Collective Mining Makes a Significant Grassroots Discovery at the Donut Target, Drilling 104 Metres at 1.3 g/t Gold Equivalent from Surface

Collective Mining Makes a Significant Grassroots Discovery at the Donut Target,

Drilling 104 Metres at 1.3 g/t Gold Equivalent from Surface

Toronto, Ontario, October 18, 2021 – Collective Mining Ltd. (TS XV: CNL) (“Collective” or the

“Company”) is pleased to announc e that it has made a significan t discovery at the Donut target

(“Donut”). Donut is the first of five outcropping and grassroo t targets generated by the Company to

be drilled at the Guayabales pro ject, Colombia. The Company pre sently has one diamond drill rig

testing Donut with a second rig expected to arrive at site shortly and begin drilling the Box target prior

to the end of October 2021.

Highlights (Table 1 and Figures 1 to 4)

 Broad and continuous gold (“Au”) and silver (“Ag”) mineralizat ion has been intersected from

surface in the first two diamond drill holes at the Donut target as follows:

o 104 metres at 1.3 g/t gold equivalent from surface including 18 metres at 4.7 g/t

gold equivalent from 16 metre depth (DOC-2);

o 106 metres at 0.5 g/t gold equivalent from surface (DOC-1).

 Donut is located at the NW end of a SW trending zone hosting clusters of mineralized breccia

bodies which can be traced along strike to the SW for 550 metres and remain open for further

expansion.

 Drilling continues at Donut with holes DOC-3 through DOC-5 now complete and DOC-6

currently underway.

 DOC-3 and DOC-4 were drilled to the southwest and deeper withi n the mineralized system.

Preliminary logging of both holes highlights continuity of the mineralized breccia and

polymetallic vein system overpri nt with longer intercepts of mi neralized breccia than was

intersected in DOC-1 and DOC-2.

 DOC-05, which was drilled to t he southeast, intersected a narr ower interval of mineralized

breccia before passing through a fault. Upon exiting the fault at approximately 80 metres down-

hole, porphyry style alteration was encountered until the end of the hole at 327 metres.

 Assay results for DOC-3 to DOC-5 are anticipated in the near t erm and will be reported shortly

thereafter.

 Due to the positive start to the drilling program, the Company is expanding its maiden drill

program from 7,500 to 10,000 metres.

“As a result of our team’s diligence and geological modelling p rowess, we have accomplished the

exceedingly arduous task of making a brand-new discovery on the very first drill hole into a grassroot

target at the Guayabales project. We look forward to announcing additional drill hole assay results in

the near term,” commented Ari Sussman, Executive Chairman. “As a result of this early success, we

are increasing our initial drill p rogram from 7,500 to 10,000 m etres and are also accelerating

our plans to drill the Olympus target to November 2021 from Q1, 2022.”

Table 1 Initial Diamond Drilling Results at the Donut Target

Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq* (g /t)

DOC-1 0.0 106.0 106 0.4 7 0.5

Incl. 55.0 70.2 15 0.6 23 0.9

And 89.7 106.0 16 0.6 5 0.7

DOC-2 0.0 104.0 104 1.2 12 1.3

Incl. 16.0 58.1 42 2.5 8 2.4

Incl. 16.0 34.0 18 4.8 10 4.7

Incl. 20.0 22.0 2 33.3 41 32.2

 Gold equivalent calculated based on a long-term 65:1 silver to gold ratio average and metallurgical recovery rate assumption

of 95% for gold and 90% for silv er based on similar projects gl obally. Readers should be cautioned that the Company has

not yet performed any independent metallurgical test work on th e deposit and as a result, recovery rates could ultimately

be superior or inferior to the estimates used in the calculation.

Geological Details of the Donut Target

Underground mapping of artisanal workings covering a 100 metre x 100 metre area has exposed

mineralized and oxidized porphyriti c diorite in contact with hy drothermal breccia. The porphyry and

the breccia display evidence of stockwork and sheeted, quartz-s ulphide veinlets as well as later

overprinting polymetallic veins. A total of one hundred and sev enty-six two-metre channel samples

were taken underground and returned an average of 2.1 g/t gold and 21.2 g/t silver (based on applying

a statistical top-cut to three high-grade samples). Collective’ s initial drilling has been focused on drill

testing this mineralization at depth and in an array of different directions.

Review of the diamond drill core highlights a hydrothermal breccia with a sulphide matrix and hosting

clasts of mineralized porphyry c ontaining A and B veins and dis seminated pyrite, chalcopyrite, and

molybdenum. Breccia mineralization is associated with strong phyllic alteration (principally illite-sericite

with some chlorite and epidote) whereas the diorite bodies inte rsected in the cores show potassic

alteration (Biotite and K felds par). The overprinting polymetal lic veinlets contain quartz and pyrite

associated with high grade gold values, sphalerite and occasional galena. Borehole DOC-5, drilled to

the southeast, intersected miner alized breccia in a faulted con tact with a potassic altered, porphyry

body hosting disseminated chalcopyrite and molybdenum plus A and B porphyry veinlets.

In summary, mineralization at Donut is polyphase related to porphyry, hydrothermal breccia, and later

polymetallic veining. At least three mineralization events are seen in the drill cor e. The presence of

porphyry clasts and the mineralized porphyry intrusive intersected in DOC-5 highlight the potential for

a large, mineralized porphyry body in the near vicinity.

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 samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia

and Lima, Peru. Blanks, duplicates, and certified reference sta ndards are inserted into the sample

stream to monitor laboratory per formance. Crush rejects and pul ps 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 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 pr oduction. Management and insider s own approximately 41% of the

outstanding shares of the Company and as a result are fully ali gned 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 grassroots exploration program on the flagship Guayabales project, five major targets

have been defined. The Company recently increased its maiden drill program to 10,000 metres with a

sole purpose of making the next major discovery in Colombia.

Contact Information

Collective Mining Ltd.

Paul Begin, Chief Financial Officer

Tel. (416) 451-2727

FORWARD-LOOKING STATEMENTS

This news release contains certa in 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” 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.

Figure 1: Plan View of the Guayabales Project and the Donut Target

Figure 2: Plan View of the Donut Target Area (Gold Values (g/t))

Figure 3: Cross Section of Donut Drilling

Figure 4: Core Photos