Collective Mining Delivers Maiden Resource Estimate Totaling More Than 5 Million Ounces AuEq, Market Unimpressed

CNL: Collective Mining’s 5.4Moz AuEq maiden resource appears strong despite landing at the low end of the market’s 5-7Moz “whisper” range; shares fell ~13% this week following its release. With 13 rigs drilling, the high-grade Ramp Zone and open-pit resource offer substantial growth, and Guayabales could reach an estimated 8-10Moz AuEq over the next few years. The reaction likely reflects the lower-end resource print and some investors’ desire for greater tungsten tonnage.

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