Assessing Collective Mining’s Valuation After PDAC 2026 Core Shack Recognition For The Apollo System

Collective Mining (TSX:CNL) is drawing fresh attention after its Apollo system at the Guayabales Project was selected for the PDAC 2026 Core Shack, a selective technical forum for exploration projects.

See our latest analysis for Collective Mining.

The latest PDAC Core Shack invitation comes as momentum in Collective Mining’s share price has been building, with a 90 day share price return of 55.49%, year to date share price return of 26.23% and a very large 3 year total shareholder return, although the current CA$24.21 share price already reflects several years of strong gains.

If this kind of exploration story has your attention, it could be worth widening your search with our screener of 26 elite gold producer stocks to see what else fits your thesis.

With the share price already at CA$24.21 after very strong multi year returns, and the average analyst price target sitting at CA$30, is Collective Mining still offering upside or is the market already pricing in future growth?

Preferred Price to Book Multiple of 26.7x: Is It Justified?

Collective Mining is trading on a P/B of 26.7x, compared to an industry average of 3.6x and a peer average of 14.7x, so the current CA$24.21 price is clearly being framed by investors as a premium story rather than a value one.

P/B compares a company’s market value to its net assets, which is often used for asset heavy sectors like metals and mining where current earnings are not yet meaningful. With Collective Mining still unprofitable and making less than US$1m in revenue, this kind of premium multiple suggests the market is focusing more on the potential of the Guayabales project than on present financials.

Against the wider Canadian Metals and Mining industry, Collective Mining’s 26.7x P/B is several times higher than the 3.6x average, and it also sits well above the 14.7x peer average. That is a strong relative premium, and it implies expectations that differ sharply from the typical miner, even though analysts do not have a statistically tight range of agreement on future outcomes.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to book ratio of 26.7x (OVERVALUED)

However, the story hinges on exploration success and funding. With no revenue and a US$45.88m loss, any setback could quickly challenge today’s premium valuation.

Find out about the key risks to this Collective Mining narrative.

Next Steps

If the mix of enthusiasm and caution here feels familiar, it might be time to move quickly and review the underlying data yourself so you can weigh both sides, starting with 1 key reward and 3 important warning signs.

Looking for more investment ideas?

If you are weighing what to do next, do not stop at a single explorer. Use the Simply Wall Street screener to line up your next watchlist candidates.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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