Mr. Paul Begin reports

COLLECTIVE MINING ANNOUNCES C$18.9 MILLION INVESTMENT BY A STRATEGIC INVESTOR

Collective Mining Ltd. has received a strategic investment by a single purchaser (the purchaser) on a non-brokered private placement basis consisting of the sale of 4.5 million units at a price of $4.20 per unit for gross proceeds of $18.9-million. Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share, subject to standard anti-dilution provisions, at a price of $5.01 per warrant share exercisable until 5 p.m. (Toronto time) on the date that is 36 months following the closing date of the offering, provided, however, that should the closing price at which the common shares trade equal or exceed $6.00 for 20 consecutive trading days following the date that is 24 months after the closing date, the corporation may accelerate the warrant term to the date which is 30 trading days following the date a notice is provided to holders of warrants and a press release is issued by the corporation announcing the accelerated warrant term.

In connection with the offering, the company and the purchaser will enter into an investor rights agreement, pursuant to which the purchaser will be entitled to certain rights, provided the purchaser maintains certain ownership thresholds in the company, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest at the time of such financing or issuance or acquire up to a 9.99-per-cent ownership interest in the company on a partially diluted basis; and (b) the right to nominate one person (and in the case of an increase in the size of the board of directors of the company to eight or more directors, two persons) to the board of directors of the company in the event that the purchaser's ownership interest in the company exceeds and remains at or above 10 per cent, on a partially diluted basis (the board nomination right). The company is required to take certain steps to ensure the board nomination right is effected, including, among other things, nominating them for election at applicable shareholders meetings, including them in the proxy materials, soliciting proxies in support of their election and, if necessary, appointing them to the board. For purposes of calculating the 10-per-cent threshold in respect of the board nomination right, certain issuances undertaken by the company that the purchaser does not have the ability to participate in (including issuances of common shares pursuant to equity compensation plans and upon the conversion, exchange or exercise of existing convertible securities), are excluded from the calculation (in example, removed from the denominator when calculating the threshold).

The proceeds of the offering are required to be used for exploration on the company's properties in Colombia and for general working capital purposes. Closing of the offering is subject to the receipt of regulatory approvals, including approval of the TSX, and is expected to close two business days following receipt of such approval.

PowerOne Capital Markets Ltd. acted as an advisor to Collective in connection with the offering.

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.

We seek Safe Harbor.