Collective Mining narrows quarterly loss as exploration spending rises
The mineral exploration company reported a net loss of $12.35 million for the three months ended March 31, 2026
Collective Mining Ltd. (CNL), which focuses on the acquisition and development of mineral properties in Colombia, reported a net loss of $12.35 million for the three months ended March 31, 2026. This represents a decrease from the $16.93 million net loss recorded during the same period in 2025. The basic and diluted loss per common share was 0.13 U.S. dollars, compared to 0.22 U.S. dollars a share in the prior-year quarter.
Operating expenses rose during the period. Exploration and evaluation costs increased to $9.08 million from $4.86 million in the first quarter of 2025. General and administration expenses also climbed to $3.99 million, up from $1.89 million in the same period last year.
Despite the increase in operating costs, the company's net loss narrowed. This was influenced by the absence of a $10.56 million revaluation of warrants liability that had been recorded in the first quarter of 2025. Interest income rose to $1.01 million from $377,780 in the prior-year period.
Asset growth was driven by significant investments in infrastructure and concessions. Property, plant and equipment rose to $52.06 million as of March 31, 2026, from $11.21 million at the end of 2025. The mining concession asset increased to $14.81 million from $11.62 million over the same period. These increases were supported by $38.59 million in non-cash transactions, including the acquisition of property, plant and equipment.
Cash and cash equivalents stood at $113.33 million at the end of the quarter, down from $129.65 million on December 31, 2025. The company used $10.56 million in operating activities and $5.39 million in investing activities during the three months ended March 31, 2026.
The company said its current cash balance is not sufficient to continue exploring, building a mine, and meeting all future obligations related to its option contracts if it elects to exercise all of them. Continued operations are dependent on the company's ability to develop a financing plan, receive support from shareholders, complete public equity financing, or generate profitable operations.