Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce assay results for four holes drilled at the Trap Target, which is situated approximately 3.5 kilometres to the northeast of the flagship Apollo system within the Company’s Guayabales Project located in Caldas, Colombia.

Ari Sussman, Executive Chairman commented: “I would like to commend our team for their tenacity at Trap, which I believe will now rapidly evolve through drilling into a multi-million-ounce precious metal system. Additionally, the discovery at Trap should nicely compliment our flagship Apollo system and in time, I am confident the two systems will lead to a robust mineral resource inventory capable of producing at a large-scale production profile for many years in the future.”

“With five drill rigs turning as part of our 40,000-metre program and a backlog of core in the lab, we are excited about the second half of the year where aggressive drilling with four rigs will take place at the Apollo and Trap systems. Additionally, reconnaissance exploration drilling will commence shortly with one rig at the X target, where we will drill test a look-a-like brecciated porphyry system to Apollo and another rig (six in total at the Guayabales project) at the southern part of the Plutus target, where we will test for a potential copper-gold porphyry system.”

Highlights (see Table 1 and Figures 1-4)

• Since the discovery of Trap, which was announced in January 2024, the Company is pleased to announce that a geological model is now in place and has been successfully tested by TRC-11 (assay results below), TRC-12 and TRC-14 (both results pending). Trap is a fault bounded, broad Mineralized Deformation Zone (“MDZ”) trending from the northwest to the southeast which hosts and includes a continuous, bulk zone of mineralization on the west side of the fault consisting of overprinting northwest striking and east-west striking sheeted vein systems. The MDZ corridor has been mapped for approximately 1.4 kilometers of strike, is between 30 metres to 150 metres thick and has been intercepted up to 915 metres below surface. Importantly, the MDZ remains open along strike and at depth with strong potential for parallel zones to emerge with further drilling.
• Drill-hole TRC-11, which was designed to validate the geological model for Trap, was drilled from TPad3 to the southwest and as soon as it crossed the fault it intercepted the MDZ as follows:
  • 174.45 metres @ 1.19 g/t gold equivalent from 485.15 metres including:
    • 40.85 metres @ 3.76 g/t gold equivalent from 485.15 metres

Unfortunately, the hole was lost due to a technical challenge and bottomed in strong mineralization with the final 6.45 metres grading 1.12 g/t gold equivalent.

• Due to the positive validation of the geological model with hole TRC-11 intersecting the MDZ, a new pad (TPad-4) was constructed further along strike to the southeast. Two holes, TRC-12 and TRC-14 have been drilled from this pad and have both successfully intercepted the MDZ on the west side of the fault up to 350 metres further along strike from TRC-11.  Additionally, TRC-14 cut a potentially significant new zone of mineralization east of the fault and near the collar of the pad beginning at 16 metres depth.  If confirmed as a new discovery, this shallow intercept in TRC-14 would open up a new parallel target for drilling at Trap. The Company plans to continue to step out to the southeast along the MDZ corridor with new pads currently under construction. Lastly, a second rig has been mobilized to Trap with drilling anticipated to ensue in the coming days.
• TRC-8 was drilled from TPad3 to the southwest and intersected mineralization in the MDZ before being cutoff prematurely by a post mineral intrusive dyke prior to intercepting the projection of the high-grade subzone. The following assay results are highlighted:
  • 51.05 metres @ 1.41 g/t gold equivalent from 187.55 metres including:
    • 11.90 metres @ 2.49 g/t gold equivalent from 226.70 metres

• Two additional holes, TRC-9 and TRC-10, were drilled to the east of and outside of the MDZ (prior to the geological model being established) and intersected lower grade mineralization either as narrow veins in TRC-9 or as low-grade bulk style mineralization in TRC-10. Assay results are as follows:

  TRC-9

• • 1.05 metres @ 3.37 g/t gold equivalent from 273.70 metres
  • 2.15 metres @ 4.01 g/t gold equivalent from 290.65 metres
  • 1.00 metres @ 6.21 g/t gold equivalent from 370.95 metres
  • 3.25 metres @ 4.83 g/t gold equivalent from 459.40 metres

  TRC-10

• • 89.85 metres @ 0.73 g/t gold equivalent from 284.95 metres including:
    • 13.10 metres @ 1.98 g/t gold equivalent from 344.80 metres

• New assay results have been received from a series of outcrops located at the southeastern end of the MDZ bringing the known strike length of the zone to 1.4 kilometres. The MDZ remains open for further expansion in all directions.  Assay results for the new surface samples can be found in Figure 1.

Table 1: Assays Results for TRC-8, TRC-9, TRC-10 and TRC-11

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.

Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

Qualified Person and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Figure 1: Plan View of the Trap Target and Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

Figure 2: Cross Section Highlighting Drill Hole TRC-11 (CNW Group/Collective Mining Ltd.)

Figure 3: Drill Core Tray Photo Highlighting TRC-11 (CNW Group/Collective Mining Ltd.)

Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area (CNW Group/Collective Mining Ltd.)