Mr. Ari Sussman reports

COLLECTIVE MINING EXPANDS APOLLO TO THE SOUTHWEST WITH ITS DEEPEST INTERCEPT TO DATE INTERSECTING 527 METRES AT 1.00 G/T GOLD EQUIVALENT UP TO 1,070 METRES BELOW SURFACE

Collective Mining Ltd. has released assay results for six new drill holes into the Apollo porphyry system at the Guayabales project in Caldas, Colombia. The company reports intersecting the deepest and most westerly mineralization in brecciated porphyry ever encountered at Apollo, with hole APC70-D5 cutting 527.40 metres at one gram per tonne (g/t) gold equivalent (AuEq) at up to 1,070 metres below surface, including 107 metres at 2.09 g/t gold equivalent.

The company is set to embark on its largest drill program to date, with a minimum of 40,000 metres planned for 2024. Four rigs are expected to be back in full operation in the near term and will continue operating throughout the calendar year.

Details (see the table entitled "Assay results for APC70-D5, APC70-D6, APC-86, APC-89, APC-90D and APC90-D1"):

• As a result of directional drill hole APC70-D5, the Apollo porphyry system has been expanded to the southwest and at depth with maximum known dimensions now measuring 520 metres in strike by 395 metres in width by 1,070 metres vertical (previously 935 metres), with assay results as follows:
  • 527.40 metres at one g/t gold equivalent from 505 vertical metres below surface, including:
    • 107 metres at 2.09 g/t gold equivalent.
  • The system remains open to the north, west and at depth, with 2024 expansion drilling at Apollo anticipated to ensue in the coming days.
• Short drill holes have intercepted high-grade CBM (carbonate and base metal) vein style mineralization above and outside the brecciated porphyry in the shallow eastern flank of Apollo, including:
  • 31.30 metres at 4.07 g/t gold equivalent from 35 metres below surface in APC-86.
• Directional drill hole APC90-D1 was designed to explore an untested area further west, located above and outside the Apollo brecciated porphyry system, and returned numerous narrow intervals of mineralization, including:
  • 10.65 metres at 3.23 g/t gold equivalent from 930 metres below surface;
  • 10.70 metres at 1.17 g/t gold equivalent from 1,005 metres below surface.

Ari Sussman, executive chairman, commented: "Our Guayabales project continues to stand tall with its numerous discoveries, anchored by the Apollo system. Today's results clearly demonstrate that Apollo continues to display remarkable continuity over intercepts measuring hundreds of metres in length to a vertical dimension now extending to 1,070 metres below surface and open for further expansion. Looking forward, we are excited to receive assay results for hole APC88-D1, which was drilled to the north of Apollo below the Olympus target, and from two exploratory holes targeting the Trap target (TRC-2 and TRC-3). Our 2024 drill program is going to be the company's most ambitious and aggressive to date, with drilling set to resume in the coming days."

About Collective Mining Ltd.

See the company's latest corporate presentation and related information on its 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 copper-silver-gold 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 (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 quality assurance/quality control program.

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