Collective Mining (TSE:CNL)
TSX:CNL
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Collective Mining
(TSX:CNL)
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Rating:58Neutral
Price Target:
C$26.00
▲(2.77% Upside)
Action:ReiteratedDate:04/04/26
The score is driven primarily by mixed financial performance: a strong, low-debt balance sheet is offset by being pre-revenue with widening losses and significant negative free cash flow. Technicals add support due to a strong uptrend and positive momentum, while valuation remains a drag because earnings are negative and there is no dividend yield provided.
Positive Factors
Strong balance sheet / low leverage
Low leverage and a materially larger equity base provide durable financial flexibility for multi-stage exploration. This reduces short-term solvency risk, supports funding of drilling programs without immediate debt pressure, and preserves options for partnering or asset monetization over 2–6 months.
Negative Factors
Pre-revenue status with widening losses
Being pre-revenue with materially widening net losses is a persistent structural risk: ongoing negative earnings erode capital and require continual fundraising. Until a partner, sale, or revenue source emerges, dilution or program cuts remain likely over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / low leverage
Low leverage and a materially larger equity base provide durable financial flexibility for multi-stage exploration. This reduces short-term solvency risk, supports funding of drilling programs without immediate debt pressure, and preserves options for partnering or asset monetization over 2–6 months.
Read all positive factors
Collective Mining (CNL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.18B
Dividend YieldN/A
Average Volume (3M)214.71K
Price to Earnings (P/E)―
Beta (1Y)1.45
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees102
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.17
Shares Outstanding86,247,400
10 Day Avg. Volume255,522
30 Day Avg. Volume214,706
Financial Highlights & Ratios
PEG Ratio-0.31
Price to Book (P/B)8.52
Price to Sales (P/S)0.00
P/FCF Ratio-29.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$30.66Price Target Upside21.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.31
Revenue Forecast (FY)C$2.00M
Collective Mining Business Overview & Revenue Model
Company Description
Collective 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 ...
How the Company Makes Money
Collective Mining is primarily an exploration-stage company. Publicly available information does not indicate recurring operating revenue from mining production; accordingly, its cash inflows are typically not generated by selling metal but by fin...
Collective Mining Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
74
Positive
Cash Flow
33
Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -97.50K | -44.38K | -22.43K | -8.81K | -6.61K |
| EBITDA | -48.35M | -26.56M | -18.87M | -17.15M | -10.24M |
| Net Income | -49.86M | -26.95M | -19.13M | -17.27M | -17.31M |
Balance Sheet | |||||
| Total Assets | 158.05M | 42.56M | 16.97M | 10.14M | 17.27M |
| Cash, Cash Equivalents and Short-Term Investments | 129.65M | 38.93M | 14.17M | 8.50M | 16.31M |
| Total Debt | 1.86M | 155.53K | 119.70K | 76.61K | 121.65K |
| Total Liabilities | 12.92M | 5.55M | 4.25M | 3.20M | 1.69M |
| Stockholders Equity | 145.13M | 37.01M | 12.72M | 6.94M | 15.58M |
Cash Flow | |||||
| Free Cash Flow | -41.83M | -22.81M | -17.29M | -14.54M | -8.10M |
| Operating Cash Flow | -35.88M | -22.57M | -16.94M | -14.22M | -7.87M |
| Investing Cash Flow | -14.66M | -238.93K | -353.51K | -319.01K | -234.03K |
| Financing Cash Flow | 140.73M | 49.30M | 22.26M | 7.26M | 23.07M |
Collective Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | C$2.18B | ― | -89.81% | ― | ― | ― | |
52 Neutral | C$1.55B | -157.23 | -3.51% | ― | ― | ― | |
46 Neutral | C$1.50B | -114.38 | -10.56% | ― | 23.81% | -139.39% | |
46 Neutral | C$1.17B | -104.90 | -12.24% | ― | ― | ― | |
46 Neutral | C$1.94B | -6.94 | -48.77% | ― | 70.93% | 37.37% | |
45 Neutral | C$925.17M | -20.02 | -28.39% | ― | ― | 28.06% |
* Basic Materials Sector Average
TSE:CNL
Collective Mining
25.30
13.28
110.48%
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6.59
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55.79%
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88.31%
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262.67%
TSE:NFG
New Found Gold
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TSE:IAU
i-80 Gold Corp
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209.33%
Collective Mining Corporate Events
Business Operations and Strategy
Collective Mining Extends High-Grade Ramp Zone at Apollo With Deep Drill Hit
Positive
Mar 30, 2026
Collective Mining reported new assay results from directional drill hole APC150-D1 at the Ramp Zone of its Apollo system, including a standout intercept of 83.75 meters grading 21.14 g/t gold and 17 g/t silver from 1,335 meters below surface. The ...
Business Operations and Strategy
Collective Mining Secures Key Land, Plans Exploration Adit at Guayabales
Positive
Mar 11, 2026
Collective Mining has secured binding purchase agreements to acquire all remaining surface rights needed to develop a future mine at its Guayabales project in Caldas, Colombia, consolidating both surface and underlying mineral titles. The US$44 mi...
Business Operations and StrategyExecutive/Board Changes
Collective Mining Taps Veteran Geologist Russell Evans to Lead Exploration Push in Colombia
Positive
Mar 2, 2026
Collective Mining has named Russell Evans as Executive Vice President, Exploration, bringing in a geologist with senior experience at Newmont and Vedanta/Hindustan Zinc to lead its exploration programs in Colombia. Evans, a Fellow of the Australia...
Business Operations and Strategy
Collective Mining Hits High-Grade Gold at Apollo’s Ramp Zone, Ramps Up 2026 Drill Campaign
Positive
Feb 24, 2026
Collective Mining reported partial assay results from directional hole APC150-D1 at the Ramp Zone of its Apollo system in Colombia, including a high-grade intercept of 54.55 metres grading 7.04 g/t gold and 16 g/t silver from 378.65 metres, with f...
Business Operations and Strategy
Collective Mining’s Apollo Discovery Secures Spotlight at PDAC 2026 Core Shack
Positive
Feb 18, 2026
Collective Mining’s Apollo system, part of its flagship Guayabales Project in Caldas, Colombia, has been selected for display at the high-profile PDAC 2026 Core Shack, a technical forum that showcases leading global exploration discoveries. ...
Business Operations and StrategyFinancial Disclosures
Collective Mining Expands High-Grade Apollo Footprint With Strong Drill Results
Positive
Feb 9, 2026
Collective Mining reported new diamond drill results from the Apollo system that expand the near-surface breccia body by up to 30 metres to the northeast and significantly improve modeled grades. A standout hole returned 165.75 metres grading 5.35...
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...
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 ...
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 Hol...
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.