Collective Mining Channel Samples 45.52 g/t gold and 27 g/t silver along 37.5 metres in Underground Development at the Guayabales Project, Colombia

Collective Mining Channel Samples 45.52 g/t gold and 27 g/t silver along 37.5 metres

in Underground Development at the Guayabales Project, Colombia

Toronto, Ontario, July 12, 2021 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the

“Company”) is pleased to provide an exploration update on its Guayabales Project located in Caldas,

Colombia. The project is situated contiguous, immediately along strike and to the northwest of Aris

Gold’s Marmato gold mine, which contains proven and probable reserves of 2.0 million ounces gold

and 4.35 million ounces silver (19.7 Mt grading 3.2 g/t gold and 6.9 g/t silver). The Company interprets

the abundant precious metal mineralization encountered throughout the Guayabales Project to be

related to a series of copper-gold porphyry intrusions hosted within the project tenements which could

be partially responsible for the mineral endowment of the Marmato gold mine.

Highlights (Table 1 and Figures 1-3)

The Company´s initial channel sampling campaign at the Donut target (“Donut”) within the Guayabales

Project has returned high-grade gold and silver assay results from a shallow underground tunnel.

Mapping of this tunnel has exposed a gold-copper porphyry stockwork of veinlets with overprinting

polymetallic vein systems. Additionally, the mineralized zone outlined by channel sampling results

announced herein displays excellent grade continuity with results as follows:

Table 1: Channel Sampling Results*

Length (m) Gold (g/t) Silver (g/t) Copper (%)

Donut-1 37.50 45.52 27 0.13

including 2 1.23 82 0.83

2 1.87 22 0.11

2 1.29 47 0.09

2 1.02 42 0.04

2 0.06 2 0.11

2 1.07 17 0.13

2 0.47 15 0.02

2 3.38 39 0.06

2 1.19 17 0.03

2 829.23 94 0.02

2 2.48 5 0.02

2 2.56 9 0.06

2 0.56 2 0.18

2 2.58 36 0.25

2 0.94 9 0.08

2 0.49 13 0.08

2 1.01 38 0.22

2 0.26 6 0.15

1.50 2.38 6 0.07

*The Company’s channel sampling program consists of continuous two metre samples taken along the exposed walls of the

underground historical mine workings

Further channel sampling is in progress to cover all areas of the underground workings and the target

remains open to the north, north-west, east and at depth. The Company is planning to drill test the

Donut target beginning in late August 2021.

“We are off to a very exciting start at the Guayabales project. The robust and continuous high-grade

channel sampling results validate our geological model for the property. We look forward to initiating

a first-ever drill program at the Donut target,” commented Ari Sussman, Executive Chairman.

Geological Description of the Donut Target

The Donut target is located in the south-east portion of a major north-west trending structural corridor

hosting a cluster of mineralized outcropping copper-gold-molybdenum porphyry intrusions. Shallow

underground workings have exposed large zones of porphyry veining hosting various copper sulfides

including chalcopyrite, chalcocite and lesser bornite associated with occasional molybdenite and

abundant pyrite. This zone extends for over one kilometre to the Olympus target where gold-silver

(base-metal) vein systems are extensive.

Donut displays a graduation from sericite-chlorite to an inner zone of intense potassic alteration

(secondary biotite and lesser magnetite) with abundant porphyry style B-veins noted. This porphyry

body is enveloped by a large scale (+1.5 km) and continuous anomalous zone of in-situ and

coincidental gold, copper and molybdenum soil anomalism. The veinlet and stockwork system

overprint displays a distinct Au-Ag (base metal) association. Historical artisanal mining has targeted

both porphyry and vein/stockwork systems.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of

National Instrument 43-101 (“NI 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

Rock samples have been prepared and analyzed at Actlabs laboratory facilities in Medellin, Colombia

and Toronto, Canada. 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 program.

About Collective Mining Ltd.

Collective is an exploration and development company focused on identifying and exploring

prospective gold projects in South America. Collective currently holds an option to earn up to a 100%

interest in two projects located in Colombia: (i) the San Antonio project; and (ii) the Guayabales project.

The 3,780-hectare San Antonio Project is located in a historical gold district in the Caldas department

of Colombia. With recent geophysical and LIDAR surveys completed, an initial 5,000 metre drill

program is underway at the project with initial assay results anticipated in Q3, 2021. The 3,333-

hectare Guayabales Project is also located in the mining friendly Caldas department of Colombia. The

Guayabales Project is currently undergoing aggressive surface exploration and is expected to begin

a maiden drill program in late August 2021.

Contact Information

Collective Mining Ltd.

Paul Begin, Chief Financial Officer

Tel. (416) 451-2727

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to,

statements about the maiden drill program, including timing of results, and Collective’s future

plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”,

“plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other

variations of these words, or similar words or phrases, have been used to identify these forward-

looking statements. These statements reflect management’s current beliefs and are based on

information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors

could cause actual results, performance or achievements to differ materially from the results

discussed or implied in the forward-looking statements. These factors should be

considered carefully and readers should not place undue reliance on the forward-looking statements.

Although the forward-looking statements contained in this news release are based upon what

management believes to be reasonable assumptions, Collective cannot assure readers that actual

results will be consistent with these forward-looking statements. These forward-looking statements

are made as of the date of this news release, and Collective assumes no obligation to update or revise

them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Figure 1: Plan View of the Guayabales Project and the Donut Target

Figure 2: Plan View of the Donut Mine Showing the Grade Ranges for Channel Sampling

Assay Results

Figure 3: Donut Target porphyry style mineralization in underground workings showing

abundant copper mineralization as chalcocite with pyrite.

Figure 4: Donut Target porphyry style mineralization in underground workings showing

abundant copper mineralization as chalcocite with pyrite.