Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES AGNICO EAGLE MINES LIMITED'S INTENTION OF EXERCISING ITS PARTICIPATION RIGHTS

Further to Collective Mining Ltd.'s news releases dated Oct. 1 and Oct. 2, 2025, announcing a $125-million bought deal public offering of common shares led by BMO Capital Markets and Scotiabank as joint bookrunners on behalf of a syndicate of underwriters, Agnico Eagle Mines Ltd., which has participation rights in equity financings of Collective Mining, has indicated to the company that it intends to exercise its participation right to subscribe for 789,473 common shares, at an issue price of $19 per common share, which would result in Agnico holding 14.64 per cent of the issued and outstanding common shares after giving effect to the public offering (and assuming no exercise of the underwriters' overallotment option). The common shares to be issued to Agnico will be completed on a non-brokered private placement basis expected to close concurrently with the public offering.

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

The concurrent private placement with Agnico constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the company is exempt from obtaining a formal valuation and minority approval of the company's shareholders as the fair market value of Agnico's participation in the concurrent private placement is below 25 per cent of the company's market capitalization as determined in accordance with MI 61-101. The company expects to file a material change report, including details with respect to the related party transaction less than 21 days prior to the closing of the concurrent private placement, which the company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the concurrent private placement (and the public offering) in an expeditious manner.

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 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 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 and 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 exchange and the TSX under the trading symbol CNL.

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