Collective Mining Provides an Update on its Partnership With the Coffee Growers Committee of Caldas and the Municipality of Supia

Collective Mining Ltd. (TSXV: CNL) ("Collective" or the "Company") is pleased to provide an overview of a strategic alliance recently executed between the Company, the Coffee Growers Committee of Caldas (the "Committee") and the Municipality of Supía. The Committee is part of the National Federation of Coffee Growers of Colombia ("FNC"), which is one of the most influential institutions in Colombia's agricultural industry and oversees the development of the country's coffee sector. This partnership, which is based on the foundation that mining and agriculture work effectively together in fostering positive development for Colombia, is a key component of the Company's 2021 ESG initiatives in Caldas, Colombia.

The cumulative commitment of the members of the strategic alliance is $530,000 for 2021 and the funds are being allocated towards improving local road infrastructure, improving access to water for local communities and supporting the municipality's coffee producers. As a result of these initiatives, it is anticipated that approximately 1,286 coffee growers covering 1,489 hectares of farmland in the municipality of Supía will directly benefit from the program. The Caldas department is well known as one of the traditional coffee regions in Colombia and is the second largest coffee producing department in the country. According to FNC, coffee production supports more than 32,000 families in the department.

"This strategic alliance is a win-win scenario for all stakeholders. We are proud to have a hand in further strengthening the local and regional economies while simultaneously bolstering our engagement with the region. As the Company evolves, we will be actively looking to replicate this partnership model with other municipalities in our areas of influence," commented Ari Sussman, Executive Chairman of Collective.

On May 28, 2021, Collective was officially awarded a notable recognition from the Municipality of Supía for its contributions towards the improvement of the municipality's infrastructure. Omar Ossma, CEO and President of Collective stated: "Coffee is one of the main drivers of this region and this alliance is a very important step to promote sustainable coexistence of different economic activities with mining. We are honored to have received this recognition."

"These are investments that will go directly to our small farmers and rural communities. We are pleased to have the support of Collective Mining in this initiative. It is key to work together and it is key to work as a team. This project demonstrates that responsible mining is possible," stated the Mayor of Supía, Marco Antonio Londoño Zuluaga.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4dc2f276-5704-4ece-a311-9d6bd6a0b0c1

About Collective Mining Ltd.

Collective is an exploration and development company focused on identifying and exploring prospective gold projects in South America. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia: (i) the San Antonio project; and (ii) the Guayabales project. The 3,780-hectare San Antonio Project is located in a historical gold district in the Caldas department of Colombia. With recent geophysical and LIDAR surveys completed, an initial 5,000-metre drill program is underway at the project with initial assay results anticipated in early Q4, 2021. The 3,333-hectare Guayabales Project is also located in the mining friendly Caldas department of Colombia. The Guayabales Project is currently undergoing aggressive surface exploration and is being advanced to a drill ready decision for Q4, 2021.

For further information, please contact:

Paul Begin, Chief Financial Officer
Collective Mining Ltd.
info@collectivemining.com
Telephone: (416) 451-2727

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the strategic alliance with the Committee and the Municipality of Supía, including the commitment and allocation of funds and expected benefits, and Collective's future plans 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, including those identified in Collective's most recent MD&A and other disclosure documents filed on and available on SEDAR at www.sedar.com. 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.