Collective Mining Ltd. — Capital/Financing Update 2023

Mar 15, 2023

Collective Mining Ltd. Treasury Offering of Common Shares March 15, 2023

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all of the provinces and territories of Canada, other than Québec. The Common Shares will be offered by way of a prospectus supplement to the final base shelf prospectus. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc. (“BMO Capital Markets”), Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca.

This document does not provide full disclosure of all material facts relating to the Common Shares. Investors should read the final base shelf prospectus, any amendment and any applicable prospectus supplement, for disclosure of those facts, especially risk factors relating to the Common Shares, before making an investment decision.

Terms and Conditions

y g .Companies, 9195 Torbram Road, Brampton, Ontaritorbramwarehouse@datagroup.ca.This document does not provide full disclosure of all mbase shelf prospectus, any amendment and any applifactors relating to the Common Shares, before makingTer	p , po, L6S 6H2 by telephone at 905-791-3151 Extaterial facts relating to the Common Shares. Investor	p4312 or by emails should read the fin
	cable prospectus supplement, for disclosure of thosean investment decision.ms and Conditions	facts, especially ri
Issuer:Collective Mining Ltd.Offering:Treasury offering of 7Offering Price:C$4.25 per CommonIssue Amount:C$30,005,000.00Over-AllotmentOption:The Company has grpart, at any time untilpurchase up to an adallotments, if any.Use of Proceeds:The Company intendwork programs to advdevelopment opportpurposes.Form of Offering:Bought deal by wayterritories of Canada,144A. In jurisdictionsthe Company and theListing:An application will bExchange (the “TSXVsymbol “CNL”.Eligibility:Eligible for RRSPs, RJointBookrunners:BMO Capital MarketsCommission:6.00% (subject to a r	(the “Company”).
	060000 common shares (“Common Shar	s”)
	,,Shareanted the Underwriters an option, exercisaand including 30 days following the closingditional 15% of the Offering at the Offering Ps to use the net proceeds from the Offerin	ble, in whole or iof the Offering, trice to cover oveg to fund ongoin
	ance the Guayabales Project, to pursue othunities, and for working capital and g	er exploration aneneral corporat
	of a prospectus supplement to be filed inother than Quebec. U.S. sales by private poutside of Canada and the United States a	all provinces anlacement via Ruls are agreed to b
	Underwriters on a private placement or eq	uivalent basis.
	e made to list the Common Shares on”). The existing common shares are listed oRIFs, RESPs, TFSAs, RDSPs and DPSPs.and Clarus Securitieseduction to 4.00% on certain president’s list	the TSX Venturn TSXV under th orders)