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.

3. *AuEq (g/t) = [(Au × 0.95) + (Ag × 0.020 × 0.92) + (Cu × 1.20 × 0.85) + (WO3 × 21.33 × 0.70)] ÷ 0.95, where Au and Ag are expressed in g/t, Cu and WO3 in percent.

4. **AgEq (g/t) = [(Ag × 0.92) + (Au × 50.0 x 0.95) + (Cu × 60.0 × 0.85) + (WO3 × 1066.43 × 0.70)] ÷ 0.92, where Au and Ag are expressed in g/t, Cu and WO3 in percent.

5. The calculation uses metal prices of US$3,000/oz gold, US$60/oz silver, US$5.25/lb copper and US$93.31/lb WO3 (equivalent to US$2,057/mtu WO3) with assumed recoveries of 95%, 92%, 85% and 70% respectively. Copper and WO3 are included in AuEq or AgEq where the intercept's copper grade is 0.04% or higher and WO3 grade is 0.02% or higher. A dash (--) in the copper and WO3 column indicates a grade below 0.04% and 0.02% respectively.

6. Recovery assumptions are based on metallurgical results announced on August 25, 2026 and used in the Maiden Mineral Resource announced on September 8, 2026.

Figure 1: Plan View of the Apollo Deposit Highlighting the Shallow Halo Zone and the New High-Grade Results Within and Outside the Block Model. *Shown for geological interpretation; the displayed model does not represent a reportable Mineral Resource. Please refer to Table 1 for full drill hole and assay information.

Figure 2: Drill Core Tray Photo from Hole APC-186 Highlighting the High-Grade Silver-Tungsten Mineralization in this Release

Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Deposit