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Collective Mining (TSE:CNL)
TSX:CNL

Collective Mining (CNL) AI Stock Analysis

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TSE:CNL

Collective Mining

(TSX:CNL)

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Neutral 52 (OpenAI - 5.2)
Rating:52Neutral
Price Target:
C$22.50
▲(0.45% Upside)
The score is held back primarily by weak financial performance (no revenue, widening losses, and rising cash burn), partially offset by a low-debt balance sheet. Technicals are strong with price above major moving averages, but overbought momentum indicators add near-term risk. Valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Very low leverage / conservative balance sheet
Extremely low debt (debt-to-equity ~0.004) materially reduces solvency and refinancing risk for an exploration company. This gives management flexibility to fund drilling and permitting cycles via equity or partnerships without heavy interest burdens, supporting multi‑quarter programs.
Growing equity and asset base supports exploration
Material increases in equity and total assets by 2024 provide tangible capital backing for sustained exploration. A larger asset/equity base improves credibility with joint‑venture partners and underpins multi‑stage drill campaigns, reducing immediate reliance on dilutive small raises.
Free cash flow closely tracks net loss
FCF nearly equals net loss (ratio ~1.01), indicating exploration spending is largely cash-based rather than driven by big non‑cash accounting items. That transparency aids capital planning, making runway and financing needs more predictable over quarters ahead.
Negative Factors
Pre-revenue exploration profile
No operating revenue across 2020–2024 means the company lacks self‑sustaining cash inflows from production. Long‑term value depends on discovery, resource delineation, or successful monetization via JV/sale, creating structural execution and market‑outcome risk over the next several quarters.
Widening net losses and rising cash burn
Net loss widened to about -$26.9M and operating cash burn increased to ~-$22.6M in 2024. Sustained higher burn raises the need for financing, increasing dilution or covenant risk, and pressures management to secure capital or farm‑out assets to sustain multi‑stage exploration.
Negative ROE and weak profitability
Negative ROE (~-0.73) reflects prolonged inability to generate returns from invested capital. For long‑term investors and strategic partners, persistent negative returns hinder capital attraction and limit options to fund advancement without further equity dilution or asset sales.

Collective Mining (CNL) vs. iShares MSCI Canada ETF (EWC)

Collective Mining Business Overview & Revenue Model

Company DescriptionCollective Mining Ltd., an exploration and development company, focuses on identifying and exploring prospective gold projects in South America. The company explores for gold, silver, and copper deposits. It holds 100% interests in the Guayabales project consisting of 26 claims with a total area of 4,780.98 hectares located in the Caldas department of Colombia; and the San Antonio project covering an area of 4,729 hectares located in the department of Caldas, Colombia. The company is headquartered in Toronto, Canada.
How the Company Makes Money

