# 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a Original source: https://www.newswire.ca/news-releases/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-advances-apollo-flowsheet-for-2027-licensing-submission-875196486.html Publisher: cnw Original announcement: 2026-09-21T10:46:29.137Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T10:49:58.148Z Atlas analysis updated: 2026-09-21T10:49:58.148Z - Company: Collective Mining Ltd. - Ticker: CNL - Exchange: Unavailable - Region: Caldas, Colombia - Primary commodity: Gold - Secondary commodities: Silver, Copper, Tungsten - Document categories: Resource update, Metallurgy - Extracted: 2026-09-21 10:49:58 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Collective Mining announced strong metallurgical test results for its Apollo project, demonstrating high recoveries for gold \(90-95%\), silver \(92-94.4%\), copper \(85-95%\), and tungsten \(up to 74%\) using conventional processing methods. These results support an integrated dual-route flowsheet for gold-silver doré and separate copper and tungsten concentrates. The company also presented its maiden mineral resource estimate for Apollo, effective August 31, 2026, outlining 37.0 Mt Indicated and 48.2 Mt Inferred resources containing significant gold, silver, copper, and tungsten. Reasoning: Collective Mining announced new metallurgical test results demonstrating improved recoveries for copper and silver from specific sub-domains, and good tungsten recovery, which validates a multi-product processing strategy. This is coupled with a maiden mineral resource estimate for the Apollo project, providing a comprehensive initial assessment of the deposit. - Positive factor: High recoveries for all key metals \(gold, silver, copper, tungsten\) - Positive factor: Improved copper and silver recoveries from specific sub-domains compared to prior master composite results - Positive factor: Low cyanide consumption for gold-silver processing - Positive factor: Production of high-grade copper and silver concentrates - Positive factor: Maiden mineral resource estimate provides a foundational understanding of the deposit's scale and grade - Positive factor: Clear dual-route processing strategy tailored to metal distribution - Positive factor: Qualified Person \(QP\) sign-off on technical information - Positive factor: Metallurgical laboratory is ISO/IEC 17025 accredited - Negative factor: Tungsten recovery is stated as 'up to 74%', which is not a definitive single number - Negative factor: Tungsten concentrate grade is given as a mineral \(scheelite\) rather than a metal percentage - Negative factor: A significant portion of the maiden resource is in the Inferred category, which is less certain Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 37 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: New open-circuit test work on the copper sub-domain composite achieved an exceptional 95% copper recovery and 94.4% silver recovery, and 90% gold recovery. Evidence · table > 95% copper, 90% gold and 94.4% silver recovery Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: New open-circuit test work on the copper sub-domain composite achieved 95% copper recovery, an improvement from the 85% reported for the master composite. Silver recovery also improved to 94.4% from 92%. Tungsten recovery improved to up to 74% from 70%. Evidence · table > 95% copper, 90% gold and 94.4% silver recovery Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: Tungsten test work is described as 'Tungsten sub-domain test work' with recovery 'up to 74%' and 'subsequent bulk-sample testing', implying preliminary bench-scale or batch tests rather than continuous pilot-scale operation. Evidence · table > Tungsten recovery through gravity and flotation of up to 74%. Separate, subsequent bulk-sample testing produced a concentrate containing 95% scheelite. Context: Au: 2.91 g/t Ag: 26.4 g/t Cu: 0.15% WO 3 : 0.44% **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Metallurgical test work was conducted on an 'Apollo master composite', 'Copper sub-domain composite', and 'Tungsten sub-domain test work', indicating variability across ore domains has been addressed. Evidence · text > The sample material used to generate the copper and tungsten results presented in Table 1 was sourced specifically from the Copper Sub-Domain and Tungsten Sub-Domain, respectively \( see Figures 1 and 2\). The Apollo master composite was generated from drill core samples collected from representative locations across approximately the top 1,000 metres of the Apollo deposit . **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The master composite achieved high gold, silver, and copper recoveries using 'conventional processing methods' with 'low cyanide consumption of 0.57 kg/t'. Evidence · table > 95% gold, 92% silver, and 85% copper recovery using conventional processing methods, with low cyanide consumption of 0.57 kg/t in test work. Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The 'Apollo master composite' test work was conducted as 'Locked-cycle testing', which simulates recycle streams and is considered a strong level of test scale maturity. Evidence · table > Apollo master composite / Locked-cycle testing Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing strategy involves 'conventional cyanidation circuit for gold and silver' and 'cyanidation' for residual gold and silver from copper flotation tailings. Evidence · text > the balance of the Mineral Resource will be processed through a conventional cyanidation circuit for gold and silver. **Flotation** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The processing strategy includes 'copper flotation' for higher-grade copper material and 'flotation' for tungsten recovery. Evidence · text > Higher-grade copper material will be directed to copper flotation **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: The processing strategy incorporates 'gravity recovery' for gold and silver and a 'front-end gravity stage' for tungsten-rich material. Evidence · text > Material with low copper and tungsten grades will be processed primarily through gravity recovery and cyanidation **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 refers to the 'Apollo Maiden Mineral Resource', indicating this is the first formal resource estimate for the project. Evidence · text > Apollo Maiden Mineral Resource \(announced September 8, 2026\) **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes a 'Total Indicated' mineral resource of 37.0 Mt. Evidence · table > Total Indicated Context: 37.0 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes a 'Total Inferred' mineral resource of 48.2 Mt, which is a speculative category. Evidence · table > Total Inferred Context: 48.2 **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., CEO of Collective Mining, is named as a Qualified Person who reviewed and approved the scientific and technical information. Evidence · text > Ned Jalil, P.Eng., Chief Executive Officer of the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects \("NI 43-101"\), has reviewed and approved the scientific and technical information contained in this news release. **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 estimate is stated to be classified in accordance with 'CIM Definition Standards for Mineral Resources and Mineral Reserves' and the QP is defined by 'National Instrument 43-101'. Evidence · text > Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document clearly states the cut-off grades used for the resource estimate: '0.3 g/t AuEq for the open pit, 1.2 g/t AuEq for underground resources above 1,000 masl and 1.5 g/t AuEq for the Ramp Zone below 1,000 masl'. Evidence · text > Mineral Resources are reported at cut-off grades of 0.3 g/t AuEq for the open pit, 1.2 g/t AuEq for underground resources above 1,000 masl and 1.5 g/t AuEq for the Ramp Zone below 1,000 masl. **Metal Equivalent Assumptions Disclosed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides a detailed formula for the AuEq calculation, including metal prices and metallurgical recoveries for each metal. Evidence · text > AuEq = \(\(Au g/t × 0.95\) + \(Ag g/t × 0.020 × 0.92\) + \(Cu % × 1.20 × 0.85\) + \(WO₃ % × 21.33 × 0.70\)\) / 0.95, using metal prices of US$3,000/oz gold, US$60/oz silver, US$5.25/lb copper and US$93.31/lb WO₃ \(equivalent to US$2,057/mtu WO₃\), and metallurgical recoveries of 95% for gold, 92% for silver, 85% for copper and 70% for WO₃. ## Extracted facts Stored fact records: 37. Some facts used in scoring do not have a stored record. ## Resource Estimates (30) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-7) Apollo · gold #### Identity - Project: Apollo - 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:33aa202f3486c574de66 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 0.74 - Contained Unit: moz - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 indicated open pit resource contributes significantly to the maiden estimate with a good gold grade, providing a solid foundation for future development. - Positive factor: Significant indicated resource tonnage in the open pit zone - Positive factor: Good gold grade for an open pit deposit - Positive factor: Part of a maiden resource estimate Evidence · table > 1.02 Context: 22.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-8) Apollo · silver #### Identity - Project: Apollo - 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:33aa202f3486c574de66 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 30.2 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 indicated open pit resource includes a notable silver grade, adding to the polymetallic nature of the deposit. - Positive factor: Significant silver grade in the indicated open pit resource - Positive factor: Part of a maiden resource estimate Evidence · table > 30.2 Context: 22.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-9) Apollo · copper #### Identity - Project: Apollo - 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:33aa202f3486c574de66 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 0.2 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 indicated open pit resource includes a copper grade, contributing to the overall metal endowment of the deposit. - Positive factor: Copper grade contributes to the polymetallic nature of the indicated open pit resource - Positive factor: Part of a maiden resource estimate Evidence · table > 0.20 Context: 22.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-10) Apollo · tungsten #### Identity - Project: Apollo - 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:33aa202f3486c574de66 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 0.015 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 indicated open pit resource includes a tungsten grade, further diversifying the metal content of the deposit. - Positive factor: Tungsten grade adds to the polymetallic nature of the indicated open pit resource - Positive factor: Part of a maiden resource estimate Evidence · table > 0.015 Context: 22.5 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-11) Apollo · gold #### Identity - Project: Apollo - 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:4879a398e363759c117a - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 1.68 - Grade Unit: g/t - Contained Metal: 0.71 - Contained Unit: moz - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource above 1,000 masl contributes significantly to the maiden