Apollo posts its first resource: 5.4 million ounces on the board

For years Collective Mining drilled the Apollo deposit in Colombia and told investors what it might hold. On September 8, 2026, it finally put a number on the table: a maiden mineral resource of 5.4 million ounces of gold-equivalent — 2.58 million ounces in the more-confident Indicated category and 2.83 million in the softer Inferred one. That estimate was built from 265 holes and 114,520 metres of drilling, and it was signed off by Ivor W.O. Jones, an independent qualified person, which means someone outside the company staked their name on the math.

Here is the mechanism. “Gold-equivalent” bundles four metals — gold, silver, copper and tungsten — into one grade, using assumed prices to convert everything into gold terms. That matters because copper, tungsten and silver make up roughly half the open-pit gold-equivalent grade; gold alone in the open-pit Indicated resource averages about 1.02 grams per tonne. The prize is the Ramp Zone, a high-grade slice running 5.37 grams per tonne — it holds 37% of the inferred gold in just 13% of the rock. This is the team that founded Continental Gold, discovered 11-plus million ounces at Buriticá and sold to Zijin Mining for about C$2 billion. Agnico Eagle is the sole disclosed strategic holder. The stock is up 18% over three months and beat gold’s 1.6% — real leverage — though it trailed the GDXJ junior index, which surged 28.2%, so it rode the tide without leading it.

Now the honest part. Fifty-two percent of the ounces are Inferred — uncertain, and they may not upgrade. The Ramp Zone had enough drilling to include only about 21% of its interpreted perimeter at the 750-metre level, so continuity across the body is not yet established. The eye-popping Table 7 intercepts — like 27.35 metres at 39.49 grams per tonne — are not in the resource, and that number is dominated by tungsten, not gold. Tungsten itself is thinly traded and priced here at US$93.31 per pound, value that is hard to bank in a normal gold deal. True widths and the assay-lab QA/QC details aren’t in the provided text. The company says to watch for assays from the Northern Breccia and Ramp Zone holes; management targets Guayabales exploration adit construction commencing in Q4 2026, an environmental license application in H2 2027, and the next resource update in Q1 2028.

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