Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES DEATH OF PAUL MURPHY, INDEPENDENT DIRECTOR AND AUDIT COMMITTEE CHAIR

Paul Murphy, a valued member of Collective Mining Ltd.'s board of directors, has passed away.

Mr. Murphy was a partner of PricewaterhouseCoopers LLP from 1981 to 2010, including serving as national mining leader from 2004 to 2010. Throughout his career, Mr. Murphy worked primarily in the resources sector, with a client list that includes major international oil and gas, and mining companies. He was previously a director of Continental Gold Inc. until its acquisition in March, 2020, chief financial officer and executive vice-president of Guyana Goldfields from 2010 to 2018, and chief financial officer of Guyana Precious Metals from 2012 to 2018. Mr. Murphy obtained a bachelor of commerce degree from Queen's University and his chartered accountant designation in 1975.

Ari Sussman, executive chairman, commented: "It is with sadness we announce the loss of Paul as a director of the company. Paul will always be remembered fondly for his supportive leadership, professionalism and warm nature. Our thoughts are with his family and loved ones."

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold to Zijin Mining for approximately $2-billion in enterprise value, Collective is a gold, silver, copper 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 ten 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 system. The company's objectives are to expand the Apollo system by stepping out along strike and testing the newly discovered, high-grade Apollo Ramp zone, expand the Trap system, and drill a series of newly generated targets, including Tower and X.

Management, insiders, a strategic investor, and close family and friends own 44.5 per cent of the outstanding shares of the company and, as a result, are fully aligned with shareholders.

We seek Safe Harbor.