CNL.TO · 2024-12-16 12:00:00

Collective Mining Expands the Newly Discovered High-Grade Subzones in Apollo by Intersecting 181.35 Metres at 5.38 g/t AuEq Within 402.60 Metres at 3.06 g/t AuEq Hole APC104-D2 was drilled orthogonally across Apollo and successfully extended the

Drill Results

Collective Mining Expands the Newly

Discovered High-Grade Subzones in Apollo by

Intersecting 181.35 Metres at 5.38 g/t AuEq

Within 402.60 Metres at 3.06 g/t AuEq

Hole APC104-D2 was drilled orthogonally across Apollo and successfully extended the

high-grade subzones originally intersected in drill hole APC104-D1 by up to 50 metres

laterally. As a reminder, discovery hole APC104-D1 was announced on

December 16,

2024

, and cut 150.55 metres at 6.16 g/t AuEq within

534.40 metres at 2.70 g/t AuEq.

Two additional holes to test the high-grade subzones have been completed and are in

the process of being assayed. Both holes intersected the projection of the newly

modelled subzones and cut mineralization over broad intervals with assay results

expected in

February 2025

TORONTO

Jan. 15, 2025

/CNW/ -

Collective Mining Ltd.

(NYSE: CNL) (TSX: CNL)

("Collective"

or the "Company")

is pleased to announce assay results for the second of a series of

perpendicularly drilled directional holes, designed to test the potential of newly modeled broad and

high-grade subzones within the Apollo system ("Apollo"), located within the Company's multi-target

Guayabales Project in Caldas,

Colombia

The Company currently has five drill rigs operating as part of its fully funded 60,000-metre drill

program for 2025. Two additional rigs have been contracted with drilling anticipated to ensue in late

January and February, respectively.

Ari Sussman

, Executive Chairman commented: "The revised interpretation of the Apollo system is

clearly working as this is the first time we have drilled a hole at over 400 metres in length at more

than 3 grams per tonne gold equivalent. With the first fan of lateral holes now completed, we are

optimistic that drilling in 2025 will be successful in expanding the high-grade subzones shallower

towards surface and to depth. The impact on the overall grade of Apollo could be significant with

more than 1,000 vertical meters of potential to expand or connect subzones throughout the 2025

drilling campaign."

Details (see Table 1 and Figures 1-5)

APC104-D2 was drilled from mother hole APC-104D in a west-southwest direction and

expanded the newly modeled high-grade subzones within Apollo up to 50 meters to the

north of previous drillhole APC104-D1

(see press release dated

December 16, 2024

) with

assay results as follows:

402.60 metres @ 3.06 g/t gold equivalent from 5.15 metres including:

181.35 metres @ 5.38 g/t gold equivalent from 7.85 metres

APC104-D2 is only the second drill hole designed to test the recently interpreted high-grade

subzones model within Apollo

Visual logging of recently completed drill holes, APC104-D3

and APC104-D4, indicates that the high-grade subzones have been expanded to cover a

lateral area of up to 100 meters

Drill hole APC104-D5 is now underway and will be the first hole aimed at expanding the

vertical extent of the high-grade subzones at Apollo by up to 150 meters

Discovery of these high-grade subzones, as predicted by recent geological modelling, has the

potential to significantly increase the grade profile of the Apollo system block model.

Drill hole APC104-D2 has also locally expanded the southwestern boundary of the Apollo block

model by 26 metres.

On a gram X metre basis, APC104-D2

is the

fourth highest-grade intercept at Apollo

yielding 1,232 g/t AuEq. To date,

the Company has now drilled sixteen gold equivalent

accumulation intercepts at over 1,000-grams x metres at Apollo.

Table 1: Assays Results for Drill Hole APC104-D2

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

APC104-D2

5.15

407.75

402.60

2.32

0.14

0.18

3.06

Incl

7.85

189.20

181.35

4.00

0.28

5.38

AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz, Zn –

US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based

on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work

has been completed to date. True widths are unknown, and grades are uncut.

