Mr. Ari Sussman reports

COLLECTIVE MINING ENCOUNTERS STRONG PORPHYRY MINERALIZATION IN THE CURRENT HOLE BEING DRILLED AT TRAP; MOBILIZES A SECOND RIG

Collective Mining Ltd. has mobilized a second rig to the Trap target due to strong visual mineralization observed in follow-up drilling currently under way. Trap is one of a series of porphyry targets within the company's Guayabales project located in Caldas, Colombia. The company's 2024 exploration plan includes up to 40,000 metres of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February, 2024.

Trap highlights:

• The company recently announced the discovery of a gold-rich porphyry system at Trap, which is located approximately 3.5 kilometres to the northeast of the flagship Apollo system. The Trap target covers a large surface area measuring approximately two kilometres by two kilometres with assay results previously announced on Jan. 18, 2024, for the initial three drill holes as follows:
  • 102.2 metres of 1.53 grams per tonne gold equivalent (TRC-1);
  • 646.0 metres of 0.81 g/t AuEq (TRC-2, bottomed in mineralization) including:
    • 301.5 metres of 1.01 g/t AuEq from 19.5-metre depth;
  • 159.75 metres of 1.04 g/t AuEq (TRC-3);
• Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the company has only drill tested the upper levels of a porphyry system consisting of overprinting early- and late-stage porphyry veins associated with a pervasive phyllic (sericite-chlorite-sulphide) alteration assemblage. On Jan. 19, 2024, a follow-up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 metres in length;
• Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison with the prior holes with three overprinting styles of mineralization being observed as follows:
  • Porphyry quartz veins containing pyrite and minor chalcopyrite;
  • Late crosscutting sheeted carbonate base metal veinlets enriched in sphalerite and galena;
  • Dark polymetallic sheeted veinlets;
• Sufficiently encouraged by the deeper drill hole visuals, the company is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days; additional assay results from Trap are expected in first quarter 2024.

David J. Reading, special adviser to the company, commented: "The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins, which relates to pulses of mineralized fluids typical of large systems. Additionally, based on core inspection of this hole, there is a noticeable increase in total sulphide content relative to the discovery holes previously announced by the company."

Richard Tosdal, special adviser to the company, added, "The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems."

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, gold 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-tungsten Apollo porphyry system. The company's near-term objective is to drill the shallow portions of the Apollo system, 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 Toronto Stock Exchange under the trading symbol CNL, on the OTCQX under the trading symbol CNLMF and on the Frankfurt Stock Exchange under the trading symbol GG1.

Qualified person and National Instrument 43-101 disclosure

Mr. 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.

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 quality assurance/quality control program.

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