Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES AN EXPANDED DRILL PROGRAM FOLLOWING THE CLOSING OF ITS C$63.4 MILLION FINANCING

Collective Mining Ltd. has provided plans for an expanded drill program following the successful completion of its recent financing for $63.4-million (see press release dated March 20, 2025). With a robust treasury totalling more than $78-million (U.S.), the company is more than fully financed for an expanded 70,000-metre drill program in 2025. The revised program will now include up to 10 diamond drill rigs in operation across the Guayabales and San Antonio projects and will be the largest in the history of the company. Additionally, the company will accelerate baseline environmental, hydrological and metallurgical studies so that permitting could begin in the future at a faster pace than originally envisioned.

Ari Sussman, executive chairman, commented: "The Apollo system, which is the most important discovery to date within the company's Guayabales project, has emerged as an important large-scale, bulk-tonnage and high-grade system generated from grassroots exploration. The emergence of Apollo occurs at a time when there is a dearth of new and impactful exploration discoveries within our industry. We continue to believe that Apollo is the tip of the iceberg within the Guayabales project and that further discoveries will come with aggressive drilling and perseverance. The fact that our San Antonio project is now potentially showing its porphyry potential is a welcome surprise. We look forward to receiving drill hole assay results across the portfolio in the near term and are excited to unlock more value in this regard."

Guayabales drill program overview

Up to eight rigs will be focused on drilling the Guayabales project for the balance of 2025 to achieve various objectives:

• Apollo system: Being the company's flagship discovery, up to seven rigs will be in operation as follows:
  • Up to three rigs will be testing the recently discovered, high-grade subzones with an overall goal of improving the grade of the system. To date, multiple bulk-tonnage and high-grade intercepts have been reported from drilling of the first in a series of subzone targets, including APC104-D5, which intersected 106.35 metres at 9.05 grams per tonne gold equivalent within 497.35 metres at 3.01 grams per tonne gold equivalent.
  • Up to three rigs will be testing the recently discovered Ramp zone, where multiple high-grade intercepts have been previously reported, including most recently for drill hole APC105-D1, which cut 75.80 metres at 8.01 grams per tonne gold equivalent, including 21.00 metres at 24.16 grams per tonne gold equivalent.
  • The current operating rigs on site that are testing the Ramp zone are at or close to their depth limit capacity, so, additional rigs capable of drilling up to 2,000 metres have been secured and will begin arriving in June. The company's technical experts believe that only the top of the Ramp zone system has been discovered and there is major potential for significant growth at deeper elevations.
  • Two smaller rigs will drill test the Apollo system from surface to a depth of 150 metres with the first rig now operating and the second rig anticipated to begin drilling in the next 60 days. The goal of this newly designed program is to expand and define the area of outcropping/shallow mineralization and test many drilling gaps within the block model as the current spacing is quite broad at up to 100 metres. Previous drilling in the shallowest portion of the Apollo system yielded numerous high-grade intercepts beginning from surface, including APC-35, which intersected 86.55 metres at 4.85 grams per tonne gold equivalent (3.52 grams per tonne gold, 16 grams per tonne silver, 0.12 per cent copper and 0.34 per cent tungsten oxide).
• Tower, ME, X and Trap targets: Up to two diamond drill rigs will be utilized to test these targets at various points over the balance of the calendar year as follows:
  • One rig is presently drilling at the Tower target, a new grassroots generated target that lies west-southwest of the Apollo system. Precious-metal-rich outcrop samples have been found within three multimineral coincidental soil anomalies defined by the company. Initial assay results from this drilling program should be available in late Q2 2025.
  • One rig is being mobilized to the ME target, which is located midway between the Apollo system and Aris Mining Corp.'s Marmato mine to its southeast. Five shallow holes were drilled into the ME target in 2023 and discovered a precious-metal-rich breccia system, with APC-81 intersecting 111.25 metres at 1.00 gram per tonne gold equivalent.
  • A recent reinterpretation of the prior drill results highlights that potential exists for Ramp-zone-style mineralization (gold/silver/bismuth/tellurium) to occur at a deeper elevation within the ME target. The company expects drilling at the ME target to commence toward the end of April, 2025, with first assay results expected in early Q3 2025.
  • The company intends to mobilize a single rig in the second half of 2025 to test the grassroots generated X target for the first time. Mapping and surface sampling at the X target have outlined a heavily altered and large breccia body with a precious-metal-rich soil and rock-chip anomaly abutting a copper-and-molybdenum-rich soil anomaly. The X target shares many similar surface characteristics to the Apollo system, which is located approximately 1,100 metres to its north.

San Antonio project overview

The company commenced drilling at the San Antonio project in late January, 2025 as part of a budgeted initial 2,500-metre program.

One rig is currently drilling at the Pound target, with a second rig scheduled to commence drilling before the end of April, 2025. Two initial holes were drilled in 2021 at the Pound target, with both holes cutting long intercepts from surface of modestly grading, precious-metal-dominant mineralization. Both holes bottomed in mineralization, with SAC-8 intersecting 710 metres at 0.53 gram per tonne gold equivalent. A recent reinterpretation of the Pound target indicates that the previous drilling intersected the outer phyllic pyrite halo of a potentially substantive porphyry system. Importantly, both holes had increasing copper grades downhole, with the copper/zinc ratio indicating a vector toward the porphyry source at depth. Two new diamond drill holes were completed in 2025, with a third hole now under way. The first hole, SAC-10, was drilled at a shallow angle for 743 metres from a pad, now interpreted to be too far south of the target zone, intersecting only pyrite-dominant, phyllic mineralization hosted within a combination of hydrothermal breccia, diorite and metagabbro rocks before being terminated due to rig capacity. The second hole, SAC-11, was drilled at a steep angle for 892 metres from a location much closer to the visual mineralization logged in the latter part of hole SAC-10. The hole, which was predominately hosted within altered metagabbro rock, hosts pyrite-dominant mineralization, which passes at 500 metres downhole depth into quartz and chalcopyrite porphyry veins. The copper-bearing chalcopyrite mineralization then increases in intensity until the end of the hole, which was terminated in mineralization due to the depth capacity of the rig. It is worth noting that minor amounts of bornite were also logged toward the end of the hole. The company is encouraged by the visual logging, which highlights that the mineralized metagabbro is proximal to a porphyry intrusive. Assay results are pending and, if positive, may warrant the expansion of the program with the addition of more powerful rigs that can penetrate to greater depths.

About Collective Mining Ltd.

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-per-cent interests in two projects located directly within an established mining camp with 10 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 modelled, potentially high-grade subzones; 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 33.4 per cent of the outstanding shares of the company and, as a result, are fully aligned with shareholders. The company is listed on the NYSE American exchange and the Toronto Stock Exchange under the trading symbol CNL and on the Frankfurt Stock Exchange under the trading symbol GG1.

We seek Safe Harbor.