07:13 AM EDT, 03/11/2026 (MT Newswires) -- Collective Mining ( CNL ) on Wednesday said it has executed final binding purchase agreements with arms-length vendors to acquire the remaining surface rights needed for a future mining operation at the Guayabales project in Colombia.

Under the terms of the agreements, Collective Mining ( CNL ) will acquire land for a total purchase price of US$44 million over a five-year period.

The total purchase price will be paid in installments of $8.7 million in 2026, $10.0 million in 2027, $8.5 million in 2028, $8.4 million in 2029, and $8.4 million in 2030.

Other relevant conditions of the agreements include interest on certain future payments at 6% per annum and promissory notes to ensure compliance of payments and mortgages over the acquired surface rights.

"Completing the acquisition of all surface land required for a future mining scenario at our Guayabales Project is a major step towards realizing our vision of developing a major critical mineral mining operation in Colombia," said Collective Mining ( CNL ) Executive Chairman Ari Sussman.

With all the surface titles required for a future mine now either owned or under agreements, the company plans to commence construction of an exploration adit in the fourth quarter.

The exploration adit will initially be used to construct underground drill chambers to test the Trap System discovered in 2022.