Mr. Paul Begin reports

COLLECTIVE MINING INCREASES PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING TO C$125 MILLION

Collective Mining Ltd., due to strong demand, has increased the size of the previously announced bought deal of common shares to 6.6 million common shares at a price of $19 per common share for gross proceeds of approximately $125-million. The company previously entered into an agreement with BMO Capital Markets and Bank of Nova Scotia as joint bookrunners on behalf of a syndicate of underwriters. The company has granted the underwriters an option, exercisable in whole or in part, to purchase up to an additional 990,000 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 $144-million. The offering is expected to close on or about Oct. 8, 2025, 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 U.S. Securities Act 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.

Access to the prospectus supplement, the base shelf prospectus and any amendment to such documents is provided in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is, and the prospectus supplement will be (within two business days from the date hereof), accessible on SEDAR+. An electronic or paper copy of the prospectus supplement, base shelf prospectus and any amendment to such documents may be obtained, without charge, by contacting BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre, care of 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 gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The company has options to acquire a 100-per-cent interest 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 at the Guayabales project are to expand the newly discovered high-grade Ramp zone along strike and to depth, and drill a series of greenfield generated targets on the property.

Additionally, the company has launched its largest drilling campaign in history at the San Antonio project as it hunts for new discoveries and looks to expand upon the newly discovered porphyry system at the Pound target. The San Antonio project is located between two to five kilometres east-northeast of the Guayabales project and could potentially share infrastructure given their close proximity to each other.

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 both the NYSE American and Toronto Stock Exchange under the trading symbol CNL.

We seek Safe Harbor.