Collective Mining Financial Statement Overview

Summary
Financials reflect an exploration-stage company with $0 revenue (2020–2024), widening net losses in 2024 (~-$26.9M vs. -$19.1M in 2023), and increased cash burn (operating cash flow ~-$22.6M in 2024). The key positive is a low-leverage balance sheet (debt-to-equity ~0.004) and a growing equity/asset base, which reduces solvency risk despite negative ROE.
Income Statement
18
Very Negative
The income statement reflects an early-stage, pre-revenue gold company: revenue is consistently $0 across 2020–2024, with ongoing operating losses. Net loss widened in 2024 (about -$26.9M vs. -$19.1M in 2023), indicating an accelerating cost base. Gross profit is slightly negative each year, and profitability remains structurally weak until meaningful revenue begins.
Balance Sheet
62
Positive
The balance sheet is a relative strength due to very low leverage: debt-to-equity is minimal in 2024 (~0.004) and remains low historically, suggesting limited balance-sheet financial risk from borrowing. Equity and total assets increased materially by 2024 (equity ~ $37.0M; assets ~ $42.6M), supporting ongoing exploration activity. The key weakness is negative returns on equity (2024 ROE roughly -0.73), reflecting persistent losses and dilution/asset build without earnings.
Cash Flow
25
Negative
Cash generation is weak with consistently negative operating cash flow and free cash flow, typical for an exploration-stage miner. Cash burn increased in 2024 (operating cash flow about -$22.6M vs. -$16.9M in 2023), although free cash flow improved versus the prior year on a growth basis (positive free cash flow growth in 2024 after declines in 2023 and 2022). A positive offset is that free cash flow closely tracks net loss (free cash flow to net income ~1.01 in 2024), indicating losses are largely reflected in cash flow rather than being driven by large non-cash accounting items.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-11.78K-44.38K-22.43K-8.81K-6.61K-85.00
EBITDA-40.63M-26.56M-18.87M-17.15M-10.24M-1.65M
Net Income-41.34M-26.95M-19.13M-17.27M-17.31M-1.70M
Balance Sheet
Total Assets86.11M42.56M16.97M10.14M17.27M2.34M
Cash, Cash Equivalents and Short-Term Investments70.58M38.93M14.17M8.50M16.31M1.72M
Total Debt1.18M155.53K119.70K76.61K121.65K226.29K
Total Liabilities15.16M5.55M4.25M3.20M1.69M444.54K
Stockholders Equity70.95M37.01M12.72M6.94M15.58M1.89M
Cash Flow
Free Cash Flow-25.29M-22.81M-17.29M-14.54M-8.10M-1.66M
Operating Cash Flow-24.99M-22.57M-16.94M-14.22M-7.87M-1.61M
Investing Cash Flow-304.36K-238.93K-353.51K-319.01K-234.03K-52.92K
Financing Cash Flow75.52M49.30M22.26M7.26M23.07M3.36M

Collective Mining Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
60
Neutral
C$1.56B
59
Neutral
C$1.40B335.053.01%
56
Neutral
C$1.26B-17.17-50.06%28.06%
56
Neutral
C$1.73B-6.80-37.59%70.93%37.37%
54
Neutral
C$1.71B-132.93-11.22%23.81%-139.39%
52
Neutral
$1.93B-27.44-89.81%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:CNL
Collective Mining
22.40
14.78
193.96%
TSE:RUP
Rupert Resources
6.63
2.08
45.71%
TSE:GTWO
G2 Goldfields Inc
6.62
4.11
163.75%
TSE:RIO
Rio2
3.25
2.55
364.29%
TSE:NFG
New Found Gold
3.73
1.29
52.87%
TSE:IAU
i-80 Gold Corp
2.16
1.35
166.67%

Collective Mining Corporate Events

Business Operations and Strategy
Collective Mining Hits Record High-Grade Intercept as Apollo’s Ramp Zone Grows at Depth
Positive
Jan 27, 2026

Collective Mining reported its highest-grade and deepest intercept to date at the Apollo system’s Ramp Zone, with hole APC143-D3 returning 58.10 metres grading 21.33 g/t gold, including 27.00 metres at 43.13 g/t gold, from about 1,410 metres below surface. The result significantly expands the known dimensions of the Ramp Zone to 300 metres along strike, 100 metres in width and 310 metres vertically, while remaining open in all directions, and supports a new geological model suggesting substantial additional high-grade potential around the untested outer margins of the breccia body. Backed by US$135 million in cash and an aggressive 2026 drilling program of up to 100,000 metres with as many as 14 rigs, the company is positioning Apollo as a prospective large-scale underground mine that could become one of Colombia’s next major gold and critical minerals operations, with meaningful implications for its growth trajectory and stakeholder outcomes.

The most recent analyst rating on (TSE:CNL) stock is a Hold with a C$23.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and Strategy
Collective Mining Hits High-Grade Gold and Tungsten Near Surface at Apollo in Colombia
Positive
Jan 21, 2026

Collective Mining reported new assay results from four diamond drill holes at the Apollo system within its Guayabales Project in Colombia, confirming high-grade, near-surface mineralization in gold, tungsten, silver and copper, including standout intercepts such as 111.15 metres at 5.48 g/t gold equivalent from just 2 metres depth. The company said these holes returned higher gold and tungsten grades than those in its internal block model, improving local grades by up to 25%, closing drilling gaps at shallow depths and reinforcing Apollo’s status as a large, vertically continuous, multi-metal discovery that could positively influence a planned maiden mineral resource estimate and support its strategy of aggressive expansion drilling funded by a strong cash position.

