Mr. Ari Sussman reports

COLLECTIVE MINING IS ADDING A SIXTH DRILL RIG AND COMMENCES A VTEM/ZTEM GEOPHYSICAL SURVEY AT THE GUAYABALES PROJECT

A comprehensive airborne geophysical survey covering Collective Mining Ltd.'s Guayabales project in Caldas, Colombia, will commence in the coming days. The company is fully financed for its 2024 budget with $23.6-million (U.S.) in its treasury as of May 16, 2024.

Additionally, a sixth drill rig is being mobilized to 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 with the sixth rig to commence drilling for the first time at the grassroot-generated X target located in the southern portion of the project area. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru, with results expected in short order.

Ari Sussman, executive chairman, commented: "The enormous potential of our Guayabales project has already been proven based on the number of discoveries that we have made by drilling within the confines of areas defined by limited outcrop exposure. Since over 90 per cent of the project remains under cover, commissioning an airborne VTEM and ZTEM survey makes a lot of sense to assist us in outlining new targets in areas with no outcrop. In particular, we are excited to use the results to refine planned future drilling at the Plutus target given its sheer scale and lack of outcropping rock to sample."

Highlights:

• The airborne geophysical program will be undertaken by Geotech Ltd. and will cover a total area of 74 square kilometres with 1,449 flight line kilometres (100-metre line spacing) and includes helicopter borne versatile time-domain electromagnetic (VTEM) and Z-axis tipper electromagnetic system (ZTEM) surveys. The primary objective of the program is to detect conductive sulphide-bearing ore bodies, similar to the Apollo system, at depths beginning directly below the surficial cover to up to 2,000 metres depth.
• The company's exploration team has recently completed petrophysical measurements on 13 kilometres of drill core from the Apollo system, which highlights a strong and distinctive conductivity signature related to the sulphide minerals and associated alteration. This work endorses the effectiveness and application of the airborne survey methodologies selected.
• The Guayabales project area has very limited outcrop exposure (less than 10 per cent) due to extensive cover material caused by historic landslides and surficial ash deposits and exploration drilling to date has been focused exclusively on limited areas with good soil and rock assays. The airborne survey will enable our exploration team to develop drill targets in these covered areas, including the large Plutus target where reconnaissance drilling in 2023 intercepted 136.45 metres at 1.31 grams per tonne AuEq (hole No. PNC-2, see press release dated Oct. 11, 2023).
• The airborne surveys will be completed in July, 2024, with processing of data and interpretation expected before the end of Q3 2024. Drilling on new targets generated from the survey could commence as early as Q4 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.

We seek Safe Harbor.