Mr. Ari Sussman reports

COLLECTIVE MINING EXPANDS APOLLO TO THE SOUTHWEST AND AT DEPTH BY INTERSECTING 389.45 METRES AT 1.36 G/T GOLD EQUIVALENT UP TO 935 METRES BELOW SURFACE

Collective Mining Ltd. has released assay results from the first four directional drill holes into the Apollo porphyry system. Apollo hosts an outcropping high-grade, bulk-tonnage gold-silver-copper-tungsten porphyry system measuring 520 metres by 395 metres by 935 metres (previously 915 metres), which remains open for further expansion. 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.

Highlights:

• Four directional holes drilled into the Apollo porphyry system have expanded the wireframed envelope to the southwest, intercepted high-grade mineralization at the deepest vertical depth drilled to date and improved upon the grade profile below 1,500 metres elevation in a sparsely drilled area.
• APC70-D4 intersected 389.45 metres at 1.36 grams per tonne (g/t) gold equivalent (AuEq) up to 935 metres below surface, with the final 21.8 metres of this intercept grading 4.41 g/t gold equivalent. APC70-D4 has locally extended the system by 100 metres to the southwest and intercepted the deepest mineralization ever encountered at Apollo.
• APC70-D1, which was drilled to the south across the Apollo system at a near true angle, intersected 199.40 metres at 1.65 g/t gold equivalent, including 26.5 metres at 3.48 g/t gold equivalent to a maximum vertical depth of 745 metres below surface.
• APC70-D2, which was drilled to the southeast also at a near true angle to the Apollo system, intersected 168.20 metres at 1.32 g/t gold equivalent, including 21.35 metres at 3.11 g/t gold equivalent to a maximum vertical depth of 625 metres below surface.
• APC70-D3, which was drilled to the southwest, intersected 168.80 metres at 1.82 g/t gold equivalent to a maximum vertical depth of 654 metres below surface. The hole bottomed while still in mineralization with the final 4.70 metres grading 1.40 g/t gold equivalent, indicating potential for further expansion of the mineralized envelope.
• Visual logging of recently completed directional drill hole APC70-D5 and APC88-D1 has intercepted a potential expansion at depth for Apollo as well as a new porphyry unit located north of Apollo under the Olympus system. Assay results for both holes are expected in January.
• Drilling continues at the Guayabales project with four rigs, two operating at the Apollo and Trap targets, respectively, and a backlog of assay results expected in the near future.

Ari Sussman, executive chairman, commented: "Our directional drill program is off to an excellent start by demonstrating that orthogonal drilling improves the grade profile locally due to an abundance of zones flooded with mineralized CBM [carbonate and base metal] vein fluid. Additionally, directional drilling is making it much easier for the company to test and expand the Apollo envelope by allowing the company to quickly reach areas that are not possible to drill from surface due to topography. Visual observations of holes APC70-D5 (pad 1) and APC88-D1 (pad 14) notes intercepts of more than 500 metres (APC70-D5) and 500 metres plus a second zone of more than 200 metres (APC-88-D1), indicating that a potential material size increase to the envelope of the system will be forthcoming upon receipt of assays in early Q1 2024."

Details (see the table entitled "Assay results for APC-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4")

This press release outlines the first results from the mother hole (APC-70) and four directional holes (APC70-D1 to D4), drilled from the end of the mother hole and designed to test for grade continuity at depth as well as western extensions to the Apollo porphyry system. APC-70 was drilled due south from pad 1 and its directional holes form a fan pattern from southeast to southwest, intersecting the Apollo system more perpendicularly than prior drilling.

APC-70 was the mother hole for this first directional program and was drilled steeply to the south from pad 1 to a final downhole depth of 293.30 metres. The principal objective of this hole was to reach the optimal depth to commence the directional drill holes. The hole intersected shallow mineralization related to carbonate and base metal (CBM) veining at 83.30 metres downhole for 22.70 metres with assays results as follows:

• 22.70 metres at 1.18 g/t gold equivalent from 83.30 metres downhole.

APC70-D1 was the first deflection from the mother hole and was drilled due south to a final directional downhole depth of 624.10 metres (745 metres vertical from surface due to depth of mother hole). The hole entered brecciated porphyry at 229.30 metres downhole and continued in mineralization for 199.40 metres. The mineralized breccia zone consists of a sulphide matrix cement hosting chalcopyrite (up to 0.4 per cent), pyrite (up to 1.6 per cent) and pyrrhotite (up to 0.8 per cent), as well as later and overprinting CBM vein sulphides such as sphalerite (up to 0.8 per cent), galena (up to 0.3 per cent) and trace amounts of fine, free gold, with assay results as follows:

• 199.40 metres at 1.65 g/t gold equivalent from 229.30 metres downhole (consisting of 1.46 g/t gold, 11 g/t silver and 0.04 per cent copper), including:
  • 32.90 metres at 2.32 g/t gold equivalent from 281.40 metres downhole; and
  • 26.50 metres at 3.48 g/t gold equivalent from 402.20 metres downhole.

APC70-D1 encountered better grades than previously modelled in this area from drill holes APC-17 and APC-49, and, as a result, will improve the grade block model in this location. Directional drilling perpendicular to the breccia body has also identified multiple zones of sheeted CBM veins which were intersected from downhole depths of 229.30 metres, 281.40 metres and 402.2 metres over intersection lengths ranging from 22.3 metres to 32.90 metres with grades between 2.32 g/t gold equivalent to 3.48 g/t gold equivalent.

