbsp;&nbsp;55.10 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;349.00 | &nbsp;&nbsp;357.15 | &nbsp;&nbsp;8.15 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;377.20 | &nbsp;&nbsp;385.35 | &nbsp;&nbsp;8.15 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;456.40 | &nbsp;&nbsp;508.35 | &nbsp;&nbsp;51.95 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;456.40 | &nbsp;&nbsp;464.40 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp;TRC_005 | &nbsp;&nbsp;497.80 | &nbsp;&nbsp;508.35 | &nbsp;&nbsp;10.55 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;- |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Pb<br> %** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;98.40 | &nbsp;&nbsp;305.35 | &nbsp;&nbsp;206.95 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.02 |  |
| &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;110.70 | &nbsp;&nbsp;170.85 | &nbsp;&nbsp;60.15 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 |  |
| &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;623.35 | &nbsp;&nbsp;739.00 | &nbsp;&nbsp;115.65 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.08 |  |
| &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;641.10 | &nbsp;&nbsp;656.55 | &nbsp;&nbsp;15.45 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.05 |  |
| &nbsp;&nbsp;TRC_006 | &nbsp;&nbsp;725.50 | &nbsp;&nbsp;739.00 | &nbsp;&nbsp;13.50 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.09 |  |
| &nbsp;&nbsp;TRC_007 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;172.65 | &nbsp;&nbsp;804.90 | &nbsp;&nbsp;632.25 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.13 |  |
| &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;172.65 | &nbsp;&nbsp;212.00 | &nbsp;&nbsp;39.35 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.15 |  |
| &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;311.30 | &nbsp;&nbsp;362.80 | &nbsp;&nbsp;51.50 | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.19 |  |
| &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;393.00 | &nbsp;&nbsp;439.35 | &nbsp;&nbsp;46.35 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.50 |  |
| &nbsp;&nbsp;TRC_007A | &nbsp;&nbsp;559.20 | &nbsp;&nbsp;575.85 | &nbsp;&nbsp;16.65 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;103 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.11 |  |
| &nbsp;&nbsp;TRC_008 | &nbsp;&nbsp;187.55 | &nbsp;&nbsp;238.60 | &nbsp;&nbsp;51.05 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.11 |  |
| &nbsp;&nbsp;TRC_008 | &nbsp;&nbsp;188.50 | &nbsp;&nbsp;196.05 | &nbsp;&nbsp;7.55 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.25 |  |
| &nbsp;&nbsp;TRC_008 | &nbsp;&nbsp;226.70 | &nbsp;&nbsp;238.60 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;20 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.20 |  |
| &nbsp;&nbsp;TRC_009 | &nbsp;&nbsp;273.70 | &nbsp;&nbsp;274.75 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |  |
| &nbsp;&nbsp;TRC_009 | &nbsp;&nbsp;290.65 | &nbsp;&nbsp;292.80 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;42 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.08 |  |
| &nbsp;&nbsp;TRC_009 | &nbsp;&nbsp;370.95 | &nbsp;&nbsp;371.95 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 |  |
| &nbsp;&nbsp;TRC_009 | &nbsp;&nbsp;459.40 | &nbsp;&nbsp;462.65 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;4.74 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.12 |  |
| &nbsp;&nbsp;TRC_010 | &nbsp;&nbsp;284.95 | &nbsp;&nbsp;374.80 | &nbsp;&nbsp;89.85 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.03 |  |
| &nbsp;&nbsp;TRC_010 | &nbsp;&nbsp;344.80 | &nbsp;&nbsp;357.90 | &nbsp;&nbsp;13.10 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.07 |  |
| &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;240.70 | &nbsp;&nbsp;242.20 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.02 |  |
| &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;262.35 | &nbsp;&nbsp;265.25 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.19 |  |
| &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;485.15 | &nbsp;&nbsp;659.60 | &nbsp;&nbsp;174.45 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.25 |  |
| &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;485.15 | &nbsp;&nbsp;526.00 | &nbsp;&nbsp;40.85 | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;38 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.98 |  |
| &nbsp;&nbsp;TRC_011 | &nbsp;&nbsp;653.15 | &nbsp;&nbsp;659.60 | &nbsp;&nbsp;6.45 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.04 |  |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;8.20 | &nbsp;&nbsp;10.50 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;183.00 | &nbsp;&nbsp;185.90 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;376.90 | &nbsp;&nbsp;464.50 | &nbsp;&nbsp;87.60 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;437.85 | &nbsp;&nbsp;464.50 | &nbsp;&nbsp;26.65 | &nbsp;&nbsp;2.92 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;562.00 | &nbsp;&nbsp;563.55 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;48 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;TRC_012 | &nbsp;&nbsp;591.65 | &nbsp;&nbsp;593.50 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;TRC_013 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;41.85 | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;149 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;64.25 | &nbsp;&nbsp;79.85 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;328.80 | &nbsp;&nbsp;333.45 | &nbsp;&nbsp;4.65 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;403.40 | &nbsp;&nbsp;437.85 | &nbsp;&nbsp;34.45 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;419.55 | &nbsp;&nbsp;423.80 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;6.30 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;435.25 | &nbsp;&nbsp;437.85 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;3.82 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_014 | &nbsp;&nbsp;544.40 | &nbsp;&nbsp;548.25 | &nbsp;&nbsp;3.85 | &nbsp;&nbsp;2.93 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_015 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_016 | &nbsp;&nbsp;63.25 | &nbsp;&nbsp;70.00 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Pb<br> %** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;TRC_016 | &nbsp;&nbsp;346.70 | &nbsp;&nbsp;348.90 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;5.43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_018 | &nbsp;&nbsp;110.45 | &nbsp;&nbsp;158.60 | &nbsp;&nbsp;48.15 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;17 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_018 | &nbsp;&nbsp;112.75 | &nbsp;&nbsp;115.90 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_018 | &nbsp;&nbsp;125.40 | &nbsp;&nbsp;128.30 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_018 | &nbsp;&nbsp;153.90 | &nbsp;&nbsp;157.70 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;81 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_028D | &nbsp;&nbsp;39.10 | &nbsp;&nbsp;60.45 | &nbsp;&nbsp;21.35 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_028D | &nbsp;&nbsp;56.90 | &nbsp;&nbsp;58.10 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_028D | &nbsp;&nbsp;283.50 | &nbsp;&nbsp;295.05 | &nbsp;&nbsp;11.55 | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_028D | &nbsp;&nbsp;287.60 | &nbsp;&nbsp;292.50 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;7.12 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC028_D01 | &nbsp;&nbsp;159.85 | &nbsp;&nbsp;161.70 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;3.58 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC028_D01 | &nbsp;&nbsp;280.10 | &nbsp;&nbsp;417.15 | &nbsp;&nbsp;137.05 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;TRC028_D01 | &nbsp;&nbsp;281.00 | &nbsp;&nbsp;322.10 | &nbsp;&nbsp;41.10 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;TRC028_D01 | &nbsp;&nbsp;347.00 | &nbsp;&nbsp;360.30 | &nbsp;&nbsp;13.30 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;24 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC028_D02 | &nbsp;&nbsp;131.60 | &nbsp;&nbsp;140.70 | &nbsp;&nbsp;9.10 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;TRC028_D02 | &nbsp;&nbsp;178.90 | &nbsp;&nbsp;189.65 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;30 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_030 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;205.40 | &nbsp;&nbsp;200.85 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_030 | &nbsp;&nbsp;164.90 | &nbsp;&nbsp;205.40 | &nbsp;&nbsp;40.50 | &nbsp;&nbsp;3.74 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;TRC_017 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_019 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_020 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_022 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_024 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_027 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;39.70 | &nbsp;&nbsp;54.20 | &nbsp;&nbsp;14.50 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;164.05 | &nbsp;&nbsp;165.60 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;3.44 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;204.95 | &nbsp;&nbsp;209.95 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;276.50 | &nbsp;&nbsp;278.80 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;3.74 | &nbsp;&nbsp;40 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;432.15 | &nbsp;&nbsp;458.55 | &nbsp;&nbsp;26.40 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;445.10 | &nbsp;&nbsp;448.15 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_021 | &nbsp;&nbsp;455.60 | &nbsp;&nbsp;457.40 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;2.79 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_023 | &nbsp;&nbsp;72.65 | &nbsp;&nbsp;89.30 | &nbsp;&nbsp;16.65 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_023 | &nbsp;&nbsp;86.00 | &nbsp;&nbsp;89.30 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;TRC_025 | &nbsp;&nbsp;18.15 | &nbsp;&nbsp;19.45 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;49.30 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_026 | &nbsp;&nbsp;122.00 | &nbsp;&nbsp;124.80 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;234.15 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_026 | &nbsp;&nbsp;122.00 | &nbsp;&nbsp;122.80 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;816.00 | &nbsp;&nbsp;106 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_029 | &nbsp;&nbsp;156.50 | &nbsp;&nbsp;159.45 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;41 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;TRC_031 | &nbsp;&nbsp;NSV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TRC_032 | &nbsp;&nbsp;377.05 | &nbsp;&nbsp;382.50 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;TRC_032 | &nbsp;&nbsp;537.90 | &nbsp;&nbsp;566.25 | &nbsp;&nbsp;28.35 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;TRC_032 | &nbsp;&nbsp;562.25 | &nbsp;&nbsp;566.25 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;8.49 | &nbsp;&nbsp;36 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_033 | &nbsp;&nbsp;309.00 | &nbsp;&nbsp;315.50 | &nbsp;&nbsp;6.50 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;69 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;TRC_033 | &nbsp;&nbsp;518.20 | &nbsp;&nbsp;521.90 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 |

