# Collective slides on Apollo’s 4.1M-oz gold resource Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071 Original source: https://www.northernminer.com/news/collective-slides-on-apollos-4-1m-oz-gold-resource/1003894715/ Publisher: northernminer Original announcement: 2026-09-09T18:12:36.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Collective Mining - Ticker: CNL - Exchange: Unavailable - Region: Colombia - Primary commodity: Gold - Secondary commodities: Silver, Copper, Tungsten - Document categories: Resource update, Metallurgy - Extracted: 2026-09-09 18:48:16 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Collective Mining has outlined a maiden gold resource of 4.1 million ounces at its Apollo deposit in Colombia. The resource includes 37 million indicated tonnes and 48.2 million inferred tonnes, with high-grade potential noted in the Ramp zone. Reasoning: The announcement of a 4.1M-oz gold maiden resource is a major milestone, though the high Inferred component and negative market reaction temper the sentiment. - Positive factor: Maiden resource establishment - Positive factor: Significant gold-equivalent scale - Positive factor: High-grade Ramp zone identified - Positive factor: Strong metallurgical recoveries - Negative factor: High proportion of Inferred resource - Negative factor: Share price reaction was negative - Negative factor: Significant portion of deposit remains undrilled Facts used in scoring: 12 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The company outlined a first resource containing 4.1 million oz. of gold. Evidence · text > outlined a first resource containing 4.1 million oz. of gold **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Gold recovery of 95% is in the exceptional band. Evidence · text > recoveries of 95% for gold **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-0) Apollo · gold #### Identity - Project: Apollo - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 1.38 - Grade Unit: g/t - Contained Metal: 1640000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Significant indicated resource component for a maiden estimate. - Positive factor: Large indicated tonnage Evidence · text > 37 million indicated tonnes grading 1.38 grams gold per tonne... for 1.64 million oz. gold #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-1) Apollo · silver #### Identity - Project: Apollo - Commodity: silver - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 24.4 - Grade Unit: g/t - Contained Metal: 29000000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Substantial silver credits reported within the indicated resource. - Positive factor: Significant silver byproduct Evidence · text > 24.4 grams silver per tonne... for 29 million oz. silver #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-2) Apollo · copper #### Identity - Project: Apollo - Commodity: copper - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 115000000 - Contained Unit: lb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Copper reported as a secondary metal. Evidence · text > 0.14% copper... for 115 million lb. copper #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-3) Apollo · tungsten #### Identity - Project: Apollo - Commodity: tungsten - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: indicated - Tonnes: 37000000 - Grade: 0.011 - Grade Unit: % - Contained Metal: 3887 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Trace tungsten trioxide reported. Evidence · text > 0.011% tungsten trioxide for... 3,887 tonnes of tungsten trioxide #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-4) Apollo · gold #### Identity - Project: Apollo - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 2470000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Large volume of inferred resource adds scale but limits confidence. - Positive factor: Large inferred tonnage - Negative factor: High proportion of inferred resource Evidence · text > Inferred resources add 48.2 million tonnes at 1.6 grams gold... for 2.47 million oz. gold #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-5) Apollo · silver #### Identity - Project: Apollo - Commodity: silver - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 8.39 - Grade Unit: g/t - Contained Metal: 13000000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Silver byproduct in inferred category. Evidence · text > 8.39 grams silver... for 13 million oz. silver #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-6) Apollo · copper #### Identity - Project: Apollo - Commodity: copper - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 0.03 - Grade Unit: % - Contained Metal: 32000000 - Contained Unit: lb #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Copper byproduct in inferred category. Evidence · text > 0.03% copper... for 32 million lb. copper #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-resource-facts-7) Apollo · tungsten #### Identity - Project: Apollo - Commodity: tungsten - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Resource Data - Category: inferred - Tonnes: 48200000 - Grade: 0.002 - Grade Unit: % - Contained Metal: 1081 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Trace tungsten trioxide reported. Evidence · text > 0.002% tungsten trioxide for 1,081 tonnes tungsten trioxide #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (4) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-metallurgical-facts-8) Apollo · gold #### Identity - Project: Apollo - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Test Work - Sample: gold recovery using conventional processing methods #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: 95% gold recovery is exceptional for conventional processing. - Positive factor: High recovery Evidence · text > metallurgical testing returned recoveries of 95% for gold #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(95%\) ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-metallurgical-facts-9) Apollo · silver #### Identity - Project: Apollo - Commodity: silver - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Test Work - Sample: silver recovery using conventional processing methods #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: 92% silver recovery is strong. - Positive factor: Strong recovery Evidence · text > 92% for silver #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92% is at or above the exceptional band \(90%\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-metallurgical-facts-10) Apollo · copper #### Identity - Project: Apollo - Commodity: copper - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Test Work - Sample: copper recovery using conventional processing methods #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: 85% copper recovery is solid for conventional methods. - Positive factor: Moderate to strong recovery Evidence · text > 85% for copper ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/collective-slides-on-apollo-s-4-1m-oz-gold-resource--388c0cf5-c27d-41ee-9bf3-f342054b5071#fact-metallurgical-facts-11) Apollo · tungsten #### Identity - Project: Apollo - Commodity: tungsten - Region: colombia - Reported Region: Colombia - Ticker: CNL #### Test Work - Sample: tungsten recovery using conventional processing methods #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: 70% tungsten recovery is somewhat low compared to precious metals. - Negative factor: Relatively low recovery Evidence · text > 70% for tungsten ## 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.