Mr. Christopher Huggins reports

COLLECTIVE METALS ANNOUNCES RESULTS OF PHASE II SOIL GEOCHEMICAL SAMPLING PROGRAM ON ITS PRINCETON PROJECT

Collective Metals Inc. has received final assay results for soil samples collected from phase II of the company's two-phase soil geochemical survey completed in the summer of 2023 on the Princeton project. The program was designed to follow up on two multielement soil geochemical anomalies identified along the Trojan-Condor corridor in phase I of the program (please see news release dated Sept. 21, 2023) as well as systematically test several additional targets with favourable geology, geophysical signatures and/or historic geochemistry. The program extended two previously identified anomalies (PA1 and PA2; please see news release dated Sept. 21, 2023) and outlined several additional anomalies at outboard target areas. The company believes the Lamont Ridge, Coalmont Road, Findlay, Fourteen Mile and Trojan-Condor target areas hold potential to host multiple porphyry copper plus or minus gold mineralization and plans to pursue more advanced exploration in 2024.

Chris Huggins, chief executive officer of Collective, commented: "The results of the 2023 soil program are very encouraging. In addition to further validating previously identified geophysical targets along the Trojan-Condor corridor, we've defined robust geochemical anomalies at several other targets, most notably porphyry copper targets at Lamont Ridge and Coalmont Road. We plan to continue this strategy of systematically advancing exploration on multiple targets throughout the property, which hosts several Triassic intrusions analogous to those associated with mineralization at Copper Mountain."

The Trojan-Condor corridor trends along the northwest edge of a large aeromagnetic anomaly similar to that which hosts copper-gold porphyry deposits currently being mined at the Copper Mountain mine approximately 10 kilometres to the northeast. A 2011 ground-based induced polarization (IP) survey defined a large (approximately 1.5 by 3.3 kilometres), strong (greater than 20 millivolts per volt) chargeability anomaly along the corridor.

The IP anomaly is strongest (greater than 30 mV/V) over a broad area (approximately 800 by 1,000 m) in the northeast portion of the Trojan-Condor corridor, termed the Condor target (please see news release dated Aug. 10, 2023). Phase I of the program identified a modest copper-silver-gold-tellurium soil geochemical anomaly along a single northeast-trending line of predominantly B-horizon soil samples over the Condor target. Phase II soil samples on adjacent lines were predominantly Ah-horizon soils and did not yield elevated copper but did yield anomalous lead, barium, gold, silver, zinc, tungsten, tellurium, and elevated molybdenum and selenium.

Slightly southwest of the Trojan Minfile showing, where rock samples have yielded up to 0.53 per cent Cu (please see news release dated Oct. 24, 2023), a second multielement copper-in-soil anomaly was identified in Ah soils at the southwest extent of the survey grid in phase I. Phase II B-horizon soil samples extended this anomaly along three lines to the southwest, for a total area of approximately 400 by 1,000 m with weak to strongly anomalous copper (up to 724 parts per million) and associated gold, silver, molybdenum, lead, zinc and tellurium.

Copper-gold-molybdenum soil geochemical anomalies were also identified at the Coalmont Road and Lamont Ridge and adjacent targets. In the Fourteen Mile area, where high-quality sieved sediment samples collected by the previous operator in 2011 yielded highly anomalous copper (up to 504.5 ppm), 2023 B-horizon soils did not yield elevated copper but did return elevated pathfinder elements1 in the soil grids at Fourteen Mile and Fifteen Mile targets.

Three targets in the northern part of the property (Max, China Ridge, Mt. Pike) yielded multielement geochemical anomalies more consistent with sulphide-hosted base-metal mineralization (lead, zinc, sulphur and barium). Soil results on these targets will be discussed in greater detail in the coming weeks, in conjunction with geophysical and geological interpretation.

Bedrock outcrop is sparse throughout most of the project due to varying thickness of glacial overburden and outwash deposits. The soil geochemical response is expected to vary with overburden thickness, soil horizon sampled, and development or disruption of the soil profile. The resultant uncertainties in provenance and relative magnitude of identified anomalies must be considered in interpretation of soil geochemical data. While phase I samples were predominantly Ah-horizon soil, phase II samples were predominantly B-horizon soil. Previous sampling on the property was largely high-quality sieved sediment sampling from roadside and stream exposures. All (2011 and 2023) soil samples were analyzed using an aqua regia digestion and ultratrace inductively coupled plasma mass spectrometry analysis.

Heberlein (2010) found that Ah-horizon soil samples (base of organic layer) produced the most robust response for ore and pathfinder elements (copper, gold, silver, tungsten, arsenic, antimony, calcium) at Kwanika, where B-horizon soil samples are deemed ineffective due to tens of metres of glacial overburden. However, at Mt. Milligan, significant surface disturbance from logging and drilling activities has affected the soil profile and resulted in an almost complete loss of a geochemical anomaly from underlying mineralization, which is covered by five to 25 m of glaciofluvial sediments and till. Peak geochemical anomalies occur over thinnest cover and not necessarily strongest mineralization in both cases, demonstrating how the magnitude of soil geochemical anomalies is dependent on thickness of overburden.

The company plans to continue evaluating targets on the project in the coming months with reprocessed geophysical data in conjunction with all available geochemical and geological data, in preparation for its 2024 exploration program. Results of this integration will be released in the coming months.

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

The information disclosed is not necessarily indicative of mineralization on the 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 kilometres 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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