Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce that it has entered into an agreement with Agnico Eagle Mines Limited pursuant to which Agnico Eagle has agreed to subscribe for 4,741,984 common shares in the capital of the Company at a price of C$11.00 per Share. Closing of the Offering is conditional upon, among other things, Agnico Eagle concurrently exercising the common share purchase warrants of the Company it currently holds to acquire an additional 2,250,000 Shares at a price of C$5.01 per Share. In total, between the Offering and the exercise of the Warrants, the Company will receive gross proceeds of approximately $63.4 million. At Closing of the Offering, Agnico Eagle’s ownership interest in the Shares is expected to increase to approximately 14.99%.

Ari Sussman, Executive Chairman commented: “I would like to thank Agnico Eagle for its additional support as we continue to advance our Guayabales Project.  The proceeds received will enable us to continue with our planned drill program and we look forward to releasing results in the near term.”

The proceeds from the Offering and exercise of the Warrants are expected to be used for exploration on the Company’s properties in Colombia and for general working capital purposes. Closing of the Offering is also subject to, among other things, the receipt of regulatory approvals, including approval of the Toronto Stock Exchange and acceptance by NYSE American, and is expected to close two business days following receipt of such approval.

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 improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth, expand the Trap system and drill a series of newly generated targets including Tower and X.

Management and insiders own approximately 36% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.