Collective shares slide on Apollo’s 4.1M-oz gold resource
A Collective executive said there’s an opportunity to expand the Apollo project through its ongoing aggressive drill program.
Collective Mining's stock dropped 9% on Wednesday after the company announced a first resource containing 4.1 million ounces of gold at its Apollo deposit in Colombia. Despite analysts noting that the size of the resource is in line with expectations, the company's shares fell to $21.11 apiece, valuing the company at $1.96 billion.
The site contains 37 million indicated tonnes with 1.38 grams of gold per tonne, 24.4 grams of silver per tonne, 0.14% copper and 0.011% tungsten trioxide. Additional inferred resources add 48.2 million tonnes with 1.6 grams of gold, 8.39 grams of silver, 0.03% copper and 0.002% tungsten trioxide. Collective Mining's Executive Chairman, Ari Sussman, expressed optimism about the potential for expansion through their aggressive drilling program.
The company plans to conduct another resource estimate in the first quarter of 2028 and a preliminary economic assessment in the second half of that year.
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