# Collective Mining Highlights Strong Copper and Tungsten Metallurgical Results; Advances Apollo Flowsheet for 2027 Licensing Submission Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67 Original source: https://orestocks.com/company/CNL.TO/press-releases/5164369642340477 Publisher: orestocks Original announcement: 2026-09-21T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Collective Mining Ltd. - Ticker: CNL.TO - Exchange: Unavailable - Region: Caldas, Colombia - Primary commodity: Copper - Secondary commodities: Tungsten, Gold, Silver - Document categories: Resource update, Metallurgy - Extracted: 2026-09-21 10:49:11 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Collective Mining has announced strong metallurgical results for its Apollo deposit at the Guayabales Project in Colombia, demonstrating high recoveries for gold, silver, copper, and tungsten using conventional processing methods. The company is advancing an integrated flowsheet to support a planned 2027 licensing submission. The release also includes details of the maiden mineral resource estimate for Apollo, effective August 31, 2026, which outlines significant indicated and inferred resources across multiple metals. Reasoning: The document highlights strong metallurgical results for multiple commodities and details an integrated processing strategy, which de-risks the project. The accompanying maiden mineral resource estimate provides a substantial base, further enhancing the project's potential. While some metallurgical results are historical, the overall advancement towards a licensing submission is a significant positive. - Positive factor: Strong metallurgical recoveries for gold, silver, copper, and tungsten using conventional methods, supporting project viability. - Positive factor: Advancement of an integrated processing flowsheet tailored to the deposit's metal distribution, indicating a clear development path. - Positive factor: Maiden Mineral Resource estimate provides a solid foundation for the project, with significant indicated and inferred resources across multiple metals. - Positive factor: High M&I percentage in the resource estimate \(43.4% of total contained AuEq\) indicates good geological confidence. - Negative factor: The metallurgical results for the Apollo master composite are historical, having been disclosed in August 2026. - Negative factor: The resource estimate is a maiden resource, which typically has a higher inferred component, and a significant portion of the contained metal is in the inferred category. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 29 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Ned Jalil, P.Eng., Chief Executive Officer of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information. Evidence · text > Ned Jalil, P.Eng., Chief Executive Officer of the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects \("NI 43-101"\), has reviewed and approved the scientific and technical information contained in this news release. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Mineral Resource is classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, and the QP is defined by National Instrument 43-101. Evidence · text > Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document explicitly states 'Apollo Maiden Mineral Resource \(announced September 8, 2026\)'. Evidence · text > Apollo Maiden Mineral Resource \(announced September 8, 2026\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The Apollo master composite achieved 95% gold, 92% silver, and 85% copper recovery, which are strong to exceptional for conventional processing methods. Evidence · table > 95% gold, 92% silver, and 85% copper recovery using conventional processing methods Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The Apollo master composite test work is described as 'Locked-cycle testing', which is a strong indicator of test scale maturity. Evidence · table > Apollo master composite / Locked-cycle testing Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing strategy involves 'conventional cyanidation circuit' and 'flotation' for different material types. Evidence · text > The majority of the Mineral Resource, where copper and tungsten grades are low, will be processed through a conventional cyanidation circuit with low reagent consumption to produce gold and silver doré. The higher-grade copper and tungsten sub-domains which are contained mostly within the Open Pit portion of the mineral resource will be selectively routed through dedicated flotation concentrate circuits designed to recover those metals. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The document states '95% copper, 90% gold and 94.4% silver recovery through gravity, flotation and cyanidation' for the copper sub-domain composite, which is a new result and shows high recoveries. Evidence · table > 95% copper, 90% gold and 94.4% silver recovery through gravity, flotation and cyanidation Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 29. Some facts used in scoring do not have a stored record. ## Resource Estimates (22) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-7) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:7d79156a335597043d5d - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 0.74 - Contained Unit: moz - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial indicated gold resource in the open pit, forming a key part of the maiden resource estimate. - Positive factor: Significant indicated gold resource in the open pit, contributing to project scale. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 1.02 Context: 22.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-8) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:7d79156a335597043d5d - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 30.2 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial indicated silver resource in the open pit, forming a key part of the maiden resource estimate. - Positive factor: Significant indicated silver resource in the open pit, contributing to project scale. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 30.2 Context: 22.