Collective Mining Ltd. announced its exploration plans for 2024 at the Guayabales project, assay results for a new discovery at the ME target and final assay results for holes from a recently discovered mineralized zone in the northwest portion of the large Plutus target. The Company has completed 82 drills holes comprised of approximately 36,060 metres of diamond drilling during 2023 at the Guayabales projects with pending assay results for numerous holes expected in January 2024. The 2024 exploration program will be the Company's largest to date with four rigs initially operating in January up to a maximum of six rigs throughout the year.

Based on a very successful 2023 program, in which approximately 36,000 metres of drilling was completed, the Company will continue focusing on growth with two key objectives for the year: Expansion of the Apollo System - Drilling to date has outlined a robust and high-grade gold-silver-copper-tungsten porphyry system which outcrops at surface and boasts maximum known dimensions of 560 metres in strike by 395 metres in width by 935 metres vertically. As announced on December 11th, 2023, drill hole APC70-D5 has visually extended the vertical of the system to well over 1,000 metres with assay results for this hole and others expected in early 2024. Exploration Targets - Based on the resounding success in drilling new targets and making new discoveries in 2023, the Company will continue to outline, define and drill early stage or grassroot targets along the 4.5-kilometre porphyry corridor at the Guayabales Project as follows: Olympus Target - In early 2022, the Company announced the discovery of Olympus, highlighted by near surface bulk intercepts including OLCC-1, which cut 301.9 metres @ 1.11 g/t AuEq.

Based on visual logging, it is clear this second zone of mineralization is a new gold intrusion system characterized by an abundance of magnetite and molybdenite in the mineral matrix. Given the potential impact of this new discovery, the Company will focus its drilling on the target beginning in January 2024. Assay results for these holes are expected in January 2024 with drilling expected to resume shortly thereafter.

Plutus Target - Given the large scale of the coincidental copper and molybdenum in-soil anomalies and the lack of outcropping rock, the Company will be flying an airborne VTEM/ZTEM survey across the Guayabales project in H1, 2024 and once complete and interpreted, drilling will ensue at Plutus. Target X and Tower Target - Newly generated and both exhibiting similar surface characteristics to the Apollo system, the Company plans on drill testing both targets in 2024. ME Target.

Six diamond drill holes were completed as part of the Phase I reconnaissance program at the ME target ("ME"), which is located approximately 0.8 kilometres to the southeast of the Apollo system. The drilling results into ME have outlined a new discovery of gold and silver mineralization hosted with breccia and porphyry units with strike dimensions of 100 metres to the northeast, a 50 meters width and vertical continuity down to a depth of407 metres below surface with details as follows: APC-78 was drilled southwest from newly constructed Pad 11 to a final downhole depth of 479.55 metres. The hole cut a new brecciated porphyry system which is overprinted by late stage sheeted CBM veins plus multiple zones of CBM veins hosted within a quartz diorite porphyry unit.

PNC-4 was drilled from PPad1 to the southwest and north of previously announced drill hole PNC-2 (PNC-2 (PNC -2) (PNC-2) (PNC-1) (PNC-2).