Advanced metallurgical testing on a representative master composite from the top 1,000 metres of the Apollo system has delivered strong recoveries across gold, silver, copper, and tungsten using conventional processing methods.

Collective Mining Ltd. reported that locked cycle testing on the master composite, carrying an average head grade of 1.4 g/t gold, 20 g/t silver, and 0.08% copper, achieved a 95% recovery rate for gold, 92% for silver, and 85% for copper. The results improve upon previous work announced on October 17, 2023, which recorded an average gold recovery of 93.5%.

The test work also demonstrated that a significant portion of the gold is amenable to gravity recovery, with certain tests yielding greater than 50% of the total gold reporting to gravity concentrates. Copper recovery showed a clear relationship with feed grade, as samples containing more than 0.15% copper returned recoveries at or above 90%, while lower-grade material averaged roughly 80%. A high-grade tungsten zone within the deposit returned recovery rates of up to 74% using initial sulphide flotation followed by gravity concentration, producing concentrates grading greater than 60% tungsten. Subsequent bulk-sample testing achieved a concentrate purity of 95% scheelite.

“We are blessed to have such a straight-forward polymetallic deposit from a metallurgical standpoint with all metals being recovered at high-rates using standard processing methods. The Company is geared up for an exciting balance of 2026, with our maiden mineral resource estimate expected in September and numerous drill holes designed to expand Apollo (including the Ramp Zone) that appear to have intersected potentially significant mineralization.”

— Ari Sussman, Executive Chairman

The Guayabales Project serves as the company's flagship asset and is anchored by Apollo, a large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten system. Building on these results, Collective has advanced to a comprehensive metallurgical program on material from the high-grade Ramp Zone at depth, where preliminary testing using conventional methods has recovered up to 96% of the gold. Full results from this expanded program are expected in the first half of 2027.

The company has accelerated its internal timeline and now expects to release its maiden mineral resource estimate on the Apollo system in September 2026, while construction of the exploration adit at the project is scheduled to commence in the fourth quarter of 2026.

Read the full announcement: Collective Mining Reports Robust Metallurgical Recovery Rates at Apollo: 95% Gold, 92% Silver, 85% Copper and 70% Tungsten; Initial Mineral Resource Estimate Targeted for September 2026