Collective Mining Ltd. announced assay results for the final five diamond drill holes completed in late 2021 at the Donut Target as part of its maiden drill program at the Guayabales project, located in Caldas, Colombia. The Company presently has four diamond drill rigs operating at Guayabales and plans to complete a minimum of 20,000 metres of drilling in 2022. The 2022 program will focus on expanding upon the recently announced Olympus Central discovery hole of 302 metres @ 1.11 g/t gold equivalent while also testing for the first time a suite of new targets including but not limited to Victory East, Victory West, Olympus South and Apollo.

Five additional diamond drill holes have expanded Donut to the southwest, northeast and northwest and continue to outline a drill defined mineralized zone that begins at surface and extends vertically for at least 250 metres where it remains open for further expansion. All five drill holes being reported herein have intercepted broad and continuous mineralization hosted predominately in breccia and consisting primarily of gold and silver with lesser amounts of copper and molybdenum as follows: Drilled steeply to the north-north-east in an area with no prior drilling, DOC-6 intercepted 151 metres @ 0.74 g/t gold equivalent from 58 metres depth including 30 metres @ 1 g/t gold equivalent from 58 metres down hole; Drilled steeply to the north-east in an area with no prior drilling, DOC-7 intercepted 142 metres @ 0.63 g/t gold equivalent from 13 metres depth; DOC-8 was drilled to the north to undercut DOC-2 and intercepted 108 metres @ 1.13 g/t gold equivalent from 18 metres depth, including 2.5 metres @ 15 g/t gold equivalent from 28 metres depth; DOC-9 was drilled at a shallow angle to the southwest in an area with no prior drilling and intercepted 69 metres @ 1.39 g/t gold equivalent from 5.4 metres depth; and DOC-10 was drilled steeply to the northwest between DOC-2 and DOC-1 and intercepted 176 metres @ 0.84 g/t gold equivalent from 53 metres depth including 46 metres @ 1.10 g/t gold equivalent from 53 metres depth. Donut is located at the northeast end of a southwest trending zone of outcropping breccia targets which, to date, have been traced to the southwest for 550 metres along strike and remains open for further expansion to the southwest.

As announced previously, porphyry mineralization was encountered in drill hole DOC-5 and given that banded quartz-magnetite veins cutting diorite porphyry at depth and as common clasts in breccia at shallower levels have been observed in drilling to date, the Company believes there is excellent potential to discover a large porphyry system nearby to the Donut discovery. As a result, deep penetrating geophysics are planned for the near term with follow up drilling to commence upon interpretation of the results.