• Holes drilled from Pad43 in the eastern Shallow Halo Zone ("SHZ") intersected high-grade gold outside the Mineral Resource:
  • 14.25 m @ 6.49 g/t AuEq (5.49 g/t Au, 52 g/t Ag) from 81.60 m, including 3.60 m @ 18.83 g/t AuEq (16.19 g/t Au, 136 g/t Ag) from 90.60 m in APC-218
  • 67.25 m @ 1.58 g/t AuEq (1.07 g/t Au, 26 g/t Ag) from 95.00 m, including 19.70 m @ 4.42 g/t AuEq (2.88 g/t Au, 80 g/t Ag) from 117.70 m in APC-204

• APC-226 intersected broad near-surface mineralization in the northern SHZ (Pad35), returning 197.40 m @ 0.74 g/t AuEq (0.26 g/t Au, 21 g/t Ag, 0.07% Cu) from 2.85 m, including 30.55 m @ 2.02 g/t AuEq (0.37 g/t Au, 83 g/t Ag, 0.04% Cu) from 25.50 m in oxide rock.

• In the southeastern SHZ (Pad42), APC-200 returned 4.70 m @ 12.00 g/t AuEq (2.20 g/t Au, 506 g/t Ag) from 134.70 m within 15.80 m @ 3.78 g/t AuEq (0.72 g/t Au, 158 g/t Ag) from 124.80 m, and APC-183 returned 16.50 m @ 2.06 g/t AuEq (1.77 g/t Au, 15 g/t Ag) from 3.10 m.

• Of the 24 SHZ holes reported in this release, 22 returned mineralized intervals above the open-pit cut-off grade of 0.30 g/t AuEq. Since the Mineral Resource announcement on September 8, 2026, a total of 44 out of 47 SHZ holes have returned mineralized intervals exceeding this cut-off grade, with much of the mineralization occurring outside the current Mineral Resource. To date, approximately 41% of the SHZ area has been drill tested with two rigs currently dedicated to testing the remaining 59%.

• Assays are pending for 69 holes at the Guayabales Project, including 23 from the SHZ and 21 from the Ramp Zone. With 13 rigs turning, the Company is fully funded for its planned 2026 drilling program.

*APC-218: 6.49 g/t AuEq (5.49 g/t Au and 52 g/t Ag). APC-204: 1.58 g/t AuEq (1.07 g/t Au and 26 g/t Ag).

MIAMI, Oct. 27, 2026 /CNW/ -- Collective Mining Ltd. (NASDAQ: CNL) (TSX: CNL) ("Collective" or the "Company") is pleased to announce assay results for thirty diamond drill holes from its 2026 fully funded drilling program at the Guayabales Project in Caldas, Colombia. Twenty-four holes targeted the Shallow Halo Zone ("SHZ") of the Apollo deposit ("Apollo"), five holes tested areas outside the southern limit of the SHZ, and one geotechnical hole, GTC-4, intersected high-grade gold veins at depth. The SHZ is an interpreted 2.4-kilometer-long, 200-meter-wide, precious-metal-dominant target area which currently lies within the Mineral Resource open pit shell and, based on surface sampling, potentially extends well beyond the pit shell.

The results announced today follow the Company's September 8, 2026, announcement of the maiden Mineral Resource for Apollo and its October 13, 2026, release of seventeen SHZ holes, and continue to test one of the key areas for potential future Mineral Resource growth at Apollo. This release extends drilling coverage of the SHZ to the east and southeast of the Apollo Breccia from two new drill pads, Pad43 and Pad42.

Ari Sussman, Executive Chairman, commented: "Mineral systems of this scale reveal themselves in layers. Apollo's high-grade core drew the market's attention first, but the shallow halo surrounding it is now telling its own story: widespread gold outside the Mineral Resource at Pad43, broad mineralization from surface at Pad35 and silver-rich intervals at Pad42. With most of the halo zone still untested, and an exploration adit set to open the district to underground drilling, we believe we are still in the early chapters of the Guayabales Project's growth."

