Mr. Ari Sussman reports

COLLECTIVE MINING DISCOVERS A NEW HIGH-GRADE ZONE AT THE BRECCIA TO PORPHYRY CONTACT BY DRILLING 104.8 METRES GRADING 5.56 G/T GOLD EQUIVALENT FROM SURFACE AT APOLLO

Collective Mining Ltd. has released assay results from a further two drill holes completed within the Apollo porphyry system at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk-tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious-metal-rich, carbonate base metal vein systems (intermediate-sulphidation porphyry veins) within a magmatic, hydrothermal intermineral breccia body currently measuring 395 metres by 385 metres by 915 metres and open for expansion.

Ari Sussman, executive chairman, commented: "This new stepout drilling into the eastern area of the Apollo system has outlined a new and important high-grade zone where extensive quartz stockwork veining has resulted in an abundance of high-grade metal being trapped at the interface between breccia and porphyry. A drill hole from pad 10, located northeast from pad 6, is under way to test this new high-grade zone along the contact to the northeast. The surprises at Apollo continue to be positive and I am confident that not only will the Apollo porphyry system continue to grow with further exploratory drilling, but that we will make new discoveries in the near term by remaining aggressive with our drilling."

Details

The phase II drilling program of 2023 is advancing on schedule with 13 holes completed and results announced. A further six holes have been drilled and await assay results from the lab. The objectives of the 2023 program is to define the high-grade mineralization and dimensions of the Apollo porphyry system near surface, expand the size of the system through stepout and directional drilling, and drill test multiple new targets generated through grassroot exploration. Since the announcement of the discovery hole at Apollo in June, 2022, a total of 44 drill holes (approximately 18,400 metres) have been completed and assayed.

This press release announces results from two exploratory holes drilled eastward from pad 6 and designed to test the contact zone between the porphyry and intermineral breccia. The first hole, APC-41, was drilled to the northeast at a shallow angle and was suboptimal in design as it was drilled oblique to the contact zone. Based on the understanding gained from the first hole, APC-42 was drilled steeply due east and intercepted the contact zone at an orthogonal angle. Assay results and geological observations for both holes are summarized below:

APC-42 was drilled steeply to the east from surface at pad 6 to a maximum down-hole depth of 126.3 metres. The mineralized interval includes 44.55 metres of combined saprolite and saprock with iron oxides formed from the oxidation of the sulphides hosted within the matrix of the breccia and within veins. Below the oxidized zone, the intercept passes into fresh rock with a sulphide composition of 0.5 per cent chalcopyrite, 1.5 per cent pyrite and pyrrhotite (up to 0.5 per cent). One of the characteristic features of this intercept is the fact that it passes through a contact zone between breccia and porphyry. This zone contains both mineralized breccia and a stockwork of sulphide-bearing quartz and carbonate veins within the adjacent porphyry material, all of which are associated with intense sericite alteration. Finally, the footwall zone of the porphyry is well altered and hosts mineralization associated with disseminated pyrite and quartz-pyrite veins with assay results as follows: 104.8 metres at 5.56 grams per tonne gold equivalent (consisting of 4.21 g/t gold, 68 g/t silver and 0.3 per cent copper), including 44.6 metres at 6.99 g/t gold equivalent from surface in oxides, and 20 metres at 6.59 g/t gold equivalent from 84.80 metres down hole in a porphyry stockwork.

This intercept is followed by 19.35 metres at 0.33 g/t gold equivalent from 106.95 metres down hole and is hosted within quartz diorite porphyry.

APC-41 was drilled to the northeast from pad 6 to a maximum down-hole depth of 162.4 metres and was designed to test the contact zone between breccia and porphyry. The mineralized interval starts at 1.65 metres depth below the overburden and intersects 28.05 metres of combined saprolite and saprock with iron oxides formed from the oxidation of the sulphides hosted within the matrix of the breccia and within veins. Below the oxide zone, the intercept passes into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.2 per cent), pyrite (up to 2 per cent) and 0.1 per cent pyrrhotite before exiting the breccia and entering into mineralized quartz diorite porphyry. As in APC-42, the contact zone is characterized by a stockwork of sulphide-bearing quartz and carbonate, porphyry veins associated with intense sericite alteration. The sericite is overprinting earlier potassium alteration (biotite). Finally, the footwall porphyry is altered and hosts mineralization associated with disseminated pyrite and quartz-pyrite veins with assay results as follows:

• 82.1 metres at 3.09 g/t gold equivalent (consisting of 2.81 g/t gold, 13 g/t silver and 0.1 per cent copper), including:
  • 28.1 metres at 3.67 g/t gold equivalent from surface in oxides.

This intercept is followed by a lower-grade intercept of 57 metres at 0.34 g/t gold equivalent from 83.7 metres down hole and is hosted within quartz diorite porphyry.

Six additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk-tonnage mineralization over core length of up to more than 500 metres. APC-45 and APC-48 were shorter holes drilled from pad 7, designed to test the contact zone between the intermineral breccia and porphyry host rock in the southern portion of the deposit. APC-44 and APC-46 were longer holes drilled from pad 6 as part of the fan pattern of drilling to assess the shallow mineralization in the central area of the system. APC-49 was a deeper hole drilled to the northwest from pad 6 and APC-47 was drilled eastward from pad 4.

The company presently has three diamond drill rigs operating at the Apollo project with a fourth rig expected to begin operating prior to the end of Q2 2023. Additional assay results are expected in the near term.

The Apollo target area, as defined to date by surface mapping, rock sampling, and copper and molybdenum soil geochemistry, covers a 1,000-metre-by-1,200-metre area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, intermineral breccia mineralization, and multiple zones of porphyry-related, late-stage, sheeted, carbonate base metal veins with high gold and silver grades. The Apollo target area is still expanding as the company's geologists have found multiple additional outcrop areas with porphyry veining, breccia and late-stage, sheeted, carbonate base metal veins.

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold Inc. to Fijian Mining for approximately $2-billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The company has options to acquire 100-per-cent interests in two projects located directly within an established mining camp with 10 fully permitted and operating mines.

The company's flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The company's near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in all directions.

Management, insiders, and close family and friends own nearly 45 per cent of the outstanding shares of the company and, as a result, are fully aligned with shareholders. The company is listed on the TSX Venture Exchange under the trading symbol CNL and on the OTCQX under the trading symbol CNLMF.

Qualified person and National Instrument 43-101 disclosure

David J. Reading is the designated qualified person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MS in economic geology and is a fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SE).

Technical information

Rock, soils and core samples have been prepared and analyzed at SS laboratory facilities in Medallion, Colombia, and Lima, Peru. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The company utilizes a rigorous, industry-standard quality assurance/quality control program.

We seek Safe Harbor.