Shares Jump 13% on Possible 'Hole of the Year' Gold Hit in Colombia

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1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Agnico Eagle Mines Ltd.
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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Collective Mining were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-06 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-06 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Shares of Collective Mining Ltd. jumped 13% on November 3 after the company reported the broadest high-grade intercept drilled to date at the Ramp Zone of its Apollo deposit in Colombia.
• Hole APC174-D4 returned 154.30 meters of 12.66 g/t gold equivalent, including 30.45 meters of 39.01 g/t gold equivalent.
• Grades were locally more than 75% higher than the mineral resource estimate predicted, and the hole ended in mineralization outside the resource.
• National Bank of Canada Capital Markets analyst Don DeMarco maintained his Outperform rating, citing the potential for a major mining district.
• Newsletter writer Robert Sinn of Goldfinger Capital said Collective may have delivered "the hole of the year."
• Collective is fully funded for up to 90,000 meters of drilling in 2026, has 13 rigs operating, and expects to begin building an underground exploration tunnel this month.
• Central banks bought an estimated 321 tonnes of gold in the third quarter, up 42% from a year earlier, according to the World Gold Council.

Shares of Collective Mining Ltd. (CNL:TSX; CNL:NASDAQ) jumped 13% on November 3 after the company reported the broadest high-grade intercept drilled to date at the Ramp Zone of its Apollo deposit in Colombia.

The stock rose to CA$15.71 (US$11.50) by mid-morning in Toronto, valuing the company at about CA$1.5 billion, The Northern Miner reported.

Investors were reacting to hole APC174-D4. According to the company's November 3 release, it returned 154.30 meters grading 12.66 grams per tonne (g/t) gold equivalent, made up of 12.44 g/t gold and 11 g/t silver, starting 1,208 meters below surface. That included 30.45 meters of 39.01 g/t gold equivalent and, within that, 4.75 meters of 184.25 g/t gold equivalent. The company estimates true widths at 60% to 100% of reported lengths.

"Every great gold deposit reaches a point where the drill stops confirming expectations and starts expanding them," said Executive Chairman Ari Sussman. "This hole did not run out of gold; it ran out of rods."

National Bank of Canada Capital Markets analyst Don DeMarco said the hole delivered Apollo's strongest combination of grade and drilled length to date, "hinting that the Ramp Zone could be bigger and higher grade than the maiden resource," The Northern Miner reported. DeMarco maintained his "Outperform" rating and CA$32 target, citing the potential for a major mining district, while cautioning that economic and feasibility studies are still ahead.

The intercept is nearly twice the length of the 83.75-meter interval from hole APC150-D1, which Collective reported March 29. The hole crossed the southeastern part of the Apollo breccia body roughly perpendicular to its contact. Grades were locally more than 75% higher than the mineral resource estimate predicted for the blocks it intersected, and the high-grade envelope extended about 20 meters shallower and 30 meters deeper than the model expected.

The hole ended in mineralization outside the resource, at about 650 meters above sea level, when the rig reached the limit of its rods. Its final interval returned 12.20 meters of 0.75 g/t gold equivalent, and the company believes the hole may have been entering a new mineralized chute within the breccia. Sussman said the company's new track-mounted rigs are designed to follow it toward sea level, about 650 vertical meters below where the hole ended.

"We believe the Ramp Zone is only beginning to show us its true potential," he said in a November 3 release.

Three other directional holes also intersected gold mineralization. APC174-D2 returned 19.90 meters of 3.97 g/t gold equivalent, while APC174-D1 returned 3.05 meters of 9.10 g/t gold equivalent, including elevated copper and tungsten. APC174-D3 returned 1.20 meters of 5.11 g/t gold equivalent.

Apollo is the flagship of Collective's Guayabales Project in Caldas, Colombia. Its maiden mineral resource, announced September 8, contains 2.58 million ounces of gold equivalent in the Indicated category and 2.83 million ounces in the Inferred category. The Ramp Zone portion, below 1,000 meters above sea level, holds 0.20 million ounces of gold equivalent Indicated, and 1.04 million ounces Inferred. Grades there are higher, at 4.74 g/t and 5.37 g/t gold equivalent, respectively.

