Mr. Ari Sussman reports

COLLECTIVE MINING SIGNIFICANTLY EXPANDS APOLLO NORTHWARDS BY CONNECTING MINERALIZATION WITH OLYMPUS INTO ONE LARGE SYSTEM WITH RESULTS INCLUDING 256.35 METRES @ 1.23 G/T AUEQ

Collective Mining Ltd. has released assay results for eight diamond drill holes and, as a result of certain holes, the Olympus and Apollo systems are now connected into one large system (now collectively known as Apollo). Apollo is part of the company's Guayabales project, located in Caldas, Colombia. The company presently has five drill rigs operating at the Guayabales project and has completed more than 50 per cent of its fully financed 40,000-metre program for 2024.

Ari Sussman, executive chairman, commented: "Confirming that Olympus and Apollo are in fact one much larger combined system (Apollo) is pleasing and opens the door for expanded future exciting scenarios in terms of mineral endowment growth and development opportunities. We have two rigs focused on Apollo presently and will now look to expand the system northwards past its known limits, while continuing to focus on defining and growing higher-grade subzones within the existing block model. I remain steadfastly confident that aggressive exploration efforts at the Guayabales project will evolve into a large-scale precious metal rich camp that will scale both in terms of future metal endowment and production profile."

Highlights (see attached table):

• Drill holes PZC-3, mother hole APC98-D and its series of subset directional drill holes, collared from OPad5 approximately 400 metres laterally to the north of the current Apollo model and within the Olympus target area, intersected multiple shallow mineralized brecciated porphyry fingers commencing from approximately 25 metres below surface and continuing southward to the northern edge of the previously defined Apollo system. This is the first time that shallow brecciated porphyry mineralization has been discovered outside of the outcropping portion of the Apollo model approximately 400 metres to the southwest.
• As a result of discovering that mineralization is connected between Olympus and Apollo, the area covering both systems has now been integrated into a single large and expanded Apollo system measuring approximately 1,000 metres by 800 metres and open for further growth. Gold-dominant plus silver, copper and tungsten metal systems in this large area are hosted in three superimposed mineralization styles, which include stockwork and brecciated porphyries, plus overprinting and multidirectional trending, late-stage precious-metal-rich sheeted porphyry veinlets (CBM veins).
• New assay result highlights from holes connecting Olympus and Apollo (now known collectively as Apollo) from OPad5 include:
  • 220.60 metres at 1.07 grams per tonne (g/t) gold equivalent (AuEq) from 145.30 metres (APC98-D1), including:
    • 32.20 metres at 1.86 g/t gold equivalent from 195.35 metres;
  • 256.35 metres at 1.23 g/t gold equivalent from 30.60 metres (APC98-D2), including:
    • 7.90 metres at 1.76 g/t gold equivalent from 117.10 metres;
    • 11.90 metres at 3.11 g/t gold equivalent from 163.00 metres;
    • 101.65 metres at 1.95 g/t gold equivalent from 185.30 metres;
  • 50.10 metres at 1.20 g/t gold equivalent from 95.95 metres (PZC-3), including:
    • 11.05 metres at 2.06 g/t gold equivalent from 95.95 metres.
• The revised Apollo model, covering the portion of the mineralization that has been wire framed, now covers a significantly expanded volume measuring up to 600 metres of strike by 395 metres of width by 1,130 metres vertical and remains open for expansion in most directions. Mineralization at Apollo daylights at surface (271 metres at 3.43 g/t AuEq from a depth of zero metre in APC-43; see news release dated April 11, 2023) and has been drilled up to 1,130 metres below surface (202 metres at 2.16 g/t AuEq at a depth of 1,130 metres in APC88-D1; see news release dated Jan. 30, 2024). The internal model only encompasses the southern portion of the newly discovered and integrated system, with plans now in place to aggressively expand Apollo in a northerly direction, while continuing to target high-grade subzones within the wire-framed portion of the system.

Exploratory hole APC-94 was drilled due east from Pad14 on the eastern side of the model for Apollo and intersected only the low-grade and peripheral halo zone hosting some individual, sporadic and moderate-grade veinlets. APC-96 was drilled at a too shallow of an angle from OPad5 to the south and as a result drilled above the interpreted mineralized zone in this area.

Hole OLD-1 was drilled from OPad5 and was unfortunately drilled too far to the north of the mineralized trend, and as a result only intercepted mineralization on the outer margin and/or outside the zone. However, the hole did cut multiple zones of modest mineralization over significant distance with the shallowest intercept beginning at 118.55 metres downhole and the deepest at 1,192.80 metres downhole. Hole OLD-2 was drilled at a shallow angle to test a small in soil precious metal anomaly and failed to intersect any significant mineralization other than two individual CBM veins.

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, or X targets 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 QP 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.

We seek Safe Harbor.