Mr. Christopher Huggins reports

COLLECTIVE METALS DISCUSSES RESULTS OF 2023 PROGRAM WITH RESPECT TO THE TROJAN-CONDOR CORRIDOR ON ITS PRINCETON PROJECT

Collective Metals Inc. is discussing the integrated results from its initial program completed as part of its due diligence evaluation of the Princeton project. The field program in early June included property-wide ground-truthing of recorded mineralization and alteration, with particular focus on the Trojan-Condor corridor, a more-than-two-kilometre-long northeast-trending geophysical and geochemical target approximately 10 km southwest of HudBay Minerals Inc.'s currently producing Copper Mountain mine. Previous operators have identified several occurrences of copper mineralization along the corridor, associated with small to intermediate mafic intrusions. Collective geologists located, examined and sampled exposures associated with the Trojan showing, the host diorite intrusion and adjacent Nicola group volcanic rocks. In contrast to previous exploration programs, rock samples were predominantly taken from outcrop or subcrop, rather than locally derived float.

Christopher Huggins, chief executive officer of Collective, commented: "The Trojan-Condor corridor continues to return elevated to highly anomalous surface geochemistry and porphyry-style alteration (that is, chlorite, epidote and sericite) spatially associated with numerous geophysical anomalies identified on the basis of different geophysical methods from two separate and distinct surveys. The company's work in 2023 in the Trojan-Condor corridor has confirmed previously reported elevated to high-grade copper values, supporting the area as a high-priority target."

The company has previously filed a National Instrument 43-101 technical report on the claims encompassing the Trojan-Condor corridor (see the company news release dated June 29, 2023), commissioned a study of available geophysical data (from 2011 3-D IP (induced polarization) and 2008 Fugro airborne surveys), completed two phases of soil sampling, and received permission to access historic core for a relogging and resampling program (see the company news release dated Oct. 4, 2023). Compilation of results and previous data is continuing and progress will be released over the coming months as the company continues to develop targets in the Trojan-Condor corridor in preparation for a 2024 exploration program.

The due diligence field program aimed to identify in situ exposures with porphyry-style alteration and/or mineralization (see the company news release dated Sept. 11, 2023). The following analyses are from samples taken in 2023 from within and immediately adjacent to diorite intrusions within the Trojan-Condor corridor. The highest copper value (5,350 parts per million (ppm), or 0.53 per cent) was taken from subcrop at the Trojan showing and was dominated by malachite.

Project geology and exploration model

Bedrock is poorly exposed throughout the property area, therefore, exposures in road cuts along the extensive logging road network are important for understanding the geology, and identifying alteration and mineralization. The property is underlain predominantly by volcanic rocks of the Upper Triassic Nicola group, which were subsequently intruded by Triassic-Jurassic intrusive rocks and, in turn, unconformably overlain by sedimentary rocks of the Eocene Princeton group. Several small gabbroic and dioritic intrusions on the property are tentatively correlated with the Late Triassic diorite of the Copper Mountain suite, which is associated with alkalic Cu-Au-Ag (copper-gold-silver) porphyry mineralization at the Copper Mountain mine approximately 10 km to the east. Porphyry and possible skarn-style mineralization associated with these intrusions is seen as the most prospective target type on the property.

Previous geochemical results

The results of the limited 2023 program are significant, as the highest-grade copper sample was taken from subcrop, whereas the previous samples were all described as locally derived float samples. A total of 14 samples were taken by the previous operator, nine of mafic intrusive within approximately 130 metres of the Trojan showing and an additional six within 185 m in the immediately adjacent Nicola group host rocks (see the table entitled "Rock samples from previous operators in vicinity of Trojan showing"). Mineralization was described as comprising both malachite and chalcopyrite, predominantly hosted within quartz and/or carbonate veinlets and/or stockworks, with a subordinate proportion from epidote-altered gabbro. These descriptions are consistent with porphyry-style alteration and mineralization (see the company news release dated Aug. 1, 2023), particularly with respect to mineralization being hosted within veinlets and/or stockworks, and provided strong motivation for subsequent drilling by the previous operator.

Previous drilling

In 2014, the previous operator completed 727.87 m of diamond drilling in four holes designed to test coincident strong chargeability anomalies and copper mineralization on surface.

The previous operator summarized its results as follows:

1. Trace chalcopyrite occurs with pyrite associated with less than one-centimetre to five cm wide carbonate-epidote-quartz veinlets, patchy epidote alteration, and locally as fine-grained disseminations in the mafic stock and Nicola group volcanics.
2. Weak, patchy pervasive epidote alteration and narrow epidote veinlets occur sporadically within the diorite-gabbro-pyroxenite stock and Nicola group volcanics, rarely with chalcopyrite.
3. Copper values (40 core samples) were weakly anomalous, ranging from 21.3 ppm to 953 ppm.
4. The highest copper value was 953 ppm copper across 3.27 metres of diorite, containing a weak quartz-carbonate-pyrite stockwork zone with traces of chalcopyrite.
5. Induced polarization chargeability anomalies are explained by pyrite encountered within the drill holes.

The holes were relatively shallow (less than 215 m in depth) and remained largely unsampled. Although assay samples yielded relatively low copper values (less than 953 ppm), the drill holes document pyrite-chalcopyrite-mineralized, porphyry-style, epidote-carbonate veinlets and patchy epidote alteration of both the Nicola group volcanics and the intrusive gabbro/diorite.

Drill hole WS14-002, at the Trojan showing, is considered the most significant. Drilled to a depth of 188.06 m, it returned the highest copper values (3.27 m grading 953 ppm) in "diorite containing a weak quartz-carbonate-pyrite stockwork zone with traces of chalcopyrite." Drill hole WS14-04 returned 305 ppm Cu over three m of "moderately epidote-altered pyroxenite cut by narrow carbonate veinlets with traces of chalcopyrite." Drill hole WS14-001 returned 375 ppm Cu over 3.58 m " ... of a weakly epidote-altered diorite sill with traces of chalcopyrite and cut by a four millimetre quartz veinlet with a trace of chalcopyrite."

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 property, in accordance with regulations under National Instrument 43-101.

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

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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