Collective Mining Ltd.

Notes

1. Intervals are down hole lengths. Estimated true widths range from 60% to 100% of reported intervals. Grades are uncut.

2. Included intervals fall within the preceding overall interval and do not necessarily represent its entire length. "Multiple" denotes an interval spanning more than one weathering zone.

3. *AuEq (g/t) = [(Au × 0.95) + (Ag × 0.020 × 0.92) + (Cu × 1.20 × 0.85)] ÷ 0.95, where Au and Ag are expressed in g/t and Cu in percent.

4. The calculation uses metal prices of US$3,000/oz gold, US$60/oz silver and US$5.25/lb copper, with assumed recoveries of 95%, 92% and 85%, respectively. Copper is included in AuEq where the intercept's copper grade is 0.04% or higher. A dash ( - ) in the copper column indicates a grade below 0.04%.

5. Recovery assumptions are based on metallurgical results announced on October 17, 2023, April 11, 2024, October 3, 2024 and August 25, 2026.

Figure 1: Plan View of the Apollo Deposit Highlighting the Shallow Halo Zone and the Drill Holes Announced in this Release

Figure 2: Drill Core Tray Photo Highlighting Silver Mineralization in the Transition Zone Within a Core Section from Hole APC-182