Mr. Ari Sussman reports

COLLECTIVE MINING DRILLS 56.60 METRES AT 10.05 G/T GOLD EQUIVALENT WITHIN 329.75 METRES AT 3.10 G/T GOLD EQUIVALENT IN STEP OUT DRILLING ALONG THE CONTACT ZONE AND DISCOVERS A NEW VEIN SYSTEM AT APOLLO

Collective Mining Ltd. has released assay results for the first four holes drilled from newly constructed pads 9 and 10 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 and diorite porphyry bodies currently measuring 435 metres by 395 metres by 915 metres and open for expansion.

Ari Sussman, executive chairman, commented: "Hole APC-53 is very significant for the company. Firstly, we have discovered a high-grade and bulk-tonnage sheeted vein system located above the Apollo porphyry system. The vein system has potential to be traced over significant distances to both the northwest and to the southeast and if drilling corroborates this potential, the overall footprint of the shallow mineralization at Apollo would expand significantly. Follow-up drilling is under way from pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.

"Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and displayed excellent continuity over a long interval. This interval is the second-highest-grade intercept (grams by metres) ever drilled at the project and has more than doubled the known strike length of the high-grade contact zone.

"With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the testing of newly generated targets, we are truly excited to see what other potential may lie ahead."

Details

The 2023 phase II drilling program is advancing on schedule with 22 holes completed and results announced. A further seven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization and the dimensions of the Apollo porphyry system near surface, expand the overall size of the system through stepout and directional drilling, and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June, 2022, a total of 54 drill holes (approximately 22,997 metres) have been completed and announced.

This press release outlines results from four new holes testing the Apollo system. APC-50 and APC-51 were shallow holes drilled from pad 9 and were designed to test gaps in the current mineralization block model. APC-52 and APC-53 were also drilled into untested areas from pad 10 with APC-53 designed to step out along the contact zone (where the intermineral breccia ends at a contact with quartz diorite porphyry and is overprinted by multiple zones of sheeted CBM veins) to the northeast.

APC-50 was the first hole ever drilled from pad 9 and was completed at a maximum down-hole depth of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the central high-grade core of the deposit where no drilling had yet to be completed. The hole intercepted angular breccia commencing at 53.30 metres down hole (30 metres vertical) with sulphide mineralization flooding the matrix and consisting of chalcopyrite (up to 1.3 per cent), pyrite (up to 1.5 per cent) and 1 per cent pyrrhotite. The complete assay results for the hole are summarized herein with highlights as follows:

• 137.70 metres at 2.60 grams per tonne gold equivalent from 53.30 metres down hole (consisting of 0.74 g/t gold, 52 g/t silver and 0.66 per cent copper), including:
  • 28.55 metres at 0.93 per cent copper, 0.87 g/t gold and 79 g/t silver from 64.95 metres down hole.

The hole outlines the presence of shallow mineralization with high copper grades and adds volume to the mineralization block model as this area had not previously been drill tested. As expected, a well-defined postmineral dike was encountered from surface until the start of mineralization.

APC-51 was drilled to the south from pad 9 and was designed to test the extension of high-grade mineralization at depth within the southern portion of the Apollo system. The hole was drilled steeply to a maximum down-hole depth of 435.65 metres and intercepted mineralized breccia from 163.30 metres down hole (160 metres vertical). Sulphides impregnating the breccia matrix consisted of chalcopyrite (up to 1 per cent), pyrite (0.5 per cent to 1.5 per cent) and pyrrhotite (1.2 per cent) with assay results as follows:

• 112.55 metres at 2.26 g/t gold equivalent from 163.30 metres down hole (consisting of 1.27 g/t gold, 22 g/t silver and 0.41 per cent copper), including:
  • 21.10 metres at 3.25 g/t gold equivalent from 198.25 metres down hole, which includes 0.72 per cent copper.

The hole confirms the continuity of the high-grade zone in the south part of the Apollo porphyry system and again adds volume to the mineralization block model as the area had not been previously drill tested.