APC70-D2 was drilled in a southeast direction from the mother hole to a maximum downhole deflection depth of 501.80 metres (625 metres vertical from surface due to depth of mother hole). The hole encountered sheeted CBM vein zones at 15 metres and 181.40 metres downhole depths, for intervals of 11.70 metres and 5.90 metres, with grades of 1.52 g/t gold equivalent and 1.78 g/t gold equivalent, respectively. The hole entered brecciated porphyry at 213.10 metres depth and intersected 168.20 metres of mineralization consisting of a sulphide cement matrix hosting chalcopyrite (up to 0.3 per cent), pyrite (up to 1.5 per cent) and pyrrhotite (up to 1 per cent), with CBM vein sulphides such as sphalerite (up to 0.3 per cent) and galena (up to 0.2 per cent). The following assay results are highlighted:

• 11.70 metres at 1.52 g/t gold equivalent from 15 metres downhole (consisting of 1.38 g/t gold, 10 g/t silver and 0.02 per cent copper);
• 168.20 metres at 1.32 g/t gold equivalent from 213.10 metres downhole (consisting of 1.14 g/t gold, 11 g/t silver and 0.03 per cent copper), including:
  • 21.35 metres at 3.11 g/t gold equivalent from 240 metres downhole.

APC70-D2 also encountered better grades than previously modelled in this area due to the presence of multiple zones hosting sheeted CBM veins (see the table entitled "Assay results for APC-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4") and, as a result, will improve upon the grade block model in this location.

APC70-D3 was drilled southwest to a maximum directional depth of 481.10 metres (654 metres vertical from surface due depth of mother hole). At the beginning of the hole, sheeted CBM vein mineralization was intersected over intervals between 5.10 metres and 28.45 metres, with grades of up to 3.33 g/t gold equivalent. Beginning at 245 metres downhole, brecciated porphyry mineralization was intercepted over a total of 168.80 metres. The sulphide mineralization in the breccia matrix in this interval consists of chalcopyrite (up to 0.3 per cent), pyrite (up to 1.1 per cent), sphalerite (up to 0.6 per cent), galena (up to 0.8 per cent) and pyrrhotite (up to 1.5 per cent). The following assay results are highlighted:

• 168.80 metres at 1.82 g/t gold equivalent from 245.50 metres downhole (consisting of 1.59 g/t gold, 14 g/t silver and 0.03 per cent copper), including:
  • 21.65 metres at 2.27 g/t gold equivalent from 247.95 metres downhole; and
  • 108.80 metres at 2.21 g/t gold equivalent from 305.50 metres downhole.

The APC70-D3 intercept has extended the Apollo system locally for a further 25 metres to the southwest into an area with no previous drilling. Furthermore, the hole bottomed in mineralization with the final 4.7 metres grading 1.4 g/t gold equivalent, opening the opportunity for further mineralization extensions in this area.

APC70-D4 was drilled southwest to a maximum directional downhole depth of 728.25 metres (935 metres vertical from surface due to depth of mother hole). APC70-D4 is the deepest hole drilled to date at Apollo, reaching depths of 935 metres below surface (1,075 RL).

From 45.25 metres to 197.80 metres, the hole encountered a series of sheeted CBM vein intervals hosted within quartz diorite porphyry. Beginning at 268.55 metres downhole, the hole intersected 389.45 metres of brecciated porphyry mineralization with sulphide matrix cement hosting chalcopyrite (up to 0.2 per cent), pyrite (up to 3 per cent), sphalerite (up to 0.5 per cent), galena (up to 0.2 per cent) and pyrrhotite (up to 1.3 per cent). The following assay results are highlighted:

• 4.25 metres at 14.35 g/t gold equivalent from 119.35 metres downhole (consisting of 13.87 g/t gold, 60 g/t silver and 0.02 per cent copper);
• 389.45 metres at 1.36 g/t gold equivalent from 268.55 metres downhole (consisting of 1.17 g/t gold, 11 g/t silver and 0.03 per cent copper), including:
  • 84.25 metres at 1.88 g/t gold equivalent from 456.25 metres downhole; and
  • 21.80 metres at 4.41 g/t gold equivalent from 636.20 metres downhole.

The results of directional hole APC70-D4 confirm the discovery of a 100-metre southwest depth extension to the Apollo porphyry system. Apollo remains open to the west for further expansion and recent visual logging of new, westerly directed directional hole APC70-D5 has confirmed the discovery of over 500 metres of brecciated porphyry mineralization in this area.

Exploration drill program and assay update

Diamond drilling at the Guayabales project currently totals 128 drill holes (approximately 51,380 metres) completed and assayed. The 2023 phase 2 drilling program is advancing on schedule, with assay results reported for 57 holes and an additional 10 holes awaiting assay results from the laboratory.

With four diamond drill rigs now operating at site, the company is advancing with the following objectives:

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 to the north, west and at depth.
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 (see press release dated Sept. 7, 2022) 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.

The Apollo 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 gold-silver-copper-tungsten porphyry system. Mineralization styles include early-stage porphyry veins, intermineral brecciated porphyry mineralization, and multiple zones of late-stage, sheeted, carbonate base metal veins with high gold and silver grades. The Apollo 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).

To see the company's latest corporate presentation and related information, please visit the company's website.

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 gold, silver, copper and tungsten 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 system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo porphyry system. The company's near-term objective is to 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 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, soil 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 quality assurance/quality control (QA/QC) program.

We seek Safe Harbor.