COLLECTIVE METALS INC. provided a review of exploration and deposit models pertinent to its flagship Princeton Project (the ?Project?), in south-central British Columbia. The Property hosts several alkalic Cu-Au porphyry targets associated with Triassic diorite intrusions analogous to those associated with the currently producing Copper Mountain Mine, which lies approximately 10 km to the east. Two porphyry belts have been identified in British Columbia - one hosted within the Quesnellia terrane (QN) and a second within the Stikinia terrane (ST).

Calc-alkaline Cu-Mo porphyry deposits (i.e. Highland Valley) tend to occur predominantly in the Stikinia terrane. In contrast, a comparatively large number of alkalic porphyry deposits are documented within Quesnellia, comprising both Silica Saturated and Silica Undersaturated. There are several significant interpretations arising from this technical summary of characteristic features of alkalic porphyry deposits in Australia, the analogues in British Columbia and the interpreted alkalic epithermal environment (Wilson 2021), as follows: Work in the Ridgeway ?

Cadia area, together with comparisons to alkalic deposits in British Columbia has reinforced the interpreted significance of the iron carbonate ? silica alteration recognized in Fourteen and Fifteen Mile creeks (Note: iron carbonates include dolomite and ankerite). The spatial association of this alteration with a small exposure of diorite is interpreted to indicate the diorite is the causative source of the alteration and may be indicative of alkalic epithermal-style alteration in British Columbia.

By comparison with Ridgeway, a large envelope of low-grade pyrite mineralization may be another indication of alkalic epithermal-style alteration, despite there being little or no accompanying copper mineralization. ?Reddening?, or hematite (i.e., iron) alteration, in the Inner Propylitic Alteration Zone, may indicate proximity (i.e., within 200 meters vertically) to underlying, potentially ore grade copper mineralization. Zones of pervasive albite - chlorite - pyrite (i.e., sodic) alteration may indicate proximity (i.e., within 500 meters vertically and/or laterally) to potentially ore grade copper mineralization.

Rare to minor, narrow copper-bearing veinlets might escape the core, and extend for several hundred meters beyond, the mineralized porphyry. To further evaluate several interpreted porphyry occurrences, the Company has submitted a Notice of Work permit application necessary to conduct multiple IP surveys, comprising up to 30 line km, on targets located in the Lamont Ridge ? Fourteen Mile Creek area.

The most advanced target on the Property, the Trojan-Condor Corridor, is defined by a large (approximately 1.5 x 3.3 km), strong (>20 mV/V) chargeability anomaly along the corridor (please see News Release dated August 10, 2023). Kodiak Copper has used 3D IP to generate successful drill targets at their MPD Property 20 km to the northeast of the Princeton Property. Arguably, the most pertinent difference between the Project (and other alkalic-type exploration projects) with respect to alkalic deposits identified in British Columbia (i.e., Hudbay Minerals?

Copper Mountain, the Iron Mask Batholith, Mount Milligan, Mount Polley, etc.) is the weak development, or apparent lack, of potassic to calc-potassic alteration so prevalent in alkalic porphyry deposits. In New South Wales, the Cadia and Cadia East deposit are buried under a thin veneer of cover (please see Figure 2), while the top of sulphide mineralization at the Ridgeway deposit to the west is located approximately 350 m below surface and is, therefore, a ?blind? intrusion.

Recent work completed on alkalic deposits identified in British Columbia, as well as Australia (Cadia /Ridgeway), serves as a guide to exploration for analogues in British Columbia, including the Project. The following is summarized from Wilson (2021)3: The epithermal zone associated with the Ridgeway deposit is characterized by a relatively large envelope of pyrite as the only sulphide, between 1-3% and, locally, higher (Wilson 2021). In addition to the general absence of copper mineralization, there is no strong development accompanying phyllic or quartz ?

sericite ? pyrite alteration (characteristic of calc-alkaline porphyry systems).