Collective Mining Ltd. announced the discovery of a significant new gold system named "Olympus Deeps" at the Company's Guayabales project in Caldas, Colombia. Today's result from Olympus Deeps is interpreted to be the initial intercept into a gold related brecciated porphyry intrusion system located approximately 500 metres to the north of the Company's Apollo porphyry system ("Apollo"). Assay results for four drill holes are presented herein including the Olympus Deeps discovery hole and two holes at Apollo which cut long intercepts of high-grade mineralization and extend the footprint of the system to the northeast.

Directional Drill hole APC88-D1, which was drilled from Pad 14 located outside and to the south-east of the Apollo system cut two significant intercepts over its 958.35 metres length before being abandoned due to a complicated fault while still in mineralization. The initial down hole intercept crossed through and locally expanded the Apollo system by cutting a long interval of high-grade gold-silver-copper mineralization as follows: 497.35 metres @ 1.80 g/t gold equivalent from 85.30 metres depth including: 200.80 metres @ 3.19 g/t gold equivalent from 85.30 metres downhole After exiting Apollo and passing through a poorly mineralized zone, drill hole APC88-D1 entered a new gold rich brecciated porphyry intrusion at depth below the Olympus target area (north of Apollo) for the final 202.35 metres of the hole before being lost while still in mineralization due to a fault with assay results as follows: 202.35 metres @ 2.16 g/t gold equivalent from 756.00 metres down hole including: 15.60 metres @ 20.34 g/t gold equivalent from 809.00 metres downhole. As a result of the Olympus Deeps discovery, the Olympus target area has grown significantly and now measures approximately 600 metres to the east-west by 400 metres to the north-south by more than 1,000 metres vertical and remains open in all directions for expansion.

With the discovery of a gold rich porphyry intrusion at depth, the Olympus target is now analogous to the multi-million-ounce Marmato mine located 2.5 kilometres to the southeast as both are characterized by a shallow sheeted CBM vein system with a gold rich porphyry intrusion at depth. As a reminder, shallow drilling by the Company at the Olympus target in early 2022 intersected bulk tonnage precious metal rich sheeted veins with intercepts including: 301.90 metres @ 1.11 g/t gold equivalent (OLCC-3 announced March 15, 2022); 216.70 metres @ 1.08 g/t gold equivalent (OLCC-4 announced May 9, 2022) Drill hole APC88-D2, which was drilled from Pad 14 to the northeast through Apollo, cut a significant zone of high-grade gold-silver-copper mineralization. Importantly, this hole extended the brecciated porphyry body to the northeast with assay results as follows: 548.90 metres @ 1.91 g/t gold equivalent from 68.10 metres downhole including: 133.90 metres @ 4.87 g/t gold equivalent from 154.70 metres downhole and; 18.20 metres @ 1.23 g/t gold equivalent from 737.00 metres downhole.