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Collective Mining tests 95% gold recovery at Apollo

Collective Mining Ltd. (CNL) reported metallurgical test results from the Apollo system at its Guayabales Project in Caldas, Colombia, showing strong recoveries for multiple metals using conventional gravity, flotation and cyanidation processing.

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Rhea-AI Filing Summary

Collective Mining Ltd. (CNL) reported metallurgical test results from the Apollo system at its Guayabales Project in Caldas, Colombia, showing strong recoveries for multiple metals using conventional gravity, flotation and cyanidation processing. Locked-cycle testing of a master composite from approximately the top 1,000 meters of Apollo returned 95% gold, 92% silver, and 85% copper recoveries at head grades of 1.4 g/t gold, 20 g/t silver and 0.08% copper. Tungsten test work from a high-grade zone achieved recoveries of up to 74% and concentrates grading over 60% tungsten, with bulk testing producing 95% scheelite concentrate purity. Preliminary work on the high-grade Ramp Zone has yielded gold recoveries of up to 96% and silver recoveries above 80%. Collective targets a maiden mineral resource estimate for Apollo in September 2026, with expanded metallurgical and engineering programs continuing into H1‑2027.

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Filing Explained

The new detail is variability: copper recovery was at least 90% in samples above 0.15% copper but averaged about 80% below that threshold, so the reported 85% master-composite recovery is not one expected rate across Apollo.

Gold Recovery (Master Composite) 95% Locked-cycle metallurgical testing for Apollo master composite
Silver Recovery (Master Composite) 92% Locked-cycle metallurgical testing for Apollo master composite
Copper Recovery (Master Composite) 85% Locked-cycle metallurgical testing for Apollo master composite
Gold Head Grade 1.4 g/t Head grade in Apollo master composite test
Silver Head Grade 20 g/t Head grade in Apollo master composite test
Copper Head Grade 0.08% Head grade in Apollo master composite test
Maximum Tungsten Recovery 74% Tungsten metallurgical tests from high-grade tungsten zone
Insider and Related Ownership 45.2% Portion of outstanding shares held by management, insiders, strategic investor and close relations
master composite technical
"used to create a master composite for metallurgical testing by ALS"
A master composite is a consolidated performance record that combines many individual investment accounts managed under the same strategy into a single, unified report. It matters to investors because it presents a clearer, more reliable picture of how a strategy has actually performed over time—like looking at a team’s overall record instead of each player’s score—making it easier to compare strategies, check consistency, and evaluate risks and fees.
locked cycle testing technical
"Locked cycle testing of the master composite returned the following recoveries"
gravity concentration technical
"using conventional gravity concentration, flotation and cyanidation methods"
Gravity concentration is a mining method that separates heavier valuable minerals from lighter waste rock by using water and movement—think of shaking a jar so the heavy beads settle to the bottom while lighter ones float up. Investors care because it influences how much metal can be recovered from an ore deposit, the expected operating costs and capital equipment needs, and the environmental footprint, all of which affect a project’s profitability and risk.
scheelite technical
"tungsten-bearing scheelite using conventional gravity concentration"
Scheelite is a dense, often shiny mineral that contains the metal tungsten and is one of the main sources mined for that metal. It matters to investors because tungsten is used to harden cutting tools, make electrical components and for defense applications; a discovery, reserve estimate or change in production at a scheelite deposit can change a mining project's value and influence tungsten supply and prices, much like an oil field affects an energy company.
NI 43-101 regulatory
"within the meaning of National Instrument 43-101 ("NI 43-101")"
A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.
Qualified Person regulatory
"is the designated Qualified Person for this news release"
A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

FAQ

What metallurgical recovery rates did CNL achieve at the Apollo master composite?
Testing on the Apollo master composite achieved 95% gold, 92% silver and 85% copper recoveries at head grades of 1.4 g/t gold, 20 g/t silver and 0.08% copper, using conventional gravity concentration, flotation and cyanidation methods.

What are the tungsten metallurgical results reported by Collective Mining (CNL)?
Metallurgical tests on Apollo’s high-grade tungsten zone achieved tungsten recoveries up to 74%, producing concentrates grading greater than 60% tungsten. Subsequent bulk-sample work produced a concentrate purity of 95% scheelite, indicating potential for high-purity tungsten concentrate production.

When does Collective Mining (CNL) expect its maiden Apollo mineral resource estimate?
Collective Mining states that it expects to release its maiden mineral resource estimate on Apollo in September 2026, having accelerated its internal timeline to apply for a license for the project.

