Collective Mining Steps Out 340 Meters Along the Ramp Zone's Untested Northwest Breccia Margin, Intersecting 12.10 m @ 11.33 g/t AuEq* and 54.00 m @ 2.84 g/t AuEq*

Collective Mining Ltd. (CNL) has released assay results for four diamond drill holes targeting the western and northwestern margins of the Ramp Zone at the Apollo deposit in Guayabales, Colombia. These daughter holes were drilled off mother holes APC-164D / Pad 19 and APC-140D / Pad 29.

In the previously undrilled Ramp Zone – Northwest area, located approximately 340 meters north of prior intercepts, hole APC164-D3 returned 54.00 m @ 2.84 g/t AuEq (2.51 g/t Au, 17 g/t Ag) from 1,202 m below surface, including 23.65 m @ 4.54 g/t AuEq (3.92 g/t Au, 32 g/t Ag) from 1,206 m. Hole APC164-D4 intersected 12.10 m @ 11.33 g/t AuEq (10.85 g/t Au, 22 g/t Ag, 0.04% Cu) from 1,091 m, and 10.80 m @ 3.92 g/t AuEq (3.85 g/t Au, 4 g/t Ag) from 1,208 m. Additionally, hole APC180-D4 showed 19 occurrences of visible gold over 62 m of core, located approximately 80 m below the D3/D4 intersections, with assays pending.

In the Ramp Zone – West, a section previously partially tested but not included in the block model, hole APC164-D2 returned 1.10 m @ 67.90 g/t AuEq from 1,288 m; 2.60 m @ 8.57 g/t AuEq from 1,319 m; and 2.05 m @ 7.77 g/t AuEq from 1,377 m. Hole APC140-D8 intersected 1.20 m @ 3.60 g/t AuEq; 5.15 m @ 3.89 g/t AuEq; and 7.40 m @ 4.41 g/t AuEq.

New high-grade CBM veins, located outside any block model above the Ramp Zone on the western margin, were also identified. Hole APC164-D4 returned 1.30 m @ 74.58 g/t AuEq (73.40 g/t Au, 61 g/t Ag) from 946 m. Hole APC164-D3 returned 1.30 m @ 26.01 g/t AuEq from 1,063 m. Hole APC164-D2 returned 0.90 m @ 22.65 g/t AuEq; 1.00 m @ 27.02 g/t AuEq; 7.50 m @ 3.16 g/t AuEq; and 3.20 m @ 3.51 g/t AuEq. Hole APC140-D8 returned 1.50 m @ 12.13 g/t AuEq.

Approximately 590 meters of the interpreted 1.5 km breccia circumference is now tested for the Ramp Zone, compared to 315 meters in the maiden resource. There are 95 holes pending at Guayabales, including 19 for the Ramp Zone. The company holds US$93.7M in cash as of June 30, 2026. An updated Mineral Resource Estimate (MRE) is expected in Q4 2027–Q1 2028, followed by a Preliminary Economic Assessment (PEA).

Collective Mining Ltd. (CNL) has extended the known footprint of its Apollo deposit, specifically the high-grade Ramp Zone, which now hosts sulphide mineralization approximately 340 meters beyond its previously drilled southwestern extent along the northwest breccia margin. This discovery adds a new, previously unknown CBM vein set and supports the thesis that the system is laterally continuous around the breccia.

The new mineralization falls outside the current block model, meaning no tonnage or grade update to the Mineral Resource is expected until Q4 2027–Q1 2028. The grades in this new zone are below those of the SE Ramp Zone resource, which reported 5.37 g/t AuEq inferred over 54 meters, compared to the new intercepts of 2.84 g/t over 54 meters. Consequently, this development represents footprint growth rather than grade accretion.

At a market capitalization of approximately C$1.5 billion, a drill result must significantly impact resource scale, mine life, or net asset value to alter the equity’s valuation profile. Collective Mining’s stock peaked at C$28.41 in February 2026 following the SE Ramp Zone discovery holes, then round-tripped through 2026. The share price fell sharply after the maiden Mineral Resource Estimate on September 8, dropping from C$23.31 to approximately C$17 by mid-September. The stock currently trades at C$16.08, near its 52-week low and well below previous highs.

The market appears to be in a "show-me" posture, with expectations anchored low. While a genuinely better-than-expected result could be rewarded, this latest finding is viewed as a solid incremental extension with below-resource grades. The material relevance of this discovery will depend on whether the pending 19 Ramp Zone holes and APC180-D4 confirm and upgrade the grade and continuity of the system.

Collective Mining Ltd. (NASDAQ: CNL; TSX: CNL) was founded by the team behind Continental Gold, which was sold to Zijin for approximately US$1.4 billion in enterprise value. The company is led by Executive Chairman Ari Sussman and CEO Ned Jalil.

The firm’s flagship asset is the Guayabales Project in Caldas, Colombia, anchored by the Apollo deposit, described as a large-scale, bulk-tonnage, and high-grade gold-silver-copper-tungsten system. On September 8, 2026, Collective Mining released its maiden Mineral Resource Estimate for Apollo, reporting 37.0 million tonnes at 2.17 g/t AuEq for the Indicated category (2.58 million ounces AuEq) and 48.2 million tonnes at 1.83 g/t AuEq for the Inferred category (2.83 million ounces AuEq). The High-grade Ramp Zone carries 0.20 million ounces AuEq in the Indicated category (1.29 million tonnes at 4.74 g/t) and 1.04 million ounces AuEq in the Inferred category (6.04 million tonnes at 5.37 g/t), located below 1,000 meters above sea level at a 1.5 g/t AuEq cutoff.

The company also holds the San Antonio Project, located 2–5 km east-northeast of Guayabales, under an option to earn up to 100% interest. This asset features the Pound silver vein system and porphyry targets. Additional exploration targets include Trap, which features sheeted veins and porphyry with underground drilling from the adit scheduled for Q1 2027; Plutus, a porphyry target; as well as Orion and Victory.

Infrastructure and permitting efforts are underway, with the project situated adjacent to the Pan-American Highway and hydropower resources. Surface rights for a future mine have been secured for US$44 million, payable between 2026 and 2030. Construction of an exploration adit is targeted for Q4 2026, with an environmental license filing planned for the second half of 2027. An updated Mineral Resource Estimate is expected in Q4 2027 to Q1 2028, followed by a Preliminary Economic Assessment.

Management, insiders, a strategic investor, and family and friends hold approximately 45.2% of Collective Mining Ltd.