0:00

you All

0:18

right, we are going to wrap up

0:20

the day with a corporate update

0:22

from Collective Mining, trading on the NYSE

0:24

and the TSX with the symbol

0:26

CNL. Last night after the market closed,

0:28

the company published more, of course,

0:31

high -grade drill results coming out of

0:33

the Apollo project or the Apollo deposit.

0:35

I don't know if there's anything

0:37

such as low -grade in Apollo anymore,

0:39

to be quite honest with you. But

0:41

some of these... Drill results, a

0:43

couple of holes are coming out of

0:46

this sub zone here within the Apollo

0:48

system. And then there's some

0:50

more drill results coming out of the

0:52

northern gold silver vein zone located just

0:54

kind of outside the main Apollo system

0:56

as well. So we're going to walk

0:58

through this here with Ari Sussman once

1:00

again. So Ari, again, like. You

1:03

always got to throw me off guard. I

1:05

got to wait a couple of minutes after

1:07

market expecting collective mining results. This is the

1:09

beginning of the theme. You

1:11

publish after market close anymore, never

1:13

in the morning. Trevor, call

1:16

me selfish. And by the way,

1:18

nice to see you. Nice to

1:21

talk to you. Call me selfish.

1:23

But I find it easier for

1:25

my schedule to talk to investors

1:27

and analysts at the end of the day. instead

1:30

of between kind of 6

1:32

.30 and 8 .30 a .m.

1:35

Eastern time in the morning. So I

1:37

much prefer this, and I'm sure for

1:39

someone like you, based two hours behind. eastern

1:42

time zone it's probably even better right so

1:44

i think this is this is a much

1:46

better strategy and uh you know and then

1:48

we're not waiting overnight sitting on news as

1:50

a company either because i never really liked

1:53

that you know as well right so this

1:55

is great and it's been much easier i

1:57

mean i was talking analysts till maybe 7

1:59

30 p .m last night awesome all right uh

2:01

so let's go over these

2:03

results and like a bigger theme

2:05

here uh the main headline

2:07

114 and a half meters 5

2:10

grams per ton gold equivalent.

2:12

That was within 263 .8

2:14

meters of 3 .1 grams per

2:16

ton gold equivalent coming out

2:18

of the Apollo high -grade

2:20

subzone. There was another interval

2:22

in there, 30 meters of

2:24

5 .1 grams per ton gold

2:26

equivalent out of the same

2:28

subzone. So obviously incredibly high

2:30

-grade. But this subzone, you

2:33

know, walk us through what

2:35

this subzone is with Apollo telling

2:40

the full story of what

2:42

this deposit is. So Apollo

2:44

is a breccia system, meaning

2:46

it's like a jigsaw puzzle

2:49

and all the different fluids

2:51

that carry metal have been

2:53

dumped into this puzzle matrix

2:55

where space forms. And we,

2:57

to be frank, got it

2:59

wrong initially on the direction.

3:02

that that mineralization would have

3:04

come into Apollo way back

3:06

when initially. So we were

3:08

drilling instead of across, you

3:10

know, at perpendicular angles to

3:12

where the mineralized, we were

3:15

drilling down. And

3:17

when we realized this, we took

3:19

a look at our internal block model

3:21

and saw we had these areas

3:23

where there's some kind of odd higher

3:25

grade spikes and said, well, if

3:27

we drill across and... understand that a

3:29

lot of this metal that we're

3:32

seeing is being deposited from sheeted veinlets

3:34

right so millimeters you know in

3:36

size individually but but but a whole

3:38

host of them if we drill

3:40

across them at a true angle are

3:42

we going to get more metal

3:44

because we're going to be cutting across

3:46

more veinlets instead of down them

3:48

and so we turned the rig a

3:50

different direction said let's test this

3:52

and you know let's see if we're

3:55

right and and man have we

3:57

been right on this i mean We

3:59

started seeing some visible gold for

4:01

the first time. We never really saw

4:03

it before at Apollo. We're seeing

4:05

incredibly high grades. I mean, we have

4:07

five holes that have tested this

4:09

subzone that you alluded to. It's the

4:11

first one of 11 potential ones

4:13

that we've identified to test. And those

4:16

five holes, I mean, we have

4:18

other intersections you've seen previously. You

4:20

know, just over 100 meters at

4:22

9 grams, you know, 150 meters

4:24

at 6 grams. So there's amazing

4:26

intercepts into this subzone. And the

4:28

point of this is, you know,

4:30

I don't know if we'll hit

4:32

on all 11. You know, nobody

4:34

does, if there'll be subzones anyways.