estimate with a good gold grade, providing a solid foundation for future development. - Positive factor: Significant indicated resource tonnage in the underground zone - Positive factor: Good gold grade for an underground deposit - Positive factor: Part of a maiden resource estimate Evidence · table > 1.68 Context: 13.2 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-12) Apollo · silver #### Identity - Project: Apollo - 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:4879a398e363759c117a - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 15.9 - Grade Unit: g/t - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource above 1,000 masl includes a notable silver grade, adding to the polymetallic nature of the deposit. - Positive factor: Significant silver grade in the indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 15.9 Context: 13.2 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-13) Apollo · copper #### Identity - Project: Apollo - 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:4879a398e363759c117a - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 0.06 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource above 1,000 masl includes a copper grade, contributing to the overall metal endowment of the deposit. - Positive factor: Copper grade contributes to the polymetallic nature of the indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 0.06 Context: 13.2 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-14) Apollo · tungsten #### Identity - Project: Apollo - 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:4879a398e363759c117a - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 0.003 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource above 1,000 masl includes a tungsten grade, further diversifying the metal content of the deposit. - Positive factor: Tungsten grade adds to the polymetallic nature of the indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 0.003 Context: 13.2 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-15) Apollo · gold #### Identity - Project: Apollo - 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:7771d75445321b95c0c8 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 4.52 - Grade Unit: g/t - Contained Metal: 0.19 - Contained Unit: moz - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource in the Ramp Zone shows a high gold grade, contributing a high-value component to the maiden resource estimate. - Positive factor: High gold grade for an indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 4.52 Context: 1.29 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-16) Apollo · silver #### Identity - Project: Apollo - 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:7771d75445321b95c0c8 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 9.85 - Grade Unit: g/t - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource in the Ramp Zone includes a silver grade, adding to the overall metal endowment of the deposit. - Positive factor: Silver grade contributes to the polymetallic nature of the indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 9.85 Context: 1.29 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-17) Apollo · copper #### Identity - Project: Apollo - 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:7771d75445321b95c0c8 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 indicated underground resource in the Ramp Zone includes a copper grade, contributing to the overall metal endowment of the deposit. - Positive factor: Copper grade contributes to the polymetallic nature of the indicated underground resource - Positive factor: Part of a maiden resource estimate Evidence · table > 0.03 Context: 1.29 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-18) Apollo · gold #### Identity - Project: Apollo - 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, sec\_sk1300 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:d42befb6993b00fb29c7 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 1.64 - Grade Unit: moz - Contained Metal: 1.64 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.58 - Metal Eq. Unit: moz AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The total indicated resource for gold represents a substantial initial endowment, forming a key part of the maiden resource estimate. - Positive factor: Significant total indicated gold contained metal - Positive factor: Part of a maiden resource estimate 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-19) Apollo · silver #### Identity - Project: Apollo - 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, sec\_sk1300 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:d42befb6993b00fb29c7 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 29 - Grade Unit: moz - Contained Metal: 29 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.58 - Metal Eq. Unit: moz AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The total indicated resource for silver represents a substantial initial endowment, forming a key part of the maiden resource estimate. - Positive factor: Significant total indicated silver contained metal - Positive factor: Part of a maiden resource estimate 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-20) Apollo · copper #### Identity - Project: Apollo - 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:d42befb6993b00fb29c7 - 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 total indicated resource for copper represents a substantial initial endowment, forming a key part of the maiden resource estimate. - Positive factor: Significant total indicated copper contained metal - Positive factor: Part of a maiden resource estimate 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--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-21) Apollo · tungsten #### Identity - Project: Apollo - 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:d42befb6993b00fb29c7 - 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: The total indicated resource for tungsten represents a substantial initial endowment, forming a key part of the maiden resource estimate. - Positive factor: Significant total indicated tungsten contained metal - Positive factor: Part of a maiden resource estimate 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-22) Apollo · gold #### Identity - Project: Apollo - 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:d6bf21a8ca7ea692b890 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 0.5 - Contained Unit: moz - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 inferred open pit resource provides additional exploration potential, though with lower confidence due to its inferred classification. - Positive factor: Significant inferred resource tonnage in the open pit zone - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.60 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-23) Apollo · silver #### Identity - Project: Apollo - 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:d6bf21a8ca7ea692b890 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 8.98 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 inferred open pit resource includes a silver grade, adding to the overall metal endowment with lower confidence. - Positive factor: Silver grade contributes to the polymetallic nature of the inferred open pit resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 8.98 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-24) Apollo · copper #### Identity - Project: Apollo - 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:d6bf21a8ca7ea692b890 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 inferred open pit resource includes a copper grade, contributing to the overall metal endowment with lower confidence. - Positive factor: Copper grade contributes to the polymetallic nature of the inferred open pit resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.03 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-25) Apollo · tungsten #### Identity - Project: Apollo - 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:d6bf21a8ca7ea692b890 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.003 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### 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 inferred open pit resource includes a tungsten grade, further diversifying the metal content with lower confidence. - Positive factor: Tungsten grade adds to the polymetallic nature of the inferred open pit resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.003 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-26) Apollo · gold #### Identity - Project: Apollo - 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:ae44aeae0df6d14ad500 - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 1.84 - Grade Unit: g/t - Contained Metal: 0.96 - Contained Unit: moz - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource above 1,000 masl provides additional exploration potential with a good gold grade, though with lower confidence due to its inferred classification. - Positive factor: Significant inferred resource tonnage in the underground zone - Positive factor: Good gold grade for an underground deposit - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 1.84 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-27) Apollo · silver #### Identity - Project: Apollo - 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:ae44aeae0df6d14ad500 - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 7.69 - Grade Unit: g/t - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource above 1,000 masl includes a silver grade, adding to the overall metal endowment with lower confidence. - Positive factor: Silver grade contributes to the polymetallic nature of the inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 7.69 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-28) Apollo · copper #### Identity - Project: Apollo - 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:ae44aeae0df6d14ad500 - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource above 1,000 masl includes a copper grade, contributing to the overall metal endowment with lower confidence. - Positive factor: Copper grade contributes to the polymetallic nature of the inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.03 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-29) Apollo · tungsten #### Identity - Project: Apollo - 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:ae44aeae0df6d14ad500 - Deposit or zone: Underground above 1,000 masl - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 0.002 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource above 1,000 masl includes a tungsten grade, further diversifying the metal content with lower confidence. - Positive factor: Tungsten grade adds to the polymetallic nature of the inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.002 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-30) Apollo · gold #### Identity - Project: Apollo - 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:9e4d6b261e7b043c8bab - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 5.2 - Grade Unit: g/t - Contained Metal: 1.01 - Contained Unit: moz - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource in the Ramp Zone shows a high gold grade, contributing a high-value component to the maiden resource estimate, though with lower confidence. - Positive factor: High gold grade for an inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 5.20 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-31) Apollo · silver #### Identity - Project: Apollo - 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:9e4d6b261e7b043c8bab - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 7.72 - Grade Unit: g/t - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource in the Ramp Zone includes a silver grade, adding to the overall metal endowment with lower confidence. - Positive factor: Silver grade contributes to the polymetallic nature of the inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 7.72 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-32) Apollo · copper #### Identity - Project: Apollo - 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:9e4d6b261e7b043c8bab - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 0.02 - Grade Unit: % - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### 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 inferred underground resource in the Ramp Zone includes a copper grade, contributing to the overall metal endowment with lower confidence. - Positive factor: Copper grade contributes to the polymetallic nature of the inferred underground resource - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 0.02 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-33) Apollo · gold #### Identity - Project: Apollo - 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, sec\_sk1300 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:2c2293d86f4cb65777b5 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 2.47 - Grade Unit: moz - Contained Metal: 2.47 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.83 - Metal Eq. Unit: moz AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The total inferred resource for gold represents a substantial initial endowment, providing exploration potential but with lower confidence. - Positive factor: Significant total inferred gold contained metal - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 2.47 Context: 48.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-34) Apollo · silver #### Identity - Project: Apollo - 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, sec\_sk1300 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:2c2293d86f4cb65777b5 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 13 - Grade Unit: moz - Contained Metal: 13 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.83 - Metal Eq. Unit: moz AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The total inferred resource for silver represents a substantial initial endowment, providing exploration potential but with lower confidence. - Positive factor: Significant total inferred silver contained metal - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 13.0 Context: 48.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-35) Apollo · copper #### Identity - Project: Apollo - 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:2c2293d86f4cb65777b5 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 0.03 - Grade Unit: % - Contained Metal: 32 - 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 total inferred resource for copper represents a substantial initial endowment, providing exploration potential but with lower confidence. - Positive factor: Significant total inferred copper contained metal - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 32 Context: 48.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-resource-facts-36) Apollo · tungsten #### Identity - Project: Apollo - 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:2c2293d86f4cb65777b5 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 0.002 - Grade Unit: % - Contained Metal: 1081 - 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: The total inferred resource for tungsten represents a substantial initial endowment, providing exploration potential but with lower confidence. - Positive factor: Significant total inferred tungsten contained metal - Positive factor: Part of a maiden resource estimate - Negative factor: Resource is in the inferred category, indicating lower geological confidence Evidence · table > 1,081 Context: 48.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **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 (7) ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-0) Apollo · gold Historical result Needs review: historical\_restatement #### Identity - Project: Apollo - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods - Sample: Apollo master composite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Head Grade: 1.4 - Head Grade Unit: g/t #### Reagents - Cyanide: 0.57 kg/t #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This result confirms a previously reported high gold recovery from the Apollo master composite using conventional processing methods and low cyanide consumption. - Positive factor: High gold recovery achieved - Positive factor: Low cyanide consumption - Positive factor: Test work conducted at locked-cycle stage Evidence · table > 95% gold Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### 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 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-1) Apollo · silver Historical result Needs review: historical\_restatement #### Identity - Project: Apollo - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods - Sample: Apollo master composite #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test - Head Grade: 20 - Head Grade Unit: g/t #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This result confirms a previously reported high silver recovery from the Apollo master composite using conventional processing methods. - Positive factor: High silver recovery achieved - Positive factor: Test work conducted at locked-cycle stage Evidence · table > 