Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES A NEW DISCOVERY AT THE ME TARGET AND 2024 EXPLORATION PLANS

Collective Mining Ltd. has released its exploration plans for 2024 at the Guayabales project, assay results for a new discovery at the ME target and final assay results for holes from a recently discovered mineralized zone in the northwest portion of the large Plutus target.

Ari Sussman, executive chairman, commented: "The mineral endowment within the Guayabales project's 4.5-kilometre-long porphyry corridor continues to amaze with drilling new discoveries being the norm instead of the exception. Our 2024 exploration plans will remain steadfast in trying to extract as much value out of the ground through exploration and growth drilling in order to best arm ourselves with an idea of the potential scale of the mineralized systems in order to advance to the next stage of development for this remarkable asset."

The company has completed 82 drills holes comprising approximately 36,060 metres of diamond drilling during 2023 at the Guayabales project with pending assay results for numerous holes expected in January, 2024.

2024 exploration plans

The 2024 exploration program will be the company's largest to date with four rigs initially operating in January up to a maximum of six rigs throughout the year. Based on a very successful 2023 program, in which approximately 36,000 metres of drilling was completed, the company will continue focusing on growth with two key objectives for the year:

Expansion of the Apollo system -- drilling to date has outlined a robust and high-grade gold-silver-copper-tungsten porphyry system which outcrops at surface and boasts maximum known dimensions of 560 metres in strike by 395 metres in width by 935 metres vertically. The system remains open along strike to the north, west and at depth and drilling in 2024 will continue to push the boundaries to try and find the limits of the system. As announced on Dec. 11, 2023, drill hole APC70-D5 has visually extended the vertical of the system to well over 1,000 metres with assay results for this hole and others expected in early 2024.

Exploration targets -- based on the resounding success in drilling new targets and making new discoveries in 2023, the company will continue to outline, define and drill early-stage or grassroot targets along the 4.5-kilometre porphyry corridor at the Guayabales project as follows:

• Olympus target -- in early 2022, the company announced the discovery of Olympus, highlighted by near-surface bulk intercepts including OLCC-1, which cut 301.9 metres at 1.11 grams per tonne gold equivalent (see press release March 15, 2022). As announced in a press release on Dec. 11, 2023, drill hole APC88-D1, which began south of Apollo, visually cut two long yet distinctly different zones of mineralization. The first zone intercepted approximately 500 metres of brecciated porphyry mineralization through the Apollo system. Farther down hole, a second zone of mineralization measuring more than 200 metres was intersected deep below Olympus before the hole was lost in a fault while still in mineralization. Based on visual logging, it is clear this second zone of mineralization is a new gold intrusion system characterized by an abundance of magnetite and molybdenite in the mineral matrix. Given the potential impact of this new discovery, the company will focus its drilling on the target beginning in January, 2024.
• Trap target -- discovery hole TRC-1 was announced on Sept. 27, 2022, and intersected 102.2 metres at 1.53 g/t AuEq. Follow-up drilling began in November, 2023, and holes TRC-2 and TRC-3 have intersected potentially significant zones of mineralization with more than 500 metres of continuous mineralization observed in TRC-2. Assay results for these holes are expected in January, 2024, with drilling expected to resume shortly thereafter.
• Plutus target -- given the large scale of the coincidental copper- and molybdenum-in-soil anomalies and the lack of outcropping rock, the company will be flying an airborne versatile time-domain electromagnetic/Z-axis tipper electromagnetic survey across the Guayabales project in H1 2024 and once complete and interpreted, drilling will ensue at Plutus.
• Target X and tower target -- newly generated and both exhibiting similar surface characteristics to the Apollo system, the company plans on drill testing both targets in 2024.

ME target

Six diamond drill holes were completed as part of the phase I reconnaissance program at the ME target, which is located approximately 0.8 kilometre to the southeast of the Apollo system. The drilling results into ME have outlined a new discovery of gold and silver mineralization hosted with breccia and porphyry units with strike dimensions of 100 metres to the northeast, a 50-metre width and vertical continuity down to a depth of 407 metres below surface with details as follows:

APC-78 was drilled southwest from newly constructed pad 11 to a final down-hole depth of 479.55 metres. The hole cut a new brecciated porphyry system which is overprinted by late-stage sheeted CBM (carbonate base metal) veins plus multiple zones of CBM veins hosted within a quartz diorite porphyry unit. The following results are highlighted:

• 58.45 metres at 0.51 g/t gold equivalent from 95.75 metres down hole, including:
  • 12.65 metres at 1.26 g/t gold equivalent from 141.55 metres down hole.
• 6.15 metres at 4.13 g/t gold equivalent from 242.55 metres down hole;
• 0.75 metre at 15.09 g/t gold equivalent from 346.95 metres down hole;
• 0.70 metre at 9.37 g/t gold equivalent from 462.30 metres down hole.

