Objective
To develop the Guayabales Project – Apollo Polymetallic Deposit (gold, silver, copper and tungsten), leveraging its geological potential to drive Colombia’s economic development and contribute to the diversification of global strategic mineral supply chains.
Key Targets
- Mineral resources (initial estimate, September 2026): 2.58 million gold-equivalent ounces Indicated (2.17 g/t) and 2.83 million Inferred (1.83 g/t).
- Potential production of 400,000 to 500,000 gold-equivalent ounces per year, with a 20-year mine life.
- Estimated royalties and taxes of USD 280 to 450 million per year.
- 5,000 jobs during construction and 2,000 permanent jobs.
- Start of operations estimated for 2030.
Market Opportunity
- Growing global demand for precious metals and strategic minerals associated with new technologies.
- Potential to diversify the global supply of tungsten, whose production is highly concentrated.
- Interest from industrial buyers, refiners and international traders, with an emphasis on the U.S. critical minerals market.
Competitive Advantage over Current Supply
Caldas has more than 500 years of mining tradition, an industrial economy, well-established infrastructure, a skilled workforce, favorable security conditions and road connectivity to logistics corridors and the country’s main ports. The project is located outside identified environmentally sensitive areas and does not overlap with Indigenous reserves.
Project Stage
Advanced exploration toward environmental licensing. Underground drilling and submission of the environmental license application begin in 2027, followed in 2028 by the resource update and the Preliminary Economic Assessment (PEA).
Strategic Impact
- Promotion of foreign investment and the development of strategic minerals.
- Attraction of new companies to explore Colombia’s geological potential.
- Economic growth and regional development in Caldas.
- Sector context: non-hydrocarbon mining accounts for 1.6% of GDP (2025, ACM estimates), generates more than 263,000 direct jobs and over one million indirect jobs, and contributes 32% of Colombian exports (more than USD 16 billion per year).
ESG Considerations
Environmental: Located outside identified environmentally sensitive areas, in a territory with a well-established mining tradition.
Social: A territory with 500 years of mining tradition (Marmato and Supía), an area with 10 licensed mining operations and no overlap with Indigenous reserves.
Governance: Governance focused on the responsible development of the project, with sustainability reporting under the GRI Standards.
SDGs: 8 (Decent Work and Economic Growth) · 9 (Industry, Innovation and Infrastructure) · 11 (Sustainable Cities and Communities).