Mr. Ari Sussman reports

COLLECTIVE MINING TO BEGIN DRILLING AT ORION, A NEWLY DEFINED 2026 TARGET; DRILLING AT VICTORY TARGET TO FOLLOW IN Q4-2026

Generative exploration fieldwork and a systematic review of satellite targets surrounding the Apollo system at Collective Mining Ltd.'s Guayabales project in Caldas, Colombia, has advanced the newly discovered Orion target to drill-ready status. The company has also completed a reinterpretation of previous exploration data at Victory, generating new porphyry-breccia and precious metal targets scheduled for drilling in Q4 2026.

• Exploration fieldwork in 2026 has defined the Orion target, located approximately one kilometre east of the Apollo system and 300 metres east of the Plutus target.
• Surface work at Orion has outlined a 350-metre-by-300-metre mineralized footprint with strong gold and silver geochemistry; rock samples returned values of up to 7.43 grams per tonne gold, 230 g/t silver, 0.26 per cent copper and 85 ppm (parts per million) molybdenum.
• Reinterpretation of 2022 drilling results from the Victory target has defined a new copper-gold-molybdenum porphyry-breccia target.
• Both Orion and Victory locate coincident with discrete magnetic high anomalies interpreted to represent potential intrusion sources at depth.
• Drilling at Orion is set to commence this week, followed by drilling at Victory in Q4 2026.

Ari Sussman, executive chairman, commented: "Our exploration team continues to demonstrate the significant prospectivity of the Guayabales project. Orion is particularly compelling because of the combination of sheeted and stockwork veining, strong gold and silver surface geochemistry, and a discrete magnetic anomaly all occurring within a favourable structural setting just one kilometre east of Apollo and two kilometres northwest of Aris Mining's Marmato mine. At Victory, a fresh review of our previous drilling and exploration data has also generated an important new porphyry-breccia target that we plan to test later this year.

"With 13 drill rigs now on site, a strong treasury and a favorable commodity price backdrop, the time is right to push hard in exploration by continuing to grow our flagship Apollo system, drilling the Trap system and testing earlier stage targets."

Details -- Orion porphyry centre

Orion is located approximately one kilometre east of the Apollo system and 300 metres east of the Plutus target. At surface, Orion is defined by a 350-metre-by-300-metre inlier of argillic- and sericite-altered quartz diorite containing moderate to high-density auriferous quartz-iron oxide sheeted and stockwork veining. The target remains concealed beyond the currently mapped exposures by debris and colluvial cover, limiting the observable surface footprint.

Orion is located within an interpreted zone of structural complexity, where the northwest-trending Apollo-Marmato structural corridor intersects the prospective east-west striking Gustavo fault and its associated parallel splays. At surface, this structural intersection is expressed through abrupt changes to local stream directions and uneven topography.

Reconnaissance surface sampling of the altered quartz diorite and associated vein development has returned elevated gold, silver, copper and molybdenum values coincident with a discrete magnetic susceptibility high. Results from surface sampling at Orion include:

• Gold in rock values up to 7.43 grams per tonne and gold-in-soil values of up to 4.00 g/t;
• Silver in rock values up to 230 g/t and silver-in-soil values of up to 21 g/t;
• Copper in rock values up to 0.26 per cent, and copper-in-soil values up to 0.06 per cent;
• Molybdenum in rock values up to 85 ppm (parts per million) and molybdenum in soil values up to 49 ppm.

Surface mapping has identified porphyry-related mineralization expressed as high-level sheeted and stockwork veining hosted within a magnetite-depleted argillic- and sericite-altered quartz diorite. The mapped alteration occurs above a discrete magnetic susceptibility high, which is interpreted to represent a potential intrusion source at depth.

Drilling at Orion is expected to commence this week and will initially test beneath the strongest coincident surface geochemistry, alteration, veining and magnetic response.