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-9) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:7d79156a335597043d5d - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 0.2 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated copper resource in the open pit, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated copper resource in the open pit, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 0.20 Context: 22.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-10) Guayabales · wo3 #### Identity - Project: Guayabales - Commodity: wo3 - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:7d79156a335597043d5d - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 22500000 - Grade: 0.015 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated tungsten resource in the open pit, contributing to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated tungsten resource in the open pit, adding to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 0.015 Context: 22.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-11) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:10caab831866c971ca2d - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 1.68 - Grade Unit: g/t - Contained Metal: 0.71 - Contained Unit: moz - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial indicated gold resource in the underground portion, contributing to the maiden resource estimate. - Positive factor: Significant indicated gold resource in the underground portion, adding to project scale. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 1.68 Context: 13.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-12) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:10caab831866c971ca2d - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 15.9 - Grade Unit: g/t - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated silver resource in the underground portion, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated silver resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 15.9 Context: 13.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-13) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:10caab831866c971ca2d - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 0.06 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated copper resource in the underground portion, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated copper resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 0.06 Context: 13.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-14) Guayabales · wo3 #### Identity - Project: Guayabales - Commodity: wo3 - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:10caab831866c971ca2d - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 13200000 - Grade: 0.003 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated tungsten resource in the underground portion, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated tungsten resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 0.003 Context: 13.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-15) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:e2fe7806fd663f679aa0 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 4.52 - Grade Unit: g/t - Contained Metal: 0.19 - Contained Unit: moz - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A high-grade indicated gold resource in the underground Ramp Zone, contributing to the maiden resource estimate. - Positive factor: High-grade indicated gold resource in the underground Ramp Zone, indicating potential for selective mining. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 4.52 Context: 1.29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-16) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:e2fe7806fd663f679aa0 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 9.85 - Grade Unit: g/t - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated silver resource in the underground Ramp Zone, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated silver resource in the underground Ramp Zone, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 9.85 Context: 1.29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-17) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:e2fe7806fd663f679aa0 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 1290000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An indicated copper resource in the underground Ramp Zone, adding to the polymetallic nature of the deposit in the maiden resource estimate. - Positive factor: Indicated copper resource in the underground Ramp Zone, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. Evidence · table > 0.03 Context: 1.29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-18) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:f06f27c653372a30c2e4 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 0.5 - Contained Unit: moz - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 0.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial inferred gold resource in the open pit, providing exploration potential, but with lower confidence due to its category. - Positive factor: Significant inferred gold resource in the open pit, indicating exploration upside. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.60 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-19) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:f06f27c653372a30c2e4 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 8.98 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 0.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred silver resource in the open pit, providing exploration potential, but with lower confidence due to its category. - Positive factor: Inferred silver resource in the open pit, indicating exploration upside. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 8.98 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-20) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:f06f27c653372a30c2e4 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 0.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred copper resource in the open pit, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred copper resource in the open pit, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.03 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-21) Guayabales · wo3 #### Identity - Project: Guayabales - Commodity: wo3 - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:f06f27c653372a30c2e4 - Deposit or zone: Open Pit \(Shallow Halo Zone\) - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 25900000 - Grade: 0.003 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 0.