Mr. Ari Sussman reports

COLLECTIVE MINING EXPANDS THE NEWLY DISCOVERED HIGH-GRADE SUBZONES IN APOLLO BY INTERSECTING 181.35 METRES AT 5.38 G/T AUEQ WITHIN 402.60 METRES AT 3.06 G/T AUEQ

Collective Mining Ltd. has released assay results for the second of a series of perpendicularly drilled directional holes, designed to test the potential of newly modelled broad and high-grade subzones within the Apollo system, located within the company's multitarget Guayabales project in Caldas, Colombia.

The company currently has five drill rigs operating as part of its fully financed 60,000-metre drill program for 2025. Two additional rigs have been contracted with drilling anticipated to ensue in late January and February, respectively.

Ari Sussman, executive chairman, commented: "The revised interpretation of the Apollo system is clearly working as this is the first time we have drilled a hole at over 400 metres in length at more than three grams per tonne gold equivalent. With the first fan of lateral holes now completed, we are optimistic that drilling in 2025 will be successful in expanding the high-grade subzones shallower towards surface and to depth. The impact on the overall grade of Apollo could be significant with more than 1,000 vertical metres of potential to expand or connect subzones throughout the 2025 drilling campaign."

Details (see attached table):

• APC104-D2 was drilled from mother hole APC-104D in a west-southwest direction and expanded the newly modelled high-grade subzones within Apollo up to 50 metres to the north of previous drill hole APC104-D1 (see news release dated Dec. 16, 2024) with assay results as follows:
  • 402.60 metres at 3.06 grams per tonne (g/t) gold equivalent (AuEq) from 5.15 metres, including 181.35 metres at 5.38 g/t gold equivalent from 7.85 metres.
• APC104-D2 is only the second drill hole designed to test the recently interpreted high-grade subzones model within Apollo. Visual logging of recently completed drill holes, APC104-D3 and APC104-D4, indicates that the high-grade subzones have been expanded to cover a lateral area of up to 100 metres.
• Drill hole APC104-D5 is now under way and will be the first hole aimed at expanding the vertical extent of the high-grade subzones at Apollo by up to 150 metres.
• Discovery of these high-grade subzones, as predicted by recent geological modelling, has the potential to significantly increase the grade profile of the Apollo system block model.
• Drill hole APC104-D2 has also locally expanded the southwestern boundary of the Apollo block model by 26 metres.
• On a gram-by-metre basis, APC104-D2 is the fourth-highest-grade intercept at Apollo yielding 1,232 g/t AuEq. To date, the company has now drilled sixteen gold equivalent accumulation intercepts at over 1,000 grams by metres at Apollo.

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 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 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 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. 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 and on the Frankfurt Stock Exchange under the trading symbol GG1.

Qualified person (QP) and National Instrument 43-101 disclosure

David J. Reading 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. 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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