Collective Mining Ltd. announced that new high-grade assay results from surface outcrop samples have expanded the Box Target ("Box") and that visual inspection of recently completed drill holes point to the potential for a large-scale system in the area at depth. The Company has five drill rigs operating at the Guayabales Project as part of its fully funded 40,000 metres drill program for 2024. Drill rigs are currently operating at the Apollo, Box, Olympus and Trap targets.

Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru with results expected in short order. Highlights: Further surface exploration work at Box has discovered new well mineralized, brecciated porphyry outcrops resulting in an expansion of the target area by 300 metres to the south. The Box target area now measures approximately 1.3 kilometers by 0.8 kilometers by 0.4 kilometers vertically and remains open in all directions and at depth.

In the south, two new outcrop areas of brecciated porphyry with overprinting CBM veins have been identified and host the same type of consistent high-grade gold and silver mineralization as the north zone with values up to 12.02 g/t gold equivalent (11.06 g/t gold, 106 g/t silver and 0.02% copper). Three reconnaissance drill holes have been completed to date in the northern portion of the Box target and highlight multiple mineralization styles including porphyry vein stockwork, brecciated porphyry and CBM vein systems. All styles of mineralization encountered are associated with sericite alteration typical of the upper portions of a porphyry system indicating that deeper drilling is required. Assays results expected in the near term.

Two drill rigs are operating at Box with immediate plans to steepen the next drill holes in order test below the multiple mineralized outcrops. Additionally, new drill pads are being constructed in the central and southern areas of Box with drilling of these areas expected to commence shortly.