Collective Mining Increases Previously Announced Bought Deal Financing to C$125 Million
PRESS RELEASE
COLLECTIVE MINING INCREASES PREVIOUSLY ANNOUNCED
BOUGHT DEAL FINANCING TO C$125 MILLION
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario, October 2, 2025 – Collective Mi ning Ltd. (NYSE: CNL, TSX: CNL) (“Collective”
or the “Company”) is pleased to announce that due to strong demand, it has increased the size of the
previously announced bought deal of common shares to 6,600,000 common shares (the “Common
Shares”) at a price of C$19.00 per Common S hare (the “Issue Price”) for gross proceeds of
approximately C$125 million (the “Offering”). The Company previously entered into an agreement with
BMO Capital Markets and Scotiabank as joint boo krunners on behalf of a syndicate of underwriters
(collectively, the “Underwriters”). The Company has granted the Underwriters an option (the “Over-
allotment Option”), exercisable in whole or in part, to purchase up to an additional 990,000 Common
Shares for a period of 30 days from and includin g the closing date of the Offering to cover over-
allotments, if any, and for market stabilization purp oses. The Underwriters shall be under no obligation
whatsoever to exercise the Over-allotment Option in whole or in part. If the Over-allotment Option is
exercised in full, the aggregate gross proceeds of the Offering will be approximately C$144 million. The
Offering is expected to close on or about October 8, 2025 and is subject to Collective receiving all
necessary regulatory approvals.
The Company intends to use the net proceeds from the Offering to fund ongoing work programs to
advance the Guayabales Project, to pursue other exploration and development opportunities, and for
working capital and general corporate purposes.
The Common Shares will be offered by way of: (i) a prospectus supplement (the “Prospectus
Supplement”) to Collective’s short form base shelf prospectus dated December 4, 2023 (the “Base Shelf
Prospectus”), which Prospectus Supplement will be filed with the securities commissions and other
similar regulatory authorities in each of the prov inces and territories of Canada, except Québec and
Nunavut, within two business days; (ii) in the United St ates or to or for the account or benefit of “U.S.
persons” as defined by Regulation S under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”), by way of private placement pursuant to the exemption from registration provided
for under Section 4(a)(2) of U.S. Securities Act and the applicable securities laws of any state of the
United States; and (iii) in jurisdictions outside of Canada and the United States as are agreed to by the
Company and the Underwriters on a private placement or equivalent basis.
Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to such
documents is provided in accordance with securities legislation relating to the procedures for providing
access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf
Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof),
accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement,
Base Shelf Prospectus, and any amendment to su ch documents may be obtained, without charge, by
contacting BMO Nesbitt Burns Inc. by mail at Br ampton Distribution Centre c/o The Data Group of
Companies, 9195 Torbram Road, Brampton, ON, L6S 6H2, by telephone at 905-791-3151 Ext 4312, or
by email at [email protected].
The securities being offered have not been, nor will t hey be, registered under the U.S. Securities Act,
and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any State in which such offer, solicitation or sale would be unlawful.
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% interest 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-c opper-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 exp and upon the newly discovered porphyry system at the
Pound target. The San Antonio Project is located between two to five kilometers east-northeast of the
Guayabales Project and could potentially share infrastructure given their close proximity to each other.
Management, insiders, a strategic investor and clos e 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
both the NYSE American and TSX under the trading symbol “CNL”.
Investors and Media
Follow Executive Chairman Ari Sussman (@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and
(@collectivemining) on Instagram
Investors and Media
Paul Begin, Chief Financial Officer
+1 (416) 451-2727
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking stat ements” and “forward-looking information” within the
meaning of applicable securities legislation (collectiv ely, “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 ne ws release. Any statement that involves discussion
with respect to predictions, expectations, beliefs, pl ans, projections, objective s, assumptions, future
events or performance (often, but not always using ph rases 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: filing of the Prospectus Supplement; receipt of all regulatory approvals in
connection with the Offering; the completion of the Offering, and the proposed use of the net proceeds
therefrom; the anticipated advanceme nt 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 futu re events including final listing mechanics and the
direction of our business. Management believes t hat 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 achievem ents expressed or implied by the forward-looking statements. Such
factors include, among others: ris ks related to the speculative natur e of the Company’s business; the
Company’s formative stage of development; the Com pany’s financial position; possible variations in
mineralization, grade or recovery rates; actual result s 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 curr ency 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 formatio n pressures, cave-ins an d 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; re lationships 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 deve lopment (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 24,
2025. 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 statement s will prove to be accurate, as actual results and
future events could differ materially from those ant icipated in such statements and there may be other
factors that cause results not to be anticipated, estimated or in tended. Accordingly, readers should not
place undue reliance on forward-looking statements.