Collective Mining Ramp Zone extends; Bought deal upsized to CA $125M
What happened
Collective Mining reported further step-outs at the Ramp Zone within the Apollo system at Guayabales, Colombia, highlighted by 50.50 m at 5.66 g/t Au and 13 g/t Ag, and a deeper intercept of 70 m at 2.00 g/t Au and 5 g/t Ag. The Ramp Zone footprint now tracks ~275 m of strike by ~200 m vertical extent and remains open. The broader Apollo system has been traced vertically for ~1,300 m. Two large-capacity rigs are focused on extending the zone both along strike and at depth.
In parallel, the Company announced that its previously disclosed C$100 million bought deal has been upsized to CA $125 million due to strong demand. The offering consists of 6.6 million shares at CA $19.00 per share, with a 15% over-allotment option for up to 990,000 additional shares, which could bring gross proceeds to approximately CA $144 million if exercised in full. The financing is led by BMO Capital Markets and Scotiabank as joint bookrunners, with closing expected around October 8, 2025. Proceeds are earmarked for advancement of the Guayabales Project, other exploration and development opportunities, and general corporate purposes.
Capitalization and listing
As of this morning, reported market capitalization is approximately CA $1.58B (MarketBeat), or ~US $1.13B on third-party trackers. Market cap levels will fluctuate with price and FX, but the values reconcile CAD and USD perspectives. The stock trades on both the TSX and NYSE American under the ticker “CNL.”
Why it matters
- Resource growth line-of-sight: Ongoing step-outs demonstrate grade-thickness and continuity at Ramp Zone, improving visibility toward a larger resource envelope at Apollo. The deployment of high-capacity rigs supports a steady cadence of results.
- Funding strength reinforced: The upsized CA $125M financing with potential to reach CA $144M if the over-allotment option is exercised removes near-term balance sheet overhang and provides significant capacity for drilling, permitting preparation, and project studies.
- Cross-border demand: The oversubscription reflects deep institutional interest, aligning with Collective’s dual listing strategy and strengthening syndicate distribution into U.S. accounts.
ArcStone View
The combination of consistent, high-grade exploration results and an oversubscribed CA $125M bought deal positions Collective as one of the best-funded exploration developers in the Americas this quarter. With a market cap in the mid-CA $1.5B range, strong liquidity, and bulge-bracket underwriters leading the book, we expect further cross-border institutional participation and expanded sell-side coverage.
Execution risks remain tied to permitting and social processes in Colombia, while gold price volatility after recent highs can still affect multiples. However, the increased funding runway materially reduces the risk of necessity-driven raises and enables a more aggressive program to crystallize scale.
We will be watching:
- Follow-up drilling to test vertical and strike extensions at Ramp Zone.
- Signals on timing for a formal resource estimate or scoping study at Apollo.
- The extent to which syndicate distribution deepens U.S. institutional ownership post-NYSE American listing.
- Potential strategic interest, given management’s prior track record with Continental Gold’s sale to Zijin.
About ArcStone Securities and Investments Corp.
ArcStone Securities and Investments Corp. is an independent financial services firm with operations in New York, Toronto, Dallas, and Florida, specializing in providing strategic advice and capital markets solutions to public and private companies. Our platform is purpose-built to connect issuers with global pools of institutional, family office, and retail capital, ensuring the right investors at every stage of their corporate lifecycle. We believe this sets us apart as few firms have access to all pools of capital. Our leadership team is comprised of Managing Directors and Principals from tier-one institutions including Cantor Fitzgerald, TD Securities, and Bank of Montreal, bringing a depth of capital markets expertise and a proven track record of execution to every client engagement. Through our strategic relationship with Kingswood U.S., we have access to over 300 Registered Investment Advisors (RIAs) managing more than $15B in client assets, one of the largest retail advisory networks in North America. Combined with ArcStone’s proprietary digital investor awareness platform, we deliver a differentiated blend of institutional execution and retail-style distribution, enabling our clients to successfully scale from the growth stage through to full institutional coverage.
ArcStone Financial Pulse Team
Stay informed with the latest market trends and investment insights from ArcStone Securities and Investments Corp. Subscribe to our newsletter for more detailed reports and analysis.
Disclaimer:
This is for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities or financial products. No information contained herein should be considered investment advice. Investors should consult with their own legal, financial, and tax advisors regarding the suitability of any investment and carefully consider the risks involved. Any transaction is entered into in reliance upon the investor's own judgment regarding financial, suitability, and risk criteria. ArcStone Securities and Investments Corp. does not hold itself out to be an advisor in these circumstances. ArcStone Securities and Investments Corp. is not a registered broker-dealer and does not provide investment advice or recommendations. All registrable activities and services, including capital raises in the USA, are provided through ArcStone Securities LLC and Kingswood US, both of which are FINRA-registered broker-dealers. In Canada, all registrable activities are conducted through Sentinel Financial Group, which is registered as an Exempt Market Dealer (EMD) in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and the Northwest Territories. Principals and/or staff of ArcStone may hold, directly or indirectly, shares or other securities of this Company.