APC-52 was the first shallow hole drilled to the west from pad 10 and was designed to test for shallow mineralization in an untested area of the current mineralization block model. Surprisingly, the hole encountered a robust sheeted vein system directly from surface before transitioning to breccia until a down-hole depth of 190.20 metres (160 metres vertical). The intercept begins with iron oxide veinlets and veins within porphyry host rock down to 20 metres followed by disseminated sulphides of pyrite (0.3 per cent to 1 per cent) and pyrrhotite (0.1 per cent to 0.3 per cent) within crackle brecciated quartz diorite associated with strong sericite-chlorite alteration to 56 metres down hole. From 56 metres, typical angular breccia was encountered with high-grade copper-silver-gold mineralization relating to a sulphide matrix of chalcopyrite (0.5 per cent), pyrite (up to 1 per cent) and 0.5 per cent pyrrhotite. Additionally, the hole was overprinted by late-stage CBM sheeted vein fluid with sphalerite and galena sulphides in association with carbonate. A zone with a higher percentage of chalcopyrite (over 2 per cent) was also encountered down hole from 157 metres to 182.80 metres with overall assay results as follows:

• 190.30 metres at 2.46 g/t gold equivalent from 1.9 metres down hole (consisting of 1.19 g/t gold, 43 g/t silver and 0.41 per cent copper), including:
  • 34.05 metres at 5.16 g/t gold equivalent from 56.95 metres down hole;
  • 25.80 metres at 3.76 g/t gold equivalent from 157 metres down hole, which includes 0.75 per cent copper.

APC-53 was drilled from pad 10 to a final down-hole depth of 602.45 metres and was designed to test the high-grade contact zone at depth to the northeast of previously announced contact zone holes APC-41, APC-42 and APC45 (refer to press releases dated April 25, 2023, and May 30, 2023). Surprisingly, the hole intercepted a robustly enriched zone of northwest- and east-west-trending overprinting sheeted CBM veins from surface to 145 metres depth. This new discovery is located above the Apollo porphyry system and has potential to be traced in all directions while adhering to a northwest to southeast trend. The mineralization in this new zone relates to sheeted and stockwork carbonate and base metal veinlets and veins with the principal sulphides consisting of sphalerite (0.3 per cent to 1 per cent), galena (0.3 per cent to 1 per cent), pyrite (0.3 per cent to 1.5 per cent) and pyrrhotite (0.2 per cent to 0.6 per cent). Farther down hole at 232.95 metres depth (225 metres vertical) below this new discovery, the contact zone was intercepted over 329.75 metres and consisted of mineralized angular breccia with abundant chalcopyrite (up to 2.5 per cent), pyrite (1 per cent to 7 per cent) and 1 per cent pyrrhotite as well as CBM vein system sulphides such as sphalerite (0.2 per cent to 3 per cent) and galena (0.1 per cent to 3 per cent). An extremely high-grade subzone of 56.60 metres was encountered at 277.65 metres down hole with an abundance of CBM vein sulphides flooding the matrix. Assay results for APC-53 are as follows:

• 145 metres at 2.11 g/t gold equivalent commencing from surface in the newly discovered vein system;
• 329.75 metres at 3.10 g/t gold equivalent from 233 metres down hole (consisting of 2.30 g/t gold, 42 g/t silver and 0.16 per cent copper) in the contact zone, including:
  • 56.60 metres at 10.05 g/t gold equivalent.

APC-53 is an important exploration hole in the context of the Apollo system as it has:

• Expanded the footprint of the shallow mineralization with the discovery of the new outcropping vein system. The vein system is being driven from the porphyry engine at depth and has potential to be extended over significant distances along strike to the northwest above the Apollo porphyry system and to the southeast. Drilling is currently under way to trace the vein system to the northeast and northwest with follow-up holes planned shortly to the south of APC-53.
• More than doubled the length of the high-grade contact zone, which now measures 370 metres and is open along strike to the northeast. Two additional holes testing the contact zone have been completed with a third hole currently being drilled.
• The contact zone has the potential to extend to deep vertical depths given its metal endowment is being driven exclusively by a source intrusion. Directional drilling will begin in early Q3 at Apollo and will target the depth extensions of the zone.
• Extended the Apollo porphyry system to the northeast by 35 metres in this location.

Apollo drill program

Seven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk-tonnage mineralization over significant core lengths.

The company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is expected to be at the project in June, 2023, and is going to test new exploration targets identified around Apollo as well as other targets at the Guayabales project.

The Apollo target area, as defined to date by surface mapping, rock sampling, and copper and molybdenum soil geochemistry, covers a 1,000 m by 1,200 m area and represents a large and unusually high-grade copper-silver-gold 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 (see press release dated April 18, 2023).

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold Inc. to Zijin 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 and test new targets on the property.

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 (QP) 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 MSc in economic geology and is a fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical information

Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, 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.