Collective Files Full Apollo Technical Report; QP Flags Possible Low Gold Assay Bias
CNL is trading near its 52-week low of $9.77 (7.6% above the low).
Summary
Collective filed the full NI 43-101 technical report behind its September 8 Apollo maiden resource, disclosing a US$70.75 million exploration-plus-PEA budget and QP concerns that fire assays may be understating gold grades.
Key Events · Product Development and Regulatory · CNL
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Apollo Resource Confirmed at 5.41 Moz AuEq
Indicated 37.0 Mt at 2.17 g/t AuEq for 2.58 Moz and Inferred 48.2 Mt at 1.83 g/t AuEq for 2.83 Moz, using US$3,000/oz gold, US$60/oz silver, US$5.25/lb copper and US$2,057/mtu WO3. No Measured resources and no reserves.
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QP Flags Possible Low Gold Assay Bias
Screen fire assays on verification samples averaged 5% above the original fire assays, rising to 7% excluding samples below 1 g/t. The QP recommends re-assaying about 200 mineralized samples (100 Ramp Zone, 100 BAM/CBM) and, if bias is confirmed, re-assaying all mineralized intersections.
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Tungsten Quality Control Gap Disclosed
No independent blind CRMs were inserted for W/WO3, and ICP-derived WO3 averages about 25% below XRF results (over 40% where the ICP equivalent exceeds 0.5% WO3), so tungsten grades outside the high-grade subdomain are likely understated.
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US$70.75M Program and 2028 PEA Planned
Recommended 125,000 m diamond drilling program (115,000 m at Apollo) over 15-18 months at about US$58.25 million, plus US$10.0 million of PEA studies, for a total budget of US$70.75 million including G&A. PEA targeted for 2028.
Analysis · CNL · Energy & Transportation
The headline numbers were already public on September 8, but the full NI 43-101 report carries two things investors did not have. First, the independent QP believes the fire assays may be understating gold: screen fire assays on 15 verification samples averaged about 5% higher (7% excluding sub-1 g/t samples), and a 200-sample re-assay program is recommended — if confirmed, grades across the deposit could be revised upward. Second, tungsten has no independent blind quality control, and ICP-derived WO3 runs about 25% below XRF, so tungsten grades outside the high-grade subdomain are likely understated. Against that, the report lays out a US$70.75 million, 15-to-18-month program (125,000 m of drilling plus a PEA) and a 2028 PEA target, which frames how much capital is needed before any economic study. The resource itself stands at 2.58 Moz AuEq Indicated and 2.83 Moz AuEq Inferred, with no Measured resources and no reserves.
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At the time of this filing, CNL was trading at $10.51 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $908.6M. The 52-week trading range was $9.77 to $21.97. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.