Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce the discovery of a new silver zone in the northern section of the Apollo system, located within the Company’s Guayabales project in Caldas, Colombia. The Company currently has four drill rigs operating at the Guayabales Project as part of its fully funded and on-schedule, 40,000-meter drilling program for 2024 with three rigs operating at Apollo and one rig at the Trap system. The Company plans on embarking on a fully funded 60,000-meter diamond drill program in 2025, which will be the largest annual drilling campaign in the Company’s history.

Approximately 102,000 metres of diamond drilling has been completed to date at the Guayabales project, including 68,000 metres at Apollo. There are currently 23 drill holes awaiting assaying with results expected over the coming weeks.

Ari Sussman, Executive Chairman commented: “Discovering so many different styles of mineralization on a property is truly rare and is commonly a sign of a very large system being unlocked. As much success as the Company has enjoyed in its short history, we believe the best is yet to come with aggressive drilling. 2025 is going to be a banner year as the Company pushes the envelope even further with its largest drilling campaign to date.”

Highlights (see Table 1 and Figures 1-3)

• Three diamond drill holes directed in a southerly pattern from OPad 6 have discovered bulk silver rich sheeted veinlets at shallow depths in an area located 250 metres to the north of the main Apollo system.
• The shallow high-grade silver zone was intercepted from surface to vertical depths of 150 metres in oxidized or partially oxidized material covering an area measuring 250 metres by 100 metres. Mineralization remains open in all lateral directions and to depth. A fan of three holes were drilled from OPad 6 with the following results highlighted:
  • 75.45 metres @ 80 g/t silver equivalent from 22.50 metres (APC-100D) including:
    • 13.00 metres @ 315 g/t silver equivalent from 81.00 metres
  • 53.55 metres @ 59 g/t silver equivalent from 73.70 metres (APC-101) including:
    • 18.00 metres @ 125 g/t silver equivalent from 73.70 metres
  • 24.10 metres @ 50 g/t silver equivalent from 101.50 metres (APC-102) including:
    • 5.05 metres @ 112 g/t silver equivalent from 101.50 metres
• After exiting the near surface silver zone, all three drill holes intercepted high-grade discreet gold veins at deeper intervals with highlights as follows:
  • 1.20 metres @ 7.63 g/t gold equivalent from 378.60 metres (APC-100D)
  • 0.90 metres @ 21.25 g/t gold equivalent from 257.20 metres (APC-102) &
  • 0.90 metres @ 16.24 g/t gold equivalent from 452.85 metres (APC-102)
• Follow up drilling targeting along strike and below the oxidized silver zone is planned in H1 2025 as part of the Company’s upcoming fully funded 60,000-meter drilling program. Given the heavy weathering environment across the Guayabales project, the Company believes that there is a probability of seeing stronger silver grades in fresh rock below the zone of oxidation.

Table 1: Assays Results for Drill Holes APC-100D, APC-101, and APC-102

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 gold, silver, copper 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 gold-silver-copper-tungsten Apollo system. The Company’s objectives are to expand the Apollo system by stepping out along strike and testing the newly discovered high-grade Apollo Ramp Zone, expand the Trap system and drill a series of newly generated targets including Tower and X.

Management, insiders, a strategic investor and close family and friends own 44.5% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol “CNL”, on the TSX under the trading symbol “CNL”, on the FSE under the trading symbol “GG1”.

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.

Figure 1: Plan View of Drill Holes Announced in this Release Highlighting the Near Surface Oxidized Silver Discovery and Deeper Gold Rich Veins (CNW Group/Collective Mining Ltd.)

Figure 2: Drill Core Photos from Holes APC-100D, APC-101 and APC-102 (CNW Group/Collective Mining Ltd.)

Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)