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred tungsten resource in the open pit, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred tungsten resource in the open pit, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.003 Context: 25.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-22) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:caa4fa3147f3c111ae03 - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 1.84 - Grade Unit: g/t - Contained Metal: 0.96 - Contained Unit: moz - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A substantial inferred gold resource in the underground portion, providing exploration potential, but with lower confidence due to its category. - Positive factor: Significant inferred gold resource in the underground portion, indicating exploration upside. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.84 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-23) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:caa4fa3147f3c111ae03 - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 7.69 - Grade Unit: g/t - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred silver resource in the underground portion, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred silver resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.69 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-24) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:caa4fa3147f3c111ae03 - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 0.03 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred copper resource in the underground portion, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred copper resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.03 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-25) Guayabales · wo3 #### Identity - Project: Guayabales - Commodity: wo3 - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:caa4fa3147f3c111ae03 - Deposit or zone: Underground above 1,000 masl - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 16200000 - Grade: 0.002 - Grade Unit: % - Cutoff Grade: 1.2 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 2.06 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred tungsten resource in the underground portion, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred tungsten resource in the underground portion, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.002 Context: 16.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-26) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:1d13622138856ec08b90 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 5.2 - Grade Unit: g/t - Contained Metal: 1.01 - Contained Unit: moz - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 5.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: A high-grade inferred gold resource in the underground Ramp Zone, providing exploration potential for selective mining, but with lower confidence due to its category. - Positive factor: High-grade inferred gold resource in the underground Ramp Zone, indicating exploration upside for selective mining. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 5.20 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-27) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:1d13622138856ec08b90 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 7.72 - Grade Unit: g/t - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 5.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred silver resource in the underground Ramp Zone, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred silver resource in the underground Ramp Zone, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.72 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-resource-facts-28) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Resource scope - Estimate type: resource - Effective date: 2026-08-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Ned Jalil - Resource group id: resource:1d13622138856ec08b90 - Deposit or zone: Underground below 1,000 masl \(Ramp Zone\) - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6040000 - Grade: 0.02 - Grade Unit: % - Cutoff Grade: 1.5 - Cutoff Unit: g/t AuEq #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 5.37 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: An inferred copper resource in the underground Ramp Zone, adding to the polymetallic nature of the deposit, but with lower confidence due to its category. - Positive factor: Inferred copper resource in the underground Ramp Zone, contributing to polymetallic potential. - Positive factor: Maiden resource estimate provides a new baseline for the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.02 Context: 6.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (7) ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-0) Guayabales · gold Historical result Needs review: historical\_restatement #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods \(cyanidation\) - Sample: Apollo master composite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Head Grade: 1.4 - Head Grade Unit: g/t #### Reagents - Cyanide: 0.57 kg/t #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The gold recovery is exceptional for conventional processing, supported by a strong test scale and low reagent consumption, though the result is historical. - Positive factor: Exceptional gold recovery of 95% using conventional methods. - Positive factor: Low cyanide consumption of 0.57 kg/t, indicating efficient processing. - Positive factor: Locked-cycle testing represents a strong test scale maturity. - Negative factor: The result is historical, having been disclosed in August 2026. Evidence · table > 95% gold Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(95%\) ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-1) Guayabales · silver Historical result Needs review: historical\_restatement #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods \(cyanidation\) - Sample: Apollo master composite #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test - Head Grade: 20 - Head Grade Unit: g/t #### Reagents - Cyanide: 0.57 kg/t #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The silver recovery is strong for conventional processing, supported by a strong test scale, though the result is historical. - Positive factor: Strong silver recovery of 92% using conventional methods. - Positive factor: Locked-cycle testing represents a strong test scale maturity. - Negative factor: The result is historical, having been disclosed in August 2026. Evidence · table > 92% silver Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92% is at or above the exceptional band \(90%\) ### locked-cycle [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-2) Guayabales · copper Historical result Needs review: historical\_restatement #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: detailed - Test Type: locked-cycle - Processing Route: conventional processing methods - Sample: Apollo master composite #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test - Head Grade: 0.08 - Head Grade Unit: % #### Reagents - Cyanide: 0.57 kg/t #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-25T00:00:00.000Z #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: The copper recovery is moderate for conventional processing, supported by a strong test scale, though the result is historical. - Positive factor: Moderate copper recovery of 85% using conventional methods. - Positive factor: Locked-cycle testing represents a strong test scale maturity. - Negative factor: The result is historical, having been disclosed in August 2026. Evidence · table > 85% copper recovery Context: Au: 1.4 g/t Ag: 20 g/t Cu: 0.08% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-3) Guayabales · copper #### Identity - Project: Guayabales - Commodity: copper - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Head Grade: 0.42 - Head Grade Unit: % - Conc. Grade: 27.2 - Conc. Grade Unit: % #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Exceptional copper recovery and high concentrate grade from new test work on a specific sub-domain, indicating strong potential for this processing route. - Positive factor: Exceptional copper recovery of 95% through a combined gravity, flotation, and cyanidation route. - Positive factor: High concentrate grade of 27.2% Cu, indicating good concentrate quality. - Positive factor: New test results, adding novel information to the project's metallurgical understanding. - Negative factor: Open-circuit testing is a moderate test scale, not yet locked-cycle or pilot. Evidence · table > 95% copper Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(92%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-4) Guayabales · gold #### Identity - Project: Guayabales - Commodity: gold - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test - Head Grade: 1.16 - Head Grade Unit: g/t - Conc. Grade: 37.6 - Conc. Grade Unit: g/t #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Strong gold recovery from new test work on a specific sub-domain, indicating good potential for this processing route. - Positive factor: Strong gold recovery of 90% through a combined gravity, flotation, and cyanidation route. - Positive factor: New test results, adding novel information to the project's metallurgical understanding. - Negative factor: Open-circuit testing is a moderate test scale, not yet locked-cycle or pilot. Evidence · table > 90% gold Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-5) Guayabales · silver #### Identity - Project: Guayabales - Commodity: silver - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: gravity, flotation and cyanidation - Sample: Copper sub-domain composite #### Recovery - Recovery: 94.4 % - Recovery Basis: actual\_test - Head Grade: 71 - Head Grade Unit: g/t - Conc. Grade: 3504 - Conc. Grade Unit: g/t #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Exceptional silver recovery and high concentrate grade from new test work on a specific sub-domain, indicating strong potential for this processing route. - Positive factor: Exceptional silver recovery of 94.4% through a combined gravity, flotation, and cyanidation route. - Positive factor: High concentrate grade of 3,504 g/t Ag, indicating good concentrate quality. - Positive factor: New test results, adding novel information to the project's metallurgical understanding. - Negative factor: Open-circuit testing is a moderate test scale, not yet locked-cycle or pilot. Evidence · table > 94.4% silver recovery Context: Au: 1.16 g/t Ag: 71 g/t Cu: 0.42% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 94.4% is at or above the exceptional band \(90%\) ### gravity, flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/collective-mining-highlights-strong-copper-and-tungsten-metallurgical-results-ad--255dd25e-34bf-4f7c-af00-36b4932cdb67#fact-metallurgical-facts-6) Guayabales · tungsten #### Identity - Project: Guayabales - Commodity: tungsten - Region: colombia - Reported Region: Caldas, Colombia - Ticker: CNL.TO #### Test Work - Program Status: preliminary - Test Type: gravity, flotation - Processing Route: gravity concentration and flotation - Sample: Tungsten sub-domain composite #### Recovery - Recovery: 74 % - Recovery Basis: actual\_test - Head Grade: 0.44 - Head Grade Unit: % #### Lab - Laboratory: ALS Canada Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Moderate tungsten recovery from new test work on a specific sub-domain, indicating a viable processing route, though the test scale and variability are not fully detailed. - Positive factor: Moderate tungsten recovery of up to 74% through gravity and flotation. - Positive factor: New test results, adding novel information to the project's metallurgical understanding. - Negative factor: The test scale is not explicitly stated beyond 'test work', suggesting it might be bench-scale. - Negative factor: The 'up to 74%' implies variability or a best-case scenario. Evidence · table > Tungsten recovery through gravity and flotation of up to 74%. Context: Au: 2.91 g/t Ag: 26.4 g/t Cu: 0.15% WO3: 0.44% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.