Collective Mining (TSX:CNL) Is Down 5.4% After New High-Grade Tungsten-Gold Discovery At Apollo Guayabales

• In late September 2026, Collective Mining announced assay results from four diamond drill holes at its Guayabales Project in Colombia, including the first intersection of a high-grade tungsten-gold zone in schist outside the southern margin of the Apollo breccia body and confirmation that it remains funded for its 2026 drilling plans.

• This newly identified high-grade tungsten-gold zone, hosted in a largely untested schist unit extending more than 1,000 meters vertically, introduces a fresh exploration target that could materially influence how investors think about the scale and metal mix of the broader Apollo system.

• We'll now examine how the discovery of a new high-grade tungsten-gold zone at Apollo could influence Collective Mining's investment narrative.

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Collective Mining Investment Narrative Recap

To own Collective Mining, you need to believe Apollo can mature into a multi-metal project with enough scale and metallurgy to eventually support an economic mine, backed by continued access to capital. The new high-grade tungsten-gold hit at depth reinforces Apollo's exploration upside, but it does not change the near term focus on resource growth and metallurgical de-risking, nor the central risk that cost outcomes from future engineering work could still disappoint.

Among recent announcements, the new integrated processing flowsheet for Apollo stands out as especially relevant. It outlines how gold, silver, copper and tungsten could be recovered through separate dor and concentrate streams, directly tying metallurgical progress to future cost assumptions, projected net margins and how investors might think about the value of discoveries like the new tungsten-gold zone in the broader Apollo system.

Yet investors should also be aware that future engineering work could reveal higher capital intensity or operating costs that...

Read the full narrative on Collective Mining (it's free!)

Collective Mining's narrative projects $454.8 thousand revenue and $142.9 thousand earnings by 2029. This requires revenue to grow from zero today to $454.8 thousand by 2029 and a $57.0 million earnings increase from -$56.9 million today.

Uncover how Collective Mining's forecasts yield a CA$32.80 fair value , a 90% upside to its current price.

Exploring Other Perspectives

Two fair value estimates from the Simply Wall St Community cluster tightly between US$32.80 and US$33.60 per share, yet that narrow band masks very different assumptions about Apollo's future resource growth. You should weigh those community views against the central risk that higher than expected capital or operating costs from future engineering studies could materially change what long term project economics look like.