Mr. Ari Sussman reports

COLLECTIVE MINING DRILLS 792.25 METRES AT 1.71 G/T GOLD EQUIVALENT FROM SURFACE FOR THE LARGEST GRADE ACCUMULATION INTERCEPTED TO DATE AT THE APOLLO PORPHYRY SYSTEM

Collective Mining Ltd. has released assay results from two drill holes designed to test depth extensions and high-grade mineralization 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 455 metres by 395 metres by 915 metres, and open for expansion.

Ari Sussman, executive chairman, commented: "The Apollo system continues to deliver unusually high-grade intercepts for a porphyry deposit over significant core lengths, with today's results being two of the longest holes ever drilled by the company. I am most pleased that mineralization in both holes began directly from surface and the size of the Apollo system was once again expanded as a result of APC-55. I am excited about the prospect of what the Guayabales project will deliver in the second half of 2023 as we embark on the aggressive growth phase of our 2023 drilling program, where expansion of the Apollo porphyry system and making a new discovery are our top priorities."

Watch a short video of David Reading, special adviser to Collective Mining, speak about the assay results announced today on YouTube.

Details (see the table entitled "Assay results")

The 2023 phase 2 drilling program is advancing on schedule with 24 holes completed and results announced, with an additional nine holes awaiting assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the 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 grassroots exploration. Since the announcement of the discovery hole at Apollo in June, 2022, a total of 55 drill holes (approximately 23,907 metres) have been completed and assayed.

This press release outlines results from two long stepout holes. APC-49 and APC-55 were drilled to test high-grade, shallow mineralization and depth extensions in previously undrilled areas. Both holes were drilled from pad 6, with APC-49 directed steeply to the northwest and APC-55 drilled to the northeast. Results for these holes are summarized below.

APC-49 was drilled steeply to the northwest from pad 6 to a maximum downhole depth of 852.9 metres (908 metres vertical due to topography). The hole was designed to test the northwestward continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material (transition zone) from 5.7 metres downhole until 28.6 metres. Below this, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 per cent), pyrite (up to 1.2 per cent) and 0.8 per cent pyrrhotite, and some areas of mineralized porphyry (without breccia). Various sheeted carbonate base metal veins (CBM) and veinlet zones associated with higher-grade gold, which overprint and flood the matrix hosting the earlier breccia-porphyry mineralization, were observed and contain carbonate associated with sphalerite and galena. The hole bottomed in mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole, returning 0.52 gram per tonne (g/t) gold equivalent (AuEq). Complete assay results for the hole are summarized in the table entitled "Assay results," with highlights as follows:

• 847.25 metres at 1.09 g/t gold equivalent from 5.65 m (consisting of 0.64 g/t gold, 16 g/t silver (Ag) and 0.14 per cent copper (Cu)), including:
  • 22.9 m at 1.36 g/t gold equivalent from 5.65 m downhole in the oxide-plus transition zone;
  • 42.35 m at 2.78 g/t gold equivalent from 491.5 m downhole in a CBM-rich zone; and
  • 30.95 m at 2.12 g/t gold equivalent from 625.6 m downhole in a CBM-rich zone.

Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the deposit, and future directional drilling will look to expand the system and tighten up drill spacing.

APC-55 was drilled to the northeast from pad 6 and was designed to test for an extension of shallow high-grade mineralization to depth within the northeast portion of the Apollo system. The hole was drilled to a maximum downhole depth of 909.45 m (855 m vertical) with mineralization beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone) from surface until 48.8 m down hole. Below this depth, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1 per cent), pyrite (up to 2 per cent) and pyrrhotite (up to 1.2 per cent), with some interfingering areas of mineralized porphyry (without breccia). Four sheeted CBM vein and veinlet zones at 184.7 m, 364.2 m, 431.8 m and 591.5 m downhole were observed with vein sulphides (sphalerite and galena) overprinting the earlier porphyry mineralization in the breccia matrix. Complete assay results for the hole are summarized in the table entitled "Assay results," with highlights as follows:

• 792.25 m at 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18 per cent copper), including:
  • 48.8 m at 3.23 g/t gold equivalent from surface in an oxide-plus transition zone;
  • 21.55 m at 3.66 g/t gold equivalent from 184.7 m downhole in a CBM-rich zone;
  • 31.05 m at 2.37 g/t gold equivalent from 364.2 m downhole in a CBM-rich zone;
  • 21.65 m at 2.36 g/t gold equivalent from 431.75 m downhole in a CBM-rich zone; and
  • 16.50 m at 2.34 g/t gold equivalent from 591.5 m downhole in a CBM-rich zone.

APC-55 returned 1,356 g/t gold equivalent on a grams times metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the strike length of the mineralized system to the northeast with maximum known over all dimensions now measuring 455 m by 395 m by 915 m. The multiple northwest- and east-west-trending CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an excellent opportunity for high-grade mineralization to be found over significant vertical dimensions.

Apollo drill program outline and assay update

Nine additional holes have been completed at the Apollo system with assay results expected in the near term, with all holes except one intersecting bulk-tonnage mineralization over significant core lengths.

With four diamond drill rigs now operating at site, the company is focused on:

1. Expanding the Apollo porphyry system and the recently discovered high-grade Contact zone;
2. Stepping out along the newly discovered high-grade Vein zone situated above the Apollo porphyry system along a northwest-to-southeast corridor (where it does not come to surface);
3. Testing the six newly generated targets surrounding the Apollo porphyry system;
4. Testing a new porphyry target named Plutus, which is located approximately one kilometre east of Apollo. Further details on Plutus will be announced shortly, once all surface geochemistry assay results have been delivered, verified and compiled.

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 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 (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, which remains open in most 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.

Qualified person (QP) and National Instrument 43-101 disclosure

Mr. 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.

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