Earnings

Collective Mining posts wider loss as exploration expenses rise

The Tip Desk · November 12, 2026 · 2 min read

Exploration and evaluation expenses reached US$17.2 million in the three months ended September 30, nearly twice the year-earlier level.

Collective Mining Ltd. (CNL), an explorer and developer of mineral properties in Colombia, reported a net loss of US$23.5 million for the three months ended September 30, 2026, more than double its US$10.8 million loss a year earlier. Exploration and evaluation expenses nearly doubled over the same period.

The quarterly loss amounted to US$0.25 a share, compared with US$0.13 a share a year earlier. General and administrative expenses also rose, reaching US$4.9 million from US$2.4 million. Finance costs increased to US$1.2 million from US$0.2 million.

For the nine months ended September 30, the company reported a US$55.9 million net loss, compared with US$36.3 million in the same period of 2025. Exploration and evaluation expenses rose to US$41.1 million from US$21.1 million, and general and administrative expenses increased to US$12.8 million from US$6.6 million.

The year-earlier nine-month result included a US$10.6 million expense from the revaluation of warrant liabilities. Collective Mining reported no such expense in the 2026 period. It also recorded a US$1.7 million foreign-exchange loss for the first nine months of 2026, compared with a US$0.6 million gain a year earlier.

Cash used in operating activities increased to US$43.2 million for the nine months from US$22.7 million a year earlier. The cash-flow calculation included noncash share-based compensation of US$4.4 million, compared with US$1.9 million in the prior-year period.

Investing outflows also increased. Collective Mining spent US$12.4 million in cash on property, plant and equipment, up from US$1.2 million a year earlier. It reported US$30.9 million in noncash acquisitions of those assets, compared with US$6.9 million in the 2025 period.

The company’s property, plant and equipment balance reached US$52.9 million at September 30, up from US$11.2 million at the end of 2025. Total liabilities rose to US$52.1 million from US$12.9 million over the same period.

Financing provided less cash than in the prior year. Collective Mining received no proceeds from share issuances or warrant exercises in the first nine months of 2026; a year earlier, those sources had provided US$36.4 million and US$7.9 million, respectively.

Cash and cash equivalents stood at US$70.6 million at September 30, down from US$129.6 million at the end of 2025. Current liabilities rose to US$26.4 million from US$8.7 million over that period.

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