Collective Mining Identifies a Large Gold Porphyry Stockwork System at Surface Within the Victory Target Area at the Guayabales Project, Colombia

Collective Mining Identifies a Large Gold Porphyry Stockwork System at Surface Within the

Victory Target Area at the Guayabales Project, Colombia

Toronto, Ontario, September 16, 2021 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the

“Company”) is pleased to provide an exploration update on its Victory target (“Victory”). Victory, which

is the fifth major target identified through grassroots prospecting by the Company, is in the northern

area of the Guayabales Project (“Guayabales”) in Caldas, Colombia. Guayabales is situated

contiguous and immediately along strike and to the northwest of Aris Gold’s multi -million ounce

deposit. The Company interprets the abundant precious metal mineralization encountered throughout

the Guayabales Project to be related to multiple mineralized styles that include gold -copper-

molybdenum porphyries and associated breccia as well as high grade, precious and base metal vein

systems that are superimposed on and enrich the porphyry bodies.

Highlights (Table 1 and Figures 1-4)

• Victory is a coincidental robust gold, silver, copper and molybdenum soil anomaly with

abundant high-grade gold rock chip samples overprinting a magnetic high anomaly.

• The Victory target is large, measuring 1,000 metres east-west by 600 metres north-south by

at least 250 metres vertically (exposed outcrop over different elevations) and is open for

expansion in all directions.

• 22 rock channel and chip samples returned values above 0.5 g/ t gold over widths of 1 to 3

metres including 12 samples above 1 g/t gold and a maximum of 6 g/t gold. These samples

were obtained from very small outcrop exposures in streams due to Victory being 95% covered

by colluvium and landslides. Gold minerali zation is related to porphyry veinlets (A, B and

Magnetite veins), hydrothermal breccia and a late polymetallic vein overprint with results as

follows:

Table 1 Rock and channel sampling at the Victory Target

Sample ID Length (m) Au g/t Ag g/t

CM002422 1.5 6.0 14

CM000161 1.0 5.0 5

CM000182 * 4.1 10

CM002136 2.0 3.7 7

CM000279 1.0 3.3 3

CM001052 * 3.0 5

CM000204 * 2.6 5

CM002218 2.0 1.9 1

CM000243 1.0 1.8 6

CM000159 2.0 1.6 1

CM000278 0.0 1.4 2

CM002419 1.7 1.1 1

CM001014 * 0.8 4

CM000203 * 0.8 2

CM000240 1.0 0.8 4

CM002415 1.3 0.7 1

CM002138 2.0 0.7 1

CM000174 0.8 0.6 14

CM002203 0.5 0.6 19

CM000245 3.0 0.6 2

CM002137 0.7 0.6 2

CM002199 0.6 0.5 2

*Grab sample

• An initial drilling program is currently being planned for Victory as part of the Company’s

maiden 7,500 metres program currently under way at the Donut target. Drilling at Victory is

expected to commence in Q4, 2021.

“Victory is a target area with potential to yield a large, mineralized porphyry system and I congratulate

the exploration team for their endeavours in a region with very limited outcrop exposure. Once the

Induced Polarization (“IP”) survey is finished, we plan to model all the data and drill test this target in

Q4, 2021. The Company has now outlined five targets with porphyry and high- grade vein potential

within the Guayabales project in less than six months of exploration work. I am confident that our

recently initiated maiden drilling program at the Guayabales project will yield significant discoveries in

the near future,” commented Ari Sussman, Executive Chairman.

Details

Victory is located within the northern portion of the Guayabales project and is hosted within fine grained

diorites which display potassic and sericite, porphyry alteration. Quartz-magnetite vein stockwork and

sheeted vein systems have been identified with vein sets trending NNW and EW. Veins are associated

with disseminated pyrite and occasional molybdenite and chalcopyrite. Late-stage veining includes

sphalerite and galena sulphides.

Rock chip and soil anomalies at Victory are located directly above a magnetic anomaly as outlined by

magnetic inversion modelling of airborne magnetic data. The anomaly has a circular diameter of 500

metres and extends to depth for 900 metres below surface. A clear structural corridor for emplacement

of a porphyry system was identified in the field and confirmed with the modelling of the airborne

magnetic data.

Field work is continuing at the Victory target and a deep penetrating IP survey is currently being

undertaken by Arce Geofisicos using their proprietary AGDAS technology. The survey will generate

3D chargeability and resistivity data for minimum vertical depths of 800 metres and has been designed

to search for disseminated sulphide porphyry systems and resistive vein clusters and stockwork.

An NI-43-101 technical report for the Guayabales project is nearing completion and is expected to be

filed on SEDAR prior to the end of September 2021.

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 SGS 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.

About Collective Mining Ltd.

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

prospective gold projects in South America with insider ownership of approximately sixty-five percent.

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 early Q4 , 2021. The 3,333-hectare Guayabales Project is also located

in the mining-friendly Caldas department of Colombia. A maiden 7,500 metre drilling program is under

way with initial assay results expected in Q4, 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 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 Victory Target

Figure 2: Plan View of the Victory Target Area

Figure 3: Magnetic Inversion Section and Plan View Across the Victory Target

Figure 4: Victory: Porphyry Style Mineralization in Outcrop Samples