---

**Table 10.14. Table of significant drill intersections of the Trap target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 10.12. Plan of the significant drill intersections in the Trap target.**

10.2.10.6 ME Target

A total of 9 holes were drilled from 3 different platforms for 3,734.1 m at ME Target (Table 10.15). Highlights include:

● APC_081: 111.25 m @ 0.83 g/t Au, 10 g/t Ag, 0.03% Cu.

● APC_083: 55.40 m @ 0.98 g/t Au, 14 g/t Ag, 0.02% Cu.

● MEC_002: 0.65 m @ 534.00 g/t Au, 40 g/t Ag.

● MEC_002: 0.90 m @ 47.20 g/t Au, 8 g/t Ag.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Cu<br> %** | &nbsp;&nbsp;**Mo<br> %** |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;95.75 | &nbsp;&nbsp;154.20 | &nbsp;&nbsp;58.45 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;141.55 | &nbsp;&nbsp;154.20 | &nbsp;&nbsp;12.65 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;217.60 | &nbsp;&nbsp;218.30 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;5.37 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;242.55 | &nbsp;&nbsp;248.70 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;39 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;337.15 | &nbsp;&nbsp;337.85 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;82 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;346.95 | &nbsp;&nbsp;347.70 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;407.00 | &nbsp;&nbsp;408.10 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;462.30 | &nbsp;&nbsp;463.00 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;9.35 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_078 | &nbsp;&nbsp;472.55 | &nbsp;&nbsp;473.90 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;81 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;47.00 | &nbsp;&nbsp;59.40 | &nbsp;&nbsp;12.40 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;130.00 | &nbsp;&nbsp;241.25 | &nbsp;&nbsp;111.25 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;152.30 | &nbsp;&nbsp;175.40 | &nbsp;&nbsp;23.10 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;205.00 | &nbsp;&nbsp;226.50 | &nbsp;&nbsp;21.50 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;261.10 | &nbsp;&nbsp;265.30 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;352.95 | &nbsp;&nbsp;378.05 | &nbsp;&nbsp;25.10 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;399.00 | &nbsp;&nbsp;403.55 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_081 | &nbsp;&nbsp;421.15 | &nbsp;&nbsp;449.30 | &nbsp;&nbsp;28.15 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;16.55 | &nbsp;&nbsp;67.50 | &nbsp;&nbsp;50.95 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;150.35 | &nbsp;&nbsp;180.30 | &nbsp;&nbsp;29.95 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;239.95 | &nbsp;&nbsp;295.35 | &nbsp;&nbsp;55.40 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;239.95 | &nbsp;&nbsp;252.55 | &nbsp;&nbsp;12.60 | &nbsp;&nbsp;3.15 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;APC_083 | &nbsp;&nbsp;351.30 | &nbsp;&nbsp;356.40 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_085 | &nbsp;&nbsp;12.10 | &nbsp;&nbsp;58.15 | &nbsp;&nbsp;46.05 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;APC_085 | &nbsp;&nbsp;183.80 | &nbsp;&nbsp;385.05 | &nbsp;&nbsp;201.25 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_085 | &nbsp;&nbsp;290.60 | &nbsp;&nbsp;327.70 | &nbsp;&nbsp;37.10 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;APC_087 | &nbsp;&nbsp; NSV |  |  |  |  |  |  |
| &nbsp;&nbsp;MEC_001 | &nbsp;&nbsp;8.65 | &nbsp;&nbsp;57.55 | &nbsp;&nbsp;48.90 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.002 |
| &nbsp;&nbsp;MEC_002 | &nbsp;&nbsp;274.50 | &nbsp;&nbsp;275.15 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;534.00 | &nbsp;&nbsp;40 |  |  |
| &nbsp;&nbsp;MEC_002 | &nbsp;&nbsp;291.80 | &nbsp;&nbsp;292.70 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;47.20 | &nbsp;&nbsp;8 |  |  |
| &nbsp;&nbsp;MEC_003 | &nbsp;&nbsp;202.65 | &nbsp;&nbsp;206.15 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.04 |  |
| &nbsp;&nbsp;MEC_004 | &nbsp;&nbsp;76.70 | &nbsp;&nbsp;78.40 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.14 |  |
| &nbsp;&nbsp;MEC_004 | &nbsp;&nbsp;222.80 | &nbsp;&nbsp;223.50 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.04 |  |
| &nbsp;&nbsp;MEC_004 | &nbsp;&nbsp;241.60 | &nbsp;&nbsp;248.30 | &nbsp;&nbsp;6.70 | &nbsp;&nbsp;5.72 | &nbsp;&nbsp;25 | &nbsp;&nbsp;0.05 |  |
| &nbsp;&nbsp;MEC_004 | &nbsp;&nbsp;306.90 | &nbsp;&nbsp;308.75 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;5.48 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.03 |  |

---

**Table 10.15. Table of significant drill intersections of the ME Target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

10.2.10.7 X Target

A total of 2 holes were drilled from one platform for 734.15 m at the X target (Table 10.16). They intersected high grade Ag veins carrying au and minor base metals. Highlights include:

● XTC_001: 12.85 m @ 1.82 g/t Au, 361 g/t Ag.

● XTC_001: 2.15 m @ 0.70 g/t Au, 198 g/t Ag.

● XTC_001: 18.65 m @ 0.72 g/t Au, 59 g/t Ag.

● XTC_001: 2.30 m @ 0.64 g/t Au, 368 g/t Ag.

● XTC_002: 2.15 m @ 0.55 g/t Au, 181 g/t Ag.

● XTC_002: 1.10 m @ 1.22 g/t Au, 426 g/t Ag.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br> (m)** | &nbsp;&nbsp;**To<br> (m)** | &nbsp;&nbsp;**Length<br> (m)** | &nbsp;&nbsp;**Ag<br> (g/t)** | &nbsp;&nbsp;**Au<br> (g/t)** | &nbsp;&nbsp;**Zn<br> %** | &nbsp;&nbsp;**Cu<br> %** |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;121.10 | &nbsp;&nbsp;133.95 | &nbsp;&nbsp;12.85 | &nbsp;&nbsp;361 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;186.55 | &nbsp;&nbsp;192.35 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;51 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;208.15 | &nbsp;&nbsp;210.30 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;198 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;334.95 | &nbsp;&nbsp;353.60 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;59 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;334.95 | &nbsp;&nbsp;340.25 | &nbsp;&nbsp;5.30 | &nbsp;&nbsp;42 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;XTC_001 | &nbsp;&nbsp;351.30 | &nbsp;&nbsp;353.60 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;368 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;93.70 | &nbsp;&nbsp;95.00 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;111.00 | &nbsp;&nbsp;112.60 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;85 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;117.00 | &nbsp;&nbsp;119.40 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.31 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;204.05 | &nbsp;&nbsp;206.20 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;181 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;XTC_002 | &nbsp;&nbsp;251.80 | &nbsp;&nbsp;252.90 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;426 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.04 |

---

**Table 10.16. Table of significant drill intersections of the X target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_081.jpg)

**Figure 10.13. Plan of the significant drill intersections in the X target.**

10.2.10.8 Knife-Towers Target

Five holes were drilled from two platforms for 1,628.90 m at the Knife-Towers target with no significant intersections.

