Collective Mining Ltd. reports a 11.6% beneficial ownership stake held by Ari Sussman as of December 31, 2025. The filing states 10,786,934 Common Shares beneficially owned, based on a total of 92,921,332 Common Shares outstanding as of December 31, 2025. The position comprises 6,903,600 Common Shares held directly by Mr. Sussman, 383,334 Common Shares issuable upon exercise of options exercisable within 60 days, and 3,500,000 Common Shares held by Lion Investments LLC, for which Mr. Sussman is sole manager.
Positive
None.
Negative
None.
Insights
Significant single-holder stake with mixed direct and indirect holdings.
The filing shows a 10,786,934 share position representing 11.6% of the class as of December 31, 2025. Composition: direct holdings, exercisable options, and holdings through Lion Investments LLC where Mr. Sussman is sole manager.
This ownership level can affect voting dynamics; subsequent disclosures of transfers or additional filings could change the public ownership picture. Future disclosures in company filings may specify any material changes.
Position breakdown clarifies exercisable options and indirect holdings.
The statement explicitly ties 383,334 shares to options exercisable within 60 days and counts those in the 92,921,332 outstanding-share base used for the 11.6% percentage. Lion Investments' 3,500,000 shares are reported as indirect via sole managerial control.
Cash-flow treatment and any planned disposals are not provided in the excerpt; subsequent filings would show transactional activity if it occurs.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Collective Mining Ltd.
(Name of Issuer)
Common Shares without par value
(Title of Class of Securities)
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
Ari Sussman
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,786,934.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,786,934.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,786,934.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Consists of (i) 6,903,600 Common Shares held directly by the Reporting Person, (ii) 383,334 Common Shares issuable upon the exercise of stock options held by the Reporting Person that are exercisable within 60 days of December 31, 2025, and (iii) 3,500,000 Common Shares held by Lion Investments LLC ("Lion Investments"). Mr. Sussman is the sole manager of Lion Investments.
(2) This calculation assumes that there is a total of 92,921,332 Common Shares outstanding as of December 31, 2025, which is the sum of (i) 92,537,998 Common Shares of the Issuer outstanding as of December 31, 2025, and (ii) 383,334 Common Shares issuable upon the exercise of stock options held by the Reporting Person that are exercisable within 60 days of December 31, 2025.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The ownership information below represents beneficial ownership of Common Shares of the Issuer as of December 31, 2025, and assumes that there is a total of 92,921,332 Common Shares outstanding as of December 31, 2025, which is the sum of (i) 92,537,998 Common Shares of the Issuer outstanding as of 92,537,998 , and (ii) 383,334 Common Shares issuable upon the exercise of stock options held by the Reporting Person that are exercisable within 60 days of December 31, 2025.
10,786,934 Common Shares which consists of (i) 6,903,600 Common Shares held directly by the Reporting Person, (ii) 383,334 Common Shares issuable upon the exercise of stock options held by the Reporting Person that are exercisable within 60 days of December 31, 2025, and (iii) 3,500,000 Common Shares held by Lion Investments. Mr. Sussman is the sole manager of Lion Investments.
(b)
Percent of class:
11.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
10,786,934 Common Shares.
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
10,786,934 Common Shares.
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Ari Sussman report in Collective Mining (CNL)?
Ari Sussman reports beneficial ownership of 10,786,934 Common Shares, equal to 11.6% of the class based on 92,921,332 shares outstanding as of December 31, 2025. The filing gives a detailed breakdown of holdings.
How is Mr. Sussman’s 11.6% position composed in the CNL filing?
The position comprises 6,903,600 shares held directly, 383,334 shares issuable upon exercise of options exercisable within 60 days, and 3,500,000 shares held by Lion Investments LLC, where he is sole manager.
What outstanding share count does the filing use to calculate the percentage for CNL?
The filing uses a total of 92,921,332 Common Shares outstanding as of December 31, 2025, which includes 92,537,998 outstanding shares plus 383,334 shares issuable upon exercise of reported options.
Does the filing state whether Mr. Sussman can vote or dispose of these CNL shares?
Yes. The filing states Mr. Sussman has sole power to vote and sole power to dispose of 10,786,934 Common Shares, with no shared voting or dispositive power reported in the excerpt.
