SCHEDULE 13G/A: Agnico Eagle Mines Increases Stake in Collective Mining to Nearly 15%

Agnico Eagle Mines Limited has significantly increased its beneficial ownership in Collective Mining Ltd. to 14.99% through a new subscription agreement and warrant exercise.

Summary

• Agnico Eagle Mines Limited (the "Reporting Person") has increased its beneficial ownership in Collective Mining Ltd. (the "Issuer").
• As of March 14, 2025, Agnico Eagle beneficially owns an aggregate of 12,718,219 common shares of Collective Mining.
• This represents 14.99% of Collective Mining's common shares outstanding.
• The increase is primarily due to a subscription agreement entered into on March 14, 2025, where Agnico Eagle agreed to subscribe for 4,741,984 common shares.
• Prior to this agreement, Agnico Eagle beneficially owned 7,976,235 common shares, which included 2,250,000 common shares issuable upon the exercise of warrants.
• The 2,250,000 warrants are intended to be exercised concurrently with the closing of the subscription on March 20, 2025.
• The percentage of class is calculated based on 84,844,692 common shares deemed issued and outstanding as of March 14, 2025.

Sentiment

Score: 8

Explanation: The significant increase in ownership by a major, reputable mining company like Agnico Eagle is a strong positive signal for Collective Mining, indicating confidence in its assets and potential. This type of strategic investment often validates a junior company's prospects.

Positives

• A major mining company, Agnico Eagle, increasing its stake signals confidence in Collective Mining's prospects and assets.
• The investment provides capital to Collective Mining through the subscription agreement, potentially supporting its exploration and development activities.
• Increased institutional ownership from a reputable entity can enhance the liquidity and credibility of Collective Mining's stock in the market.

Risks

• The filing states that the securities were not acquired for the purpose of changing or influencing control of the issuer, which is a standard certification for a passive investment under Rule 13d-1(b). This implies no immediate risk of hostile takeover or significant governance changes initiated by Agnico Eagle.

Future Outlook

The document indicates Agnico Eagle's intent to exercise its warrants concurrently with the closing of the subscription on March 20, 2025, solidifying its increased stake. The filing itself is a statement of current ownership and intent, not a forward-looking business outlook for Collective Mining.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11." (Statement from Chris Vollmershausen, Executive Vice-President, Legal, General Counsel & Corporate Secretary of Agnico Eagle Mines Limited).

Industry Context

This filing highlights a strategic investment by a large, established gold producer (Agnico Eagle) into a junior exploration company (Collective Mining). Such investments are common in the mining sector, where major players often take stakes in promising exploration or development companies to gain exposure to new projects or secure future resource pipelines. It suggests Agnico Eagle sees significant potential in Collective Mining's assets.

Comparison to Industry Standards

• In the mining industry, strategic investments by major producers into junior companies are a recognized form of partnership and validation.
• Agnico Eagle, a prominent gold miner with operations globally, investing in Collective Mining, a company focused on projects in Colombia, aligns with a trend of larger companies seeking growth opportunities through equity stakes in smaller, agile explorers.
• The 14.99% stake is a substantial minority interest, indicating a significant commitment without seeking outright control, which is a common approach for strategic investors in the early stages of project development.

Stakeholder Impact

• Shareholders: Positive impact due to increased institutional confidence, potential for improved share price, and capital injection for company operations.
• Employees: Potential for increased job security and growth opportunities if the capital leads to project advancement.
• Customers/Suppliers: Indirect positive impact from a more stable and well-funded company.
• Creditors: Improved financial stability could reduce credit risk.

Next Steps

• Closing of the subscription agreement and concurrent exercise of warrants by Agnico Eagle Mines Limited on March 20, 2025.

Key Dates

Recommendation

Keywords

Collective Mining Ltd., Agnico Eagle Mines Limited, SEC filing, Schedule 13G, beneficial ownership, common shares, equity investment, mining, warrants, institutional investment, shareholding, public company