07:20 AM EDT, 06/23/2025 (MT Newswires) -- Collective Mining ( CNL ) on Monday said it has earned 100% of the Guayabales mining license after accelerating its agreement with the vendor.

The Guayabales license, which hosts the company's flagship Apollo system, is one of three major contiguous licenses that make up the Guayabales project in Colombia.

The original agreement for the mining license was signed between Collective Mining ( CNL ) and the vendor in June 2020 and allowed the company to earn a 100% ownership in 2032 by making scheduled payments and committing to certain exploration expenditures.

Under the amendment, the total financial consideration owed to the vendor remains the same as under the original agreement.

However, the payment schedule has been accelerated to $2 million payable immediately; $2 million payable within one month provided the title transfer request to the Colombian National Mining Agency has been filed; $2.3 million payable within two months following the submission of the title transfer request; and $3.5 million payable in six installments over three years from the date of the amendment's execution.

The title transfer approval is expected within 60 days following the request being made.