Collective Mining's Leadership Boost and Tungsten Play Drive Project De-Risking in Precious Metals

The appointment of Raphael Maracajá as Vice President Mining at Collective Mining (NYSE: CNL) (TSX: CNL) marks a pivotal moment for the company's transition from exploration to high-value production. With over two decades of experience in optimizing complex mining operations across North and South America, Maracajá's expertise directly addresses a critical need: accelerating the advancement of flagship projects like Guayabales and San Antonio while de-risking their development pathways. This strategic hire, coupled with recent drill results and robust shareholder alignment, positions Collective Mining as a compelling play in the precious metals sector.

Maracajá's Expertise: A Catalyst for Operational Execution

Maracajá brings a proven track record in mine planning and execution from his tenure at firms like Equinox Gold and Yamana Gold. His focus on optimizing operations—such as improving grades through strategic drilling and extending project life via deeper exploration—aligns perfectly with Collective Mining's goals. At Guayabales, the company's cornerstone asset, Maracajá will spearhead efforts to unlock the full potential of the Apollo system, a high-grade gold-silver-copper-tungsten deposit. Recent drilling has already revealed striking results, including APC-115, which intersected 124 meters grading 3.03 g/t AuEq from surface, underscoring the project's resource upside.

The appointment also targets de-risking through operational excellence. For instance, the Ramp Zone—a high-potential sub-zone at Guayabales—has delivered intercepts like 75.80 meters at 8.01 g/t AuEq, including a 21-meter segment grading 24.16 g/t AuEq. Maracajá's ability to design and execute deep-drilling programs (e.g., two new rigs targeting 2,000-meter depths in Q3 2025) will be critical to expanding inferred resources into the measured and indicated categories, a key step toward feasibility studies and production.

The Tungsten Wildcard: Strategic Metal Adds Value

Guayabales' tungsten discovery—a first-of-its-kind hard-rock scheelite deposit in Colombia—adds a critical diversification play. With global tungsten supply strained by U.S. sanctions on Chinese and Russian producers, prices have surged to a 12-year high, creating a compelling revenue stream. The deposit's shallow, high-grade tungsten mineralization (up to 0.66% WO3Eq in the top 150 meters) positions Collective Mining to fast-track an early-stage mine or stockpile development, de-risking the project's cash flow profile.

Meanwhile, the San Antonio project continues to advance, with two drill rigs targeting a porphyry copper-gold system. While results are pending, the presence of mineralized metagabbro near an intrusive body suggests potential for a high-grade porphyry core—a discovery that could transform the project into a multi-metal hub.

Shareholder Alignment: Skin in the Game

Collective Mining's management and insiders now hold 44.5% of the company's shares, a significant increase from 33.4% in prior years. This alignment is further bolstered by strategic investors and board appointments, including Jasper Bertisen's February 2025 addition to the board, which signals a focus on governance and stakeholder value. With $78 million in treasury funds fully funding a 70,000-meter 2025 drill program, the company is financially positioned to execute without dilution—a key confidence builder for investors.

Investment Thesis: A Risk-Adjusted Precious Metals Play

Collective Mining's stock faces headwinds like gold price volatility and permitting risks, but its tactical moves offset these concerns. The Maracajá appointment reduces execution risk, while tungsten's strategic importance and high-grade drill results de-risk resource potential. The company's shareholder-friendly structure and capital discipline further mitigate investor hesitation.

Investment Takeaway:
- Buy: Collective Mining's multi-metal assets and operational focus make it a high-potential, low-cost entry into the precious metals space. Investors should target entry points below $5.00/share, with a 12-month price target of $7.50–$9.00, assuming positive drill results and tungsten price stability.
- Hold: Investors requiring immediate production may prefer to wait for a feasibility study or resource update in late 2025.

Conclusion

Collective Mining is at an inflection point. Maracajá's leadership, combined with the Guayabales tungsten discovery and San Antonio's porphyry potential, creates a compelling de-risking narrative. With a robust balance sheet and aligned shareholders, the company is well-positioned to capitalize on the rising demand for strategic metals like tungsten while delivering on its gold-silver-copper targets. For investors seeking exposure to a project-driven miner with clear catalysts, CNL offers a rare blend of upside and operational rigor.

Disclosure: The author holds no position in Collective Mining and has no financial ties to the company.