4:36

But if they are, or even

4:38

half of them are, we have

4:40

the potential to boost the overall

4:42

grade of the Apollo system and

4:44

hence the number of ounces within

4:46

the top. 1 ,000 meters from

4:48

surface of the system. Reminder that

4:50

we have discovered ramp zone at

4:52

depth. Ramp is a different deposit,

4:54

though. And

4:56

that's not well understood yet. We're drilling

4:58

it. It's exciting. High grade, bulk.

5:00

But that doesn't have subzones, at least,

5:03

that we have identified. So this

5:05

is pretty exciting. And if we can

5:07

grow and boost the grade, we're

5:09

going to boost the potential economics in

5:11

the future alongside. How

5:13

do you describe the

5:15

mineralization here in the subzone?

5:17

Okay, so when you

5:19

look at Apollo, you don't

5:21

see the mineralized structures, but

5:24

if you envision them coming

5:26

in from outside Apollo, it's

5:28

clear we have two primary

5:30

sets of sheeted veinlets. One

5:32

is sort of east -west,

5:34

and the other one is

5:37

southeast and northwest trending. And

5:39

these subzones are dilation zones,

5:41

so areas. in the

5:43

breccia that have become more porous

5:45

as the result of the pressure

5:47

of both sets of veins coming

5:50

close together in that area and

5:52

cracking the rock more and putting

5:54

more fluid in. So there are

5:56

areas that have more porosity, more

5:58

metal being dumped. In fact, we

6:00

see massive sulfide in the subzones.

6:02

If you watch the video, David

6:04

Redding did a video, which is

6:07

linked in the press release, you

6:09

will see we drill in areas

6:11

not... not tens of meters of

6:13

it, but two or three meters

6:15

of pure massive sulfide. It almost

6:17

looks like a VMS deposit, even

6:19

though it's not, right? These are

6:21

porphyry veins. So it's just more

6:24

space created, hence more fluid, hence

6:26

more grade, you know, and that's

6:28

it. And these veins, you know,

6:30

look, we know they go down

6:32

at least 1 .2 kilometers vertically from

6:34

our drilling, both sets, east, west,

6:36

and northwest, probably a lot more

6:38

than that, I suspect. And

6:41

so these subzones can happen

6:43

over a giant vertical dimension, and

6:45

they're pretty material. I mean,

6:47

the dimensions for only five holes

6:49

of the first subzone so

6:52

far is 180 meters by 70

6:54

meters width by 70 meters

6:56

vertical and open. So

6:58

that can add up pretty quickly, and

7:00

let's drill the other 10 that we

7:02

haven't even tested yet and see what

7:04

happens. You mentioned in

7:06

the news release last night that

7:09

the true widths of Apollo

7:11

remain pretty unknown. But after this

7:13

set of drilling and using

7:15

this different directions, do you think

7:17

you're getting closer, really understanding

7:19

the widths of Apollo above the

7:22

ramp zone? Well, yeah. I

7:24

mean, look, we know the dimensions

7:26

and we know the widths

7:28

of Apollo well in the top

7:30

600 meters of surface. From

7:34

600 meters down to 1 ,000 meters

7:36

down, we have very limited drilling.

7:38

So I'd be guessing if we said

7:40

we understand the mineralization there. And

7:42

then obviously, the ramp zone is deeper

7:44

than that, and it is 1 ,000

7:46

meters and below. But ramp only

7:48

has, I think it's five or six

7:50

holes into it so far. So

7:52

let's not get carried away. But yes,

7:54

we understand the widths. I mean,

7:56

the question on Apollo for the future

7:58

is how does one want to

8:00

mine it? Okay?