To date, Collective has received assays for 204,500 meters of diamond drilling across the Guayabales and San Antonio projects, including results for 143,000 meters at the flagship Apollo deposit, which anchors the Guayabales Project. Assay results for 69 drill holes are outstanding, including 23 from the SHZ and 21 from the Ramp Zone, covering approximately 25,000 meters of drilling.

With US$93.7 million in cash (as of June 30, 2026), the Company is fully funded for its planned 2026 program, which envisions up to 90,000 meters of drilling. The Company presently has 13 diamond drill rigs operating across the Guayabales Project. An updated Mineral Resource incorporating approximately 100,000 meters of additional drilling is expected in Q4 2027 to Q1 2028, followed by a Preliminary Economic Assessment shortly thereafter.

Construction of the approximately 3-kilometer underground exploration adit is scheduled to begin in Q4 2026. The adit is designed to provide underground drilling platforms, beginning with the Trap system in Q1 2027, followed by the Plutus target and ultimately the Ramp Zone at Apollo, while allowing the Company to test any additional mineralization intersected along its route. The Company is targeting the second half of 2027 to submit the environmental license application for Apollo to Colombia's National Environmental Licensing Authority (Autoridad Nacional de Licencias Ambientales, "ANLA").

Drill Results and Geological Context (See Table 1 and Figures 1-3)

Twenty-four diamond drill holes completed from Pad35, Pad43 and Pad42 tested Apollo's SHZ, an interpreted 2.4-kilometer-long, 200-meter-wide, precious-metal-dominant target which currently lies within the Mineral Resource open pit shell. A further five holes were drilled from Pad45, outside the southern limit of the SHZ, and geotechnical hole GTC-4 intersected high-grade gold veins at depth. Potential extensions beyond the pit shell are planned to be tested by drilling in 2027.

The SHZ extends from surface to approximately 150 meters below surface and hosts mineralization in oxide, partially oxidized (transition) and primary rock. The zone of oxidation extends in places up to 125 meters below surface. Mineralization within the SHZ is intrusion-related and is characterized by disseminated sulfosalts and carbonate base metal veins.

Of the 24 SHZ holes, 22 returned intervals above the Mineral Resource cut-off grade for the open pit; APC-212 returned no significant values and APC-220 returned 10.50 meters at 0.27 g/t AuEq. Combined with the twenty-three SHZ holes announced on September 15 and October 13, 2026, 44 of the 47 SHZ holes reported since the Mineral Resource announcement have returned mineralization above the 0.30 g/t AuEq assumed cut-off grade. All interval starting depths reported below are down-hole.

Northern SHZ – Pad35

Four holes were drilled from Pad35, adding to the five holes reported from this pad on October 13, 2026. All four intersected broad zones of mineralization starting at or near surface, largely outside the current Mineral Resource. Results include:

APC-226

• 197.40 m @ 0.74 g/t AuEq (0.26 g/t Au, 21 g/t Ag, 0.07% Cu) from 2.85 meters
  • Including 30.55 m @ 2.02 g/t AuEq (0.37 g/t Au, 83 g/t Ag, 0.04% Cu) from 25.50 meters in oxide rock

APC-223

• 76.00 m @ 0.75 g/t AuEq (0.15 g/t Au, 28 g/t Ag, 0.06% Cu) from surface
  • Including 16.00 m @ 2.11 g/t AuEq (0.26 g/t Au, 91 g/t Ag, 0.09% Cu) from 60.00 meters in transition rock
• 1.05 m @ 4.19 g/t AuEq (1.30 g/t Au, 141 g/t Ag, 0.16% Cu) from 108.65 meters in primary rock

APC-219

• 82.50 m @ 0.55 g/t AuEq (0.28 g/t Au, 11 g/t Ag, 0.05% Cu) from 1.50 meters
  • Including 34.20 m @ 0.81 g/t AuEq (0.44 g/t Au, 17 g/t Ag, 0.05% Cu) from 28.50 meters in oxide rock