The most recent analyst rating on (TSE:CNL) stock is a Hold with a C$23.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Collective Mining Strengthens Leadership Team With New Executive Vice President
Positive
Jan 19, 2026

Collective Mining has appointed Carlos Andrés Santos as Executive Vice President, adding a seasoned strategist with more than 20 years of leadership experience in Colombia’s resource and industrial sectors, including senior roles at Holcim/Amrize and Ecopetrol. The hire comes as the company embarks on its largest-ever drilling programs and key technical studies at its Guayabales and San Antonio projects, signaling a deliberate strengthening of management to support an anticipated growth phase and execution of large-scale exploration and development initiatives in Colombia.

The most recent analyst rating on (TSE:CNL) stock is a Hold with a C$21.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and Strategy
Collective Mining Extends Apollo Mineralization and Discovers New Porphyry at Guayabales
Positive
Dec 30, 2025

Collective Mining reported strong new assay results from ten diamond drill holes at its Guayabales Project in Colombia, including five infill and step-out holes at the flagship Apollo system that intersected long runs of gold-equivalent mineralization, such as 467.35 metres at 1.63 g/t AuEq from 170.10 metres and 261.35 metres at 1.63 g/t AuEq from 432.90 metres. The company said the drilling has improved its internal block model by filling gaps, extending mineralized volumes and upgrading confidence in the resource, while a near-surface intercept in the Hanging Wall Vein Zone and a new lower-grade porphyry discovery at the nearby Plutus target underscore the broader district-scale potential. With approximately US$135 million in cash and plans to drill 80,000–100,000 metres in 2026 using up to 14 rigs, Collective positions itself to rapidly advance Apollo and test additional targets, which could enhance its resource base and value proposition for investors.

The most recent analyst rating on (TSE:CNL) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and Strategy
Collective Mining Achieves Record Gold Intercept at Apollo’s Ramp Zone
Positive
Dec 16, 2025

Collective Mining has announced a significant expansion of its Ramp Zone within the Apollo system, marking its highest-grade gold intercept to date. The drilling results indicate a substantial increase in the mineralized envelope, which now measures 315 meters along strike by 300 meters vertically and remains open in all directions, suggesting potential for further growth. This expansion is expected to be a major value driver for the company as it plans aggressive drilling into 2026, supported by a robust financial position with US$135 million in cash.

The most recent analyst rating on (TSE:CNL) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Collective Mining Expands Apollo System with New Discoveries
Positive
Dec 9, 2025

Collective Mining has announced significant expansions to its Apollo system, discovering a new Hanging Wall Vein Zone that extends the system by up to 450 meters northwards. This discovery, along with the expansion of the breccia mineralization, has the potential to significantly increase the mineral inventory of the Apollo system. The company plans aggressive drilling in 2026 to further explore these promising zones, which could enhance its resource base and industry positioning.

The most recent analyst rating on (TSE:CNL) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and Strategy
Collective Mining Expands High-Grade Ramp Zone at Apollo System
Positive
Dec 3, 2025

Collective Mining has announced promising assay results from three new drill holes at the Apollo system’s Ramp Zone, revealing high-grade mineralization that extends the zone’s dimensions significantly. The expansion of the Ramp Zone, which remains open in all directions, underscores the potential for further exploration success, supported by the company’s robust financial position and aggressive drilling plans for 2026.

The most recent analyst rating on (TSE:CNL) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Business Operations and Strategy
Collective Mining Launches Drilling Program Amid Record Tungsten Prices
Positive
Nov 10, 2025

Collective Mining Ltd. has commenced a multi-hole drill program targeting the tungsten-rich zone of the Apollo system at its Guayabales Project in Colombia. This initiative comes amid record-high tungsten prices, drawing significant interest from Colombian authorities. The Apollo system, which hosts Colombia’s first hard rock tungsten discovery, presents a strong potential to meet the growing demand for tungsten. With substantial funding, the company is well-positioned to continue its aggressive exploration and drilling plans, aiming to expand its high-grade mineral zones and explore new targets.

The most recent analyst rating on (TSE:CNL) stock is a Buy with a C$22.75 price target. To see the full list of analyst forecasts on Collective Mining stock, see the TSE:CNL Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 29, 2026