Mr. Christopher Huggins reports

COLLECTIVE METALS ACQUIRES 100% OF THE LITHIUM WHITEMUD PROJECT IN NORTHWESTERN ONTARIO

Further to Collective Metals Inc.'s news release dated July 12, 2023, the company has completed its previously announced acquisition of all of the issued and outstanding shares of 1000587016 Ontario Ltd. (587016) from the shareholders of 587016 (each, a vendor).

Pursuant to the acquisition, the company issued four million common shares in the capital of the company to the vendors at a deemed issue price of 31 cents per consideration share, representing aggregate share consideration of $1.24-million, in exchange for all of the outstanding common shares of 587016. In addition to the issuance of the consideration shares, the company made a $40,000 cash payment to a vendor. The consideration shares were issued pursuant to Section 2.16 (take-over bid and issuer bid) of National Instrument 45-106 -- Prospectus Exemptions. The acquisition is an arm's-length transaction for the company and does not constitute a fundamental change or result in a change of control of the company, within the meaning of the policies of the Canadian Securities Exchange.

About Collective Metals Inc.

Collective Metals 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 hectares (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 is located in Northwestern Ontario, where numerous lithium deposits have been delineated to host significant reserves of Li2O (lithium oxide). The Landings Lake lithium project is located 53 km east of Ear Falls, Ont., and covers 3,146 hectares. The Whitemud project with several identified pegmatite outcrops, neighbours the Landings Lake project and consists of 381 single cell mining claims totalling 7,775 hectares.

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