Mr. David Reading reports

COLLECTIVE MINING EXPANDS THE BOX TARGET AREA WITH NEW HIGH-GRADE SAMPLES; DRILLING CONTINUES

New high-grade assay results from surface outcrop samples have expanded Collective Mining Ltd.'s Box target and visual inspection of recently completed drill holes points to the potential for a large-scale system in the area at depth. The company has five drill rigs operating at the Guayabales project as part of its fully financed 40,000-metre drill program for 2024. Drill rigs are currently operating at the Apollo, Box, Olympus and Trap targets. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru, with results expected in short order.

David Reading, special adviser to Collective, commented: "Surface exploration work at the Box target continues to confirm a very similar geological and geochemical footprint to the Apollo system. Visual observation from the three holes drilled in the northern portion of Box are promising and highlight multiple styles of mineralization, which are typical of the upper levels of a porphyry system and are proving useful in assisting our team to vector towards the centre of the system. The discovery of brecciated porphyry outcrops in the south, some 400 metres higher in elevation, is also very encouraging and we hope to be drill testing that area soon. Reconnaissance exploration at Box is in its infancy, and to date, we have only drill tested a small portion of the total area at very shallow levels. The Box porphyry centre is only 1.5 kilometres west of the Apollo system and we believe that both systems form part of a much larger cluster of porphyry bodies."

Highlights

• Further surface exploration work at Box has discovered new well-mineralized, brecciated porphyry outcrops resulting in an expansion of the target area by 300 metres to the south. The Box target area now measures approximately 1.3 kilometres by 0.8 kilometre by 0.4 kilometre vertically and remains open in all directions and at depth.
• In the south, two new outcrop areas of brecciated porphyry with overprinting CBM veins have been identified and host the same type of consistent high-grade gold and silver mineralization as the north zone with values up to 12.02 grams per tonne gold equivalent (11.06 g/t gold, 106 g/t silver and 0.02 per cent copper).
• Three reconnaissance drill holes have been completed to date in the northern portion of the Box target and highlight multiple mineralization styles, including porphyry vein stockwork, brecciated porphyry and CBM vein systems. All styles of mineralization encountered are associated with sericite alteration typical of the upper portions of a porphyry system indicating that deeper drilling is required. Assays results expected in the near term.
• Two drill rigs are operating at Box with immediate plans to steepen the next drill holes in order test below the multiple mineralized outcrops. Additionally, new drill pads are being constructed in the central and southern areas of Box with drilling of these areas expected to commence shortly.

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, a strategic investor, and close family and friends own nearly 50 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

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 program.

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