10.2.10.9 Victory Target

Two holes were drilled from one platform for 936.20 m at the Victory target with no significant intersections.

10.2.11 Sample Length / True Thickness

The drill intersections do not represent the true width of the mineralised zones in porphyry, breccia and vein intersections, in particular where high angle holes cutting near-vertical mineralisation. Multiple holes are required to determine the geometry, width and thickness of the mineralised zones.

10.2.12 Comments

The protocols for the drilling, logging, sampling and QA-QC are carried out to current industry standards. The QP considers that there are no drilling, sampling or recovery factors that could materially affect the accuracy and reliability of the results.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

11 SAMPLE PREPARATION, ANALYSIS AND SECURITY

11.1 Historical Data

11.1.1 Sample Preparation, Analysis and Security

The historical samples were prepared and analysed by standard methods at certified laboratories using the methods summarized in Table 11.1 (Turner, 2010; Leroux, 2012).

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Laboratory** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Code** | &nbsp;&nbsp;**Procedure** |
| &nbsp;&nbsp;Colombia Gold | &nbsp;&nbsp;not known | &nbsp;&nbsp;Preparation |  | &nbsp;&nbsp;Not known |
| &nbsp;&nbsp;Colombia Gold | &nbsp;&nbsp;not known | &nbsp;&nbsp;Au |  | &nbsp;&nbsp;Fire assay 30 g, AAS |
| &nbsp;&nbsp;Colombia Gold | &nbsp;&nbsp;not known | &nbsp;&nbsp;Au overlimit |  | &nbsp;&nbsp;Fire assay 30 g, gravimetry |
| &nbsp;&nbsp;Colombia Gold | &nbsp;&nbsp;not known | &nbsp;&nbsp;Multielements |  | &nbsp;&nbsp;ICP-AES |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Inspectorate, Medellin and Reno (ISO/TEC 17025) | &nbsp;&nbsp;Preparation |  | &nbsp;&nbsp;Crush to -10 mesh, split 500 g, pulverise to -150 mesh. |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Inspectorate, Medellin and Reno (ISO/TEC 17025) | &nbsp;&nbsp;Au | &nbsp;&nbsp;FA/AA | &nbsp;&nbsp;Fire assay 30 g, AAS |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Inspectorate, Medellin and Reno (ISO/TEC 17025) | &nbsp;&nbsp;Au overlimit | &nbsp;&nbsp;FA/GRAV | &nbsp;&nbsp;Fire assay 30 g, gravimetry |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Inspectorate, Medellin and Reno (ISO/TEC 17025) | &nbsp;&nbsp;Multielements | &nbsp;&nbsp;ICP | &nbsp;&nbsp;ICP-AES |
| &nbsp;&nbsp;Colombian Mines (from June 2007) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Preparation |  | &nbsp;&nbsp;Not known |
| &nbsp;&nbsp;Colombian Mines (from June 2007) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Au | &nbsp;&nbsp;FAA313 | &nbsp;&nbsp;Fire assay 30 g, AAS |
| &nbsp;&nbsp;Colombian Mines (from June 2007) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Au overlimit |  | &nbsp;&nbsp;Fire assay 30 g, gravimetry |
| &nbsp;&nbsp;Colombian Mines (from June 2007) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Multielements | &nbsp;&nbsp;ICP12B | &nbsp;&nbsp;34 elements by aqua regia digestion, ICP-AES |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Preparation soils | &nbsp;&nbsp;SCR30 | &nbsp;&nbsp;Dry, screen to -10 mesh and -80 mesh, pulverise to P95 -140 mesh. |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Preparation rocks | &nbsp;&nbsp;PRP94 | &nbsp;&nbsp;Dry, crush to -1/4 inch and -10 mesh, split 250 g, pulverise to P95 -140 mesh. |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Au | &nbsp;&nbsp;FAA313 | &nbsp;&nbsp;Fire assay 30 g, AAS |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Au | &nbsp;&nbsp;FAI303 | &nbsp;&nbsp;Fire assay 30 g, ICP |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Multielements | &nbsp;&nbsp;ICP40B | &nbsp;&nbsp;32 elements by 4 acid digestion, ICP-AES |
| &nbsp;&nbsp;Mercer Gold (soils, rocks) | &nbsp;&nbsp;SGS, Medellin and Callao (ISO 9001) | &nbsp;&nbsp;Multielements | &nbsp;&nbsp;ICP12B | &nbsp;&nbsp;34 elements by aqua regia digestion, ICP-AES |
| &nbsp;&nbsp;Mercer Gold (core) | &nbsp;&nbsp;Acme, Medellin and Vancouver (ISO 9001) | &nbsp;&nbsp;Preparation | &nbsp;&nbsp;R200 | &nbsp;&nbsp;Crush 1 kg to p80 -10 mesh, split 250 g, pulverise to p85 -200 mesh. |
| &nbsp;&nbsp;Mercer Gold (core) | &nbsp;&nbsp;Acme, Medellin and Vancouver (ISO 9001) | &nbsp;&nbsp;Au | &nbsp;&nbsp;G6 | &nbsp;&nbsp;Fire assay 30 g, AAS |
| &nbsp;&nbsp;Mercer Gold (core) | &nbsp;&nbsp;Acme, Medellin and Vancouver (ISO 9001) | &nbsp;&nbsp;Ag | &nbsp;&nbsp;7AR1 | &nbsp;&nbsp;Aqua regia digest, ICP-AES |
| &nbsp;&nbsp;Mercer Gold (core) | &nbsp;&nbsp;Acme, Medellin and Vancouver (ISO 9001) | &nbsp;&nbsp;Multielements | &nbsp;&nbsp;1D02 | &nbsp;&nbsp;34 elements by aqua regia digestion, ICP-AES |

---

**Table 11.1 Summary of the sample preparation and analyses methods of the historical samples.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Colombian Gold and Mercer Gold had standard industry protocols for sample security with sampling supervised by a geologist, and secure sample storage and transport to the laboratory as summarised by Turner (2010) and Leroux (2012).

11.1.2 Quality Assurance and Quality Control (QA-QC)

Colombian Mines and Mercer Gold inserted certified standard reference materials (CSRM), coarse blanks and field duplicates in the sample batches of soil, rock and core samples, as summarised in Table 11.2. The CSRM were monitored for Au and Ag by scatter plots with performance gates of the recommended value of the data ± 2SD and ±3SD, and show acceptable results (Turner, 2010; Leroux, 2012). The blanks were monitored for Au and Ag by scatter plots, and generally showed acceptable results, although the Acme gold samples show some carry-over between samples (Turner, 2010; Leroux, 2012). Field duplicates were monitored for Au on scatter plots and show low variability at low grades and scatter at higher grades as a result of geological heterogeneity. No check samples at a second laboratory was carried out. Both Turner (2010) and Leroux (2012) analysed check samples and took field duplicates, with acceptable correlations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Acceptance** |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;CSRM | &nbsp;&nbsp;OREAS 15Pa, 62Pb, 50Pb, 61Pb | &nbsp;&nbsp;Not known | &nbsp;&nbsp;27 | &nbsp;&nbsp;Average ± 2SD, 3SD |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Coarse Blank | &nbsp;&nbsp;Not known | &nbsp;&nbsp;Not known | &nbsp;&nbsp;53 | &nbsp;&nbsp;Scatter plot |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Field Duplicate | &nbsp;&nbsp;Protocol not known | &nbsp;&nbsp;Not known | &nbsp;&nbsp;40 | &nbsp;&nbsp;Scatter plot |
| &nbsp;&nbsp;Colombian Mines | &nbsp;&nbsp;Check samples |  |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;Mercer Gold | &nbsp;&nbsp;CSRM | &nbsp;&nbsp;OREAS 65a, 66a, 60a | &nbsp;&nbsp;Not known | &nbsp;&nbsp;30 | &nbsp;&nbsp;Average ± 2SD, 3SD |
| &nbsp;&nbsp;Mercer Gold | &nbsp;&nbsp;Coarse Blank | &nbsp;&nbsp;Not known | &nbsp;&nbsp;Not known | &nbsp;&nbsp;28 | &nbsp;&nbsp;Scatter plot |
| &nbsp;&nbsp;Mercer Gold | &nbsp;&nbsp;Field Duplicate | &nbsp;&nbsp;Protocol not known | &nbsp;&nbsp;Not known | &nbsp;&nbsp;37 | &nbsp;&nbsp;Scatter plot |
| &nbsp;&nbsp;Mercer Gold | &nbsp;&nbsp;Check samples |  |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |

---

**Table 11.2 QA-QC samples used in the historical sampling programs.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Collective Mining

11.2.1 Sample Preparation, Analysis and Security

From 2020-2021, Collective Mining samples were prepared and analysed by Actlabs Colombia S.A.S. at a laboratory in Rionegro, Medellin, certified to ISO 9001-2008, Activation Laboratories Ltd., Ancaster, Ontario, certified to ISO/IEC 17025 and SGS Colombia S.A.S., Medellin for sample preparation and SGS Peru S.A.S., El Callao for analysis, both certified to ISO 9001. Since 2023, Collective Mining has used ALS Colombia Ltd for sample preparation and ALS Peru S.A for analysis, certified to ISO/IEC 17025. Actlabs, SGS and ALS are all independent of Collective Mining. The methods are listed in **Table 11.3**. The limits of detection of the SGS and ALS analytical methods are listed in Table 11.4 to Table 11.8.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Laboratory** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Code** | &nbsp;&nbsp;**Procedure** |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Preparation rocks | &nbsp;&nbsp;RX1 | &nbsp;&nbsp;Dry, crush to P80 - 2mm, riffle split 250g, and pulverise to P95 - 105µm |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Preparation soils | &nbsp;&nbsp;S1 | &nbsp;&nbsp;Dry, sieve to 177µm |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Au | &nbsp;&nbsp;1A2-30 | &nbsp;&nbsp;Fire assay 30g, AAS |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Au overlimit | &nbsp;&nbsp;1A3 | &nbsp;&nbsp;Fire assay 30g, gravimetry |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Multielements rocks | &nbsp;&nbsp;UT-4M | &nbsp;&nbsp;42 elements by multiacid digestion, ICP-MS |
| &nbsp;&nbsp;Actlabs, Medellin and Activation Laboratories Ltd., Ancaster, Ontario | &nbsp;&nbsp;Multielements soils | &nbsp;&nbsp;UT-1M | &nbsp;&nbsp;34 elements by aqua regia digestion, ICP-MS |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Preparation rocks | &nbsp;&nbsp;PRP93 | &nbsp;&nbsp;Dry, crush to P90 - 2mm, riffle split 250g, and pulverise to P95 - 106µm |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Preparation soils | &nbsp;&nbsp;SCR31 | &nbsp;&nbsp;Dry, sieve to - 177 µm, riffle split 250g, and pulverise to P95 - 105 µm |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Au | &nbsp;&nbsp;FAA313 | &nbsp;&nbsp;Fire assay 30g, AAS |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Au overlimit | &nbsp;&nbsp;FAG303 | &nbsp;&nbsp;Fire assay 30g, gravimetry |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Ag | &nbsp;&nbsp;AA12C | &nbsp;&nbsp;Aqua regia digestion, AAS |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Ag overlimit | &nbsp;&nbsp;AA11B | &nbsp;&nbsp;Aqua regia digestion, AAS |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Multielements rocks | &nbsp;&nbsp;ICM40B | &nbsp;&nbsp;43 elements by multiacid digestion, ICP-MS |
| &nbsp;&nbsp; SGS Colombia SAS, Medellin.<br> SGS Peru SAS, El Callao, Peru | &nbsp;&nbsp;Multielements soils | &nbsp;&nbsp;ICM14B | &nbsp;&nbsp;36 elements by aqua regia digestion, ICP-OES |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Preparation Core | &nbsp;&nbsp;PREP-31B | &nbsp;&nbsp;Dry, crush to P70 - 2mm, riffle split 1000g, and pulverise to P85 - 75µm |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Preparation Rocks - Soils | &nbsp;&nbsp;PREP-31 | &nbsp;&nbsp;Dry, crush to P70 - 2mm, riffle split 250g, and pulverise to P85 - 75µm |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Au (Core Samples) | &nbsp;&nbsp;AA24 | &nbsp;&nbsp;Fire assay 50g, AAS |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Au overlimit (Core Samples) | &nbsp;&nbsp;GRA22 | &nbsp;&nbsp;Fire assay 50g, gravimetry |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Au - Screen Metallics (Core) | &nbsp;&nbsp;SCR24 | &nbsp;&nbsp;The gold values for both the (+) 106 and (-) 106-micron fractions are reported together with the weight of each fraction as well as the calculated total gold content of the sample. Fire Assay 50g, AAS |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Multielements (Core Samples) | &nbsp;&nbsp;MS61 | &nbsp;&nbsp;48 elements by multiacid digestion, ICP-MS |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Au (Rocks - Soils Samples) | &nbsp;&nbsp;AA23 | &nbsp;&nbsp;Fire assay 30g, AAS |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Au overlimit (Rocks - Soils Samples) | &nbsp;&nbsp;GRA21 | &nbsp;&nbsp;Fire assay 30g, gravimetry |
| &nbsp;&nbsp; ALS Colombia Ltd, Medellin.<br> ALS Peru SAS, El Callao, Lima | &nbsp;&nbsp;Multielements (Rocks - Soils Samples) | &nbsp;&nbsp;MS61 | &nbsp;&nbsp;48 elements by multiacid digestion, ICP-MS |

---

**Table 11.3 Summary of the sample preparation and analyses methods of the Collective Mining samples.**

Abbreviations: AAS atomic absorption spectrophotometer; ICP, ICP-AES inductively coupled plasma atomic emission spectrometer. ICP-MS inductively coupled plasma mass spectrometer.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_082.jpg)

**Table 11.4. Elements and limits of detection in SGS ICP package ICM40B.**

![](ex99-1_083.jpg)

**Table 11.5. Elements and limits of detection in SGS ICP package ICM14B.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Table 11.6. Limits of detection of SGS assays for gold, silver and overlimit base metals, iron and sulphur.**

**Table 11.7 Elements and limits of detection in ALS ICP package MS61.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Lower Limit of Detection** | &nbsp;&nbsp;**Upper Limit of Detection** |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;AA23 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;AA24 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;AA26 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;GRA21 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;AA45 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;AA46 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1500 |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;GRA21 | &nbsp;&nbsp;5 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;GRA22 | &nbsp;&nbsp;5 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;% | &nbsp;&nbsp;VOL61 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Pb | &nbsp;&nbsp;% | &nbsp;&nbsp;VOL70 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;% | &nbsp;&nbsp;VOL50 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;% | &nbsp;&nbsp;VOL70 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 |

