CNL.TO · 2024-01-30 12:00:00

Collective Mining Reports a New Porphyry Discovery Named Olympus

Exploration Programs

Deeps by Drilling 202.35 Metres @ 2.16 g/t AuEq; Also Expands

Apollo with 548.9m @ 1.91 g/t AuEq

Toronto, Ontario, January 30, 2024 - Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF, FWB:

GG1) (“Collective” or the “Company”) is pleased to announce the discovery of a significant new gold

system named “Olympus Deeps” at the Company’s Guayabales project in Caldas, Colombia. Today’s

result from Olympus Deeps is interpreted to be the initial intercept into a gold related brecciated

porphyry intrusion system located approximately 500 metres to the north of the Company’s flagship

Apollo porphyry system (“Apollo”). The Olympus target is similar to the multi-million-ounce Marmato

mine located 2.5 kilometres to the southeast , which spans more than a vertical kilometre and is

characterized by an upper-level sheeted vein system with a porphyry at depth. Assay results for four

drill holes are presented herein including the Olympus Deeps discovery hole and two holes at Apollo

which cut long intercepts of high- grade mineralization and extend the footprint of the system to the

northeast.

Ari Sussman, Executive Chairman commented: “Hard work by our team and remarkable geology has

resulted in the Company announcing a third major porphyry discovery in the past eighteen months.

The latter two discoveries at Trap and Olympus Deeps are separated by approximately 3.5 kilometres

of prospective ground with exploration now underway to cover this highly prospective area and

generate new targets for drilling. The Guayabales project stands out as one of the best exploration

growth projects globally and we are excit ed that drilling has now resumed at the Apollo and Trap

targets and will commence by the middle of February at the Olympus target.”

Highlights (see Table 1 and Figures 1-5)

• Directional Drill hole APC88-D1, which was drilled from Pad 14 located outside and to the

south-east of the Apollo system cut two significant intercepts over its 958.35 metres

length before being abandoned due to a complicated fault while still in mineralization.

The initial down hole intercept crossed through and locally expanded the Apollo system by

cutting a long interval of high-grade gold-silver-copper mineralization as follows:

o 497.35 metres @ 1.80 g/t gold equivalent from 85.30 metres depth including:

 200.80 metres @ 3.19 g/t gold equivalent from 85.30 metres downhole

• After exiting Apollo and passing through a poorly mineralized zone, drill hole APC88 -D1

entered a new gold rich brecciated porphyry intrusion at depth below the Olympus

target area (north of Apollo) for the final 202 .35 metres of the hole before being lost

while still in mineralization due to a fault with assay results as follows:

o 202.35 metres @ 2.16 g/t gold equivalent from 756.00 metres down hole including:

 15.60 metres @ 20.34 g/t gold equivalent from 809.00 metres downhole.

• As a result of th e Olympus Deep s discovery, the Olympus target area has grown

significantly and now measures approximately 600 metres to the east -west by 400

metres to the north -south by more than 1 ,000 metres vertical and remains open in all

directions for expansion.

• With the discovery of a gold rich porphyry intrusion at depth, the Olympus target is now

analogous to the multi -million-ounce Marmato mine located 2.5 kilometres to the

southeast as both are characterized by a shallow sheeted CBM vein system with a gold rich

porphyry intrusion at depth. As a reminder, shallow drilling by the Company at the Olympus

target in early 2022 intersected bulk tonnage precious metal rich sheeted veins with intercepts

including:

o 301.90 metres @ 1.11 g/t gold equivalent (OLCC-3 announced March 15, 2022)

o 216.70 metres @ 1.08 g/t gold equivalent (OLCC-4 announced May 9, 2022)

• Drill hole APC88 -D2, which was drilled from Pad 14 to the northeast through Apollo, cut a

significant zone of high-grade gold-silver- copper mineralization . Importantly, this hole

extended the brecciated porphyry body to the northeast with assay results as follows:

o 548.90 metres @ 1.91 g/t gold equivalent from 68.10 metres downhole including:

 133.90 metres @ 4.87 g/t gold equivalent from 154.70 metres downhole and;

o 18.20 metres @ 1.23 g/t gold equivalent from 737.00 metres downhole.

Figure 1: Long Section of the 4.5 Kilometres Porphyry Trend at the Guayabales Project,

Highlighting the Discovery Hole at Olympus Deeps

Figure 2: Core Photo Highlights from Drill Hole APC88-D1

Figure 3: Plan View of the Apollo and Olympus Targets and Drill Holes Announced in This

Release

Figure 4: Cross Section Highlighting Holes APC-88D and APC88-D1

Figure 5: Plan View of the Guayabales Project Highlighting the Olympus and Apollo Targets

Area

Table 1: Assay Results for APC-88, APC88-D1, APC88-D2 and APC-91

Hole # From

(m)

Length

(m)

g/t

ppm

WO3

ppm

AuEq

g/t*

APC-88D

(Mother hole) 70.10 90.10 20.00 0.89 4 0.01 2 4 0.94

APC88-D1 85.30 582.65 497.35 1.17 34 0.12 2 27 1.80

incl 85.30 286.10 200.80 2.04 61 0.22 3 57 3.19

and 756.00 958.35 202.35 2.11 4 0.02 36 5 2.16

incl 809.00 824.60 15.60 20.75 11 0.02 47 5 20.34

APC88-D2 68.10 617.00 548.90 1.33 31 0.12 3 35 1.91

incl 154.70 288.60 133.90 3.00 99 0.36 3 95 4.87

and Incl 356.50 407.80 51.30 3.36 14 0.03 2 9 3.51

and Incl 541.00 556.10 15.10 1.74 18 0.06 2 6 2.03

and 737.00 755.20 18.20 1.13 6 0.02 21 7 1.23

APC-91 282.30 298.90 16.60 2.80 22 0.02 23 6 3.06

Incl 289.60 294.65 5.05 8.13 36 0.01 28 7 8.43

and 448.00 449.35 1.35 4.15 - 0.01 1 1 4.04

and 455.70 457.00 1.30 3.22 1 - - 4 3.14

AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1. 69 x 0.90)+ (Mo (%) x 8. 57 x 0.85) +

(WO3 (%)*6. 32 x 0. 72) utilizing metal prices of Cu – US$3.95/lb, Ag – US$25/oz, Mo - US$20/lb , WO3 - US$32,5 00/t and Au –

US$1,600/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 72% for WO3 and 90% for Cu. Recovery rate assumptions

for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and

silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades

are uncut.

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 Mining is a copper, silver, gold and tungsten

exploration company with projects in Caldas, Colombia. The Company has options to acquire

100% interests 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 copper -silver- gold-tungsten Apollo porphyry system.

The Company’s near -term objective is to drill the shallow portions of the Apollo system, continue

to expand the overall dimensions of the system, which remains open in most directions and test

newly generated grassroots targets.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of

the Company and as a result, are fully aligned with shareholders. The Company is listed on the

TSX under the trading symbol "CNL" and on the OTCQX under the tradi ng symbol “CNLMF”.

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.

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