CNL.TO · 2025-12-30 12:00:00

Collective Mining Intersects 467.35 Metres at 1.63 g/t AuEq from 170.10 Metres at Apollo and Expands the System to the Southeast Five diamond drill holes targeting various undrilled segments of the brecciated portion of

Drill Results

Collective Mining Intersects 467.35 Metres at

1.63 g/t AuEq from 170.10 Metres at Apollo and

Expands the System to the Southeast

Five diamond drill holes targeting various undrilled segments of the brecciated portion

Apollo

from surface to 1,000 metres depth, intersected broad zones of mineralization

with key highlights including:

261.35 metres @ 1.63 g/t gold equivalent from 432.90 metres including 43.80 metres

@ 4.55 g/t gold equivalent (APC144-D1)

467.35 metres @ 1.63 g/t gold equivalent from 170.10 metres including 48.10 metres

@ 3.02 g/t gold equivalent (APC142-D2)

A directional mother hole drilled outside the main brecciated portion of the

Apollo

system intersected near surface mineralization in the Hanging Wall Vein Zone

approximately 200 metres south of prior intercepts into this zone, returning:

19.40 metres @ 1.55 g/t gold equivalent from 39.60 metres (APC-142D)

At the Plutus target, located

approximately one kilometre

east of

Apollo

, a

reconnaissance drill hole located in an area with no prior drilling has discovered a lower

grade porphyry system beginning from surface, intersecting:

127.20 metres @ 0.41 g/t gold equivalent from surface consisting of 0.21 g/t Au,

0.11% Cu, 5 g/t Ag, 0.003% Mo (PNC-8)

TORONTO

Dec. 30, 2025

/CNW/ -

Collective Mining Ltd.

(NYSE: CNL) (TSX: CNL)

("Collective"

or the "Company")

is pleased to announce assays results for ten diamond drill holes at the

Guayabales project. Six holes were designed to test the

Apollo

system ("Apollo") while the

remaining four holes tested greenfield targets across the rest of the project area, which resulted in

the discovery of outcropping lower grade porphyry mineralization at the Plutus target ("Plutus"). The

Company's flagship discovery is the

Apollo

system and is classified geologically as a large, partially

Reduced Intrusion Related System enriched in gold, silver, copper and tungsten. Drilling to date at

Apollo

has outlined continuous mineralization from surface to

more than 1,400 vertical metres

and

is open along strike to the north and at depth

Apollo

anchors the Company's flagship Guayabales

Project—a district-scale, multi-target and infrastructure-rich project in Caldas,

Colombia

To date, Collective has completed

155,500 metres

of diamond drilling across the Guayabales and

San Antonio

projects, including

108,500 metres

Apollo

. The Company

intends to drill between

80,000-100,000 metres in 2026

with a maximum of 14 diamond drill rigs operating at any one time.

Multiple high-priority holes remain in the lab, with additional assay results anticipated in the near

term.

With

US$135 million

in cash (as of

December 1, 2025

), the Company is fully funded for its planned,

aggressive 2026 program.

Ari Sussman

, Executive Chairman, commented: "These latest results underscore the remarkable

scale and continuity of the

Apollo

system, with strong infill drilling enhancing our internal block model

and extending mineralization in key areas. The intersection of the Hanging Wall Vein Zone in a step-

out hole and the new porphyry-style discovery at Plutus further highlights the district-scale potential

of the Guayabales Project. With substantial cash on hand and an expanding fleet of drill rigs, we are

well positioned to deliver significant value through continued aggressive exploration in 2026."

Details (see Table 1 and Figures 1,2 and 4)

Five directional holes collared from mother holes APC-142D and APC-144D were drilled from the

southwest and northeast respectively and targeted various gaps in the Company's internal block

model within the top 1,000 metres of the

Apollo

system. Results from this drilling have either

improved the block model grades, extended the mineralized volume into areas with no prior drilling or

upgraded confidence in the estimation.

Drill holes collared from mother hole APC-142D at Pad 31 directed to the southwest cut long

continuous intervals of mineralization, including multiple higher-grade zones and added volume to the

internal block model by infilling various gaps with results as follows:

591.85 metres @ 1.08 g/t gold equivalent from 59.15 metres (APC142-D1) including

13.05 metres @ 2.64 g/t gold equivalent from 59.15 metres

25.15 metres @ 3.31 g/t gold equivalent from 110.20 metres

10.65 metres @ 3.24 g/t gold equivalent from 184.75 metres

15.95 metres @ 2.25 g/t gold equivalent from 337.90 metres

42.95 metres @ 2.40 g/t gold equivalent from 520.00 metres

467.35 metres @ 1.63 g/t gold equivalent from 170.10 metres (APC142-D2) including

