Mr. Ari Sussman reports

COLLECTIVE MINING DISCOVERS A HIGH-GRADE OUTCROPPING PORPHYRY SYSTEM AT THE BOX TARGET; DRILLING TO BEGIN IN APRIL

Collective Mining Ltd. has discovered high-grade gold- and silver-rich porphyry-style mineralization at the Box target within the Guayabales project in Caldas, Colombia. Box is located approximately 1.3 kilometres west of the Apollo porphyry system and hosts the same mineralization styles, geochemical footprint and geology as Apollo. An extensive sampling program was recently completed at Box with results outlined in this release.

Ari Sussman, executive chairman, commented: "Located towards the southwestern end of our 4.5-kilometre porphyry trend, Box is truly a remarkable target. All the ingredients are in place for a new discovery to be made through drilling considering the large scale of the target area with the abundance of high-grade precious metal samples collected from a combination of porphyry-related host rock units. Our reconnaissance exploration team deserves much credit for discovering this new target and we look forward to commencing drilling in April, 2024."

Highlights:

• The Box target is a porphyry centre measuring approximately one kilometre by 0.7 kilometre by 0.4 kilometre vertical as defined by soil anomalies for gold, silver, zinc and lead as well as geological mapping and rock chip sampling.
• Multiple mineralization styles have been identified at Box and include porphyry with vein stockwork, brecciated porphyry, and extensive zones of sheeted, high-grade, carbonate and base metal veining (CBM veins) trending southeast to northwest and east to west. The porphyry bodies at Box host high-grade gold measuring up to 5.18 grams per tonne gold and the sheeted CBM vein systems have returned values up to 55.53 g/t gold, 665 g/t silver and 0.44 per cent copper.
• The Box area has very limited outcrop exposure due to extensive vegetation cover, landslides and historical volcanic ash. Recent landslide activity has exposed four new outcrop zones within several creeks which highlight four new brecciated porphyry bodies with adjacent porphyry vein stockwork and high-grade CBM veins. Reconnaissance work within the streams has identified multiple well-mineralized float boulders from other potential sources upstream.
• A previous three-hole scout drilling program in 2021 did not drill test the large target area outlined in this release but indicated that a large hydrothermal fluid system may be in close proximity.
• The mineralization styles, geochemical footprint and geology of Box are identical to those seen at Apollo and recent work highlights that the brecciated porphyry bodies of both porphyry centres are linked as part of a now well-defined east-west structural corridor.
• The company is currently constructing pads to commence drill testing these targets with the first hole scheduled to start in April, 2024.

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 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 43 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 (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 ALS and SGS laboratories 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.