What recovery rates were seen in Apollo’s high-grade Ramp Zone according to CNL?
Preliminary metallurgical testing on material from Apollo’s high-grade Ramp Zone achieved gold recoveries of up to 96% and silver recoveries in excess of 80% using conventional processing techniques such as gravity, flotation and leaching.

How much of the gold at Apollo is amenable to gravity recovery for CNL?
Collective Mining reports that a significant portion of Apollo’s gold is amenable to gravity recovery, with certain tests showing more than 50% of total gold reporting to gravity concentrates, which graded up to several ounces of gold per tonne.

Who is the Qualified Person for the Apollo metallurgical results disclosed by CNL?
The Qualified Person is John Wells, an independent consultant and metallurgist. He has over 50 years of mineral processing experience, is a Fellow of the SAIMM, a member of CIM, and reviewed, verified and approved the technical information under NI 43-101.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

 

 

Form 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2026

Commission File Number: 001-42170 

 

 

 

Collective Mining Ltd.

(Translation of registrant’s name into English)

 

 

 

 

201 South Biscayne Boulevard, Suite 2210

Miami, FL 33131

(Address of principal executive office)

 

 

 

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

Form 20-F ☐ Form 40-F ☒

 

 

 
 

 

EXHIBIT INDEX    

EXHIBIT

NO.

   DESCRIPTION
99.1   Press release dated August 25, 2026

 

 

 
 

SIGNATURES

 

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

 

 
Collective Mining Ltd.
Date: August 25, 2026    
  By: /s/ Paul Begin
  Name: Paul Begin
  Title: Chief Financial Officer and Corporate Secretary

 

 

 

 

 

Exhibit 99.1

 

 

 

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

  • Advanced metallurgical test work from a master composite representative of approximately the top 1,000 meters of the Apollo system, generated strong recovery rates across gold, silver, copper, and tungsten using conventional processing methods
  • A significant portion of the gold at Apollo is amenable to gravity recovery, with certain tests yielding greater than 50% of the total gold reporting to gravity concentrates
  • Preliminary metallurgical test results on material from the Apollo System's high-grade Ramp Zone at depth, have recovered up to 96% of the gold using only conventional processing options; a comprehensive program is underway with results expected in H1-2027
  • The Company has significantly accelerated its internal timeline to apply for a license for the project and as a result now expects to release its maiden mineral resource estimate on Apollo in September 2026

MIAMI, Aug. 25, 2026 /CNW/ -- Collective Mining Ltd. (NASDAQ: CNL) (TSX: CNL) ("Collective" or the "Company") is pleased to report strong metallurgical test work results from approximately the top 1,000 meters of the Apollo system at the Guayabales Project, in Caldas, Colombia. The program demonstrated high recoveries of gold, silver, copper and tungsten-bearing scheelite using conventional gravity concentration, flotation and cyanidation methods.

A detailed metallurgical program was completed using more than 130 individual drill core samples across 36 intervals, each weighing between 5 and 10 kilograms, collected from representative locations across the top 1,000 meters of the Apollo System (see Figure 1). Samples were selected to capture variations in metal grades and subsequently used to create a master composite for metallurgical testing by ALS in Kamloops, British Columbia, Canada. Locked cycle testing of the master composite returned the following recoveries:

Table 1: Head Grade vs. Recovery Results for the Apollo Master Composite

Composite Au Head Grade Ag Head Grade Cu Head Grade Au Recovery Ag Recovery Cu Recovery
Master Composite 1.4 g/t 20 g/t 0.08 % 95 % 92 % 85 %

Additionally, metallurgical test work on Apollo's high-grade tungsten zone demonstrated strong tungsten recovery rates of up to 74% and achieved a concentrate with over 60% tungsten. Subsequent bulk-sample testing achieved concentrate purity of 95% scheelite.

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

Metallurgical Test Work - Details

A particularly notable result from the program was the high proportion of gold recovered through gravity concentration. In certain tests, more than 50% of the total gold reported to the gravity concentrate, producing concentrates containing several ounces of gold per tonne. This strong gravity response provides additional flexibility for additional flowsheet optimization and will be evaluated further as metallurgical and engineering studies advance (see Table 2).

Copper recovery demonstrated a clear relationship with feed grade. Samples containing more than 0.15% copper returned recovery rates at or above 90%, while samples containing less than 0.15% copper returned recoveries averaging approximately 80% (see Figure 2). These results will be incorporated into ongoing variability testing and flowsheet optimization work to further characterize metallurgical performance across the Apollo system.

