Collective Mining Ltd. announced the commencement of a phase II diamond drill program at the Main Breccia discovery at the Apollo target ("Apollo"), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems. The phase II program will begin with three diamond drill rigs with potential to increase the number of rigs as the program progresses. The Phase II program commenced with shallow drilling of near surface, high grade mineralization below mineralized breccia outcrops in the southern and central areas of the Main Breccia discovery from newly constructed drill pads, 6 and 7. The rig at pad 6 is currently drilling and entered the mineralized zone close to the drill hole collar.

The rig at pad 7 is expected to commence operations in the next 7-10 days. Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo to test the recently discovered porphyry target. Key highlights of the initial plan are as follows: Main Breccia System: New drill holes APC-31 and APC-33 (pads 6 and 7 respectively) will focus on testing the shallow and high-grade mineralization located just below surface outcrops in the south and central portions of the deposit.

This target area was drilled with APC-22 with recently announced results as follows: 47.25 metres @ 5.45 g/t gold equivalent consisting of 4.65 g/t Au, 22 g/t Ag, 0.39% Cu and 30 ppm Mo from 89.25 metres downhole (60 metres vertical depth). 16.80 metres @ 4.56 g/t gold equivalent consisting of 2.59 g/t Au, 79 g/t Ag, 0.50% Cu and 20 ppm Mo from 167.0 metres downhole (100 metres vertical depth). Most of this outcropping and shallow target remains untested with current known dimensions from surface sampling cover a 150-metre diameter area.

The target area remains open in all directions for expansion. The program will also continue to undertake step-out drill holes designed to understand the geometry and size of the Apollo Main Breccia discovery, which remains open to the north, west, east and at depth. Recently announced step-out drill holes APC-17 and APC-22, both bottomed in mineralized breccia due to drill rig capacity returning 2.75 metres @ 0.86 g/t gold equivalent and 3 metres @ 0.48 g/t gold equivalent respectively in their final metres.

Additionally, hole APC-28, intercepted 600 metres of continuous mineralization and ended while still in the system. Assays are outstanding for this hole and expected in the near term. A final feature of the phase II diamond drill program at the Main Breccia system will be to test the following high grade mineralized subzones identified during the phase I program in 2022 as follows: Drilling will target a high-grade copper zone which daylights at surface in the southwest portion of the Main Breccia system and plunges gently to the northeast.

Previous drilling into this zone intercepted chalcopyrite bearing copper mineralization which includes grades of 72.3 metres @ 0.63% copper (APC-17), 168.6 metres @ 0.5% copper (APC-18) and 124.3 metres @ 0.63% copper (APC-19). Significant gold and silver grades were also intercepted in each of these holes. Drilling will also target multiple, high-grade gold subzones related to sheeted CBM veins and veinlets located in the upper, central, and lower portions of the breccia body.

Select previously announced assay results from these areas include intercepts of 46.6 metres @ 5.13 g/t gold equivalent (APC-3), 33.6 metres @ 7.3 g/t gold equivalent and 64.85 metres @ 3.67 g/t gold equivalent (APC-22). Hole APC-32 will be drilled from a newly constructed pad 8, which is located 150 metres south of the southernmost modelled boundary of the Main Breccia system, to test below the coincidental high-grade copper and molybdenum soil anomalies associated with a mineralized porphyry diorite hosting chalcopyrite veins. The porphyry target covers an area measuring 250 metres by 150 metres and remains open for expansion in all directions.

Recent, follow-up reconnaissance geological work at surface has identified a potassic altered porphyry diorite hosting quartz, molybdenum, and chalcopyrite veins. Surface rock chip sampling from limited weathered (leached) outcrop has returned grades of up to 0.28% copper and 0.13% molybdenum. The hole will be steeply inclined and drill directly below the highest soil and rock chip values.

In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target for the phase I program. Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for the remaining six holes expected in the near term. The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area.

The Apollo target area hosts the Company's Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery. Multiple additional untested breccia, porphyry and vein targets have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target area also remains open for further expansion.