Mr. Christopher Huggins reports

COLLECTIVE METALS RECEIVES APPROVAL TO RE-LOG AND SAMPLE 2014 DRILL CORE FROM ITS PRINCETON PROJECT

Collective Metals Inc. has received permission from the previous operator, Goldcliff Resource Corp., to examine its 2014 drill core, recovered from four holes completed within the Trojan-Condor corridor at the company's Princeton project. The company intends to relog and further sample the available core. The core has been stored at Keremeos, B.C., since 2014. A previous site visit in May, 2023, established that the majority of the core remains in good condition.

The holes were relatively shallow, between 135 and 215 metres in length, and widely spaced. The holes document low copper values (less than 953 parts per million); however, they did document mineralized epidote-carbonate veinlets and patchy epidote alteration of both host Nicola group volcanics and the intrusive diorite. Having the necessary permission and access, the company intends to relog and further sample the drill core. Collective and the prior operator both concur that the holes were too shallow to effectively test the potential mineralized system due to the overlying Eocene cover above the prospective Nicola group.

The company anticipates further work on the drill core will provide more information from the only drill holes completed to date in the high property target area. Although relatively shallow, the holes are expected to provide valuable information, particularly with respect to the styles and extent of alteration present. Information expected from re-logging includes:

• More information regarding contact relations between host rocks and subsequent intrusions, particularly with respect to alteration;
• Identification of different styles and extent of alteration in the drill core;
• More detailed sampling of the mineralized intervals;
• Sampling potential porphyry-style altered intervals, for select samples to include in the porphyry vectoring study at the mineral deposit research unit at the University of British Columbia (see news release dated Aug. 1, 2023).

Work by the company during the 2023 field season has returned a highly anomalous rock sample (0.535 per cent copper) from the Trojan area (see news release dated Sept. 11, 2023) and several copper anomalies from soil samples (see news release dated Sept. 21, 2023). Results from a follow-up, phase II soil program are expected to further develop the soil anomalies in the Trojan-Condor corridor and will be released once received and reviewed.

Previous work identified multiple showings within, and immediately adjacent to, the Trojan-Condor corridor, including, but not limited to, the Trojan, Eagle, Shirley, Elk, Raven and Nev showings as well as numerous Minfile occurrences (see news release dated Sept. 5, 2023). Drill targets were identified based on surface rock samples having high results (up to 0.655 per cent Cu, 4.8 grams per tonne silver and 0.08 g/t gold), together with highly anomalous results from both magnetic (airborne and ground) and an induced polarization (IP) survey (see news release dated Aug. 10, 2023). The Trojan-Condor target area has a large surface area, two kilometres by four kilometres, or eight square kilometres, with multiple prominent chargeability anomalies. The most significant is the Condor anomaly, which extends from surface to a depth of at least 500 metres, interpreted to indicate both a deep root to the anomaly and significant vertical extent within which to delineate a potential mineralized deposit.

Christopher Huggins, chief executive officer of Collective, commented: "We are excited to have the opportunity to further examine and resample the drill core from the 2014 campaign in the Trojan-Condor corridor. We are most interested in further information regarding the styles and extent of alteration as an indication of proximity to a mineralized porphyry deposit."

The company's 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 km 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.

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 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 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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