Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES CLOSING OF INVESTMENT AND EARLY EXERCISE OF WARRANTS FOR GROSS PROCEEDS OF C$63.4 MILLION

Collective Mining Ltd. has closed Agnico Eagle Mines Ltd.'s investment in Collective pursuant to which Agnico Eagle subscribed for 4,741,984 common shares in the capital of the company at a price of $11.00 per share for aggregate consideration of approximately $52.1-million. Concurrently with the closing of the offering, Agnico Eagle exercised all of the common share purchase warrants of Collective it held to acquire an additional 2.25 million shares at a price of $5.01 per share for aggregate consideration of $11,272,500. On closing of the offering and following exercise of the warrants, Agnico Eagle's ownership interest in the shares increased to approximately 14.99 per cent.

The proceeds from the offering and exercise of the warrants are expected to be used for exploration on the company's properties in Colombia and for general working capital purposes.

In connection with its initial investment in Collective on Feb. 24, 2024, Agnico Eagle and Collective entered into an investor rights agreement, pursuant to which Agnico Eagle was granted certain rights, provided Agnico Eagle maintained certain ownership thresholds in Collective, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership in Collective at the time of such financing or acquire up to a 9.99-per-cent ownership interest, on a partially diluted basis, in Collective; and (b) the right to nominate one individual (and in the case of an increase in the size of the board of directors of Collective to eight or more directors, two individuals) to the board of directors of Collective. On closing of the offering, the investor rights agreement was amended and restated (the A&R investor rights agreement) to increase the ownership interest ceiling in the participation right and top-up right described in (a) above from 9.99 per cent to 14.99 per cent, on a partially diluted basis, to match Agnico Eagle's ownership level at closing. The A&R investor rights agreement is available under Collective's issuer profile on SEDAR+.

PowerOne Capital Markets Ltd. acted as an advisor to Collective in connection with the offering.

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 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 improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade subzones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp zone along strike and to depth, expand the Trap system, and drill a series of newly generated targets including Tower and X.

Management insiders own approximately 33.4 per cent of the outstanding shares of the company and as a result are fully aligned with shareholders.

We seek Safe Harbor.