8:02

Are you going to take everything,

8:05

or are you going to

8:07

focus more on grade or a

8:09

combination of both? If

8:11

you take everything, it starts at maybe

8:13

150 meters wide at the top, and it

8:15

gets up at 400 meters wide at

8:17

depth. If you're going to take it all,

8:19

that's going to be your width. Right.

8:24

I'm sorry, but is that a

8:26

decision you feel the company

8:28

is going to have to make

8:30

in the long run, Ari?

8:33

Yes. In the short run, look,

8:35

if so, this is a

8:37

good question. Eventually, we're going to

8:39

do a resource estimate, okay?

8:41

Resource estimates have improved or the

8:43

rules around them have improved

8:45

that a qualified person that does

8:47

it needs to put reasonable

8:49

assumptions for economic extraction of the

8:51

deposit. Okay, in order to

8:53

estimate. You cannot do just, hey,

8:56

we have a geological resource

8:58

and here it is. Whether it's

9:00

economic or not, we don't

9:02

know. Okay, so there's going to

9:04

have to be some attempt

9:06

at a mine plan put on

9:08

that in order to estimate

9:10

the resource. I personally think you

9:12

can go both ways. Total

9:14

bulk. or a combination of bulk

9:17

and selective, and let's get a whole bunch more drilling

9:19

done, and then we can make a more informed

9:21

decision on the best way to do it. Either way,

9:23

it's going to be big. Either way, it's going

9:25

to be robust. It's

9:27

going to be a function of your plant size in the future.

9:30

Let's talk about this northern gold -silver

9:32

vein zone as well, just to

9:35

the side. I don't know

9:37

if you call it a part of

9:39

the Apollo complex or how it kind

9:41

of fits in there. But this is,

9:43

it's interesting because it's a lot narrower,

9:45

higher grade, I guess you could say,

9:47

you know, one -to -one, but higher grade

9:49

there. But it sets just like off

9:51

to the side. Pretty interesting.

9:53

And, you know, and obviously you're

9:55

drilling these. And how is this kind

9:58

of fitting into the matrix as

10:00

well in Apollo as a whole? So

10:02

our target is not to drill. that

10:05

northern gold silver rain zone

10:07

that was that happened inadvertently because

10:09

that hole you'll note the

10:11

number is 106 d okay and

10:13

so that is a mother

10:15

hole for directional drilling the reason

10:17

that hole was drilled was

10:19

to put down the mother hole

10:21

and we're now drilling d1

10:24

from it which is actually looking

10:26

to extend The Apollo

10:28

system on that northern side, we think there's

10:30

big potential to extend the dimensions of

10:32

the ore body, so we're testing for that.

10:34

But that mother hole hit that vein

10:36

system. So you know what a way to

10:39

look at that vein system is? That's

10:41

what some of the sheeted veins would have

10:43

looked like before they entered the breccia

10:45

at Apollo if they remained as veins. So

10:48

those are the CBM veins, the

10:50

late -stage porphyry veins. Our

10:52

goal isn't to hunt for one or

10:54

two -meter or half -a -meter wide veins. because

10:57

you have to put a lot

10:59

of money in meters in order to

11:01

drill off a deposit in that.

11:03

They rarely get large. But it's incremental

11:06

high grade that someone or us

11:08

will extract, right? It's sitting

11:10

above and beside Apollo. So getting to

11:12

it's not going to be a

11:14

challenge from a mining scenario. It will

11:16

be mined selectively. Yeah,

11:18

yeah. Well, it makes you just kind of

11:20

question, you know, what is even further

11:23

north? And maybe even

11:25

to the west of

11:27

Trap. How does those two

11:29

whole systems fit together?

11:31

Stay tuned on the west

11:33

of Trap because we're

11:35

working up an exciting but

11:37

high -risk target, which is

11:40

called the knife, as

11:42

we speak. We like

11:44

it because it has the same

11:46

ball feature as Trap. It sits

11:48

in a bowl and the sides

11:50

have... these veins on the

11:52

sides, which is similar to what you

11:54

see surface at Apollo. Now, the center of

11:56

it, the problem is we have no

11:58

idea because it's had enough historic landslide and

12:01

ash cover that we can't even auger

12:03

to get to the soil level, so we

12:05

can't take samples, so we don't know.

