Collective Mining has begun a multi‑hole drilling campaign at the Apollo system in Colombia’s Middle Cauca belt, targeting the high‑grade, outcropping tungsten‑rich zone that the company claims is the first hard‑rock tungsten discovery in the country. The program is part of the Guayabales flagship project and follows a 70,000‑meter drill plan for 2025 that has already produced 143,500 m of diamond drilling, 103,000 m of which is at Apollo.
The company is operating ten drill rigs across its Guayabales and San Antonio properties, and it has US$145 million in cash as of October 20 2025. That cash position fully funds a planned 2026 drilling program of up to 100,000 m, underscoring the firm’s confidence in the Apollo system’s potential to deliver a significant tungsten resource and to support future production.
Tungsten prices have reached an all‑time high, with APT 88.5 % tungsten trading at US$703 per metric tonne. Supply of tungsten in the Americas is limited, making the Apollo discovery strategically valuable for meeting global demand in defense, aerospace, and industrial applications. The high‑grade nature of the zone—identified by gold, silver, copper, and tungsten mineralization—positions Collective Mining to capture a share of this critical‑mineral market.
Executive Chairman Ari Sussman highlighted the “veracious appetite for the metal” and noted that Colombian officials are keen on the project’s critical‑mineral profile. Chief Exploration Officer Galen McNamara added that the Apollo system remains open, the grades are strong, and each drilling round expands the opportunity set. The company’s 2026 program is designed to confirm high‑grade mineralization and to build a resource estimate that could support future production.
Analysts at BMO Capital Markets and Scotia Capital have responded positively, citing the company’s strong cash position and the strategic focus on tungsten. BMO’s mining analyst Andrew Mikitchook emphasized that the drill results “increase confidence in the block model” and that investors will watch assay results closely. Scotia’s Ovais Habib noted that the expanded program “positions the company well for the high‑grade targets at depth.”
Collective Mining’s aggressive drilling strategy, coupled with a robust cash reserve and a focus on a scarce, high‑priced critical mineral, signals a clear path toward expanding its resource base and potentially entering production. The company’s ability to fund a full‑year 2026 program without external financing demonstrates financial resilience and positions it to capitalize on the sustained demand for tungsten in the Americas.
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