Mr. Paul Begin reports

COLLECTIVE MINING REPORTS A NEW PORPHYRY DISCOVERY NAMED OLYMPUS DEEPS BY DRILLING 202.35 METRES @ 2.16 G/T AUEQ; ALSO EXPANDS APOLLO WITH 548.9M @ 1.91 G/T AUEQ

Collective Mining Ltd. has discovered a significant new gold system named Olympus Deeps at the company's Guayabales project in Caldas, Colombia. Today's result from Olympus Deeps is interpreted to be the initial intercept into a gold-related brecciated porphyry intrusion system located approximately 500 metres to the north of the company's flagship Apollo porphyry system (Apollo). The Olympus target is similar to the multimillion-ounce Marmato mine located 2.5 kilometres to the southeast, which spans more than a vertical kilometre and is characterized by an upper-level sheeted vein system with a porphyry at depth. Assay results for four drill holes are presented herein including the Olympus Deeps discovery hole and two holes at Apollo which cut long intercepts of high-grade mineralization and extend the footprint of the system to the northeast.

Ari Sussman, executive chairman, commented: "Hard work by our team and remarkable geology has resulted in the company announcing a third major porphyry discovery in the past 18 months. The latter two discoveries at Trap and Olympus Deeps are separated by approximately 3.5 kilometres of prospective ground with exploration now under way to cover this highly prospective area and generate new targets for drilling. The Guayabales project stands out as one of the best exploration growth projects globally and we are excited that drilling has now resumed at the Apollo and Trap targets and will commence by the middle of February at the Olympus target."

Highlights

• Directional drill hole APC88-D1, which was drilled from pad 14 located outside and to the southeast of the Apollo system, cut two significant intercepts over its 958.35 metres length before being abandoned due to a complicated fault while still in mineralization. The initial downhole intercept crossed through and locally expanded the Apollo system by cutting a long interval of high-grade gold-silver-copper mineralization as follows:
  • 497.35 metres at 1.80 grams per tonne gold equivalent from 85.30 metres depth including:
    • 200.80 metres at 3.19 g/t gold equivalent from 85.30 metres downhole.
• After exiting Apollo and passing through a poorly mineralized zone, drill hole APC88-D1 entered a new gold-rich brecciated porphyry intrusion at depth below the Olympus target area (north of Apollo) for the final 202.35 metres of the hole before being lost while still in mineralization due to a fault with assay results as follows:
  • 202.35 metres at 2.16 g/t gold equivalent from 756.00 metres downhole including:
    • 15.60 metres at 20.34 g/t gold equivalent from 809.00 metres downhole.
• As a result of the Olympus Deeps discovery, the Olympus target area has grown significantly and now measures approximately 600 metres to the east-west by 400 metres to the north-south by more than 1,000 metres vertical and remains open in all directions for expansion.
• With the discovery of a gold-rich porphyry intrusion at depth, the Olympus target is now analogous to the multimillion-ounce Marmato mine located 2.5 kilometres to the southeast as both are characterized by a shallow sheeted CBM vein system with a gold-rich porphyry intrusion at depth. As a reminder, shallow drilling by the company at the Olympus target in early 2022 intersected bulk tonnage precious-metal-rich sheeted veins with intercepts including:
  • 301.90 metres at 1.11 g/t gold equivalent (OLCC-3 announced March 15, 2022);
  • 216.70 metres at 1.08 g/t gold equivalent (OLCC-4 announced May 9, 2022).
• Drill hole APC88-D2, which was drilled from pad 14 to the northeast through Apollo, cut a significant zone of high-grade gold-silver-copper mineralization. Importantly, this hole extended the brecciated porphyry body to the northeast with assay results as follows:
  • 548.90 metres at 1.91 g/t gold equivalent from 68.10 metres downhole including:
    • 133.90 metres at 4.87 g/t gold equivalent from 154.70 metres downhole;
  • 18.20 metres at 1.23 g/t gold equivalent from 737.00 metres downhole.

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 (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 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.

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