TORONTO - Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) ('Collective' or the 'Company') is pleased to announce the discovery of a potentially significant broad mineralized zone as well as additional high-grade gold and silver assay results from channel samples taken at the Olympus target ('Olympus') at the Company's 100% owned Guayabales project in Caldas, Colombia.

A noteworthy discovery drill hole from the northern area of Olympus was announced by the Company in March 2022, with OLC-3 yielding 302 metres @ 1.11 g/t AuEq from near surface. Olympus is one of the eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the Guayabales project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target, which is located approximately 800 metres south-southeast of Olympus. Furthermore, additional rigs have been secured to begin the Phase II program at Olympus with the first hole anticipated to commence drilling from underground in August 2022.

Highlights

Continuous channel sampling, where possible, were taken by the Company along a historical crosscut covering a 182.45 metre horizontal width and hosting multiple mineralized veins, veinlets and structures within intensely altered porphyry and country rocks. This sampling has outlined a broad mineralized zone ('BMZ') with assay results as follows: 182.45 metres @ 1.15 g/t gold equivalent (true horizontal width)

Sampling from the eastern half of the crosscut was in oxidized material, which the Company believes may be underrepresenting the actual grade because previously announced chip channel sample assay results within vein material at slightly lower elevations directly below this area of the crosscut yielded materially higher grades.

The high-grade CBM veins outlined above are located directly west of the BMZ and collectively both areas outline a target zone measuring greater than 300 metres of width which remains open in all directions. Historical workings along veins to the northwest and southeast of the crosscut indicate a potential strike length to the systems of at least 500 metres which is open for expansion.

Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The results outlined in this press release cover only the southwest portion of this target area. Previous drilling in the northern portion of the target area returned broad intercepts of up to 301.9 metres @ 1.11 g/t gold equivalent. The Company believes that the probability is high that additional veins and BMZ zones will be discovered as exploration ramps up. To date only small portions of the target area have been drill tested or sampled and the Olympus target remains open to the east, west, northwest, south and at depth.

A phase II underground drill program will commence in August 2022 and is expected to ramp up in scale for the balance of the year as new drill chambers are constructed and additional rigs are added.

'The presence of both broad mineralized zones and high grade CBM veins at Olympus is exciting and highlights the potential for a combination of both bulk and selective mining scenarios in the future. To date we have only covered with drilling and sampling a few small windows within this large mineralized system. We look forward to drilling the southwest portion of the system beginning in August as the highest-grade samples found to date are from within this area,' commented Ari Sussman, Executive Chairman.

'On another front, we are now drilling with three rigs at the Apollo target and continue to intercept potentially significant lengths of mineralized breccia with overprinting CBM veins. We will provide further details in the coming weeks once new holes are completed and logged. Assay results from holes APC-1W and APC-2 at Apollo are expected shortly and will be announced once results have been received, compiled are interpreted by the Company.'

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team 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 significant new mineral discoveries and advance the projects to production. 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 currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been identified. The Company is fortuitous to have made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.1 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq.

Contact:

Steve Gold

Tel: (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, 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' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot 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.

(C) 2022 Electronic News Publishing, source ENP Newswire