Mr. Ari Sussman reports

COLLECTIVE MINING INCREASES PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING TO C$35 MILLION

Due to strong demand, Collective Mining Ltd. has increased the size of the previously announced bought deal of common shares to seven million common shares at a price of $5 for gross proceeds of $35-million. The company previously entered into an agreement with BMO Capital Markets, as sole bookrunner on behalf of a syndicate of underwriters including Clarus Securities Inc. and Scotia Capital, among others. The company has granted the underwriters an option, exercisable in whole or in part, to purchase up to an additional 1.05 million common shares for a period of 30 days from and including the closing date of the offering to cover overallotments, if any, and for market stabilization purposes. The underwriters shall be under no obligation whatsoever to exercise the overallotment option in whole or in part. If the overallotment option is exercised in full, the aggregate gross proceeds of the offering will be approximately $40-million. The offering is expected to close on or about Oct. 31, 2024, and is subject to Collective receiving all necessary regulatory approvals.

The company intends to use the net proceeds from the offering to finance continuing work programs to advance the Guayabales project, to pursue other exploration and development opportunities, and for working capital and general corporate purposes.

The common shares will be offered by way of: (i) a prospectus supplement to Collective's short form base shelf prospectus dated Dec. 4, 2023, which prospectus supplement will be filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, except Quebec and Nunavut, within two business days; (ii) in the United States or to or for the account or benefit of U.S. persons, as defined by Regulation S under the United States Securities Act of 1933, as amended, by way of private placement pursuant to the exemption from registration provided for under Section 4(a)(2) of United States Securities Act of 1933 and the applicable securities laws of any state of the United States; and (iii) in jurisdictions outside of Canada and the United States as are agreed to by the company and the underwriters on a private placement or equivalent basis.

When available, the prospectus supplement may be accessed, free of charge, on SEDAR+. Alternatively, copies, when available, may be obtained upon request by contacting BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre (c/o the Data group of companies), 9195 Torbram Rd., Brampton, Ont., L6S 6H2, by telephone at 905-791-3151 (extension 4312), or by e-mail at torbramwarehouse@datagroup.ca.

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 gold-silver-copper-tungsten Apollo porphyry system. The company's 2024 objectives are to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at 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.

We seek Safe Harbor.