---

**Table 11.8. Limits of detection of ALS assays for gold, silver and overlimit base metals, iron and sulphur.**

11.2.2 Quality Assurance and Quality Control (QA-QC)

Collective Mining has written protocols for sampling and QA-QC with the insertion of certified standard reference materials (CSRM), coarse blanks, fine blanks, coarse duplicates and fine duplicates, as described in Table 11.9. A total of 24% QA-QC samples are inserted, which exceeds normal industry standards. The QA-QC is monitored in real time on receipt of the results of each batch of samples. The protocol for failed CSRM or blanks is to investigate the sample when in company custody then in laboratory custody and, if necessary, reanalyse the interval.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Code** | &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Rock, core <br> %** | &nbsp;&nbsp;**Acceptance** |
| &nbsp;&nbsp;CSRM | &nbsp;&nbsp;STD | &nbsp;&nbsp;OREAS certified for Au, Ag, Cu, multielements | &nbsp;&nbsp;3 | &nbsp;&nbsp;Rec value ±3SD, 5SD |
| &nbsp;&nbsp;Coarse Blank | &nbsp;&nbsp;BKG | &nbsp;&nbsp;Coarse quartz | &nbsp;&nbsp;3 | &nbsp;&nbsp;10x and 20x LLD |
| &nbsp;&nbsp;Fine Blank | &nbsp;&nbsp;BKF | &nbsp;&nbsp;Fine quartz | &nbsp;&nbsp;3 | &nbsp;&nbsp;10x and 20x LLD |
| &nbsp;&nbsp;Coarse Duplicate | &nbsp;&nbsp;DUG | &nbsp;&nbsp;Take the coarse rejection after return, blind control | &nbsp;&nbsp;3 | &nbsp;&nbsp;20% relative error |
| &nbsp;&nbsp;Fine Duplicate | &nbsp;&nbsp;DUP | &nbsp;&nbsp;Take the fine rejection after return, blind control | &nbsp;&nbsp;3 | &nbsp;&nbsp;10% relative error |
| &nbsp;&nbsp;Check samples | &nbsp;&nbsp;MS | &nbsp;&nbsp;Take the master split rejection after return | &nbsp;&nbsp;3 | &nbsp;&nbsp;10% relative error |
| &nbsp;&nbsp;Total |  |  | &nbsp;&nbsp;18 |  |

---

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Code** | &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Soils, seds <br> %** | &nbsp;&nbsp;**Acceptance** |
| &nbsp;&nbsp;CSRM | &nbsp;&nbsp;STD | &nbsp;&nbsp;OREAS certified for Au, Ag, Cu, multielements | &nbsp;&nbsp;4 | &nbsp;&nbsp;Rec value ±3SD, 5SD |
| &nbsp;&nbsp;Coarse Blank | &nbsp;&nbsp;BKG | &nbsp;&nbsp;Coarse quartz | &nbsp;&nbsp;4 | &nbsp;&nbsp;10x and 20x LLD |
| &nbsp;&nbsp;Fine Blank | &nbsp;&nbsp;BKF | &nbsp;&nbsp;Fine quartz | &nbsp;&nbsp;4 | &nbsp;&nbsp;10x and 20x LLD |
| &nbsp;&nbsp;Total |  |  | &nbsp;&nbsp;12 |  |

---

**Table 11.9 QA-QC protocol of Collective Mining.**

The charts in the following three sections are for analyses of drill core from the drilling program from 2022 up to the effective date of this report and include all the Guayabales targets presented herein.

11.2.2.1 CSRM

CSRM are purchased from a recognized laboratory. The CSRM are monitored for Au, Ag and Cu by scatter plots with performance gates with rejection if a sample is greater or lesser than the recommended value ± 5SD, and a warning if two or more samples are between the recommended value ±3 to ±5SD (Figure 11.1 to Figure 11.3).

The CSRM are also monitored statistically for accuracy (Table 11.10).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Grade CSRM** | &nbsp;&nbsp;**Metal** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Certified Value** | &nbsp;&nbsp;**SD** | &nbsp;&nbsp;**RSD** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Mean BIAS** | &nbsp;&nbsp;**BIAS** | &nbsp;&nbsp;**N° Analyses** |
| &nbsp;&nbsp;Low | &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;-0.84 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;516 |
| &nbsp;&nbsp;Low | &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;-2.78 | &nbsp;&nbsp;2.79 | &nbsp;&nbsp;355 |
| &nbsp;&nbsp;Medium | &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;-0.36 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;436 |
| &nbsp;&nbsp;Medium | &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;-2.99 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;1132 |
| &nbsp;&nbsp;High | &nbsp;&nbsp;Au | &nbsp;&nbsp;ppm | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;527 |
| &nbsp;&nbsp;Low | &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;7.69 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;7.97 | &nbsp;&nbsp;-2.10 | &nbsp;&nbsp;355 |
| &nbsp;&nbsp;Medium | &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;-0.38 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;532 |
| &nbsp;&nbsp;High | &nbsp;&nbsp;Ag | &nbsp;&nbsp;ppm | &nbsp;&nbsp;50.34 | &nbsp;&nbsp;2.31 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;51.19 | &nbsp;&nbsp;-1.67 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;1132 |
| &nbsp;&nbsp;Low | &nbsp;&nbsp;Cu | &nbsp;&nbsp;ppm | &nbsp;&nbsp;268 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.37 | &nbsp;&nbsp;266 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;-1.01 | &nbsp;&nbsp;516 |
| &nbsp;&nbsp;Medium | &nbsp;&nbsp;Cu | &nbsp;&nbsp;ppm | &nbsp;&nbsp;1156 | &nbsp;&nbsp;45 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;1142 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;-1.39 | &nbsp;&nbsp;1132 |
| &nbsp;&nbsp;High | &nbsp;&nbsp;Cu | &nbsp;&nbsp;ppm | &nbsp;&nbsp;5239 | &nbsp;&nbsp;98 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;5176 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;-1.24 | &nbsp;&nbsp;436 |

---

**Table 11.10. CSRM statistics.**

The sample numbers have been redacted for reasons of confidentiality. SD = standard deviation.

RSD = relative standard deviation. RSD = ((SD/Mean)\*100)

Mean Bias % = [(Certified Value CRM / Average Value)-1]\*100

Bias = (Average Value – Certified Value/ Certified Value)×100

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

For gold, greater accuracy is observed in intermediate and low grades such as in CSRM with a Mean Bias% of -0.36 and an RSD% of 1.93 and Mean Bias% of -0.84 and an RSD% of 2.32. For CSRMs with higher grades, the values remain acceptable, with a Mean Bias% of -2.99 and an RSD% of 2.36. The graphs show the change of laboratory in 2023 preserving acceptable accuracy, although in some CSRMs there is a slight tendency to overestimate Au grades.

![](ex99-1_086.jpg)

![](ex99-1_087.jpg)

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_089.jpg)

![](ex99-1_090.jpg)

**Figure 11.1. Scatter plots of CSRM low, medium and high grade for gold.** 

As for the Ag monitoring, acceptable accuracy is achieved for CSRM high and medium grade, in which better dispersion in the sample values is observed. Although for CSRM low grade the accuracy is not acceptable, with a Mean Bias% and RDS% greater than 6, with Mean Bias% values of 7.9 and RSD% values of 7.7, an improvement in the dispersion of the data is observed with the change of laboratory.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_091.jpg)

![](ex99-1_092.jpg)

![](ex99-1_093.jpg)

**Figure 11.2. Scatter plots of CSRM low, medium and high grade for silver.**

For the recommended grades of copper CSRMs (low, medium, and high), acceptable accuracy and precision are observed. However, in the high-grade CSRM, there is evidence of an underestimation in the first points of the graph, which was progressively corrected until stabilizing at the recommended grades.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

![](ex99-1_094.jpg)

![](ex99-1_095.jpg)

![](ex99-1_096.jpg)

**Figure 11.3. Scatter plots of CSRM low, medium and high grade for copper.**

11.2.2.2 Blanks

Before 2024, uncertified fine and coarse blanks were used in the quality control program. Since 2024 certified blanks were used. The blanks are prepared from barren quartz, analysed and certified by Bureau Veritas laboratory, Medellín.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

The coarse blanks (BKG) and fine blanks (BKF) are monitored for gold, silver and copper by scatter plots with reference to five times the lower limit of detection of the element (Figure 11.4 to Figure 11.6). The results for gold and silver are excellent. However, copper has 5.6% and 9.1% failures for coarse and fine blanks respectively, which is high and needs further investigation. The low threshold of 2.5 ppm Cu may be an artefact at low levels. However, the coarse blanks have more high-grade failures >10 ppm than the fine blanks which suggest carry-over during sample preparation.

![](ex99-1_098.jpg)

**Figure 11.4. Scatter plots of coarse and fine blanks for gold.**

![](ex99-1_099.jpg)

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

**Figure 11.5. Scatter plots of coarse and fine blanks for silver.**

![](ex99-1_101.jpg)

![](ex99-1_102.jpg)

**Figure 11.6. Scatter plots of coarse and fine blanks for copper.**

11.2.2.3 Coarse and Fine Duplicates

Coarse duplicates (DUG) and fine duplicates (DUF) are selected from the sample coarse rejects and pulps returned by the laboratory and are inserted blind in sample batches.