Figure 1: Apollo System Long Section A – A’: High-Grade Continuity from Surface (CNW

Group/Collective Mining Ltd.)

Figure 2: Cross Section B – B’ Outlining the High-Grade Subzones Within the Apollo System from

Drill Hole APC104-D2 (CNW Group/Collective Mining Ltd.)

Figure 3: Plan View of the Apollo System Highlighting the High-Grade Subzone From Drill Hole

APC104-D2 (CNW Group/Collective Mining Ltd.)

Figure 4: Drill Core Tray Photo Highlighting APC104-D2 (CNW Group/Collective Mining Ltd.)

Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW

Group/Collective Mining Ltd.)

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 gold, silver, copper 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 gold-silver-copper-tungsten Apollo system. The Company's

objectives are to expand the Apollo system by stepping out along strike and testing the newly

discovered high-grade

Apollo Ramp Zone

, expand the Trap system and drill a series of newly

generated targets including Tower and X.

Management, insiders, a strategic investor and close family and friends own 44.5% of the

outstanding shares of the Company and as a result, are fully aligned with shareholders. The

Company is listed on the NYSE under the trading symbol "CNL", on the TSX under the trading

symbol "CNL", on the FSE under the trading symbol "GG1".

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, soils and 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 program.

Information Contact:

Follow Executive Chairman

Ari Sussman

(

@Ariski

)

on X

Follow Collective Mining (

@CollectiveMini1

) on X,

(Collective Mining)

on LinkedIn, and

(@collectivemining)

on Instagram

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" within the

meaning of applicable securities legislation (collectively, "forward-looking statements"). All

statements, other than statements of historical fact, are forward-looking statements and are based

on expectations, estimates and projections as at the date of this news release. Any statement that

involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives,

assumptions, future events or performance (often, but not always using phrases such as "plans",

"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or

"believes" or variations (including negative variations) of such words and phrases, or state that

certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be

achieved) are not statements of historical fact and may be forward-looking statements. In this news

release, forward-looking statements relate, among other things, to: the anticipated advancement of

mineral properties or programs; future operations; future recovery metal recovery rates; future

growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in

good faith and reflect our current judgment regarding future events including the direction of our

business. Management believes that these assumptions are reasonable. Forward-looking

statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially different from any

future results, performance or achievements expressed or implied by the forward-looking

statements. Such factors include, among others: risks related to the speculative nature of the

Company's business; the Company's formative stage of development; the Company's financial

position; possible variations in mineralization, grade or recovery rates; actual results of current

exploration activities; conclusions of future economic evaluations; fluctuations in general

macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices

of gold, precious and base metals or certain other commodities; fluctuations in currency markets;

change in national and local government, legislation, taxation, controls regulations and political or

economic developments; risks and hazards associated with the business of mineral exploration,

development and mining (including environmental hazards, industrial accidents, unusual or

unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to

cover risks and hazards; the presence of laws and regulations that may impose restrictions on

mining; employee relations; relationships with and claims by local communities and indigenous

populations; availability of increasing costs associated with mining inputs and labour; the speculative

nature of mineral exploration and development (including the risks of obtaining necessary licenses,

permits and approvals from government authorities); and title to properties, as well as those risk

factors discussed or referred to in the annual information form of the Company dated

March 27,

2024

. Forward-looking statements contained herein are made as of the date of this news release

and the Company disclaims any obligation to update any forward-looking statements, whether as a

result of new information, future events or results, except as may be required by applicable

securities laws. There can be no assurance that forward-looking statements will prove to be

accurate, as actual results and future events could differ materially from those anticipated in such

statements and there may be other factors that cause results not to be anticipated, estimated or

intended. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE

Collective Mining Ltd.

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http://www.newswire.ca/en/releases/archive/January2025/15/c8432.html

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For further information:

Investors and Media: Paul Begin, Chief Financial Officer,

[email protected], +1 (416) 451-2727

CO: Collective Mining Ltd.

CNW 16:01e 15-JAN-25

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