Apollo North Defines New Zone From Surface

Research evidence excerpt

Apollo North Defines New Zone From Surface

May 20, 2026 | 12:24 ET~

Collective Mining Precious Metals & Minerals

Andrew Mikitchook, P.Eng., CFA Analyst

andrew.mikitchook@bmo.com (416) 359-5782

CNL-TSX Rating Price: May-19 Target Total Rtn

Outperform(S) $21.38 $31.00 45% Chris Ziger Associate

chris.ziger@bmo.com (416) 276-3715

Legal Entity: BMO Nesbitt Burns Inc.

Bottom Line:

Collective has defined a new and near-surface zone of mineralization to the north

of Apollo with drilling intercepting wide oxidized zones of good grade. Follow- 30 2YR Price Volume Chart

up drilling and metallurgical testing will determine whether drilling of this zone is 25

expedited for inclusion in the planned mid-2027 MRE. We see this as adding value 20

to Apollo and Ramp Zone - we will be monitoring exploration updates as they are 15 3

released. 10 2

5 1

Key Points 0 0

Nov May Nov May

Today's announcement identifies a new zone delineated at Apollo North from LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

new drilling that allowed a reinterpretation of wide-spaced holes announced

between 2022 and 2024. The new Apollo North zone is understood to be a continuous

700m corridor several hundred meters north of the main Apollo Breccia body. This

target was discovered on surface and is distinct from the underlying Apollo breccia and

Ramp Zones.

The new zone's current identified dimension are 700m strike, 200m width, and 100m

depth, with the upper 45m oxidized, transitioning into a sulphide-oxide mix below.

Grades are in line with what we have come to expect from the quality asset and

maintain our high expectations with wide intercepts.

Highlights in the new holes include:

• 71.20m at 1.95g/t AuEq from surface

• 56.00m at 1.42g/t AuEq from 12.80m

• 21.00m at 2.14g/t AuEq from 91.30m