12:07

Interesting. It's a shot, but we're going

12:09

to drill that, I suspect, in the next

12:11

60 days, so maybe we'll have something

12:13

new there. All right. And

12:15

you remain drilling a trap, is

12:17

that correct? There's a rig at

12:19

trap? No, no. TRAP has stopped

12:21

temporarily. Oh, okay. For a good

12:24

reason. The directly contiguous

12:26

to TRAP to its north

12:28

is an application that we

12:30

have, not a license. It's

12:32

an application. And the government

12:34

has approved our area, our

12:37

region, for titling. Okay,

12:39

so that process was announced

12:41

publicly. They published which... municipalities

12:44

are going to have titling. And so

12:46

we made the decision, the best thing to

12:48

do when you have titling is not

12:50

be drilling next to an application where you're

12:52

going into titling. So we expect that

12:54

process to be completed and we should be

12:56

titled by September at the latest, maybe

12:58

August, somewhere in that timeframe. Okay.

13:02

But you do have one at

13:04

Tower. We just started

13:06

drilling Tower. It's a long shot,

13:08

but it's a shot. This is

13:10

Greenfields as Greenfield comes. Nice samples

13:12

at surface, not a lot of

13:14

outcrop. Let's see what happens there.

13:16

So stay tuned on that. We

13:18

will be drilling in about one

13:21

week the ME target. Okay,

13:23

so ME is particularly interesting

13:25

because we had put three shallow

13:27

holes into it in 2023

13:29

and announced the results. I think,

13:31

I forget the best result.

13:33

It was 110 meters at a

13:35

gram, gold equivalent. But when

13:38

we... We took another look at

13:40

it very recently. We realized

13:42

it has a similar mineral assemblage

13:44

to the ramp zone at

13:46

a much shallower depth. And we

13:48

only drilled three shallow holes.

13:50

So let's go a little bit

13:52

deeper and see if we

13:54

go into this reduced high -grade

13:56

gold type system because the characteristics

13:58

are there in the assay

14:00

sheet. So that will be drilled

14:02

shortly. We will drill the

14:04

X target. Right after that, so

14:07

call it May, June, sometime

14:09

in that time frame. And this

14:11

knife, the knife target, that

14:13

will get drilled too. So there's

14:15

a lot of exploration happening

14:17

while we continue to drill Apollo.

14:19

And the last thing I

14:21

should mention is we are drilling

14:23

San Antonio, the San

14:25

Antonio project. We like

14:27

its chance to find a

14:29

copper -gold porphyry system. We

14:32

like it. So, you know, we

14:34

don't have assays. I've seen the

14:36

core. I don't think we've hit

14:38

it yet, but the smoke is

14:40

very serious. And let's see what

14:42

we get with the assays. I

14:44

think it's close. Our technical team

14:46

thinks what we drilled in the

14:48

most recent hole, we're very close

14:50

to a porphyry, whether it has

14:52

tons, grade, all these questions. They're

14:54

all speculative at this point, but

14:56

pretty exciting. Yeah. I

14:58

want to go back to Apollo

15:00

and talk about the ramp zone

15:02

depth here and just kind of

15:04

get a sense of where exploration

15:07

there kind of is laid out.

