Mr. Ari Sussman reports

/C O R R E C T I O N FROM SOURCE -- COLLECTIVE MINING LTD./ - COLLECTIVE MINING REPORTS HIGH RECOVERY RATES FOR GOLD AT APOLLO AVERAGING 94.3 PER CENT FROM NEW VARIABILITY METALLURGICAL TEST WORK

Collective Mining Ltd. has released results from recent cyanidation tests conducted on representative samples from both shallow and deeper areas of its Apollo system at the Guayabales project in Caldas, Colombia. The test results have yielded an average gold dissolution of 94.3 per cent from seven new variability samples and confirm and corroborate previously announced cyanidation gold recoveries (see press release dated Oct. 17, 2023). Furthermore, optimization testwork on a flotation concentrate returned substantial improvements in recoveries for gold and silver over those previously reported on April 11, 2024.

As a reminder, based on previous work completed, the company envisions a conventional split circuit for processing material from Apollo with the copper-rich stream (more than 0.15 per cent copper) being treated through a flotation circuit and the copper-poor stream (less than 0.15 per cent copper) being treated through a precious metal focused cyanidation circuit to produce dore. The company also now expects that a gravity circuit will be included after flotation for recovery of the high-grade tungsten mineralization.

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

Ari Sussman, executive chairman, commented, "The comprehensive metallurgical testwork completed on Apollo confirms the simple nature of achieving high recovery rates of valuable metals from the system using conventional technologies."

Details

Table 1: New cyanidation bottle roll leaching variability testwork results

Seven variability samples with representative copper-poor sulphide mineralization distributed across the Apollo system

• New cyanidation variability tests undertaken in SGS Lima, Peru, returned average gold and silver recoveries of 94.3 per cent and 63.7 per cent, respectively. The seven samples are widely distributed throughout both shallow and deeper portions of Apollo and are representative of the copper poor, sulphide material planned to be treated through a cyanidation circuit to produce dore. The samples were specifically selected to reflect lower grades (average 1.0 g/t Au and 11.7 g/t Ag, see Table 1) than previously tested. The results corroborate previous cyanidation testwork recoveries (see press release dated Oct. 17, 2023) and confirm the amenability of material from Apollo to yield high dissolution of gold over a wide range of grades.

Table 2: The locked cycle cleaner tailing cyanidation bottle roll leach testwork results

The composite with representative grade profile of copper-rich mineralization from Apollo, weighed 20 kilograms and was floated in a locked cycle test to produce 600 grams of cleaner tailings which were subsequently subjected to cyanidation at ALS Laboratories in Kamloops, Canada. The overall flotation recovery rates and grades are presented in the attached table.

• Results confirm a significant improvement of the overall gold and silver recoveries to 89.4 per cent and 85.2 per cent respectively when compared with previous best recoveries of 79.4 per cent Au and 83.6 per cent Ag (see press release dated April 11, 2024). These results demonstrate significant improvements in metal recovery of approximately 10 per cent for gold and 2 per cent for silver while maintaining copper recovery at 94 per cent in the copper-rich material to be treated through a flotation circuit.
• The results announced in this press release and those previously announced in the cyanidation and flotation press releases complete a comprehensive metallurgical test work program resulting in optimization of recoveries for the gold, silver, copper and tungsten in the Apollo system. These studies can now be utilized to outline an initial process design and assist in optimizing conditions for cyanidation and flotation facilities with respect to copper-rich and copper-poor streams.

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

John Wells 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. Wells is a graduate of the Royal School of Mines in the United Kingdom, has over 50 years of experience in mineral processing and is a fellow of the SAIMM (South African Institute of Mines and Metallurgy) and is a member of CIM (Canadian Institute of Mining and Metallurgy).

Technical information

The cyanidation bottle roll leaching variability samples were prepared and analyzed at the SGS facilities in Callao, Peru. The composites were produced from the remaining half drill core taken over different lengths of seven drill holes completed at Apollo. Leaching kinetics were conducted in bottles on laboratory rolls for 72 hours. A total of 60-microgram feeds and 1000 ppm (parts per million) NaCN (sodium cyanide), 10.5 to 11.0 pH and 40 per cent solids. Bottle rolling was suspended briefly after six, 12, 24, 48 and 72 hours, and slurry samples were taken and filtered to collect pregnant solution for gold, silver and copper analyzes. SGS conforms to the requirements of ISO/IEC 17025, the global benchmark for laboratory quality management systems and ensures competent and valid outcomes to facilitate trust in these results.

The locked cycle cleaner tailing cyanidation bottle roll leach sample was prepared and analyzed at ALS Canada's Kamloops facilities in British Colombia, Canada. The composite was produced from the remaining half drill core taken over different lengths of four drill holes completed at Apollo. A total of 21- to 23-microgram feeds and 1,000 ppm NaCN, 11.0 pH and 20 to 24 per cent solids, and O2 sparged. Bottle rolling was suspended briefly after two, six, 24 and 48 hours, and slurry samples were taken and filtered to collect pregnant solution for gold and silver analyzes. ALS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken.

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