# Collective Mining Highlights Strong Copper and Tungsten Metallurgical Results; Advances Apollo Flowsheet for 2027 Licensing Submission

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2

Original source: https://orestocks.com/company/CNL.TO/press-releases/5164369642340477

Publisher: orestocks

Original announcement: 2026-09-21T10:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-21T11:05:38.678Z

Atlas analysis updated: 2026-09-21T11:05:38.678Z

- Company: Collective Mining Ltd.

- Ticker: CNL

- Exchange: Unavailable

- Region: Caldas, Colombia

- Primary commodity: Copper

- Secondary commodities: Tungsten, Gold, Silver

- Document categories: Metallurgy, Resource update

- Extracted: 2026-09-21 11:05:39 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Collective Mining reported strong metallurgical test results for the Apollo deposit, demonstrating high recoveries for gold, silver, copper, and tungsten. The company is advancing an integrated dual-route flowsheet to selectively process high-grade copper/tungsten sub-domains and a broader gold-silver circuit.

Reasoning: The release provides high-quality metallurgical validation for a dual-route flowsheet and reinforces the economic potential of the high-grade sub-domains within the Apollo maiden resource.

- Positive factor: Strong metallurgical recoveries for all key metals

- Positive factor: High-grade copper concentrate produced \(27.2% Cu\)

- Positive factor: Clear dual-route processing strategy defined

- Positive factor: Low cyanide consumption reported

- Positive factor: Maiden resource established with significant tonnage

- Negative factor: Tungsten recovery \(74%\) is moderate compared to base metals

Facts used in scoring: 12

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document explicitly states 'Apollo Maiden Mineral Resource \(announced September 8, 2026\)'.

Evidence · text

> Apollo Maiden Mineral Resource

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Ned Jalil, P.Eng., is named as the Qualified Person who has reviewed and approved the technical information.

Evidence · text

> Ned Jalil, P.Eng., Chief Executive Officer of the Company and a Qualified Person

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource is reported in accordance with NI 43-101 standards.

Evidence · text

> reviewed and approved the scientific and technical information contained in this news release... as defined by National Instrument 43-101

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 3 distinct composites were tested

## Extracted facts

Stored fact records: 12. Some facts used in scoring do not have a stored record.

## Resource Estimates (4)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-resource-facts-8)

gold

#### Identity

- Commodity: gold
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Resource scope

- Estimate type: resource
- Effective date: 2026-08-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Ned Jalil
- Resource group id: resource:9bd9cde36f3a2d2d40eb
- Deposit or zone: Total Indicated
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 37000000
- Grade: 1.38
- Grade Unit: g/t
- Contained Metal: 1.64
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2026-08-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: The maiden resource establishes a strong Indicated base for the project.

- Positive factor: Significant Indicated resource tonnage

Evidence · table

> 1.64

Context: 37.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-resource-facts-9)

silver

#### Identity

- Commodity: silver
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Resource scope

- Estimate type: resource
- Effective date: 2026-08-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Ned Jalil
- Resource group id: resource:9bd9cde36f3a2d2d40eb
- Deposit or zone: Total Indicated
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 37000000
- Grade: 24.4
- Grade Unit: g/t
- Contained Metal: 29
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2026-08-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: Strong silver component in the Indicated resource.

- Positive factor: High silver grade in Indicated resource

Evidence · table

> 29.0

Context: 37.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-resource-facts-10)

copper

#### Identity

- Commodity: copper
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Resource scope

- Estimate type: resource
- Effective date: 2026-08-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Ned Jalil
- Resource group id: resource:9bd9cde36f3a2d2d40eb
- Deposit or zone: Total Indicated
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 37000000
- Grade: 0.14
- Grade Unit: %
- Contained Metal: 115
- Contained Unit: mlb

#### Prior Estimate

- Resource Date: 2026-08-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: The copper resource provides a solid base for the flotation circuit.

- Positive factor: Significant copper metal content

Evidence · table

> 115

Context: 37.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-resource-facts-11)

tungsten

#### Identity

- Commodity: tungsten
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Resource scope

- Estimate type: resource
- Effective date: 2026-08-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Ned Jalil
- Resource group id: resource:9bd9cde36f3a2d2d40eb
- Deposit or zone: Total Indicated
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 37000000
- Grade: 0.011
- Grade Unit: %
- Contained Metal: 3887
- Contained Unit: t

#### Prior Estimate

- Resource Date: 2026-08-31

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: Tungsten resource supports the dedicated gravity/flotation circuit.

