CNL Collective Mining Ltd

Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that the second drill hole to test the Apollo target (“Apollo”) is advancing as part of the Company’s fully funded minimum 20,000 metre drill program for 2022 at the Guayabales project (“Guayabales”), located in Caldas, Colombia. The Company presently has three diamond drill rigs at Guayabales with drills currently operating at Apollo and the Olympus area where the Company is focused on expanding upon the recently announced Olympus Central discovery hole of 302 metres @ 1.11 g/t gold equivalent (refer to press release dated March 15, 2022) to the south and west. Apollo is located approximately 600 metres to the southeast of Olympus Central.

Surface mapping and soil and rock chip sampling at Apollo have outlined a porphyry target in the south with a porphyry-related hydrothermal breccia target flanking its northern side. Both the porphyry and breccia targets are characterized by coincidental high-grade copper and molybdenum soil anomalies measuring greater than 500 parts per million (“ppm”) and 30 ppm, respectively. Apollo covers an area measuring 750 metres X 580 metres and remains open to the east, west and south for further expansion.

Highlights (See Figures 1 – 3)

• A maiden diamond drill program at Apollo began in April 2022 with the initial hole (“APC-1”) now complete to a final length of 438.7 metres. Beginning at 280 metres down hole, APC-1 intercepted favorable porphyry related hydrothermal breccia mineralization over a core length totalling between 85-90 metres. Core from this hole has been sent to the lab and assay results are expected shortly.

• Given the significant distance from the drill pad and to expedite drilling at Apollo, the Company is currently drilling at wedge hole (“APC-1W”), which was kicked-off from APC-1 at 213 metres down-hole. Drilled at a slightly steeper angle and to the east, APC-1W is currently at 85 metres and is still drilling within favorable visual breccia mineralization. Drilling of the hole will continue until the hole exits from the breccia mineralization.

• The breccia matrix consists of approximately 4-5% pyrite and 1-1.5% chalcopyrite with overprinting carbonate base metal (“CBM”) veins in places (see press release dated April 12, 2022, for further details).

• Considering the encouraging visual mineralization over broad widths intersected in both drill holes, the Company has initiated construction of two additional drill pads at Apollo (“Pad 2” and “Pad 3”), which will provide the Company with significantly better locations to test the full extent of the potential at Apollo. The rig that is currently drilling APC-1W will be moved to Pad 2 shortly and a second diamond drill rig will mobilize to Pad 3 shortly thereafter.

• Importantly, the mineralized breccia intercepts in APC-1 and APC-1W does not correspond with the coincidental high-grade copper and molybdenum soil anomalies covering both breccia and porphyry targets at Apollo. As a result, drill holes from Pad 2 and Pad 3 will also be designed to test both anomalies.

• The reader should be cautioned that only assay results from a certified third-party laboratory can confirm whether any amounts of precious or base metals are present in the breccia matrix currently being intersected in the drill hole. As such, visual core inspection presented herein should be viewed as speculative in nature.

“The Guayabales project continues to demonstrate that it has been blessed with a remarkable mineral endowment. We are early in the first inning of unlocking the potential of this asset and already we have drilled three potentially significant discoveries characterized by broad zones of mineralization. Assay results are expected from both Olympus and Apollo in the near term and our fully funded drill program will continue unabated through the balance of 2022,” commented Ari Sussman, Executive Chairman.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/db9255de-d5eb-4697-8016-33a1642a93ed

Figure 2: Plan View of the Apollo Target Area Outlining Porphyry and Breccia Targets Overprinted by High-Grade Coincidental Copper and Molybdenum Soil Anomalieshttps://www.globenewswire.com/NewsRoom/AttachmentNg/3a55c14e-34b7-40f8-b0ee-6465bdf181da

Figure 3: Core Photos from Drill Hole APC-1Whttps://www.globenewswire.com/NewsRoom/AttachmentNg/05a0640c-87b0-4d03-a3ab-c7f34cfc40a8

Mineralized hydrothermal breccia with localized overprinting porphyry veins (CBM). The matrix of mineralization consists of chalcopyrite, pyrite, sphalerite and galena.

About Collective Mining Ltd.

To view our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of twelve major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with near surface discovery holes at the Guayabales project yielding 302 metres 1.11 g/t AuEq at the Olympus target and 163 metres @ 1.3 g/t AuEq at the Donut target. At the San Antonio project, the Company intersected from surface 710 metres @ 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021 and March 15, 2022 for AuEq calculations.)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd. Steve Gold, Vice President, Corporate Development and Investor RelationsTel. (416) 648-4065

FORWARD-LOOKING STATEMENTS  This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.