According to the company, about 590 meters of the breccia's roughly 1.5-kilometer circumference has now been tested at depth, compared with about 315 meters included in the maiden resource. Visible gold has been logged in several holes still awaiting assays. The company cautions that visual observations are not a substitute for assays.

Collective has 13 diamond drill rigs operating and is fully funded for up to 90,000 meters of drilling in 2026. Seventy-one holes at Guayabales are awaiting assays, including 17 from the Ramp Zone. A second track-mounted deep-drilling rig is expected later in November. The company also expects to begin building an approximately 3-kilometer underground exploration tunnel this month, designed to reach the Ramp Zone at about 1,350 meters below surface so it can drill shorter holes into the high-grade core. It plans to drill the Ramp Zone down to sea level in 2027. An updated mineral resource is expected between Q4 2027 and Q1 2028, with a preliminary economic assessment to follow.

In a November 3 article, Robert Sinn of Goldfinger Capital wrote that Collective "may have just delivered the hole of the year at the Ramp Zone."

Sinn said Collective delivered "a world-class drill intercept, in terms of both grade and width of mineralization." He had expected strong results from the hole, but "nobody could have known just how stunning the results would turn out to be!" With several nearby holes still awaiting assays and 13 rigs turning, he said, "we have a lot to look forward to in future news releases."

Mike Niehuser of Roth gave the company a "Buy" rating, with a CA$35.28 target price.

Sinn also commented on the chart. "US$12 should offer some resistance, but I will be very encouraged if CNL can post a weekly close > US$11.60," he wrote.

Sinn disclosed that he owns shares of Collective Mining. Analysts are also bullish on Collective, according to TipRanks.

On October 14, 2026, Mike Niehuser of Roth gave the company a "Buy" rating, with a CA$35.28 target price.

On September 22, 2026, Scotiabank analyst Ovais Habib gave the company a "Buy" rating, with a CA$CA$35 target price, and on September 14, 2026, BMO analyst Andrew Mikitchook gave the company a "Buy" rating, with a CA$31 target price.

Central banks are still adding to their gold reserves at a strong pace. They bought an estimated 321 tonnes in the third quarter, 42% more than a year earlier, according to the World Gold Council's latest Gold Demand Trends report. That put their purchases for the first nine months of 2026 at 675 tonnes, ahead of the same period last year.

Exchange-traded funds also drew in about 210 tonnes of gold during the quarter, investingLive reported.

The metal has been climbing in recent sessions. On November 5, spot gold rose about 1.5% to around US$4,119.50 an ounce after touching US$4,146.63, its highest level since October 20, Kitco News reported. For explorers like Collective, which are drilling high-grade gold at depth, strong prices keep investor attention on new discoveries.

Why did Collective Mining shares jump 13%?

The shares rose after the company reported that hole APC174-D4 returned 154.30 meters of 12.66 g/t gold equivalent, the broadest high-grade intercept drilled to date at Apollo's Ramp Zone. The stock reached CA$15.71 by mid-morning in Toronto on November 3, The Northern Miner reported.

What makes this hole significant?

The intercept is nearly twice the length of the previous best Ramp Zone interval. Grades were locally more than 75% higher than the resource model predicted, and the high-grade envelope extended both shallower and deeper than expected.

Why did the hole stop in mineralization?

The rig reached the limit of its drill rods. "This hole did not run out of gold; it ran out of rods," said Executive Chairman Ari Sussman. The company believes the hole may have been entering a new mineralized chute.

What does Apollo's current resource contain?

Apollo's maiden mineral resource contains 2.58 million ounces of gold equivalent Indicated and 2.83 million ounces Inferred. The Ramp Zone portion grades 4.74 g/t gold equivalent Indicated and 5.37 g/t Inferred.

What are analysts saying?

National Bank's Don DeMarco said the results hint "that the Ramp Zone could be bigger and higher grade than the maiden resource." He maintained his "Outperform" rating while cautioning that economic and feasibility studies are still ahead.

What comes next for Collective?

Seventy-one holes at Guayabales are awaiting assays, including 17 from the Ramp Zone. The company expects to begin building an approximately 3-kilometer exploration tunnel this month and plans to drill the Ramp Zone to sea level in 2027. An updated resource is expected between Q4 2027 and Q1 2028.