Collective Mining Intercepts a Broad Zone of Mineralization in its Second Diamond Drill Hole at the Apollo Target with a Second Rig Being Mobilized Assay Results from the First Hole at Apollo are Expected in the Near Term

Collective Mining Intercepts a Broad Zone of Mineralization in its Second Diamond Drill Hole

at the Apollo Target with a Second Rig Being Mobilized

Assay Results from the First Hole at Apollo are Expected in the Near Term

Toronto, Ontario, April 27, 2022 – Collective Mining Ltd. (TSXV : CNL) (“Collective” or the

“Company”) is pleas ed to announce that the second drill hole to test the Apollo target (“Apollo”) is

advancing as part of the Company’s fully funded minimum 20,000 metre drill program for 2022 at the

Guayabales project (“Guayabales”), located in Caldas, Colombia. The Company presently has three

diamond drill rigs at Guayabales with drills currently operating at Apollo and the Olympus area where

the Company is focused on expanding upon the recently announced Olympus Central discovery

hole of 302 metres @ 1.11 g/t gold equivalent (refer to press r elease dated March 15, 2022) to

the south and west. Apollo is located approximately 600 metres to the southeast of Olympus Central.

Surface mapping and soil and rock chip sampling at Apollo have outlined a porphyry target in the south

with a porphyry-related hydrothermal breccia target flanking it s northern side. Both the porphyry and

breccia targets are characterized by coincidental high-grade copper and molybdenum soil

anomalies measuring greater than 500 parts per million (“ppm”) and 30 ppm, respectively .

Apollo covers an area measuring 750 metres X 580 metres and remains open to the east, west

and south for further expansion.

Highlights (See Figures 1 – 3)

 A maiden diamond drill program at Apollo began in April 2022 w ith the initial hole (“APC-1”)

now complete to a final length of 438.7 metres. Beginning at 28 0 metres down hole, APC-1

intercepted favorable porphyry related hydrothermal breccia mineralization over a core

length totalling between 85-90 metres . Core from this hole has been sent to the lab and

assay results are expected shortly.

 Given the significant distanc e from the drill pad and to expedite drilling at Apollo, the Company

is currently drilling at wedge hole (“APC-1W”), which was kicked-off from APC-1 at 213 metres

down-hole. Drilled at a slightly s teeper angle and to the east, APC-1W is currently at 85

metres and is still drilling within favorable visual breccia mi neralization. Drilling of the

hole will continue until the hole exits from the breccia mineralization.

 The breccia matrix consists of approximately 4-5% pyrite and 1 -1.5% chalcopyrite with

overprinting carbonate base metal (“CBM”) veins in places (see press release dated April 12,

2022, for further details).

 Considering the encouraging vis ual mineralization over broad w idths intersected in both drill

holes, the Company has initiated construction of two additional drill pads at Apollo (“Pad

2” and “Pad 3”), which will provide the Company with significan tly better locations to test the

full extent of the potential at A pollo. The rig that is currently drilling APC-1W will be moved to

Pad 2 shortly and a second diamond drill rig will mobilize to Pad 3 shortly thereafter.

 Importantly, the mineralized breccia intercepts in APC-1 and APC-1W does not

correspond with the coincidental high-grade copper and molybden um soil anomalies

covering both breccia and porphyry targets at Apollo . As a result, drill holes from Pad

2 and Pad 3 will also be designed to test both anomalies.

 The reader should be cautioned that only assay results from a c ertified third-party laboratory

can confirm whether any amounts of precious or base metals are present in the breccia matrix

currently being intersected in the drill hole. As such, visual core inspection presented herein

should be viewed as speculative in nature.

“The Guayabales project continues to demonstrate that it has been blessed with a remarkable

mineral endowment. We are early in the first inning of unlocking the potential of this asset and

already we have drilled three potentially significant discoveri es characterized by broad zones

of mineralization. Assay results are expected from both Olympus and Apollo in the near term

and our fully funded drill program will continue unabated throu gh the balance of 2022,”

commented Ari Sussman, Executive Chairman.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2: Plan View of the Apollo Target Area Outlining Porphyry and Breccia Targets

Overprinted by High-Grade Coincidental Copper and Molybdenum Soil Anomalies

Figure 3: Core Photos from Drill Hole APC-1W

Mineralized hydrothermal breccia with localized overprinting porphyry veins (CBM). The matrix of

mineralization consists of chalcopyrite, pyrite, sphalerite and galena.

About Collective Mining Ltd.

To view our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an explorat ion and development company foc used on identifying and exploring

prospective mineral projects in South America. Founded by the t eam that developed and sold

Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the

Company is to repeat its past success in Colombia by making a significant new mineral discovery and

advancing the projection to pro duction. Management, insiders an d close family and friends own

approximately 40% of the outstandi ng shares of the Company and as a result are fully aligned with

shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located

in Colombia. As a result of an aggressive exploration program o n both the Guayabales and San

Antonio projects a total of twelve major targets have been defined. The Company is fortuitous to have

made significant grass root disco veries on both projects with n ear surface discovery holes at the

Guayabales project yielding 302 metres 1.11 g/t AuEq at the Oly mpus target and 163 metres @ 1.3

g/t AuEq at the Donut target. At the San Antonio project, the C ompany intersected from surface 710

metres @ 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021 and March

15, 2022 for AuEq calculations.)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Q ualified Person for this new s 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 Fello w of the Institute of Materia ls, Minerals and Mining and of the

Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS la boratory 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 futu re assay verification. No capp ing has been applied to sample

composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd.

Steve Gold, Vice President, Corporate Development and Investor Relations

Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

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

statements about the drill programs, including timing of results, and Collective’s future and intentions.

Wherever possible, words such as “may”, “will”, “should”, “coul d”, “expect”, “plan”, “intend”,

“anticipate”, “believe”, “estimate”, “predict” or “potential” o r the negative or other variations of these

words, or similar words or phr ases, have been used to identify these forward-looking statements.

These statements reflect managemen t’s current beliefs and are b ased on information currently

available to management as at the date hereof.

Forward-looking statements invol ve significant risk, uncertaint ies, and assumptions. Many factors

could cause actual r esults, performance, or achievements to dif fer materially from the results

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

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

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

management believes to be reasonable assumptions, Collective ca nnot 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 Regulati on Services Provider (as that term is defined in the policies of the

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