Mr. Ari Sussman reports

COLLECTIVE MINING DISCOVERS HIGH-GRADE TUNGSTEN MINERALIZATION IN THE SHALLOW PORTION OF THE GUAYABALES PROJECT'S APOLLO SYSTEM

Collective Mining Ltd. has outlined a high-grade zone of tungsten mineralization in the shallow portion of the Guayabales project's Apollo porphyry system located in Caldas, Colombia, from a review of recently received detailed assay results on previously completed drill hole core. The porphyry system at Apollo owes its excellent metal endowment to an older copper, silver and gold porphyry system being overprinted by younger precious-metal-rich, intermediate sulphidation porphyry veins (CBM veins) within magmatic, hydrothermal intermineral breccia and diorite porphyry bodies currently measuring 520 metres by 395 metres by 915 metres and open for expansion:

• Tungsten trioxide (WO3) grades in the shallow portion of the Apollo system range between approximately 0.06 per cent and 0.59 per cent with the weighted average grade running 0.25 per cent.
• Assuming a conservative 50-per-cent recovery rate for WO3 and currently quoted metal pricing, the weighted average gold equivalent (AuEq) grade of the drill holes within the tungsten-rich area at Apollo has increased from 2.87 grams per tonne (g/t) AuEq to 3.67 g/t AuEq (28-per-cent increase in grade). Please refer to the table entitled "Tungsten assay results in Apollo drill holes" for further details.
• Using a 0.1 per cent WO3 cut-off grade, the volume of shallow mineralization containing tungsten measures approximately 200 metres by 100 metres by 150 metres vertical, and is open to the northeast for expansion. The tungsten mineralized area coincides with high grades for gold, silver and copper within a shallow portion of the Apollo deposit.
• Tungsten mineralization is hosted within the mineral scheelite, which is the most common source of tungsten being mined globally.
• Metallurgical samples have been dispatched to an ALS laboratory in Kamloops, B.C., to undertake detailed mineralogical and metallurgical test work, with initial results expected in Q2 2024.

Ari Sussman, executive chairman, commented: "Finding high-grade tungsten as part of the mineral suite matrix in the shallow portion of the Apollo system has the potential to significantly enhance economics of the project. Tungsten has been officially designated as a critical mineral to most countries in the world and we are honoured to have found the first known source of potentially economic tungsten in Colombia. We look forward to receiving and analyzing the metallurgical test work results in Q2 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 portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions, and test newly generated grassroots targets.

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 under the trading symbol CNL and on the OTCQX under the trading symbol CNLMF.

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

David Reading is the designated qualified person for this news release, within the meaning of National Instrument 43-101 (NI 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 (QA/QC) program.

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