Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES RECEIPT OF EXERCISE NOTICE OF PARTICIPATION RIGHTS FROM STRATEGIC INVESTOR

Further to Collective Mining Ltd.'s news releases dated Oct. 24 and Oct. 25, 2024, announcing a $35-million bought deal public offering of common shares led by BMO Capital Markets on behalf of a syndicate of underwriters, Collective Mining's strategic investor with participation rights in equity financings of the corporation (see press release dated Feb. 26, 2024) has exercised such participation rights in connection with the public offering. The strategic investor intends to subscribe for such number of common shares, at an issue price of $5 per common share, that will result in the strategic investor holding 9.99 per cent of the issued and outstanding common shares, on a partially diluted basis, after giving effect to the public offering calculated in accordance with the terms of the strategic investor's participation right. The common shares to be issued to the strategic investor will be completed on a non-brokered private placement basis expected to close concurrently with the public offering. The common shares to be issued to the strategic investor will be subject to a statutory hold period under Canadian securities laws expiring four months and one day from the date of issuance.

The public offering and concurrent private placement are subject to the approval and authorization, as applicable, of the Toronto Stock Exchange and NYSE American.

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 Mining is an advanced exploration company with options to acquire 100-per-cent interests in two projects in Caldas, Colombia. Both projects are located directly within an established mining camp with 10 fully permitted and operating mines and benefit from ready access to hydro power, roads and skilled labour.

The company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, outcropping, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo system, which is a partially reduced intrusion-related system (PRIRS). The company's 2024 objectives are to expand the Apollo system and step out along strike to expand the recently discovered Trap system.

Management, insiders and close family and friends own over 40 per cent of the outstanding shares of the company and, as a result, are fully aligned with shareholders. The company is listed on NYSE American and the TSX under the trading symbol CNL.

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