26.20 metres @ 3.10 g/t gold equivalent from 170.10 metres

33.75 metres @ 3.11 g/t gold equivalent from 251.95 metres

18.25 metres @ 3.03 g/t gold equivalent from 341.70 metres

48.10 metres @ 3.02 g/t gold equivalent from 419.00 metres

28.45 metres @ 3.04 g/t gold equivalent from 528.45 metres

390.70 metres @ 1.28 g/t gold equivalent from 135.75 metres (APC142-D3) including

26.30 metres @ 2.23 g/t gold equivalent from 186.00 metres

22.75 metres @ 2.77 g/t gold equivalent from 381.40 metres

23.95 metres @ 2.89 g/t gold equivalent from 475.60 metres

Holes collared from mother hole APC-144D at Pad 18 were drilled in a northeastern direction and

have locally extended (horizontally) the volume of the mineralized

Apollo

breccia body within the

southwest margin and also hosted multiple higher-grade subzones with the following results

highlighted:

261.35 metres @ 1.63 g/t gold equivalent from 432.90 metres (APC144-D1)

including

43.80 metres @ 4.55 g/t gold equivalent from 441.50 metres

8.05 metres @ 3.15 g/t gold equivalent from 514.75 metres

15.40 metres @ 3.24 g/t gold equivalent from 538.00 metres

178.80 metres @ 1.21 g/t gold equivalent from 314.60 metres (APC144-D2) including

6.70 metres @ 3.17 g/t gold equivalent from 314.60 metres

6.10 metres @ 3.39 g/t gold equivalent from 357.40 metres

APC-142D is a mother hole drilled southwestwards from Pad 31 and

unexpectedly

intersected the

recently discovered Hanging Wall Vein Zone approximately 100 metres to the east and

outside of the brecciated portion of

Apollo

. Additionally, this intercept also cut mineralization

approximately 250 metres southwest of the previous Hanging Wall Vein Zone intercepts

announced on

December 9, 2025

as follows:

19.40 metres @ 1.55 g/t gold equivalent from 39.60 metres (APC-142D)

and 3.60 metres @ 2.24 g/t gold equivalent from 129.10 metres

and 3.00 metres @ 2.35 g/t gold equivalent from 137.40 metres

Table 1: Assays Results for Apollo Drill Holes APC-142D, APC142-D1, APC142-D2, APC142-

D3, APC144-D1 and APC144-D2

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

APC-142D

39.60

59.00

19.40

1.00

0.01

0.05

1.55

and

129.10

132.70

3.60

2.12

0.02

0.08

2.24

and

137.40

140.40

3.00

2.15

0.02

0.22

2.35

APC142-D1

59.15

651.00

591.85

0.90

0.03

0.05

1.08

Incl.

59.15

72.20

13.05

2.27

0.02

0.20

2.64

& Incl.

110.20

135.35

25.15

3.19

0.02

0.05

3.31

& Incl.

184.75

195.40

10.65

2.97

0.07

0.03

3.24

& Incl.

337.90

353.85

15.95

1.99

0.03

0.24

2.25

& Incl.

520.00

562.95

42.95

2.27

0.03

0.13

2.40

APC142-D2

170.10

637.45

467.35

1.40

0.04

0.11

1.63

Incl.

170.10

196.30

26.20

2.82

0.05

0.09

3.10

& Incl.

251.95

285.70

33.75

2.78

0.05

0.15

3.11

& Incl.

341.70

359.95

18.25

2.94

0.03

3.03

& Incl.

419.00

467.10

48.10

2.81

0.04

0.16

3.02

& Incl.

528.45

556.90

28.45

2.70

0.03

0.29

3.04

APC142-D3

135.75

526.45

390.70

1.03

0.04

0.11

1.28

Incl.

186.00

212.30

26.30

2.03

0.04

0.05

2.23

& Incl.

381.40

404.15

22.75

2.43

0.05

0.21

2.77

& Incl.

475.60

499.55

23.95

2.40

0.08

0.35

2.89

APC144-D1

432.90

694.25

261.35

1.40

0.04

0.06

1.63

Incl.

441.50

485.30

43.80

4.23

0.03

0.07

4.55

& Incl.

514.75

522.80

8.05

2.40

0.08

0.36

3.15

& Incl.

538.00

553.40

15.40

3.03

0.03

0.07

3.24

APC144-D2

314.60

493.40

178.80

1.04

0.03

0.13

1.21

Incl.

314.60

321.30

6.70

3.00

0.02

0.21

3.17

& Incl.

357.40

363.50

6.10

2.90

0.05

0.55

3.39

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.017 x 0.85) + (Cu (%) x 1.14 x 0.95) + (Zn (%) x 0.31 x 0.85) utilizing metal prices of Au – US$3,000/oz, Ag –

US$50/oz, Cu – US$5.0/lb and Zn – US$1.35/lb 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 between 60%-100% of the total length and grades are uncut.

