Collective Mining Ltd. announced that a comprehensive airborne geophysical survey covering the Company's Guayabales Project in Caldas, Colombia will commence in the coming days. The Company is fully funded for its 2024 budget with USD 23.6 million in its treasury as of May 16, 2024. Additionally, a sixth drill rig is being mobilized to the Guayabales Project as part of its fully funded 40,000 metres drill program for 2024.

Drill rigs are currently operating at the Apollo, Box, Olympus and Trap targets with the sixth rig to commence drilling for the first time at the grassroot generated X target located in the southern portion of the project area. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru with results expected in short order. The airborne geophysical program will be undertaken by Geotech Ltd. and will cover a total area of 74 km2 with 1,449 flight line kilometres (100 metre line spacing) and includes helicopter borne Versatile Time-domain Electromagnetic (VTEM) and Z-Axis Tipper Electromagnetic system (ZTEM) surveys.

The primary objective of the program is to detect conductive sulphide bearing ore bodies, similar to the Apollo system, at depths beginning directly below the surficial cover to up to 2,000 metres depth. The Company's exploration team has recently completed petrophysical measurements on 13 kilometres of drill core from the Apollo system, which highlights a strong and distinctive conductivity signature related to the sulphide minerals and associated alteration. This work endorses the effectiveness and application of the airborne survey methodologies selected.

The Guayabales project area has very limited outcrop exposure (<10%) due to extensive cover material caused by historic landslides and surficial ash deposits and exploration drilling to date has been focused exclusively on limited areas with good soil and rock assays. The airborne survey will enable their exploration team to develop drill targets in these covered areas, including the large Plutus target where reconnaissance drilling in 2023 intercepted 136.45 metres @ 1.31 g/t AuEq. The airborne surveys will be completed in July 2024 with processing of data and interpretation expected before the end of Q3, 2024.

Drilling on new targets generated from the survey could commence as early as Q4, 2024.