Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce assay results for four directional diamond drill holes which extend the Apollo system to the southwest and confirm continuity of both breccia and high-grade, porphyry related, carbonate base metal vein zones at depth. Apollo is an outcropping, high-grade brecciated porphyry system with a matrix impregnated by both early-stage porphyry mineralization and late-stage, high-grade overprinting CBM veins. Apollo is the most advanced of seven targets found within the Company’s Guayabales Project in Caldas, Colombia. The Company has five diamond drill rigs in operation as part of its fully funded 40,000 metres drill program for 2024, with two rigs drilling at Apollo, two rigs drilling at the Trap system and one rig drilling at the Plutus Target.

Ari Sussman, Executive Chairman commented: “Expanding Apollo to the southwest at depth beyond the boundaries of the model in this area and extending high-grade CBM vein sub-zones within the model to depths of over 1,000 metres below surface represents another important milestone in validating our understanding of the system. The orthogonal directional drilling across Apollo is adding grade to our internal block model at depth where limited or no prior drilling has taken place. This drilling demonstrates that the CBM vein systems at Apollo have excellent grade continuity over more than 1,000 metres in a similar manner to both the Marmato mine (next door) and the Buriticá mine.”

Please click here to watch a video of David Reading, Special Advisor to the Company and a QP under NI 43-101 providing a detailed overview of drill hole APC99-D2.

Highlights (see Table 1 and Figures 1-4)

• Holes APC99-D4 and APC99-D2 were drilled to the southwest from Pad 16 and extend the in-house block model and confirmed high-grade sub zones at depth with assay results as follows:
  • 401.80 metres @ 1.06 g/t gold equivalent from 369.00 metres (APC99-D4) including:
    • 26.55 metres @ 3.01 g/t gold equivalent from 374.00 metres in a CBM zone
    • 18.95 metres @ 2.43 g/t gold equivalent from 416.95 metres in a CBM zone
    • 35.55 metres @ 2.03 g/t gold equivalent from 567.25 metres in a CBM zone
    • 38.25 metres @ 2.44 g/t gold equivalent from 732.55 metres in the SW extension zone and drillhole ended in mineralization
  • 258.30 metres @ 1.56 g/t gold equivalent from 253.40 metres (APC99-D2) including:
    • 23.50 metres @ 2.51 g/t gold equivalent from 253.40 metres in a CBM zone
    • 39.95 metres @ 4.42 g/t gold equivalent from 362.20 metres in a CBM zone
    • 17.25 metres @ 2.03 g/t gold equivalent from 445.50 metres in a CBM zone
    • 23.30 metres @ 1.20 g/t gold equivalent from 623.50 metres in the SW extension zone
• Drillhole APC99-D3 was drilled to the southeast and tested both the hanging wall and footwall boundaries of the Apollo system wireframe with assays results as follows:
  • 158.45 metres @ 0.95 g/t gold equivalent from 289.95 metres including:
    • 19.05 metres @ 2.12 g/t gold equivalent from 289.95 metres in a CBM zone
    • 23.35 metres @ 2.18 g/t gold equivalent from 387.25 metres in a CBM zone
• Drillhole APC99-D1 was drilled to the south from Pad 16 but was abandoned prior to reaching target depth due to a technical challenge with the rig.
• Two drill rigs are operating at Apollo with one rig expanding laterally and vertically the western portion of the system and the other rig about to commence drilling a potentially large 600 metres step-out hole to the north.

Table 1: Assays Results for Drill Holes APC-99D, APC99-D1, APC99-D2, APC99-D3 and APC99-D4

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 Apollo System With an Overlay of Drill Holes Announced in This Release (CNW Group/Collective Mining Ltd.)

Figure 2: Cross Section (CNW Group/Collective Mining Ltd.)

Figure 3: Drill Core Tray Photo Highlighting APC99-D4 (CNW Group/Collective Mining Ltd.)

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