Mr. Ari Sussman reports

COLLECTIVE MINING'S GEOLOGICAL MODEL AND DRILLING OUTLINES A MULTI-MILLION OUNCE POTENTIAL TARGET AT TRAP WITH INTERCEPTS INCLUDING 40.85 METRES AT 3.76 G/T AUEQ WITHIN 174.45 METRES AT 1.19 AUEQ

Collective Mining Ltd. has released assay results for four holes drilled at the Trap target, which is situated approximately 3.5 kilometres to the northeast of the flagship Apollo system, within the company's Guayabales project, located in Caldas, Colombia.

Ari Sussman, executive chairman, commented: "I would like to commend our team for their tenacity at Trap, which I believe will now rapidly evolve through drilling into a multimillion-ounce precious metal system. Additionally, the discovery at Trap should nicely complement our flagship Apollo system and, in time, I am confident the two systems will lead to a robust mineral resource inventory capable of producing at a large-scale production profile for many years in the future.

"With five drill rigs turning as part of our 40,000-metre program and a backlog of core in the lab, we are excited about the second half of the year, where aggressive drilling with four rigs will take place at the Apollo and Trap systems. Additionally, reconnaissance exploration drilling will commence shortly with one rig at the X target, where we will drill test a look-alike brecciated porphyry system to Apollo, and another rig (six in total at the Guayabales project) at the southern part of the Plutus target, where we will test for a potential copper-gold porphyry system."

Highlights (see the attached table):

• Since the discovery of Trap, which was announced in January, 2024, the company is pleased to announce that a geological model is now in place and has been successfully tested by TRC-11 (assays included in this news release), TRC-12 and TRC-14 (both results pending). Trap is a fault-bounded, broad mineralized deformation zone (MDZ) trending from the northwest to the southeast, which hosts and includes a continuous, bulk zone of mineralization on the west side of the fault, consisting of overprinting northwest-striking and east-west-striking sheeted vein systems. The MDZ corridor has been mapped for approximately 1.4 kilometres of strike, is between 30 metres and 150 metres thick, and has been intercepted up to 915 metres below surface. Importantly, the MDZ remains open along strike and at depth, with strong potential for parallel zones to emerge with further drilling.
• Drill-hole TRC-11, which was designed to validate the geological model for Trap, was drilled from TPad3 to the southwest and, as soon as it crossed the fault, it intercepted the MDZ as follows:
  • 174.45 metres at 1.19 grams per tonne (g/t) gold equivalent from 485.15 metres, including:
    • 40.85 metres at 3.76 g/t gold equivalent from 485.15 metres.
• Unfortunately, the hole was lost due to a technical challenge and bottomed in strong mineralization with the final 6.45 metres grading 1.12 g/t gold equivalent.
• Due to the positive validation of the geological model, with hole TRC-11 intersecting the MDZ, a new pad (TPad-4) was constructed farther along strike to the southeast. Two holes, TRC-12 and TRC-14, have been drilled from this pad and have both successfully intercepted the MDZ on the west side of the fault up to 350 metres farther along strike from TRC-11. Additionally, TRC-14 cut a potentially significant new zone of mineralization east of the fault and near the collar of the pad beginning at a depth of 16 metres. If confirmed as a new discovery, this shallow intercept in TRC-14 would open up a new parallel target for drilling at Trap. The company plans to continue to step out to the southeast along the MDZ corridor with new pads currently under construction. Lastly, a second rig has been mobilized to Trap, with drilling anticipated to ensue in the coming days.
• TRC-8 was drilled from TPad3 to the southwest and intersected mineralization in the MDZ before being cut off prematurely by a postmineral intrusive dike prior to intercepting the projection of the high-grade subzone. The following assay results are highlighted:
  • 51.05 metres at 1.41 g/t gold equivalent from 187.55 metres, including:
    • 11.90 metres at 2.49 g/t gold equivalent from 226.70 metres.
• Two additional holes, TRC-9 and TRC-10, were drilled to the east of and outside of the MDZ (prior to the geological model being established) and intersected lower-grade mineralization either as narrow veins in TRC-9 or as low-grade bulk-style mineralization in TRC-10. Assay results are as follows:
  • TRC-9:
    • 1.05 metres at 3.37 g/t gold equivalent from 273.70 metres;
    • 2.15 metres at 4.01 g/t gold equivalent from 290.65 metres;
    • 1.00 metre at 6.21 g/t gold equivalent from 370.95 metres;
    • 3.25 metres at 4.83 g/t gold equivalent from 459.40 metres;
  • TRC-10:
    • 89.85 metres at 0.73 g/t gold equivalent from 284.95 metres, including:
      • 13.10 metres at 1.98 g/t gold equivalent from 344.80 metres.
• New assay results have been received from a series of outcrops located at the southeastern end of the MDZ, bringing the known strike length of the zone to 1.4 kilometres. The MDZ remains open for further expansion in all directions.

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, step out along strike to expand the recently discovered Trap system, and make a new discovery at either the Tower, X or Plutus 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 New York Stock Exchange under the trading symbol CNL, on the Toronto Stock Exchange under the trading symbol CNL 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 NI 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.

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