Coarse duplicates (DUG) are a split of the coarse reject returned by the laboratory and consist of material that passes 70% through sieve mesh No. 10 (2.00 mm).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Fine duplicates (DUP) are a split of the pulp reject returned by the laboratory and consist of material that passes 85% through of sieve mesh No. 200 (75 µm).

The scatter plots show little scatter indicating that the sample preparation is adequate to homogenise the samples, and that the sample pulp is representative.

The protocol used from 2021 to 2023 was to take a ¼ core sample and instruct the laboratory to prepare a coarse duplicate and a fine duplicate. This was changed because of the difference in sample weight and because the protocol was not blind.

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|:---|:---|
| ![](ex99-1_103.jpg) | ![](ex99-1_104.jpg) |

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|:---|:---|
| ![](ex99-1_105.jpg) | ![](ex99-1_106.jpg) |

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**Figure 11.7. Scatter plots of duplicates for gold.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

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|:---|:---|
| ![](ex99-1_107.jpg) | ![](ex99-1_108.jpg) |

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**Figure 11.8. Scatter plots of duplicates for silver.**

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|:---|:---|
| ![](ex99-1_109.jpg) | ![](ex99-1_110.jpg) |

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**Figure 11.9. Scatter plots of duplicates for copper.**

11.2.2.4 Field Duplicates

Core duplicates consisting of a ¼ core sample were used until 2023. Their use was discontinued because the different sample weights (½ core versus ¼ core) do not give a statistically meaningful result and introduce higher variability than is real.

***11.2.2.5***  ***Check Samples*** 

A total of 3,270 samples of pulp rejects have been prepared and sent to the secondary laboratory for check analyses. Currently, the results of all samples are pending.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

11.3 Comments on Section 11

The QP considers that Collective Mining's sample preparation, analysis and chain of custody and QA-QC meets with or even exceed current standard industry practice, and that the data are adequate for the purposes of this Technical Report.

The QP recommends that check samples be sent on a monthly basis in order to monitor accuracy in real time.

The sample preparation and analysis of the historical samples were carried out by independent, certified laboratories using standard methods and, although not all of the data is available now, it is the author's opinion that sample preparation, analysis and security meet with current standard industry practise. The companies had protocols for sample and analytical QA-QC that follow standard industry practise, with protocols for monitoring QA-QC in real time and for checking any sample batches that fail. In practise, the historical geochemical data are only used as an exploration guide by Collective Mining and repeat soil and rock sampling is carried out in areas of interest.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

12 DATA VERIFICATION

12.1 Data Verification

The QP has verified the data used in this Technical Report by the following means:

&nbsp;&nbsp;&nbsp;&nbsp;1. Making a current site visit and two previous site visits to the field office, core logging and storage
facility, drilling sites and field localities.

&nbsp;&nbsp;&nbsp;&nbsp;2. Verifying location and access by GPS.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing the protocols for drilling, core transport, security, chain of custody, logging, sampling, storage,
and made recommendations which were implemented.

&nbsp;&nbsp;&nbsp;&nbsp;4. Reviewing core.

&nbsp;&nbsp;&nbsp;&nbsp;5. Revising the database and checking a percentage of the assay certificates.

&nbsp;&nbsp;&nbsp;&nbsp;6. Reviewing the QA-QC.

The QP's verification of the drill program was limited to a review of drill core, geological logs, and a check of assay certificates against the database. No independent check samples from the drill core were collected for analysis, which is a limitation of this verification. The company has sent 3,270 check samples for check analyses which is a thorough check, although the results were not received in time for this report.

12.2 Site Visits

The QP made a personal inspection of the Guayabales Project and the company's field office and core logging facility in Supia on 9 to 14 March 2025. Core from 10 holes from Apollo was examined, the logging and sampling facility was reviewed, and presentations were given on all aspects of the project.

A previous site visit was made on 12 to 15 January 2023 when core from four drill holes was examined; a field visit was made to the drilling at the Apollo target and two drill platforms were visited, Pad 2 and Pad 6; the protocols, workflow and chain of custody of the core from the drill to sample dispatch were seen, and storage of core, rejects and pulps; and the protocols, execution and results for QAQC were revised; and presentations were given in person and by video-conference on the property, geology and mineralization.

A first site visit was made on 24 to 25 October 2020. The core of two historic drill holes in porphyry mineralization was revised; discussions on the geology and mineralization were held; two field localities were visited, 1) artisanal gold mines at La Llorona (Apollo North target), which showed that free gold was being recovered from porphyry-style mineralization and 2) a viewpoint over the Encanto zone (ME target) in the Guayabales valley where the NW-trending structural control on mineralization extending from Marmato was observed, as well as several re-vegetated drill pads and artisanal mines.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

12.3 Drill Core

Drill core from ten holes from Apollo was examined on the 2025 site visit, four holes on the 2023 visit, and two historic holes on the 2020 site visit.

12.4 Database and Assay Certificates

The sample database of historical and Collective Mining data was supplied to the QP in Access and Excel files. The QP checked a percentage of the assay certificates and Excel reports against the database, the drill logs and the intercept calculations and found no errors in the transcription of the analyses.

The historical drill database was reconstructed by Collective Mining based on assay certificates and core photos. The QP reviewed this in 2020 by running checks for unusual sample intervals and for gaps in sample continuity, and found no errors.

12.5 QA-QC

The QA-QC was revised by the QP as described in Section 11.2.

12.6 Conclusion

The QP concludes that the exploration and drilling data is adequate and reliable for the purposes used in the technical report.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

13 MINERAL PROCESSING AND METALLURGICAL TESTING

Collective Mining has carried out seven programmes of metallurgical test work on samples from the Apollo target from 2022 to 2024 as described in Table 13.1. The results show high Au, Ag, Cu and WO<sub>3</sub> recoveries using conventional processing. Cyanide leach Au recoveries reach up to 97.57% with Ag in the range 50% to 60%. Flotation produced concentrates with recoveries up to 95.3% Cu, 79.4% Au and 83.6% Ag. Flotation optimization testing on concentrate showed substantial improvements in overall metal recovery, with Au recovery of 89.4% and Ag recovery of 85.2%, while maintaining Cu recovery at 94%. Tungsten gravity recovery was up to 74%. Test work highlights simple metallurgy and high recoveries based on multiple tests carried out on samples representative of the Apollo mineralisation, and demonstrate the project's amenability to conventional processing methods. Going forward, the company plans to carry out mineralogical studies to characterize the metal zones and build a geometallurgical model in order to carry out further test work.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Laboratory** | &nbsp;&nbsp;**Samples** | &nbsp;&nbsp;**Test** | &nbsp;&nbsp;**Results** |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;SGS Laboratories, Callao, Peru | &nbsp;&nbsp; 3 samples<br> 1.17-8.01 g/t Au.<br> 16.05-56.08 g/t Ag | &nbsp;&nbsp;Cyanide leach, bottle-roll tests (72 hours) | &nbsp;&nbsp; Au recovery 90.7-97.57%.<br> Ag recovery 46.27-52.34%. |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;SGS Laboratories, Callao, Peru | &nbsp;&nbsp; 8 composite samples.<br> 0.7-48.13 g/t Au.<br> 0.06-1.04% Cu. | &nbsp;&nbsp;Cyanide leach, bottle-roll tests | &nbsp;&nbsp; Au rec ave 93.5%<br> Au rec samples <0.15% Cu ave 96.7%.<br> Ag rec 50-60% |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;ALS Canada Ltd., Kamloops, British Columbia | &nbsp;&nbsp;86.1 kg composite sulphide sample | &nbsp;&nbsp;Flotation locked cycle | &nbsp;&nbsp; Recovery up to 95.3% Cu, 83.6% Ag, 79.4% Au.<br> Con grades up to 30.5% Cu, 1,280 g/t Ag, 28.7 g/t Au. |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;ALS | &nbsp;&nbsp;3 low grade samples <0.9 g/t Au (0.39-0.86 g/t Au) | &nbsp;&nbsp;Cyanide leach, bottle-roll tests | &nbsp;&nbsp; Au rec ave 91.2%.<br> Ag rec ave 59.6% |
| &nbsp;&nbsp;2024 |  | &nbsp;&nbsp;25 kg composite, 0.44% W | &nbsp;&nbsp;Gravimetry | &nbsp;&nbsp; Recovery W 74%.<br> Con 63.6% scheelite |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;SGS Laboratories, Callao, Peru | &nbsp;&nbsp;7 sulphide samples low Cu. Ave 1.0 g/t Au, 11.73 g/t Ag. | &nbsp;&nbsp;Cyanide leach, bottle-roll tests | &nbsp;&nbsp;Rec ave 94.3% Au, 63.7% Ag. |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;ALS Canada Ltd, Kamloops, BC |  | &nbsp;&nbsp;Flotation optimisation on con | &nbsp;&nbsp;Rec 89.4% Au, 85.2% Ag, 94.4% Cu |