Figure 1: Plan View of the Apollo System Highlighting Drill Holes in this Release (CNW

Group/Collective Mining Ltd.)

Figure 2: Plan View and Section Highlighting Drill Hole Results from 1,500MASL Targeting Gaps in

the Internal Block Model (CNW Group/Collective Mining Ltd.)

Greenfield Targets (See Table 2 and Figure 3 and 4)

Four holes were drilled into various targets at the Guayabales Project and all intersected lower

grade mineralization beginning near surface with details below.

Plutus North Lower Grade Porphyry Discovery

Hole PNC-8 was drilled northeast from PPad 4 to test a gravity high anomaly and intersected

porphyry-style mineralization consisting of chalcopyrite, chalcocite, molybdenite, pyrite and quartz

veinlet stockwork associated with potassic alteration. The mineralization commenced from surface

with assay results as follows:

127.20 metres @ 0.41 g/t gold equivalent from surface (

0.21 g/t Au, 0.11% Cu, 5 g/t Ag,

0.003% Mo)

Follow up surface mapping designed to expand the newly discovered mineralization will be

undertaken in early 2026 ahead of any potential follow up drilling.

Other Targets

Drilling at two other targets intersected near surface, low grade sheeted veinlets with details below.

APC-138 was drilled to the northeast from Pad 27 (south of the

Apollo

system) to test a coincidental

geochemical and gravity high anomaly. The hole intercepted shallow and low-grade mineralization as

follows:

45.10 metres @ 0.36 g/t gold equivalent from 9.75 metres downhole and

1.70 metres @ 10.80 g/t gold equivalent from 244.55 metres downhole

Drill holes APC-45 and APC-48 were drilled to the south from Pad 32 (located north of the

Apollo

system) and were designed to test coincidental geochemical and gravity anomalies. Both holes cut

low grade mineralization from shallow depths with results below:

46.40 metres @ 0.30 g/t gold equivalent from 73.00 metres (APC-145) and

6.65 metres @ 1.46 g/t gold equivalent from 264.65 metres

55.65 metres @ 0.45 g/t gold equivalent from 17.50 metres (APC-148) including

6.40 metres @ 1.37 g/t gold equivalent from 117.60 metres

Table 2: Assays Results for Greenfield Targets Drilled at the Guayabales Project, Including

PNC-8 into the Plutus Target

Hole #

From

(m)

Length

(m)

g/t

AuEq

g/t*

PNC-8

0.80

128.00

127.20

0.21

0.11

0.003

0.41

APC-138

9.75

54.85

45.10

0.30

0.02

0.36

and

244.55

246.25

1.70

0.05

722

0.48

10.80

APC-145

73.00

119.40

46.40

0.19

0.04

0.001

0.30

and

264.65

271.30

6.65

1.35

0.01

1.46

APC-148

17.50

73.15

55.65

0.15

0.04

0.007

0.45

Incl.

117.60

124.00

6.40

1.28

0.01

1.37

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.017 x 0.85) + (Cu (%) x 1.14 x 0.95) + (Mo (%) x 4.57 x 0.85) utilizing metal prices of Au – US$3,000/oz, Ag –

US$50/oz, Cu – US$5.0/lb and Mo – US$20/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Mo. 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 molybdenum is speculative as limited metallurgical

work has been completed to date. True widths are between 60%-100% of the total length and grades are uncut.

Figure 3: Plan View of the Plutus Target Outlining the New Outcropping Porphyry Discovery Made in

Drill Hole PNC-8 (CNW Group/Collective Mining Ltd.)

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo System and Plutus Target

(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% 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-copper-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 expand 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 proximity to

each other.

Management, insiders, a strategic investor and close family and friends own 45.3% 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".

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

Samples were cut by Company personnel at Collective Mining's core facility in Caldas,

Colombia

Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at

geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth

of the drill hole.

Core samples have been prepared and analyzed at ALS laboratory facilities in

Medellin, Colombia

and

Lima, Peru

for copper, gold and silver assays, and multi-element ICP. ALS is an accredited

laboratory which is independent of the Company. Gold assays are obtained by fire assay fusion with

AAS finish on a 50g sample (Au-AA24). Any samples returning > 10 g/t were then reanalyzed by fire

assay with gravimetric finish on a 50g sample (Au-GRA22). Copper and silver were assayed by

inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) and Mass Spectrometry

(ICP-MS) following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with

ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with

copper greater than 10,000 parts per million. 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

(@Ariski73

)

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 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 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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For further information:

Investors and Media: Paul Begin, Chief Financial Officer,

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

CO: Collective Mining Ltd.

CNW 06:30e 30-DEC-25

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