Mr. Christopher Huggins reports

COLLECTIVE METALS DISCUSSES WHIPSAW PROPERTY AND OTHER MINERAL OCCURRENCES AND THEIR SIGNIFICANCE TO THE PRINCETON PROJECT

Collective Metals Inc. has interpreted the Whipsaw property, west of, and immediately adjacent to, the south Princeton project as being significant to further evaluation of the project and its mineral potential. Work completed on the Whipsaw property has, to date, identified copper, gold, silver, zinc and lead mineralization related to the Whipsaw porphyry stock, comprising primarily porphyry related copper-gold mineralization.

Highlights

• Many mineral occurrences have geological characteristics similar to the adjacent Copper Mountain mine currently in production.
• Previous work identified copper, gold, silver, zinc and lead, many of which are interpreted to represent porphyry related copper-gold mineralization.
• Alkalic porphyry Cu-Au mineral occurrences have been identified, having porphyry-style characteristics similar to the Copper Mountain orebodies.

Christopher Huggins, chief executive officer of Collective, commented: "There is strong support for additional opportunities for exploration and discovery in this area of our project. There is potential for the mineralized halo from the Eocene Whipsaw porphyry to the west; and late Triassic porphyry alteration and mineralization on the eastern edge close to Copper Mountain to extend onto the property. The MINFILE occurrences discussed here show the untapped potential of this project for multiple, unique mineralization centres."

Copper, molybdenum and gold mineralization occurs mainly in the Nicola group rocks, associated with the contact of the Whipsaw porphyry. Mineralized occurrences containing gold, silver, zinc and lead in pyrite-bearing quartz veins and in wallrock adjacent to the veins have been identified in historical drill holes. These holes, drilled based on geophysics and geochemistry correlated with geology, have returned significant intervals of 0.2 per cent to 0.3 per cent Cu mineralization with some molybdenum.

Of the 12 separate and distinct MINFILE occurrences identified on the Whipsaw property, two, the Whipsaw (092HSE102) and Whipsaw -- South zone (092HSE265), are interpreted to document porphyry-style mineralization. MINFILE occurrences in the adjacent host Nicola group rocks include hydrothermal vein hosted mineralization interpreted to represent a zoned mineralized halo surrounding the Whipsaw stock, such as 41 Mile Creek (092HSE266). Still other MINFILE occurrences are interpreted to document mafic hosted, Besshi-style volcanogenic massive sulphide potential in host Nicola group rocks, including T.G.S. (092HSE206), Knight and Day (092HSE072), Marian (092HSE074), Metestoffer (092HSE097), and S and M (092HSE073). These MINFILE occurrence are interpreted to suggest similar mineral potential in the Southern half of the project.

MINFILE occurrences in the Copper Mountain camp, east of Highway 3, interpreted as examples of target mineralization on the project, include Friday Creek (092HSE033), Deep Gulch (92HSE080), T (092HSE104) and Norma (092HSE143). These occurrences contain copper and gold mineralization and are classified as alkalic porphyry Cu-Au occurrences similar to the Copper Mountain orebodies.

Finally, the Goldrop MINFILE occurrence, located immediately north of the Trojan-Condor corridor, is described as a feldspar porphyritic andesite having minor silicification and chloritization which occasionally contains zones of intense calcite veining up to several metres wide. These intervals of calcite veining are mineralized with massive pyrite and sphalerite, with minor chalcopyrite. The association of calcite veining with minor silicification is interpreted to have similarities to iron carbonate-silica alteration described elsewhere on the project (in example, Fourteen Mile Creek, Massey et al. 2009-08).

With respect to mineralization previously identified on the project, grab samples northwest and west of the Trojan-Condor corridor, returned anomalous Cu, Mo and Ag values, interpreted to suggest mineralization associated with the Whipsaw stock porphyry Cu system could extend east onto the project. Furthermore, the calcareous matrix of volcanic rocks within the lower Nicola group sequence is locally and variably altered to skarn with associated sulphides. Several grab samples collected in the northwestern part of the map area, spatially associated with areas of orange -- brown, iron carbonate-silica alteration occur in Nicola group volcanic rocks. Analyses of the samples returned variable, yet elevated, As and Ag values with moderate Au and Cu.

An interpreted graben was proposed (Rockell, 2011) bounded by the Whipsaw Creek fault system to the west and the Boundary fault to the east. The proposed graben was interpreted to have preserved a Princeton group cover sequence, which thickens to the east, and the underlying Nicola group rocks. Under this interpretation rocks within the graben were displaced downward relative to both the multiple mineral deposits comprising the Copper Mountain mine (to the east) and the mineralized Whipsaw stock and Nicola group host rocks to the west. As such, mineralization identified at surface in the project, specifically with respect to the Trojan-Condor corridor, is interpreted to correlate to a higher structural level (see news release dated Aug. 1, 2023), with the corresponding mineralization at depth (see news release dated Aug. 10, 2023).

The company's flagship project is easily accessible by road and is located immediately west of Highway 3 south of Princeton, B.C., in a well-established mining district with excellent infrastructure, a local work force and support services. The project hosts potential for identification of one (or more) copper gold alkalic porphyry occurrences similar in age and deposit type to the Copper Mountain mine. The project is also approximately 10 kilometres west of HudBay Minerals Inc.'s currently producing Copper Mountain mine, which hosts a proven and probable mineral reserve of 702 million tonnes of 0.24 per cent copper.

General corporate update

The company advises that the option granted to the company pursuant to a definitive agreement between Rover Metals Corp. and Silver Range Resources Ltd. (SSR) whereby the company could acquire up to a 75-per-cent interest in the Up Town gold property held by SSR, as detailed in a Dec. 6, 2020, news release, has been terminated.

Qualified person

This news release has been reviewed and approved by Rick Walker, PGeo, who is acting as the company's qualified person for the Princeton property project, in accordance with regulations under National Instrument 43-101.

The information disclosed is not necessarily indicative of mineralization on the Princeton project.

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 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 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, 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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