Mr. Ari Sussman reports

COLLECTIVE MINING REPORTS HIGH GOLD RECOVERIES AVERAGING 93.5% FROM METALLURGICAL TEST WORK ON THE APOLLO PORPHYRY SYSTEM

Collective Mining Ltd. has released robust summary results from metallurgical test work on its Guayabales project's Apollo porphyry system. The company envisions a conventional split circuit for processing material from Apollo with the copper-rich stream (more than 0.15 per cent copper) being treated through a flotation circuit and the copper-poor stream (less than 0.15 per cent copper) being treated through a cyanidation circuit. Results reported below are from phase I test work completed as part of the evaluation process for the cyanidation circuit as follows:

• Bottle roll cyanidation tests on eight composite samples composed of oxide, transition and sulphide material across multiple mineralization styles and at various grades averaged a 93.5-per-cent recovery rate for gold (range 87.5 per cent to 98.8 per cent).
• Importantly, only four of the eight composite samples were suitable for a cyanidation circuit with copper grades below 0.15 per cent. The average recovery rate for gold on the four suitable samples was very high at 96.7 per cent.
• The dissolution of gold was high irrespective of the sulphur content confirming mineralogical work which showed that most of the gold is fine (less than 10 microns) and is not associated with sulphides.
• The cyanidation test on all samples had excellent and rapid leach kinetics with over 85-per-cent dissolution within 24 hours.
• With respect to the flotation circuit, detailed mineralogical work highlights a relatively simple copper sulphide assemblage hosting predominately chalcopyrite with lesser chalcocite and covellite. Preliminary rougher flotation test work to date demonstrates robust recovery rates for copper, silver and gold. More detailed flotation work is in progress with final phase I results expected in Q1 2024.
• Silver dissolution is generally in the range of 50 per cent to 60 per cent; however, the bulk of the silver is associated with the copper mineralization and will report at higher recovery rates in the flotation concentrate.

Ari Sussman, executive chairman, commented: "The Apollo system is fortunate to benefit from simple metallurgy with excellent recovery rates expected for gold, silver and copper. We look forward to continued improvement in test work with next results expected in Q1 2024."

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, continue to expand the overall dimensions of the system, which remains open in most directions, and test newly generated grassroots targets.

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

John Wells 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. Wells is a graduate of the Royal School of Mines in the United Kingdom, has over 50 years of experience in mineral processing, is a fellow of the SAIMM (South African Institute of Mines and Metallurgy) and is a member of the CIM (Canadian Institute of Mining and Metallurgy).

Sample preparation and quality assurance/quality control

All samples were prepared and analyzed at the SGS facilities in Callao, Peru. Each of the composites was prepared from coarse drill core rejects with a granulometry greater than two millimetres (mesh No. 10 ASTM). The material was completely blended and quartered to obtain one kilogram for cyanide bottle roll testing. Chemical analysis of head ore was carried out using fire assay fusion to determine gold content and for silver and copper concentrations four-acid digestion with inductively coupled plasma finish.

Leaching kinetics were conducted in bottles on laboratory rolls for 72 hours (75-micrometre feeds) and 1,000 parts per million sodium cyanide, 10.5 to 11 pH and 40 per cent solids. Bottle rolling was suspended briefly after two, six, 24, 48 and 72 hours and slurry samples were taken and filtered to collect pregnant solution for gold, silver and copper analyzes. Filter samples were returned to the leaching containers and volumes were measured. Makeup water equivalent to that withdrawn was added to the slurries and lime was also added as required to maintain a slurry pH of 10.5 to 11. Sodium cyanide was added to maintain the initial concentration. Finally, leached residues were washed, dried, weighed and then assayed to determine residual metal content.

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