Collective Mining Ltd. announced assay results from a further three holes drilled into the Main Breccia discovery at the Apollo target, which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems. Assay results for twenty-eight diamond drill holes have now been announced at Apollo with results for additional holes expected in the near term. This press release announces results of three diamond drill holes with results summarized below.

APC-25 was drilled to the northwest from Pad 3 to a maximum depth of 215.80 metres and intersected a shallow, western extension to the Main Breccia discovery averaging: 106.85 metres @ 2.31 g/t gold equivalent consisting of 0.81 g/t Au, 30 g/t Ag, 0.62% Cu and 30 ppm Mo beginning at 73 metres downhole (65 metres vertical). The mineralized angular breccia of this intercept contains a sulphide matrix which includes 1.5% to 2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted by a zone of carbonate and base metal (sphalerite and galena) veins, which host higher gold grades and returned an interval of 14 metres grading 3.65 g/t gold equivalent.

APC-25 is the westernmost hole drilled into the Main Breccia discovery and demonstrates that the mineralization is open and is thickening in this direction. Drill holes have been designed to continue to step-out to the west to expand upon this high grade and near surface mineralization. APC-26 was drilled northeast from pad 4 and confirms continuity within the Northern Extension Zone of the Main Breccia system, as previously defined in holes APC-17 and APC-22.

The hole was drilled to a maximum downhole length of 813.7 metres and intercepted: 311.2 metres @ 1.04 g/t gold equivalent consisting of 0.74 g/t Au, 16 g/t Ag, 0.05% Cu and 10 ppm Mo from 415 metres down hole. Gold and silver mineralization relates to sulphides hosted within the angular breccia matrix including pyrite (1%-3%), pyrrhotite (1%-2%) and chalcopyrite (0.5%-1%). A higher-grade sub-zone was encountered within the mineralized intercept averaging 136.9 metres at 1.51 g/t gold equivalent and is characterized by an increase in overprinting low and intermediate sulphidation, carbonate base metal ("CBM") vein material including visible sphalerite and galena.

APC-29 was drilled to the north-northeast from Pad 3 to a maximum depth of 644.8 metres and intercepted three mineralized zones before the hole was abandoned short of target depth due to a complicated fault structure. The two shallow zones within this hole are located directly beneath mineralized surface outcrops with the initial 32.0 metre intercept of mineralization beginning at 111.3 metres downhole (80 metres vertical), and the second 8.65 metre mineralized zone starting at 194.8 metres downhole (143 metres vertical). These high-grade gold, silver, and copper shallow zones of mineralization are hosted within a matrix of angular quartz diorite breccia with the sulphide component consisting of chalcopyrite (0.5%-2%), pyrite (0.5%-2%) and pyrrhotite (0.5-1%).

Finally, the third zone, which starts at 343.8 metres downhole (318 metres vertical) intersected more 301 metres of continuous mineralization including a higher-grade subzone over 214.4 metres. The sulphide mineralization within the breccia matrix of this intercept contained pyrrhotite (0.5%-2.5%), pyrite (1%-3%) and multiple zones of sheeted CBM vein material, which are predominantly sphalerite rich with minor galena. The following intercepts are summarized from APC-29: 32.00 metres @ 10.48 g/t gold equivalent consisting of 9.23 g/t Au, 60 g/t Ag, 0.44% Cu and 30 ppm Mo from 89.25 metres downhole (80 metres vertical depth).

8.65 metres @ 2.26 g/t gold equivalent consisting of 0.57 g/t Au, 82 g/t Ag, 0.27% Cu and 10 ppm Mo from 194.80 metres downhole (143 metres vertical depth). 214.40 metres @ 1.04 gold equivalent consisting of 0.77 g/t Au, 14 g/t Ag, 0.05% Cu and 10 ppm Mo from 343.80 metres downhole (318 metres vertical depth), which includes 98.20 metres @ 1.26 g/t gold equivalent. The Company's Phase II, 2023 program is well underway with two rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system while simultaneously targeting expansion to the overall dimensions of the system to the west, northwest, north and northeast.

Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo and reconnaissance drilling is underway to test a recently discovered porphyry target. The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company's Main Breccia discovery and multiple additional untested breccia, porphyry and vein targets.

The overall Apollo target area also remains open for further expansion.