Mr. Ari Sussman reports

COLLECTIVE MINING EXTENDS TRAP 350 METRES ALONG STRIKE AND DISCOVERS A NEW ZONE NAMED BLACKJACK BY DRILLING 30 METRES AT 4.96 G/T AUEQ FROM 11.85 METRES DOWNHOLE

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. The company has five diamond drill rigs in operation as part of its fully financed 40,000-metre drill program for 2024, with two rigs drilling at Trap, two rigs drilling at the Apollo system and one rig drilling at the Plutus target.

Ari Sussman, executive chairman, commented: "Since the initial Trap discovery was announced in January of this year, the footprint of the system has expanded at a very rapid rate and the positive surprises continue unabated. The discovery today of Blackjack, which is a near-surface high-grade bulk zone of mineralization east of the Trap Main zone, is exciting and opens the possibility for the company to find new parallel zones of mineralization. Secondly, the strike of the Trap Main zone has doubled, and now extends for 700 metres and remains completely open in all directions for expansion. We will continue being aggressive with stepout drilling from two newly constructed pads located along the southeast strike of the system. We are hoping to cut the Blackjack and Trap Main zones from these new drill pads as we test an additional 700 metres of strike potential. If successful from the southeasternmost pad (TPad6), we will once again double the strike length at Trap to 1,400 metres."

Drilling at the Trap target has outlined two northwest-to-southeast-trending parallel broad mineralized zones named the Trap Main zone (TMZ) and the Blackjack zone, respectively. Both zones host continuous mineralization consisting of two overprinting sets of sheeted carbonate and quartz base metal veins striking in northwest and intersecting other vein sets with east-west directions. So far, the TMZ has been loosely drill tested along 700 metres of strike, is between 30 metres and 150 metres thick, and has been intercepted up to 915 metres below surface. The newly discovered Blackjack zone has been intercepted in two drill holes, located approximately 400 metres apart and along strike. Both zones remain open for expansion along strike with geological mapping of limited exposures having outlined more than 1,400 metres of strike potential.

Highlights (see the attached table)

Drilling has discovered a new and near-surface zone of high-grade mineralization named Blackjack in hole TRC-14. Blackjack shares the same characteristics as the TMZ, with overprinting northwest-and east-west-trending sheeted veinlets hosted in a bulk zone of quartz diorite porphyry intrusive rock. Blackjack is located parallel to the TMZ and trends in northwest to southeast direction with assay results for the discovery hole as follows:

• 30 metres at 4.96 grams per tonne (g/t) gold equivalent from 11.85 metres downhole.

Subsequent drilling from Tpad4 and Tpad5 has visually appeared to have intersected the Blackjack zone.

Assay results for two new holes drilled from TPad4 (TRC-12 and TRC-14) have extended the TMZ a farther 350 metres along strike to the southeast for a total drilled strike length of approximately 700 metres. The TMZ, which has been mapped on surface for 1,400 metres in strike length, remains open to the northwest and southeast for further expansion. New assay results for the holes intercepting the TMZ are below.

Hole TRC-12 cut the TMZ along strike in a southwesterly directed stepout hole and intercepted:

• 87.60 metres at 1.57 g/t gold equivalent from 376.90 metres, including:
  • 26.65 metres at 3.22 g/t gold equivalent from 437.85 metres.

Hole TRC-14 intercepted mineralization contiguous to the east of the projection of the TMZ. The hole was drilled in west-south-westerly direction, with assay results including:

• 34.45 metres at 1.44 g/t gold equivalent from 403.40 metres, including:
  • 4.25 metres at 6.35 g/t gold equivalent from 419.55 metres.

The hole, which was projected to enter the TMZ at approximately 535 metres downhole, entered strong mineralization at the end of the hole before being lost due to a technical challenge. This mineralization is interpreted to be the TMZ, with the final metres of the hole assaying:

• 3.85 metres at 2.88 g/t gold equivalent from 544.40 metres.

The company remains aggressive in expanding the potential of Trap with two new pads constructed and rigs turning at each pad. TPad5 and TPad6 are located approximately 250 metres and 700 metres to the southeast of TPad4, respectively. Additional assay results will be reported once they are received and compiled by the company.

Two additional holes, TRC-13 and TRC-15, were drilled to the east and away from the TMZ and Blackjack zones. The holes were designed to test a conceptual porphyry target and failed to intersect any significant mineralization.

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.

QP (qualified person) 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 QA/QC (quality assurance/quality control) program.

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