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Collective Mining shares drop after Apollo gold resource estimate

Collective Mining said the estimate covers 114,520 metres of drilling through March 31, and it plans a new resource in the first quarter of 2028.

Reported · Written up by our desk · Mining

Collective Mining shares fell about 9% Wednesday after the company published a first resource estimate for its Apollo gold deposit in Colombia, detailing 4.1 million ounces of gold alongside associated silver, copper and tungsten.

The resource includes 37 million indicated tonnes grading 1.38 grams of gold per tonne, with 1.64 million ounces of gold, plus inferred resources of 48.2 million tonnes at 1.6 grams of gold, for 2.47 million ounces. It also reported 29 million ounces of silver in indicated material, 13 million ounces of silver in inferred material, and copper and tungsten trioxide figures for both categories.

Collective Mining attributed the market pullback to the scale being broadly in line with expectations, while its executive chairman said continued drilling could expand Apollo. Ari Sussman said results since the resource database cutoff show extensions to mineralization across multiple elevations, including near-surface and new zone targets.

The estimate is based on 114,520 metres of drilling in 265 holes through March 31, with about 40,000 metres drilled since then outside the resource. The company plans another resource in the first quarter of 2028, followed by a preliminary economic assessment in the second half of 2028, Mining.com reported.

Latest closeGold $4,445.30 ▲1.2%|Silver $67.91 ▲2.4%|Copper $6.857 ▲1.8%

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