Collective Mining Ltd. (NYSE:CNL) (TSX:CNL) ("Collective" or the "Company") is pleased to provide an update on its planned exploration adit at the Guayabales Project, originally announced on March 11, 2026. Collective is also pleased to announce that Mr. Josué Romanos has been appointed as Vice President, Projects, effective immediately.

Figures 1 & 2: Explosive Storage Facility for the Exploration Adit Project at Guayabales

Ned Jalil, Chief Executive Officer commented: "The progress on our exploration adit marks an important step in accelerating our understanding of the system from underground and advances the Guayabales Project towards our ultimate goal of production, with construction of the adit expected to break ground in the fourth quarter of 2026. To ensure the exploration adit and future construction is delivered responsibly and on budget, we are pleased to welcome Josué Romanos as Collective Mining's new Vice President, Projects. Josué's decades of experience managing and delivering several multi-billion-dollar capital projects will be a significant asset as we continue to build a world-class company grounded in operational excellence and responsible development."

Exploration Adit – Progress Update

The exploration adit is a key component of the Company's strategy to advance its understanding of the Apollo system and the broader Guayabales Project from underground. Since announcing the Company's plan to construct an exploration adit on March 11, 2026, considerable progress has been made on the workstreams required to support development of the project.

Detailed engineering studies and execution plans have progressed, and the Company is now advancing through the relevant permitting track with an increased focus on operational readiness ahead of the commencement of construction. As part of this preparation work, the Company has completed various early activities, including completing the construction of an explosives storage facility, which has been inspected and approved for compliance by the relevant authorities.

The exploration adit will provide underground drilling access, enhance the Company's ability to advance the project's geotechnical and hydrological characterization and provide access for the future collection of metallurgical bulk samples, all of which will be important in supporting future project studies.