92% silver Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### 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 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-2) Apollo · copper Historical result Needs review: historical\_restatement #### Identity - Project: Apollo - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods - Sample: Apollo master composite #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test - Head Grade: 0.08 - Head Grade Unit: % #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: This result confirms a previously reported strong copper recovery from the Apollo master composite using conventional processing methods. - Positive factor: Strong copper recovery achieved - Positive factor: Test work conducted at locked-cycle stage Evidence · table > 85% copper recovery Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### 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 ### open-circuit [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-3) Apollo · copper #### Identity - Project: Apollo - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: preliminary - Test Type: open-circuit - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Head Grade: 0.42 - Head Grade Unit: % - Conc. Grade: 27.2 - Conc. Grade Unit: % #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: New open-circuit test work on the copper sub-domain composite achieved an exceptional 95% copper recovery and a high concentrate grade, significantly improving upon previous results and validating the targeted processing strategy. - Positive factor: Exceptional copper recovery \(95%\) - Positive factor: Significant improvement in copper recovery compared to prior master composite \(95% vs 85%\) - Positive factor: High concentrate grade \(27.2% Cu\) - Positive factor: Supports a multi-product processing strategy Evidence · table > 95% copper Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### 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 **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 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-4) Apollo · gold #### Identity - Project: Apollo - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: preliminary - Test Type: open-circuit - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Head Grade: 1.16 - Head Grade Unit: g/t - Conc. Grade: 37.6 - Conc. Grade Unit: g/t #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: New open-circuit test work on the copper sub-domain composite achieved a high 90% gold recovery and a high concentrate grade, supporting the integrated processing flowsheet. - Positive factor: High gold recovery achieved \(90%\) - Positive factor: High concentrate grade \(37.6 g/t Au\) - Positive factor: Supports a multi-product processing strategy Evidence · table > 90% gold Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### 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 ### open-circuit [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-5) Apollo · silver #### Identity - Project: Apollo - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: preliminary - Test Type: open-circuit - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 94.4 % - Recovery Basis: actual\_test - Head Grade: 71 - Head Grade Unit: g/t - Conc. Grade: 3504 - Conc. Grade Unit: g/t #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: New open-circuit test work on the copper sub-domain composite achieved an exceptional 94.4% silver recovery and a very high concentrate grade, significantly improving upon previous results and validating the targeted processing strategy. - Positive factor: Exceptional silver recovery achieved \(94.4%\) - Positive factor: Significant improvement in silver recovery compared to prior master composite \(94.4% vs 92%\) - Positive factor: Very high concentrate grade \(3,504 g/t Ag\) - Positive factor: Supports a multi-product processing strategy Evidence · table > 94.4% silver recovery Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### 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 **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 \(90%\) ### batch [Link to this fact](https://atlas-staging.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--2da16d99-c494-48ea-b98c-1c6ef8698d4a#fact-metallurgical-facts-6) Apollo · tungsten #### Identity - Project: Apollo - Commodity: tungsten - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL #### Test Work - Program Status: preliminary - Test Type: batch - Processing Route: gravity and flotation - Sample: Tungsten sub-domain test work #### Recovery - Recovery: 74 % - Recovery Basis: actual\_test - Head Grade: 0.44 - Head Grade Unit: % #### Reagents - Reagent Notes: Separate, subsequent bulk-sample testing produced a concentrate containing 95% scheelite. #### Lab - Laboratory: ALS Canada Ltd.'s Kamloops laboratory #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: New test work on the tungsten sub-domain achieved good recoveries of up to 74% and produced a high-grade scheelite concentrate, supporting the viability of tungsten recovery. - Positive factor: Good tungsten recovery achieved \(up to 74%\) - Positive factor: Improvement in tungsten recovery compared to prior \(74% vs 70%\) - Positive factor: Subsequent bulk sample produced high-grade scheelite concentrate - Positive factor: Supports a multi-product processing strategy - Negative factor: Recovery stated as 'up to 74%', indicating variability or not a definitive single number - Negative factor: Concentrate grade reported as a mineral \(scheelite\) rather than a metal percentage Evidence · table > Tungsten recovery through gravity and flotation of up to 74%. Context: Au: 2.91 g/t Ag: 26.4 g/t Cu: 0.15% WO 3 : 0.44% #### 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.