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**Table 13.1. Summary of metallurgical test work carried out on samples from the Apollo target.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

14 MINERAL RESOURCE ESTIMATES

There are no mineral resource estimates for the Guayabales Project that were prepared in accordance with the current CIM standards and definitions required by the Canadian NI 43-101 "Standards for Disclosure of Mining Projects". Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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| **15** | **MINERAL RESERVE ESTIMATES** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **16** | **MINING METHODS** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **17** | **RECOVERY METHODS** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **18** | **PROJECT INFRASTRUCTURE** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **19** | **MARKET STUDIES AND CONTRACTS** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **21** | **CAPITAL AND OPERATING COSTS** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

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|:---|:---|
| **22** | **ECONOMIC ANALYSIS** |

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This item is not applicable to the Property at this stage of exploration (applies to advanced projects).

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

23 ADJACENT PROPERTIES

23.1 Marmato

The Marmato deposit, located 1.75 km southeast of the Guayabales Project, has been mined since pre-Columbian times with estimated historical production of 1.9 to 2.4 Moz gold. It has a current measured and indicated mineral resource of 61.5 Mt grading 3.03 g/t Au (5.997 Moz Au) and 7.2 g/t Ag (14.270 Moz Ag), and an inferred mineral resource of 35.6 Mt grading 2.43 g/t Au (2.787 Moz Au) and 3.2 g/t Ag (3.682 Moz Ag) (Parsons et al., 2022). The proven and probable mineral reserves are 31.277 Mt grading 3.16 g/t Au (3.178 Moz Au) and 6.1 g/t Ag (6.138 Moz Ag) (Parsons et al., 2022). The QP has been unable to verify the information in this report and the information is not necessarily indicative of the mineralization on the Guayabales Project that is the subject of this Technical Report. These underground resources occur in veins and porphyry in the Upper Mine or Narrow Vein Zone above 950 masl, and in sheeted veinlets in the Lower Mine or Bulk Mining Zone (previously the Deeps Zone). A sulphide-rich mineral assemblage is dominated by pyrite, arsenopyrite, black Fe-rich sphalerite, pyrrhotite, chalcopyrite and electrum in the Upper Mine, and a sheeted quartz veinlet system with pyrrhotite, chalcopyrite, bismuth minerals and free gold occurs in the Lower Mine. Aris Mining Corporation produced 23,272 oz. of gold from the Upper Mine in 2024 and is carrying out a major underground mine expansion to exploit the Lower Mine with a CIP plant of 5,000 tpd and total planned production starting in H2 2026 of over 200,000 oz gold per year.

Mineralization at Marmato is hosted by five hornblende-bearing dacitic to andesitic hypabyssal porphyry intrusions, with ilmenite and minor magnetite, and country rocks of the Arquía Complex of graphitic and chlorite schists. The porphyry intrusions, denominated P1 to P5, have been dated between 6.576 ± 0.075 Ma and 5.75 ± 0.11 Ma by LA-ICP-MS <sup>206</sup>Pb/<sup>238</sup>U on zircon. The age of mineralization was determined by <sup>40</sup>Ar/<sup>39</sup>Ar analyses of adularia in veins with plateau ages between 6.95 ± 0.02 Ma and 5.96 ± 0.02 Ma, closely related to the magmatism (Santacruz et al., 2021). The Marmato deposit model is described as a hybrid between a reduced intrusion-related and a porphyry gold deposit with epithermal veins in the upper part (Santacruz e al., 2021). The adjacent Aguas Claras porphyry gold deposit is related to quartz veinlets with magnetite, pyrite and chalcopyrite. It is low grade and has no mineral resources. Mineralization is hosted by five dacitic to microgranodioritic porphyry intrusions called AP1 to AP5 dated between 6.55 ± 0.15 Ma and 5.74 ± 0.14 Ma by LA-ICP-MS <sup>206</sup>Pb/<sup>238</sup>U on zircon (Santacruz et al., 2021).

24 OTHER RELEVANT DATA AND INFORMATION

There is no other relevant data and information to be reported.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

25 INTERPRETATION AND CONCLUSIONS

The Guayabales Project is located in the Middle Cauca Gold-Copper Belt on the eastern side of the Western Cordillera of Colombia. This metallogenic belt of Late Miocene age is highly prospective for porphyry gold-copper, breccia gold-copper and auriferous polymetallic vein deposits. The Apollo discovery is located 1.75 km northwest of the historic Marmato gold-silver mine, where a major underground expansion is under development to exploit the Lower Mine.

The Guayabales Project lies within the Romeral terrane that is bounded by the Romeral fault system to the east and the Cauca-Patia fault system to the west, and comprises metamorphic rocks of medium to high grade, ophiolitic sequences and oceanic sediments of Late Jurassic to Early Cretaceous age. Gold-silver-copper mineralization in the belt is related to multiple clusters of Late Miocene porphyry intrusions of diorite to quartz diorite composition, breccias and veins.

The Guayabales Project is located in a historic, active gold mining district within an area with good infrastructure including a major highway, abundant water, power grids and nearby rail and airport facilities.

Exploration by Collective Mining at the Guayabales Project has identified 12 targets for Au, Ag, Zn, Pb, Cu, Mo and WO<sub>3</sub> in porphyry, reduced intrusion related, breccia and high grade veins. Ten of these have been tested by drilling with the discovery of a significant mineral deposit at the Apollo target which has the dimensions and grades to be a potentially major deposit. The results justify additional drilling program to define the extent and grade of the system and make a Mineral Resource estimate.

Metallurgical test work of samples from Apollo shows high recoveries for Au and moderate recoveries for Ag by cyanide leach, bottle roll tests of both oxides and sulphides, high recoveries of Cu, Ag and Au by flotation, and high recoveries of WO<sub>3</sub> by gravimetry. These demonstrate the project's amenability to conventional processing methods.

Collective Mining has also made three other discoveries of long drill intersections of Au, Ag and/or Cu at the Plutus North breccia, Plutus South and Trap porphyry-vein targets. The amount of drilling at these targets is much less than at Apollo, and further drilling is required to define the extent, geometry and grades. Finally, there are 8 other targets that have very little drilling or have not been drilled yet and require further exploration and drilling.

The QP concludes that the Guayabales Project is a discovery-stage project for porphyry, reduced intrusion related, breccia and vein-hosted Au and Ag mineralisation with Cu, Zn, Pb, Mo and WO<sub>3</sub>. The exploration programmes carried out by Collective Mining are well planned and well executed and supply sufficient information to plan further exploration. Sampling, sample preparation, assaying and analyses were carried out in accordance with best current industry standard practices and are suitable to plan further exploration. Sampling, assaying and analyses include quality assurance and quality control procedures. There are no known significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

26 RECOMMENDATIONS

The QP recommends a two-stage, two-year exploration programme for the Guayabales Project. The objective of Stage I is to define a mineral resource estimate and carry out a preliminary economic assessment (PEA) of the Apollo target. This will require 65,000 m of additional diamond drilling including deep drilling of the Ramp Zone. It is also recommended to carry out exploration of other targets to generate additional drill targets and 10,000 m of drilling on other targets is budgeted. Drilling is on-going since the cut-off date of the present report. The estimated time for Stage I is about 13 months until the end of 2026 and the estimated budget is US$28,250,000 (Table 26.1).

