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Craig Stanley, Director of Equity Research Metals & Mining from Raymond James, issues an update on Collective Mining

September 27, 2021

CNL is a pre-resource explorer in Colombia.

Proven Management
The company is led by Ari Sussman who previously ran Continental Gold that had the Buritica project in Colombia and was acquired last year by Zijin Mining for C$1.4 billion in cash.

Easy Access
The 3,333 ha Guayabales Property is 80 km south of Medellin (152 km by road).
The national electricity and natural gas grids run along the River Cauca valley about 3 km east of the project.

Middle Cauca Belt

The Guayabales Project is in the 250 km long Middle Cauca Gold Belt that hosts ~ 100 mln oz Au and 11+ billion pounds Cu.

Major deposits in the belt include Buritica (Zijin Mining), Quebradona / Nuevo Chaquiro (AngloGold Ashanti), Marmato (Aris Gold), and La Colosa (AngloGold Ashanti).

Right Beside 6+ Million Ounces

Guayabales is immediately to the west of Aris Gold’s Marmato Project that hosts 6.3 mln oz (see https://www.arisgold.com/operations/marmato-mine/overview/default.aspx ).

Here are some quotes from a 2012 report comparing the two projects:

Los Cerros (LCL-ASX) is directly south of CNL. In August, Los Cerros closed a A$20 mln financing. The press release states “the Company is very pleased to welcome two high profile North American gold funds which are collectively investing approximately $10 million in the Placement (individually their holdings are under 5% of the Company)”.

Drill Turning

In mid-September CNL announced its initial 7,500 m diamond drilling program had commenced.

Five targets will be drill tested: Donut, Box, Olympus, Victory and ME.

First assay results are anticipated in October.

Tight Share Structure

CNL has just 47.2 mln shares outstanding (49.8 mln fully diluted) and no warrants.

Solid Balance Sheet

As of mid-August, CNL had C$26 mln in cash.

Craig Stanley

Director, Equity Research Analyst, Metals & Mining

Raymond James Ltd.

Scotia Plaza | 5400 – 40 King Street West | Toronto | Ontario | M5H 3Y2 | Canada T: 416-777-2291 | Mobile: 647-966-3103 [email protected] www.raymondjames.ca

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