15:09

And I'll ask that and just

15:12

also piggyback on another question is,

15:14

you know, with the entire Guayabalas

15:16

project, obviously Apollo is carrying its

15:18

own weight plus some. It's

15:20

incredibly impressive, no doubt. tier one

15:22

deposit in anybody's mind. And the

15:24

market is reflecting that, you know,

15:27

when does it get to a

15:29

point where maybe, all right, you've

15:31

proved out Apollo. If you, you

15:33

know, you put out, you can

15:35

put a resource, you have enough

15:37

drilling to put a resource out

15:40

on Apollo. That's, that's efficient, but

15:42

you would love to at least

15:44

even replicate half of that with

15:46

another deposit you have within Guayabalas

15:48

and really start defining separate deposits

15:50

on top. of Apollo. You know,

15:52

when does that decision need to

15:55

be made to really kind of

15:57

like, Apollo's done its thing, let's

15:59

transition to focus on development of

16:01

another deposit? Mid -2026 is the

16:03

answer. All right. That's according to

16:05

our schedule. You

16:08

know, look, it's a rare

16:10

opportunity to have a project like

16:12

this where you have a,

16:14

you know, almost 9 million ounce

16:16

resource sitting, you know, just

16:18

over a mile away from Apollo.

16:20

which is Marmoto, you know,

16:22

in construction, fully advancing towards production

16:24

next year on 200 ,000 ounces

16:26

a year. Apollo,

16:29

you know, a mile away

16:31

and almost zero drilling in

16:33

between, right? In an

16:36

area where you know at surface you

16:38

have lots of mineralization in between. Okay,

16:40

so, you know, could this

16:42

evolve into something really gigantic? Yes.

16:45

Will it? I don't know.

16:47

But can it? Yes. I

16:49

do comfortably say to people, I

16:51

think when you include Marmoto and Apollo

16:53

and what will come, there's probably

16:56

more than 40 million ounces of gold

16:58

to be drilled here. Now, the

17:00

question becomes what percentage of that can

17:02

be extracted economically. Not all of

17:04

it, for sure. I mean, I hope

17:06

it all comes out economically, but

17:08

this is really big scale stuff. And

17:11

it's all concentrated in a tight

17:14

area. And so we need to

17:16

keep pushing the envelope and not be

17:18

scared to take shots in order

17:20

to advance. We're fortunate to have

17:22

a big treasury. You probably know

17:24

we just did a financing that closed

17:26

recently with Agnico, who's a 14

17:28

.9 % shareholder of the company. Thank

17:30

you to Agnico for supporting us,

17:32

what we're doing. And 70 ,000 meters,

17:35

let's go big. I mean, this

17:37

is it, right? Let's go big and

17:39

let's see if we make that

17:41

next. Apollo Discovery this year. Yeah.

17:44

All right. Very good. There

17:46

was big financing coming in

17:48

from Magnico. In fact, you increased

17:50

the drill program to 70 ,000

17:52

meters this year. I mean,

17:54

that was a couple of months

17:56

into the year. So a

17:58

lot of drilling to be taking

18:00

place here in 2025. I

18:03

do want to ask you again about

18:05

your equity. What I've

18:07

noticed here, Ari, is

18:09

that the U .S. ticker is actually

18:11

somewhat outperforming the Canadian ticker on

18:13

certain days, which is kind of interesting

18:15

to see. You're making new all -time

18:17

highs on the stock today. But

18:20

any sort of, know, what are you noticing

18:22

from the two countries and their exchanges? Remember,

18:24

we talked about this in

18:26

the past. I do. And, you

18:28

know, I did personally a

18:30

lot of work on this to

18:32

convince our board of directors

18:35

to list in the US. And

18:37

the work showed that you

18:39

cannot predict when the switch or

18:41

the light switch gets turned

18:43

on. But when it does,

18:45

it starts to move quickly. And if

18:47

you're not listed ahead of that, you'll

18:49

miss the move and you'll miss that

18:51

changeover. The US is 80 %

18:53

of the global equity markets. Why

18:55

in the world would you not

18:57

want to be there? And so

18:59

now gold is finally having a

19:01

day in the sun where people

19:03

are just starting to care. And

19:05

so we're benefiting from having that

19:07

U .S. ticker symbol. There's no

19:09

question. It was a

19:12

good decision. Yeah, I would

19:14

say so. All right. Ari

19:16

Sussman from Collective Mining, again, trading

19:18

on the NYSE and the

19:20

TSX with the symbol CNL. Ari,

19:22

always looking forward to the

19:24

next round of drill results. So

19:26

it gives us an excuse

19:28

to catch up. Appreciate your time.

19:31

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