Mr. Ari Sussman reports

COLLECTIVE MINING EXPANDS THE APOLLO SYSTEM IN THREE LOCATIONS WITH DRILL RESULTS INCLUDING 560.05 METRES AT 1.83 G/T GOLD EQUIVALENT

Collective Mining Ltd. has released assay results for two holes drilled into the Apollo porphyry system at the Guayabales project in Caldas, Colombia. Both holes increased the overall dimensions of Apollo, with APC-92 expanding the southern portion of the system to the east and the west, while APC-93 expanded the system in the north.

The company presently has three drill rigs operating at the project, with holes being drilled at the Apollo, Olympus Deeps and Trap targets, respectively. A fourth rig has been mobilized to the Box target, with drilling expecting to begin in April.

Ari Sussman, executive chairman, commented: "We continue to see exciting results across the various targets at our Guayabales project as our aggressive 40,000-metre drill program for 2024 takes shape. Our exploration goal for the year is to evolve the Guayabales project into a major mining camp by continuing to expand Apollo, proving that both the recently discovered Trap and Olympus Deeps porphyry systems have potential for significant scale, and to make one more new discovery at either the Box, Tower or X targets. No doubt, this is a bold goal, but given the exceptional geology of the project and the prowess of our operating team on the ground, I am confident that we will be able to deliver. With yet another 1,000-plus-gram-times-metre intercept under our belt, Apollo continues to flex its muscle as an evolving world-class, high-grade and bulk-tonnage gold-silver-copper-tungsten system."

David Reading, special adviser to the company and a qualified person (QP) under National Instrument 43-101, has hosted a video, available on-line, reviewing sections of core from drill hole APC-93.

Highlights (see the table entitled "Assays results for APC-92 and APC-93"):

• Hole APC-93 was drilled from Pad 14 to the north, and was designed to both expand Apollo to the north and then intercept the Olympus Deeps porphyry system approximately 120 metres to the east of discovery hole APC88-D1, which cut 202.35 metres at 2.16 grams per tonne (g/t) gold equivalent (AuEq) (see press release dated Jan. 30, 2024, for further details). A broad zone of high-grade and continuous mineralization was intersected across the Apollo brecciated porphyry system, with assays results as follows:
  • 560.05 metres at 1.83 g/t gold equivalent from 127.25 metres, including:
    • 112 metres at 4.52 g/t gold equivalent from 219.60 metres; and
    • 110.75 metres at 2.73 g/t gold equivalent from 396.90 metres.
• This intercept across Apollo is the seventh-largest grade accumulation drilled by the company to date, averaging 1,026 g/t gold equivalent on a gram-times-metre basis.
• Assay results for the final 455.90 metres of drill hole APC-93 are still pending, as the core is being batched for assay with current hole OLD-1, both of which were designed to test the Olympus Deeps porphyry system. APC-93 cut approximately 160 metres of mineralization in the Olympus Deeps porphyry system and confirmed a northwest trend to the mineralization. OLD-1 entered Olympus Deeps-style mineralization at 912 metres down hole and is currently still in mineralization at 1,141 metres. Assay results for the balance of hole APC-93 and OLD-1 are expected in approximately four weeks to six weeks.
• Drill hole APC-92 was drilled to the west-southwest from Pad 14, and increased the dimensions of Apollo to the east and west in the southern block portion by cutting two intervals separated by a postmineral dike with assay results as follow:
  • 55.15 metres at 2.50 g/t gold equivalent;
  • 151.20 metres at 1.12 g/t gold equivalent from 93.85 metres, including:
    • 86 metres at 0.55 g/t gold equivalent from 321.40 metres.

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 2024 objective is to expand the Apollo system, prove that the recent discoveries at the Olympus and Trap targets evolve into large-scale systems, and make a new discovery at either the Box, Tower or X targets.

Management, insiders and close family and friends own nearly 42 per cent of the outstanding shares of the company and, as a result, are fully aligned with shareholders.

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 (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 quality assurance/quality control (QA/QC) program.

We seek Safe Harbor.