Details -- Victory target

Review and reinterpretation of previous exploration completed at the Victory target has generated new copper-gold-molybdenum porphyry-breccia and precious metal vein targets for follow-up drilling. In 2022, Collective completed two diamond drill holes, VICW-1 and VICW-2 (see 2022 NI 43-101 Guayabales technical report), targeting an interpreted copper-gold porphyry system beneath outcropping polymetallic veining and a discrete magnetic anomaly. Both holes intersected multiple zones of high-grade precious metals veining, representing the at depth extensions of auriferous veins mapped at surface. Significant intercepts included:

• 5.85 metres at 2.95 g/t Au from 198.50 metres and 1.00 metre at 13.94 g/t Au from 261.40 metres in discrete vein zones from VICW-1;
• 3.75 metres at 3.21 g/t Au from 64.95 metres and 0.85 metre at 7.90 g/t Au from 307.75 metres in discrete vein zones from VICW-2.

Importantly, drilling also intersected potassic alteration characteristic of a higher-temperature porphyry environment. VICW-1 intersected K-feldspar-magnetite-quartz alteration with chalcopyrite and molybdenite occurring within veins and breccia infill hosted in diorite porphyry between approximately 401 metres and 414 metres downhole. This interval returned anomalous copper values of up to 0.12 per cent and molybdenum values of up to 180 ppm. A similar altered diorite carrying elevated copper and molybdenum was intersected in VICW-2 between 345 metres to 354 metres down hole.

Collective interprets these high-temperature alteration assemblages and associated copper-molybdenum mineralization as potential vectors toward a more proximal porphyry source at depth. Follow-up drilling will target interpreted continuation of the potassic-altered diorite and productive porphyry-breccia mineralization in Q4 2026.

The plan view highlights the mapped auriferous quartz-iron oxide sheeted and stockwork vein development, which is coincident with a gold-in-soil geochemistry anomaly and a magnetic high anomaly. Surface gold geochemistry, related to the quartz-iron oxide stockwork veins, is also highlighted.

The A-A' sectional view illustrates the interpreted depth extension of the surface alteration and vein development toward a potential porphyry source coincident with a discrete zone of elevated magnetics. These positions will form the initial focus of drill testing as early as this week.

The plan view highlights the surface gold geochemistry associated with quartz-magnetite-iron oxide veins within a sericite alteration halo, together with coincident elevated copper and molybdenum in soils. The locations of historical drill holes VICW-1 and VICW-2 are also shown.

The B-B' sectional view illustrates the depth continuation of surface alteration and vein development and also shows the zones of K-feldspar-magnetite-quartz alteration with chalcopyrite and molybdenite intersected in VICW-01 and VICW-02. The interpreted continuation of this higher-temperature alteration and mineralization at depth will form a primary target for follow-up drilling in Q4-2026.

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $1.4-billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The company's two projects are located directly within an established mining camp with ten fully permitted and operating mines.

The company's flagship project, Guayabales, is anchored by Apollo, a large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten system. The company's objectives at the Guayabales project are to expand the newly discovered high-grade Ramp zone along strike and to depth, drill test the new outcropping Shallow Halo zone (formerly known as the Northern Apollo oxidized area), drill the recently granted licence covering the northwestern extension of the Trap target, and drill a series of greenfield generated targets across the property.

Management, insiders, a strategic investor, and close family and friends own 45.2 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 Nasdaq and TSX under the trading symbol CNL.

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

David J. Reading, independent consultant, 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 has approved 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 diametre 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, for copper, gold and silver assays, and multielement ICP. ALS is an accredited laboratory which is independent of the company. Gold assays are obtained by fire assay fusion with AAS finish on a 50-gram sample (Au-AA24). Any samples returning greater than 10 g/t were then reanalyzed by fire assay with gravimetric finish on a 50 g sample (Au-GRA22). Copper and silver were assayed by inductively coupled plasma -- atomic emission spectroscopy (ICP-AES) and mass spectrometry (ICP-MS) following a four-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 10,000 parts per million. 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.

We seek Safe Harbor.