APC-81 was drilled to the southwest from pad 11 to a final down-hole depth of 476 metres and was designed to test down-dip continuity of the newly discovered mineralization encountered in APC-78. The hole cut both brecciated mineralized porphyry and quartz diorite porphyry with CBM vein mineralization with highlighted results as follows:

• 12.40 metres at 1.23 g/t gold equivalent from 47 metres down hole;
• 111.25 metres at one g/t gold equivalent from 130 metres down hole, including:
  • 23.10 metres at 1.93 g/t gold equivalent from 152.30 metres down hole;
  • 21.50 metres at 1.56 g/t gold equivalent from 205 metres down hole.
• 25.10 metres at 1.67 g/t gold equivalent from 352.95 metres down hole;
• 28.15 metres at 0.89 g/t gold equivalent from 421.15 metres down hole.

APC-83 was drilled steeply to the southwest from pad 11 to a maximum down-hole depth of 391.40 metres and was designed to test depth continuity of the mineralization encountered in APC-78 and APC-81. Mineralization styles are the same as those encountered in previous drilling with assay results as follows:

• 50.95 metres at 0.40 g/t gold equivalent from 16.55 metres down hole;
• 29.95 metres at 0.60 g/t gold equivalent from 150.35 metres down hole;
• 55.40 metres at 1.20 g/t gold equivalent from 239.95 metres down hole, including:
  • 12.60 metres at 3.17 g/t gold equivalent from 239.95 metres down hole.
• 5.10 metres at 1.31 g/t gold equivalent from 351.30 metres down hole.

APC-85 was drilled steeply to the south from pad 11 to a maximum down-hole depth of 385.05 metres and intersected CBM veins and veinlets which overprinted quartz diorite porphyry. The following assay results are highlighted:

• 46.05 metres at 0.69 g/t gold equivalent from 12.10 metres down hole;
• 201.25 metres at 0.43 g/t gold equivalent from 183.80 metres down hole, including:
  • 37.10 metres at one g/t gold equivalent from 290.60 metres down hole.

MEC-1 was drilled to test a CBM vein system located along strike to the southeast of the intercepts in this release. The hole was directed to the southwest and drilled to a maximum depth of 544.60 metres. The hole intercepted some sporadic CBM veining which overprinted quartz diorite porphyry and returned 48.9 metres grading 0.34 g/t gold equivalent from 8.65 metres down hole.

Plutus target

The large Plutus porphyry target measures approximately 1,000 metres by 720 metres as outlined by a magnetic high which is coincident with copper and molybdenum soil anomalies measuring greater than 300 parts per million and 20 ppm, respectively.

Reconnaissance drilling was undertaken in the northwestern edge of the anomaly with discovery hole PNC-2 being announced on Oct. 11, 2023, and yielding 136.45 metres at 1.31 g/t AuEq. Assay results have been received for the final four holes of the phase I reconnaissance program and are outlined below.

PNC-3 was drilled to the southeast to test for porphyry mineralization from PPad1 and reached a final down-hole depth of 456.80 metres. The hole encountered low-grade porphyry mineralization from 3.05 metres to 83 metres down hole and returned 0.24 g/t gold equivalent over a core length of 79.95 metres.

PNC-4 was drilled from PPad1 to the southwest and north of previously announced drill hole PNC-2 (see press release Oct. 11, 2023) to test for continuity of the mineralization. The drill reached a final down-hole depth of 614.20 metres and encountered three zones of porphyry-related mineralization from 66.50 metres, 130.30 metres and 487.40 metres, respectively, with assay results as follows:

• 25.60 metres at 0.33 g/t gold equivalent from 66.50 metres down hole;
• 132.35 metres at 0.52 g/t gold equivalent from 130.30 metres down hole;
• 57.60 metres at 1.36 g/t gold equivalent from 487.40 metres.

PNC-5 was drilled steeply from PPad 2 to the southwest to test for the continuity of mineralization. The drill hole reached a final down-hole depth of 464.20 metres and intersected brecciated quartz diorite porphyry and overprinting carbonate base metal veins. The following assay results are highlighted:

• 304.60 metres at 0.76 g/t gold equivalent from 4.40 metres down hole in brecciated quartz diorite porphyry rocks, including:
  • 47.90 metres at 1.25 g/t gold equivalent from 96.75 metres down hole;
  • 54 metres at 1.69 g/t gold equivalent from 255 metres down hole.

PNC-6 was drilled steeply to the southwest from PPad2 and the hole reached a maximum down-hole depth of 374.45 metres with results as follows:

• 120.75 metres at 0.66 g/t gold equivalent from 11.25 metres down hole, including:
  • 21.70 metres at 1.06 g/t gold equivalent from 32.70 metres down hole;
  • 18.65 metres at 1.11 g/t gold equivalent from 88.75 metres down hole.

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 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 target, which hosts the outcropping, 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 earlier-stage and 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 Toronto Stock Exchange under the trading symbol CNL and on the OTCQX under the trading symbol CNLMF.

Qualified person ) 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 quality assurance/quality control program.

We seek Safe Harbor.