- Positive factor: Established tungsten resource

Evidence · table

> 3,887

Context: 37.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

## Metallurgical Results (8)

### locked-cycle testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-0)

Apollo · gold

#### Identity

- Project: Apollo
- Commodity: gold
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: locked-cycle testing
- Sample: Apollo master composite

#### Recovery

- Recovery: 95 %
- Recovery Basis: actual\_test
- Head Grade: 1.4
- Head Grade Unit: g/t

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 95% gold recovery in locked-cycle testing is a strong indicator of processability.

- Positive factor: 95% recovery is exceptional for gold

Evidence · text

> 95% gold, 92% silver, and 85% copper recovery

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

### locked-cycle testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-1)

Apollo · silver

#### Identity

- Project: Apollo
- Commodity: silver
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: locked-cycle testing
- Sample: Apollo master composite

#### Recovery

- Recovery: 92 %
- Recovery Basis: actual\_test
- Head Grade: 20
- Head Grade Unit: g/t

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 92% silver recovery supports the cyanidation circuit strategy.

- Positive factor: 92% silver recovery is strong

Evidence · text

> 92% silver

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 92% is at or above the exceptional band \(90%\)

### locked-cycle testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-2)

Apollo · copper

#### Identity

- Project: Apollo
- Commodity: copper
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: locked-cycle testing
- Sample: Apollo master composite

#### Recovery

- Recovery: 85 %
- Recovery Basis: actual\_test
- Head Grade: 0.08
- Head Grade Unit: %

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 85% copper recovery in a master composite provides a baseline for the broader deposit.

- Positive factor: 85% recovery is solid for a master composite

Evidence · text

> 85% copper recovery

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-3)

Apollo · cyanide

#### Identity

- Project: Apollo
- Commodity: cyanide
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Sample: Apollo master composite

#### Reagents

- Cyanide: 0.57 kg/t
- Reagent Notes: low cyanide consumption of 0.57 kg/t in test work

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 0.57 kg/t cyanide consumption is considered low for gold/silver processing.

- Positive factor: Low cyanide consumption is an OPEX positive

Evidence · text

> low cyanide consumption of 0.57 kg/t

### open-circuit testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-4)

Apollo · copper

#### Identity

- Project: Apollo
- Commodity: copper
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: open-circuit testing
- Sample: Copper sub-domain composite

#### Recovery

- Recovery: 95 %
- Recovery Basis: actual\_test
- Head Grade: 0.42
- Head Grade Unit: %

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: High recovery and concentrate grade for the copper sub-domain validates the flotation strategy.

- Positive factor: 95% copper recovery is exceptional

- Positive factor: High grade concentrate \(27.2% Cu\) produced

Evidence · text

> 95% copper recovery

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(92%\)

### open-circuit testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-5)

Apollo · gold

#### Identity

- Project: Apollo
- Commodity: gold
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: open-circuit testing
- Sample: Copper sub-domain composite

#### Recovery

- Recovery: 90 %
- Recovery Basis: actual\_test
- Head Grade: 1.16
- Head Grade Unit: g/t

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 90% gold recovery in the copper circuit is a strong byproduct signal.

- Positive factor: 90% gold recovery from flotation tailings/circuit

Evidence · text

> 90% gold

### open-circuit testing

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-6)

Apollo · silver

#### Identity

- Project: Apollo
- Commodity: silver
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: open-circuit testing
- Sample: Copper sub-domain composite

#### Recovery

- Recovery: 94.4 %
- Recovery Basis: actual\_test
- Head Grade: 71
- Head Grade Unit: g/t

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: High silver recovery supports the integrated flowsheet.

- Positive factor: 94.4% silver recovery is strong

Evidence · text

> 94.4% silver recovery

#### Tags used in scoring

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 94.4% is at or above the exceptional band \(90%\)

### gravity and flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--111448bc-b245-4a8a-b89b-81b06d3663c2#fact-metallurgical-facts-7)

Apollo · tungsten

#### Identity

- Project: Apollo
- Commodity: tungsten
- Region: colombia
- Reported Region: Caldas, Colombia
- Ticker: CNL

#### Test Work

- Program Status: detailed
- Test Type: gravity and flotation
- Processing Route: flotation
- Sample: Tungsten sub-domain test work

#### Recovery

- Recovery: 74 %
- Recovery Basis: actual\_test
- Head Grade: 0.44
- Head Grade Unit: %

#### Lab

- Laboratory: ALS Canada Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: 74% tungsten recovery is acceptable but represents a key area for optimization.

- Positive factor: 74% recovery is a good start for tungsten

- Negative factor: 74% is moderate compared to base metals

Evidence · text

> Tungsten recovery through gravity and flotation of up to 74%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: processing\_route matches the gravity signal

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.