APC-216

• 115.00 m @ 0.36 g/t AuEq (0.14 g/t Au, 9 g/t Ag, 0.05% Cu) from 0.40 meters
  • Including 19.65 m @ 0.79 g/t AuEq (0.14 g/t Au, 31 g/t Ag, 0.05% Cu) from 79.20 meters in oxide rock

Eastern SHZ – Pad43

Eleven holes were drilled in a fan pattern from Pad43, located approximately 525 meters south-southeast of Pad35 on the eastern margin of the current Mineral Resource. The holes intersected gold-dominant mineralization in oxide, transition and primary rock, associated with sulfosalts and sericite alteration under structural control, with several high-grade intervals outside the Mineral Resource. Results include:

APC-218

• 14.25 m @ 6.49 g/t AuEq (5.49 g/t Au, 52 g/t Ag) from 81.60 meters in oxide rock
  • Including 3.60 m @ 18.83 g/t AuEq (16.19 g/t Au, 136 g/t Ag) from 90.60 meters

APC-204

• 67.25 m @ 1.58 g/t AuEq (1.07 g/t Au, 26 g/t Ag) from 95.00 meters in primary rock
  • Including 19.70 m @ 4.42 g/t AuEq (2.88 g/t Au, 80 g/t Ag) from 117.70 meters
• 33.70 m @ 0.42 g/t AuEq (0.38 g/t Au, 2 g/t Ag) from 3.50 meters in oxide rock

APC-229

• 6.90 m @ 6.65 g/t AuEq (6.03 g/t Au, 32 g/t Ag) from 77.70 meters in primary rock
  • Including 1.00 m @ 37.36 g/t AuEq (34.60 g/t Au, 139 g/t Ag, 0.06% Cu) from 79.30 meters

APC-214

• 21.30 m @ 1.97 g/t AuEq (1.73 g/t Au, 12 g/t Ag) from 134.60 meters in primary rock
  • Including 1.40 m @ 17.99 g/t AuEq (17.10 g/t Au, 46 g/t Ag) from 141.80 meters
• 10.70 m @ 0.65 g/t AuEq (0.64 g/t Au, 1 g/t Ag) from 2.80 meters in oxide rock
• 1.10 m @ 8.64 g/t AuEq (8.02 g/t Au, 32 g/t Ag) from 202.70 meters

APC-210

• 9.05 m @ 2.90 g/t AuEq (1.42 g/t Au, 77 g/t Ag) from 72.60 meters in transition rock
• 12.90 m @ 0.47 g/t AuEq (0.36 g/t Au, 5 g/t Ag) from 41.65 meters in oxide rock

APC-224

• 3.20 m @ 5.89 g/t AuEq (5.76 g/t Au, 7 g/t Ag) from 31.90 meters in oxide rock
• 2.50 m @ 3.37 g/t AuEq (3.19 g/t Au, 10 g/t Ag) from 153.10 meters in primary rock

APC-192

• 20.85 m @ 1.30 g/t AuEq (1.08 g/t Au, 11 g/t Ag) from 201.15 meters
• 10.35 m @ 1.02 g/t AuEq (0.94 g/t Au, 4 g/t Ag) from 67.45 meters in transition rock

APC-227

• 24.25 m @ 0.80 g/t AuEq (0.61 g/t Au, 10 g/t Ag) from 126.40 meters in primary rock
  • Including 1.00 m @ 10.48 g/t AuEq (9.70 g/t Au, 40 g/t Ag) from 149.65 meters

APC-233

• 1.45 m @ 4.11 g/t AuEq (3.16 g/t Au, 25 g/t Ag, 0.43% Cu) from 39.35 meters in oxide rock

APC-237

• 25.50 m @ 0.39 g/t AuEq (0.36 g/t Au, 1 g/t Ag) from 3.50 meters in oxide rock

Southeastern SHZ – Pad42

Nine holes were drilled from Pad42, located approximately 130 meters south of Pad43. Eight of the nine holes returned mineralized intervals; APC-212 returned no significant values. Near-surface gold was intersected in oxide rock in several holes, while APC-200 intersected a silver-rich interval in transition rock associated with minor sulfosalts and sericite alteration, with a structural control similar to that observed at the northern pads. Results include:

APC-200

• 15.80 m @ 3.78 g/t AuEq (0.72 g/t Au, 158 g/t Ag) from 124.80 meters in transition rock
  • Including 4.70 m @ 12.00 g/t AuEq (2.20 g/t Au, 506 g/t Ag) from 134.70 meters

APC-183

• 16.50 m @ 2.06 g/t AuEq (1.77 g/t Au, 15 g/t Ag) from 3.10 meters in oxide rock
• 1.00 m @ 8.54 g/t AuEq (8.17 g/t Au, 19 g/t Ag) from 160.35 meters in primary rock

APC-188

• 44.70 m @ 0.78 g/t AuEq (0.69 g/t Au, 4 g/t Ag) from 19.60 meters
  • Including 24.15 m @ 1.19 g/t AuEq (1.10 g/t Au, 5 g/t Ag) from 31.60 meters in oxide rock

APC-196

• 18.85 m @ 1.30 g/t AuEq (1.17 g/t Au, 6 g/t Ag) from 4.50 meters in oxide rock

APC-198

• 56.50 m @ 0.60 g/t AuEq (0.38 g/t Au, 11 g/t Ag) from 1.50 meters
  • Including 11.40 m @ 1.71 g/t AuEq (1.39 g/t Au, 16 g/t Ag) from 1.50 meters in oxide rock

APC-205

• 5.15 m @ 2.05 g/t AuEq (1.64 g/t Au, 21 g/t Ag) from 103.40 meters in primary rock

APC-215

• 1.70 m @ 4.22 g/t AuEq (0.54 g/t Au, 190 g/t Ag) from 135.45 meters in primary rock

Outside the Southern SHZ – Pad45

Five holes were drilled from Pad45, located approximately 30 meters south of the SHZ outline, to test for a potential southern extension of the SHZ beyond its currently interpreted limit. Three of the five holes intersected modest mineralization, including near-surface gold in oxide rock, while two holes (APC-222 and APC-235) returned no significant values. Results include:

APC-238

• 1.00 m @ 10.95 g/t AuEq (10.75 g/t Au, 4 g/t Ag, 0.12% Cu) from 53.00 meters in primary rock

APC-231

• 27.65 m @ 0.34 g/t AuEq (0.30 g/t Au, 2 g/t Ag) from 59.75 meters in oxide and transition rock

APC-228

• 1.60 m @ 3.52 g/t AuEq (3.47 g/t Au, 3 g/t Ag) from 45.80 meters in oxide rock

High-Grade Gold Veins Outside the Southeastern Mineral Resource

Several holes intersected high-grade gold veins at depth, outside the southeastern portion of the current Mineral Resource:

APC-188

• 19.05 m @ 5.48 g/t AuEq (5.28 g/t Au, 10 g/t Ag) from 388.95 meters
  • Including 1.65 m @ 51.56 g/t AuEq (51.22 g/t Au, 18 g/t Ag) from 400.70 meters

GTC-4

• 1.55 m @ 42.79 g/t AuEq (42.50 g/t Au, 15 g/t Ag) from 574.50 meters

APC-192

• 1.00 m @ 9.76 g/t AuEq (8.93 g/t Au, 38 g/t Ag, 0.08% Cu) from 300.15 meters

Potential to Expand the SHZ Beyond the Current Mineral Resource

As shown in Figure 1, a significant portion of the mineralized intervals reported from Pad35, Pad43 and Pad42 lies outside the current Mineral Resource and extends into previously undrilled areas. These results support the potential to add Mineral Resources within the existing open pit shell.

Exploration potential also extends beyond the open pit shell. Northern SHZ mineralization remains open to the north and east of Pad35, while large portions of the SHZ west, south and southeast of the Apollo Breccia remain undrilled.

At an elevation of 1,950 masl, approximately 41% of the interpreted SHZ area has been drill tested, leaving approximately 59% untested. Two rigs are dedicated to evaluating this remaining exploration potential.

Table 1. Apollo Shallow Halo Zone Drill Results Reported in this Release

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