Flagship mining exploration projects in Colombia’s Caldas region

Colombia

María Juliana Ospina Serrano, vice-president of external relations and communications of Collective Mining, talks to The Energy Year about Colombia’s untapped mining potential and its attractiveness as an investment destination. Collective Mining is dedicated to discovering and developing world-class mineral deposits in Colombia.

To what extent is Colombia an untapped mining region, and how attractive is it as an investment?
Mining exploration is the beginning of the extraction industry. Without mineral exploration, the rest of the processes could not exist. For this reason, mining exploration in Colombia must be further incentivised. Despite Colombia’s potential, only 2.7% of the national territory is licensed, and only 0.8% is explored.
This means the country is an untapped territory in terms of mining. The Middle Cauca Belt in Colombia represents one of the most underexplored regions globally, despite a long history of mining in areas such as Marmato and Supía. Furthermore, Colombia has a large and established mining industry that enhances the country’s ability to develop projects in this promising region.
Additionally, the effective regulatory process at the national level, with a maximum permitting duration of 10 months, facilitates investment and the development of mining activities throughout the country. We see a relatively good business environment in the mining sector, with seven licences having been issued in the country since September 2022.
Latin America attracts USD 13 billion in global investments in mining exploration, equivalent to 25% of global mining investment. These investments have traditionally gone to countries such as Chile, Peru and Mexico, which are mining giants, and Colombia to a lesser extent.
Colombia only captures 4% of global investments in mining exploration. This means that, despite the country being virtually unexplored, investor interest in the country’s mining potential is in the very early stages.

What track record does Collective Mining have, and what is its modus operandi?
Collective Mining is at the forefront of mining exploration in Colombia. Founded by a team with a proven track record, the ex-Continental Gold team formed Collective Mining in 2020. We are responsible for discovering and developing the largest gold mine in Colombia and have a well-trusted, knowledgeable and successful management team. We have been listed on the Toronto Stock Exchange and recently joined the New York Stock Exchange.
Our projects, such as Guayabales and San Antonio, are strategically located in highly prospective regions. We combine cutting-edge technology with deep local knowledge to unlock Colombia’s untapped mineral potential, creating significant value for our investors and stakeholders.
Our sustainability is more than a commitment; it’s our core approach. Our model is built on collaboration with stakeholders, a strong focus on community and careful environmental management. This model ensures we remain responsible and innovative in all aspects of our business.

What is the potential of the Caldas region for developing projects such as Guayabales and San Antonio?
Caldas is the most desirable mining jurisdiction in Colombia. It has more than 500 years of mining history. It is the pro-mining area of Colombia, has an industrial economy with excellent infrastructure, a high level of education, excellent security and is a place where mining and agriculture coexist.
The Guayabales and San Antonio projects are located within the prolific Middle Cauca Belt in west-central Colombia. Specifically, the projects are located in a mining-friendly jurisdiction with 10 fully permitted mining operations within a 3-kilometre radius. Moreover, both of our projects are located next to Aris Mining’s multi-million-ounce Marmato Project, which is currently under construction, with production expected at the end of 2025.

What recent activities have you carried out in Guayabales?
The Guayabales project is a cluster of intrusions comprising a series of targets within an area of 4 kilometres by 5 kilometres featuring multiple discoveries made in 2022 through reconnaissance drilling. It is our flagship project and is anchored by the Apollo system, a large-scale, outcropping, bulk-tonnage and high-grade copper-silver-gold-tungsten system.
In the last four years, we have drilled approximately 100,000 metres, and we plan to drill an additional 60,000 metres next year. This is tremendous progress, given the fact that mining exploration companies advance according to the number of metres drilled and resources obtained.
The company specialises in generating grassroots targets through specialised exploration programmes. Since mid-2021, numerous targets have been generated at the Guayabales project. Several targets (Tower and X) remain untested, with plans for first-pass drilling in 2025.
Furthermore, a reconnaissance exploration programme was initiated in 2024 to generate additional targets in the area between the Apollo and Trap systems.

What medium-term strategy and goals does Collective Mining have for its projects?
In Colombia, mining titles are valid for 20-30 years. Mining is a long-term business with no immediate results. We expect Apollo to soon develop into a Tier 1 project. We are making very good progress, and by the end of 2024, we aimed to have approximately 110,000 metres drilled.
In Q1 2024, we raised CAD 18.9 million [USD 14.25 million], which allowed us to execute our 40,000-metre exploration campaign, and with our latest financing of CAD 46.5 million [USD 33.42 million] obtained in October, we plan to drill 60,000 metres in 2025.
Moreover, we hope that in the coming years, we can obtain all the required permits and give the country a key strategic project regarding key minerals for the energy transition and generate meaningful employment in our area of influence.

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