Mr. Ari Sussman reports

COLLECTIVE MINING EXPLORATION UPDATE: TRAP DRILLING UNDERWAY AND SHORT HOLE DRILL PROGRAM AT APOLLO DELIVERS HIGH-GRADE INTERCEPTS

Collective Mining Ltd. has commenced drilling at the Trap target and has received assay results for seven holes drilled in the Apollo porphyry system. Apollo and Trap are both targets within the company's flagship Guayabales project located in Caldas, Colombia. Presently, there are four diamond drill rigs operating at the Guayabales project as part of the company's planned 42,000-metre drilling program for 2023.

Ari Sussman, executive chairman, commented: "Trap is an extremely exciting target, one which we did not appreciate appropriately when the discovery hole was drilled in mid-2022 as our geological knowledge of the Guayabales project was only in its infancy. After careful review, it is now clear that the 2022 Trap discovery hole is hosted in a long and continuous zone of quartz diorite porphyry with overprinting styles of mineralization similar to those observed at Apollo. Trap possesses all the characteristics of a potentially large porphyry system and we look forward to seeing what transpires from our drilling program now under way."

Trap target

The company announces that drilling is now under way at the Trap target in the northern portion of the Guayabales project. Trap is located approximately three kilometres to the northeast of the Apollo porphyry system in the largest porphyry intrusion centre outlined to date at the Guayabales project.

On Sept. 27, 2022, grassroots reconnaissance drilling at Trap resulted in a porphyry discovery with drill hole TRC-1 assaying 102.20 metres at 1.53 grams per tonne (g/t) gold equivalent, including:

• 16.10 metres at 2.63 g/t gold equivalent from 250.20 metres downhole related to a copper-gold-silver porphyry-style mineralization;
• 14.70 metres at 2.00 g/t gold equivalent from 289.00 metres downhole related to gold-silver-rich CBM-style mineralization.

Mineralization styles and metal geochemistry at Trap is very similar to the Apollo porphyry system in terms of gold, silver and copper. Hole TRC-1 intersected porphyry style mineralization (downhole depths from 250.2 metres to 266.30 metres) with secondary biotite, hydrothermal magnetite (up to 0.5 per cent) in veinlets, albite, chlorite, chalcopyrite (up to 1.0 per cent and replacing the magnetite) and pyrite (up to 1.3 per cent). Below this at 289.00 metres downhole, the hole entered into a polymetallic, CBM mineralization phase enveloped by strong sericite alteration. The sheeted carbonate veins host gold, silver, lead and zinc with sulphides, including sphalerite (up to 0.5 per cent), galena (up to 0.2 per cent), pyrite (up to 2.0 per cent), copper oxides, quartz and carbonates.

Apollo drilling

Three holes were drilled from pad 12 in order to better outline the shallowest portion of the dip of the system for block modelling. High-grade and shallow brecciated porphyry mineralization was intersected in holes APC-80, APC-82 and APC-84 and was fringed to the north by lower-grade and peripheral mineralization. These three holes have added grade and volume at shallow levels to the Apollo system with assay results as follows:

• 130.45 metres at 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80;
• 98.75 metres at 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82;
• 53.70 metres at 0.67 g/t gold equivalent from 120.00 metres downhole in APC-84.

Additionally, from pad 3, drill hole APC-75, APC-77 and APC-79 were fanned in southerly directions to test for the potential of the low-grade halo of mineralization surrounding the main brecciated high-grade Apollo system. These holes were drilled so that the company can begin to assess the potential of the low-grade halo and its potential to positively impact future mining scenarios, as well as determining the eastern boundary of the Apollo intrusion. Assay results are as follows:

• 109.15 metres at 0.46 g/t gold equivalent from 7.00 metres downhole in APC-75;
• 36.10 metres at 0.36 g/t gold equivalent from 52.40 metres downhole in APC-77.

As a result of drill holes APC-75 and APC-77, the maximum known strike of the Apollo system has been extended by 40 metres and now measures 560 metres in length.

Finally, a seventh hole, APC-76, was drilled to the west from pad 5 with the objective of intersecting a deep zone of the brecciated porphyry. Unfortunately, the hole was abandoned at a shallow depth before reaching the target zone when it entered a fault zone and encountered mechanical problems.

Exploration drill program and assay update

Diamond drilling at the Guayabales project now totals 123 drill holes (approximately 48,751 metres) completed and assayed. The 2023 phase II drilling program is advancing on schedule with assay results reported for 52 holes and an additional 10 holes awaiting assay results from the lab.

The company now has four diamond drill rigs operating within the Guayabales project area with the following objectives for the remainder of 2023:

1. Expanding the Apollo porphyry system both laterally and vertically. The company is currently advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system at depth, to the west and north;
2. Drill test the Trap target in the northern portion on the Guayabales project. Three widely spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-1, assaying 102.2 metres at 1.53 g/t gold equivalent and containing similar mineralization to the Apollo porphyry system. Follow-up drilling is now under way and initial assay results are expected in due course.

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.

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 and ALS 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 QA/QC (quality assurance/quality control) program.

We seek Safe Harbor.