Collective Mining Accelerates Agreement With Vendor Of Guayabales Mining License, Gains 100% Ownership

Collective Mining Ltd. (NYSE:CNL) (TSX:CNL) ("Collective" or the "Company") is pleased to announce that it has accelerated its agreement with the vendor of the Guayabales mining license and as a result will affect the transfer of 100% of the mining license into its name. The Guayabales license, which host the Company's flagship Apollo system, is one of three major contiguous licenses that make up the Company's Guayabales Project, located in Caldas, Colombia. 

The original agreement for the Guayabales mining license was signed between the Company and the vendor in June 2020 and entitled the Company to earn a 100% ownership in the exploitation phase mining license in 2032 by making a series of scheduled payments and committing to certain exploration expenditures.

Under the amendment, the total financial consideration owed to the vendor remains the same as the original agreement, however, the payment schedule has been accelerated as follows:

• $2 million payable immediately.
• An additional $2 million is payable within one month provided the title transfer request to the Colombian National Mining Agency ("ANM") has been filed.
• An additional $2.3 million is payable within two months following the submission of the title transfer request.
• The remaining $3.5 million will be payable in six equal installments over the following three years from the date of the execution of the amendment to the agreement.

The title transfer approval is expected within 60 days following the request being made to the ANM.