Collective Mining rejects short seller allegations about operations

Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) issued a statement rejecting allegations made in a short thesis report published regarding its Colombian mining operations. The company stated that all exploration activities on its Guayabales and San Antonio projects comply with Colombian legal framework governing mining and environmental activities.

The mining company addressed claims about incomplete cells and gaps within mining titles, stating these are common issues in Colombia's mining industry. Executive Chairman Ari Sussman noted the company faced similar situations while operating at Continental Gold, which were resolved. President Omar Ossma said the exploration work being conducted is legal and aligned with applicable regulations.

The company confirmed that all mining titles are valid and in good standing. Small incomplete cells exist between two mining titles within the Apollo system, but these gaps cannot be staked by third parties and can only belong to mineral title holders abutting an incomplete cell. The company stated that mining title owners requested in 2022 that Colombian authorities integrate these incomplete cells into the title, with authorities confirming integration will occur once software is updated.

Collective Mining announced it has purchased or entered binding option agreements for all surface rights covering the known dimensions of the Apollo system. The company stated that drilling activities outside mining title boundaries are permissible under Colombian law when conducted to comply with technical requirements.

Two exploration applications unrelated to the Guayabales or San Antonio projects have been temporarily put on hold by authorities, which the company described as common practice in Colombia. The company currently operates 10 drilling rigs as part of its 70,000 meter drill program for 2025 and plans to mobilize a third rig to the San Antonio project before the end of August.

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