Collective Mining (CNL) said Monday it has secured full ownership of the Guayabales mining license in Colombia by expediting its agreement with the vendor.

The license hosts its flagship Apollo system and is one of three key licenses in its Guayabales Project, the company said.

The revised payment schedule includes $2 million due immediately, $2 million one month after filing the title transfer, and $2.3 million two months after submission, while the remaining $3.5 million will be paid in six installments over three years, Collective Mining said.

Collective Mining also said it expects the Colombian National Mining Agency to approve the title transfer within 60 days of the request.