Mr. Christopher Huggins reports

COLLECTIVE METALS SIGNS DEFINITIVE AGREEMENT TO ACQUIRE 100% OF THE LITHIUM WHITEMUD PROJECT IN NORTHWESTERN ONTARIO

Collective Metals Inc. has entered into an arm's-length definitive share exchange agreement, dated July 11, 2023, with 1000587016 Ontario Ltd. (587016) and the shareholders of 587016 (the vendors) to acquire from the vendors 100 per cent of the outstanding shares of 587016. 587016 owns 100 per cent of the Whitemud project, a lithium property in Ontario consisting of 381 single-cell mining claims totalling 7,775 hectares. The project is located 53 kilometres east of Ear Falls, Ont., with good highway and logging road access and is in an area where numerous lithium deposits have been delineated to host significant reserves of lithium and is also adjacent to the company's Landings Lake property.

Christopher Huggins, chief executive officer of Collective Metals, commented: "The Whitemud Project is a strategic addition to our Lithium portfolio, as it neighbours our Landing Lake Project and expands our presence in Northwestern Ontario. To date, the Project has been underexplored and we look forward to beginning work on the property soon as possible, as our team believes the Project shows great promise and Northwestern Ontario has shown it is emerging as a potential lithium hub. We look forward to advancing both projects and now believe we have solidified our Battery Metals portfolio with our copper and lithium projects."

Government mapping in the northwestern part of Whitemud Lake Area township identified several outcrops of pegmatite in the proximity of Whitemud Lake (Fenwick, 1966). Government lake sediment surveys covered the Property in summer of 2000. The anomalous suite of elements returned from the survey on the Property suggest possible granitic pegmatite source rocks (OGS 2002). The sample sites in the project area returned some of the highest values obtained for Cs, Nb, Li, Sn, Be, Hg, and TI. There were also numerous other sites in the area which also returned elevated to anomalous values of Cs which are covered by the Property. The term "elevated" indicated analytical results above the 90th percentile, "anomalous" for results above the 95th percentile and "highly anomalous" for results above the 98th percentile.

Nearby projects include the Seymour Lake Lithium Project owned by Green Technology Metals which hosts a 9.9Mt resource grading 1.04% Li 2 O. Also nearby is Avalon Advanced Materials Separation Rapids Lithium deposit which hosts a Measured and Indicated resource of 6.28Mt grading 1.408% Li2O.

Regional Geology

The Project is in the English River Subprovince and is ~8km south of the sub-province boundary with the Uchi sub-province. These terrain boundaries are deep seated structures that divide accreted Archean terranes and can act as conduits for fertile peraluminous granites. The Project is underlain by tonalities to granodioritic rocks of the Bluffy Lake batholith in contact with metasedimentary rocks in the north-northeast which have been metamorphosed to the lower amphibolite/upper greenschist facies.

The English River sub-province consists mainly of turbiditic metasedimentary rocks, deposited during the final stages of magmatic and tectonic accretion within the Uchi Subprovince to the north at around ca. 2720 to 2710 Ma. The sedimentary rocks were intruded by a suite of calc-alkalic plutons at 2698 Ma. Major regional deformation, amphibolite to granulite facies metamorphism, anatexis, and emplacement of an extensive peraluminous granitic suite culminated at 2691 Ma. Late episodes of metamorphism, metasomatism, and emplacement of pegmatites occurred locally at ca. 2680 and 2669 Ma (Corfu, F.1995).

Terms of the Agreement

The Acquisition will involve the issuance of 4,000,000 common shares of the Company (the "Consideration Shares") to the Vendors (representing 11.3% of the issued and outstanding common shares of the Company on a post-issuance basis), at a deemed price of $0.31 per share, representing aggregate share consideration of $1,240,000, in exchange for all of the outstanding shares of 587016, as well as a $40,000 cash payment from the Company to a Vendor. The Consideration Shares will be issued pursuant to s. 2.16 (take-over bid and issuer bid) of National Instrument 45-106 Prospectus Exemptions.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Garry Clark, P.Geo., and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Collective Metals Inc.

Collective Metals Inc. (CSE: COMT | OTC: CLLMF | FSE: TO1) is a resource exploration company specializing in precious metals exploration in North America. The Company's flagship property is the Princeton Project, located in south-central British Columbia, Canada, approximately 10 km west of the currently producing Copper Mountain Mine. The Princeton Project consists of 29 mineral tenures totalling approximately 28,560 ha (70,570 acres) in a well documented and prolific copper-gold porphyry belt and is easily accessible by road, located immediately west of Highway 3.

The Company's Landings Lake Lithium Project, which is located in northwestern Ontario where numerous lithium deposits have been delineated to host significant reserves of Li2O. The Landings Lake Lithium Project is located 53 km east of Ear Falls, Ontario and covers 3,146 hectares.

Collective Metals is also advancing the Uptown Gold Project 4 km outside of Yellowknife, adjacent to several high grade past producing mines. The Uptown Gold Property is a high-grade Archean lode gold prospect adjoining the Giant Mine in Yellowknife, Northwest Territories. The property consists of 4 claims covering over 2,000 hectares and borders the west side of the Giant Mine leases.

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