Mr. Ari Sussman reports

COLLECTIVE MINING ANNOUNCES THAT DRILLING IS UNDERWAY TO TARGET THE NEAR SURFACE AND TUNGSTEN RICH PORTION OF APOLLO

A multihole drill program is now in full swing, targeting the high-grade, outcropping tungsten-rich zone crowning Collective Mining Ltd.'s Apollo system. Apollo is a large, partially reduced intrusion related system enriched in gold, silver, copper and tungsten. Drilling to date has outlined continuous mineralization from surface to more than 1,300 vertical metres, where the high-grade Ramp zone remains open at depth. Apollo anchors the company's flagship Guayabales project -- a district-scale, multitarget and infrastructure-rich project in Caldas, Colombia.

Key highlights

• Step out and infill drilling under way to expand and increase confidence in the two defined tungsten-rich zones at Apollo;
• Visual core logging of the initial hole already showing coarse scheelite (tungsten mineral) and chalcopyrite, bornite and chalcocite (copper minerals);
• With Apollo hosting Colombia's first hard rock tungsten discovery and prices for APT 88.5 per cent tungsten trading at all-time high of $703 (U.S.) per metric tonne unit, relevant authorities are expressing keen interest in its future potential;
• Assay results from drilling of the tungsten zones expected in December.

Previously reported assay results from drill holes into Apollo's tungsten rich zones are listed in the attached table.

Ari Sussman, executive chairman, commented: "Since announcing the first hard-rock tungsten discovery in Colombian history, positive interest from Colombian officials in the critical minerals aspect of the Apollo system has evolved. With tungsten prices now sitting at an all-time high and scarce supply available in the Americas, our Apollo system has strong potential to feed the veracious appetite for the metal in a reasonable time frame."

To date, Collective Mining has completed 143,500 metres of diamond drilling across the Guayabales and San Antonio projects, including 103,000 metres at the flagship Apollo system. Ten rigs are currently turning with multiple high-priority holes at both projects pending assays.

With $145-million (U.S.) in cash (as of Oct. 20, 2025), the company is fully funded for its planned, aggressive 2026 program, which targets up to 100,000 metres of additional drilling.

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 acqui/re 100-per-cent interest 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 at the Guayabales project are to expand the newly discovered high-grade Ramp zone along strike and to depth and drill a series of greenfield generated targets on the property.

Additionally, the company has launched its largest drilling campaign in history at the San Antonio project as it hunts for new discoveries and looks to expand upon the newly discovered porphyry system at the Pound target. The San Antonio project is located between two to five kilometres east-northeast of the Guayabales project and could potentially share infrastructure given their proximity to each other.

Management, insiders, a strategic investor, and close family and friends own 45.3 per cent of the outstanding shares of the company and as a result, are fully aligned with shareholders. The company is listed on both the NYSE American and Toronto Stock Exchange under the trading symbol CNL.

Qualified person (QP) and National Instrument 43-101 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).

Technical information

Samples were cut by company personnel at Collective Mining's core facility in Caldas, Colombia. Diamond drill core was sawed and then sampled in maximum two-metre intervals, stopping at geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole.

Core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia, and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The company utilizes a rigorous, industry-standard QA/QC (quality assurance/quality control) program.

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