A high-grade tungsten zone is present within the Apollo deposit, where tungsten mineralization occurs primarily as scheelite. Metallurgical test work was completed at ALS using a 25-kilogram sample to evaluate potential tungsten recovery and concentrate quality. Mineralogical analysis confirmed that the scheelite is coarse-grained and well liberated. Five tests were completed using an initial sulphide flotation stage, followed by gravity concentration, producing concentrates grading greater than 60% tungsten, from tungsten recoveries of up to 74%. Subsequent bulk-sample test work produced a concentrate purity of 95% scheelite, further demonstrating the potential to produce a high-purity tungsten concentrate.

Ongoing Metallurgy Work and Next Steps

Building on the successful master composite results reported today, the Company has advanced to a comprehensive metallurgical program focused on material sourced from the high-grade Ramp Zone within Apollo. Preliminary testing using conventional processing techniques (gravity, flotation, and leaching) has returned gold recoveries of up to 96% and silver recoveries in excess of 80%, providing an encouraging indication of the metallurgical response of this important part of the system. The program is being expanded through additional variability and optimization testing, with full results expected in H1-2027.

The next phase of work is designed to further define metallurgical performance across a range of grades, material types and mineralized domains within Apollo, including the Ramp Zone, the Shallow Halo Zone (formerly known as Northern Apollo Oxidized area), as well as other areas of the system to advance the development and optimization of potential processing flowsheets. Tailings filtration and thickening tests as well as grind sizing studies are also envisioned as part of this program. Together with the results reported today, this work will continue to build the metallurgy dataset required to support future engineering studies and refine optimal processing paths for Apollo.


Figure 1: Cross-Section of the Apollo System Showing the Location of Samples Contributing to the Master Metallurgical Composite Reported Today


Figure 2: Copper Head Grade vs Recovery Curve Displaying Strong Recovery Rates

Table 2: Select Results Showing Strong Amenability of Gold to Gravity Concentration

Sample Gravity Gold Recovery (%) Gravity Gold Concentrate Grade (oz/t)
A 60.6 3.0
B 51.1 4.1
C 48.6 2.8
D 66.2 8.2
E 37.0 13.5
F 31.1 2.4
G 62 n/a

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $1.4 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company's two projects are located directly within an established mining camp with ten fully permitted and operating mines.

The Company's flagship project, Guayabales, is anchored by Apollo, a large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten system. The Company's objectives at the Guayabales Project are to expand the newly discovered high-grade Ramp Zone along strike and to depth, drill test the new outcropping Shallow Halo Zone (formerly known as the Northern Apollo Oxidized area), drill the recently granted license covering the northwestern extension of the Trap target, and drill a series of greenfield generated targets across the property. 

Management, insiders, a strategic investor and close family and friends own 45.2% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on both the Nasdaq and TSX under the trading symbol "CNL".

Qualified Person (QP) and NI43-101 Disclosure

John Wells, Independent Consultant, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and has approved of the written disclosure of same. Mr. Wells visited ALS facilities on more than 12 occasions to discuss, direct and witness the test work. Mr. Wells is a graduate of the Royal School of Mines in the UK, has over 50 years of experience in mineral processing and is a Fellow of the SAIMM (South African Institute of Mines and Metallurgy) and is a member of CIM (Canadian Institute of Mining, Metallurgy and Petroleum).

Sample Preparation and QAQC

All metallurgical samples were prepared and analyzed at ALS Canada Ltd.'s Kamloops laboratory in British Columbia, Canada. Composite samples were generated from the remaining half drill core taken over varying intervals from thirty-two holes completed at the Apollo deposit, representing distinct mineralized domains. Sample preparation followed standard industry protocols, including crushing, splitting and pulverizing to achieve representative test portions for metallurgical test work and mineralogical analysis. ALS Canada Ltd. operates under a documented quality management system and conforms to the requirements of ISO/IEC 17025. The Kamloops laboratory is accredited by the Standards Council of Canada for the specific tests undertaken in this program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) on X

Follow Collective Mining (@CollectiveCNL) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram

To see our latest corporate presentation and related information, please visit www.collectivemining.com.

FORWARD-LOOKING STATEMENTS  

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of the Company's business; the Company's formative stage of development; the Company's financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 30, 2026. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Collective Mining Ltd.

 

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2026/25/c2165.html

%CIK: 0001953575

For further information: Investors and Media: Eduardo Cervantes, Vice President, Corporate Development & Investor Relations, Collective Mining Ltd., e.cervantes@collectivemining.com

CO: Collective Mining Ltd.

CNW 06:30e 25-AUG-26

 

Source: View Original Filing on SEC EDGAR

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