The objective of Stage II is to carry out a pre-feasibility study (PFS) of the Apollo target. This will require an estimated 110,000 m of additional diamond drilling to convert inferred resources to measured and indicated resources. The PFS requires metallurgical test work, geotechnical studies, environmental baseline studies, and engineering studies for mining, process design, tailings, and other aspects. It is also recommended to continue exploration of other targets to generate drill targets and carry out 10,000 m of drilling. The estimated time for Stage II is 12 months until the end of 2027 and the estimated budget is US$52,100,000 (Table 26.1).

The Stage II programme is conditional on a positive outcome of the Stage I programme The total estimated time for both stages is about 2 years until the end of 2027 and the total estimated budget is US$80,350,000 (Table 26.1).

![](ex99-1_111.jpg)

**Table 26.1 Estimated budget for the recommended exploration programmes for the Guayabales Project.**

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

27 REFERENCES

Arce, J., 2021. Marmato, Colombia. Geophysical Survey. Reprocessing and modelling of airborne magnetometer survey. Report for Collective Mining Ltd by Arce Geofisicos, Lima, Peru, 20 January 2021, 9 p.

Baker, T., Pollard, P., Mustard, R., Mark, G. & Graham, J., 2005. A comparison of granite-related tin, tungsten and gold-bismuth deposits: implications for exploration. *SEG Newsletter* No. 61, p. 5, 10-17.

Bieniawski, Z. T., 1989. *Engineering Rock Mass Classifications: a complete manual for engineers and geologists in mining, civil, and petroleum engineering*. Wiley, New York. p. 251.

Bray, W., Cooke, R. H. & Redwood, S. D., 2021. Early Metalwork in Caribbean Colombia and Southern Central America. In: McEwan, C. & Hoopes, J. W., eds. *Pre-Columbian Art from Central American and Colombia at Dumbarton Oaks*. Dumbarton Oaks Research Library and Collection, Trustees for Harvard University, Washington, D. C., p. 541-567.

Cediel, F. & Cáceres, C., 2000. *Geological Map of Colombia*. Bogotá, Colombia, Geotec Ltda, 3rd edition. 7 maps at 1:1,000,000 scale.

Cediel, F., Shaw, R. P. & Cáceres, C., 2003. Tectonic Assembly of the Northern Andean Block. In: Bartolini, C., Buffler, R. T. & Blickwede, J. (Eds), The Circum-Gulf of Mexico and the Caribbean: Hydrocarbon habitats, basin formation, and plate tectonics. *American Association of Petroleum Geologists Memoir* 79, p. 815-848.

Hart, C.J.R., 2007. Reduced intrusion-related gold systems. In Goodfellow, W.D., (ed.), *Mineral deposits of Canada: A Synthesis of Major Deposit Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods*. Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p. 95-112.

Hoek, E., & Marinos, P., 2000. GSI: A Geologically Friendly Tool For Rock Mass Strength Estimation. International Symposium. Melbourne, Australia. 19-24 November 2000, p. 1422-1446.

Leal-Mejía, H., Shaw, R. P. & Melgarejo, J. C., 2019. Spatial-temporal migration of granitoid magmatism and the tectono-magmatic evolution of the Colombian Andes. In: Cediel, F. & Shaw, R. P. (eds), *Geology and Tectonics of Northwestern South America: The Pacific-Caribbean-Andean Junction*. Springer International Publishing AG, Cham, Switzerland, p. 253–410.

Leroux, D. C., 2012. Technical report on the Guayabales gold project, Department of Caldas, Republic of Colombia. Report by A.C.A. Howe Ltd. for Tresoro Mining Corp., 31 July 2012, 116 p.

MPX Geophysics Ltd., 2020. Heliborne Magnetic and Radiometric Geophysical Survey, Marmato Block, Antioquia y Caldas, Colombia. Report for Collective Mining Inc., December 2020, 37 p.

*Collective Mining Ltd.* *S. D. Redwood* <br> <u>*Guayabales Project, Colombia. NI 43-101 Technical Report*</u> <u> *2 December 2025*</u>

Parsons, B., and 13 others, 2022. NI 43-101 Technical Report for the Marmato Gold Mine, Caldas Department, Colombia: Pre-Feasibility Study of the Lower Mine Expansion Project. Report by SRK Consulting (U.S.) Inc. for Aris Mining Corporation, 23 November 2022, 250 p.

Reading, D.J., Londoño-Vanegas, D., Arango-Trujillo, M., Orozco-Rios, J., Rios, C.D., Pinilla, O.J., Ramírez, H.A., Castaño-Castro, M., Amaya-López, C., & Tosdal, R.M., 2025. Apollo Au-Ag-Cu-W Deposit, Colombia: Greenfields discovery of a porphyry hosted breccia with multistage mineralisation. NewGen Gold Conference Memoirs, 16-17 November 2025.

Redwood, S. D., 2021. NI 43-101 Technical Report for the Guayabales Gold Project, Department of Caldas, Colombia. Report for Collective Mining Ltd., Toronto, 22 September 2021, 115 p.

Redwood, S. D., 2023. NI 43-101 Technical Report for the Guayabales Gold Project, Department of Caldas, Colombia. Report for Collective Mining Ltd., Toronto, 21 April 2023, 182 p.

Santacruz, R. L., Redwood, S. D., Cecci, A., Matteini, M., Botelho, N. F., Ceballos, J., Starling, T. & Molano, J. C., 2021. The age and petrogenesis of reduced to weakly oxidized porphyry intrusions at the Marmato gold deposit, Colombia. *Ore Geology Reviews*, Vol. 131, 103953. https://doi.org/10.1016/j.oregeorev.2020.103953

Shaw, R. P., Leal-Mejia, H. & Melgarego i Draper, J. C., 2019. Phanerozoic Metallogeny in the Colombian Andes: A Tectono-Magmatic Analysis in Space and Time. In Cediel, F. & Shaw, R. P. (eds), *Geology and Tectonics of Northwestern South America: The Pacific-Caribbean-Andean Junction*. Springer International Publishing AG, Cham, Switzerland, p. 411-549.

SGS del Peru SAS, 2021. Bottle Cyanidation Metallurgical Testing Service. Final report by SGS del Peru SAS for Collective Mining Ltd, February 2021, 11 p.

Sillitoe, R. H., 2010. Porphyry Copper Systems. *Economic Geology*, Vol. 105, p. 3-41.

Thompson, J.F.H., Sillitoe, R.H., Baker, T., Lang, J.R., & Mortensen, J.K., 1999. Intrusion-related gold deposits associated with tungsten-tin provinces. *Mineralium Deposita*, Vol. 34, p. 323–334.

Thompson, R. J., 2007. Guayabales Project Technical Report, Department of Caldas, Republic of Colombia. Report for Colombian Mines Corporation, 5 April 2007, 54 p.

Turner, D. D., 2010. Guayabales Project Technical Report, Department of Caldas, Republic of Colombia. Report by Exploration Geotechnologies Inc., Littleton, Colorado for Uranium International Corp., 28 May 2010, 144 p.

Turner, D. D., 2011. Guayabales Project Technical Report, Department of Caldas, Republic of Colombia. Report by Exploration Geotechnologies Inc., Littleton, Colorado for Mercer Gold Corporation, 8 February 2011, 193 p.

## Exhibit 99.2

**Exhibit 99.2**

**CONSENT OF QUALIFIED PERSON**

I, Stewart D. Redwood, BSc (Hons), PhD, FIMMM, FGS, a qualified person under National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") consent to the public filing of the report entitled "NI 43-101 Technical Report for the Guayabales Gold-Silver-Copper-Tungsten Project, Department of Caldas, Colombia" with an effective date of September 15, 2025 (the "**Report**") on a voluntary basis as contemplated under section 4.2(12) of the Companion Policy to NI 43-101. The report is not being filed as a result of a requirement of NI 43-101.

Dated this 12<sup>th</sup> day of December, 2025

![](ex99-2_001.jpg)

Stewart D. Redwood,

BSc (Hons), PhD, FIMMM, FGS