Sussman Strikes Again: Major New Colombia Discovery Poised for Global Recognition

• Ari Sussman, Executive Chairman of Collective Mining, discusses opportunities in Colombia's mining industry and his company's new copper, silver and gold discovery.
• Colombia has an established mining industry but still has an opportunity for large discoveries, especially copper porphyries, due to past security challenges limiting exploration.
• Collective Mining is focused on community engagement and dialogue to earn a social license to operate in Colombia.
• The company recently made a blind discovery called Apollo, interpreted to be a large, enriched copper-silver-gold porphyry system open in multiple directions.
• Over the next 2 years Collective aims to continue expanding Apollo, define a resource and maintain a tight share structure to create shareholder value.

Collective Mining is a Canadian exploration company focused exclusively on Colombia, aiming to leverage the country's vast geological potential to make world-class discoveries in copper and precious metals. Although security challenges decades ago hampered exploration, Colombia now has a thriving mining industry anchored by major coal and nickel operations. Still, significant opportunity remains according to Collective Mining's Executive Chairman Ari Sussman, who sold his previous Colombian company Continental Gold and its high-grade gold project for $1.4 billion in 2020. Sussman believes Colombia could mirror Peru's mining investment success if companies earnestly engage local communities and maintain high ethical, safety and environmental standards. Collective Mining aspires to demonstrate this social license model while unlocking Colombia's next generation of mineral projects.

Colombia Offers Established Infrastructure but Limited Modern Exploration

Sussman acknowledges historic investor wariness about Colombia but stresses that the country differs from typical South American jurisdictions. Colombia features the oldest democracy and best rule of law in South America. Its mining regulator and fiscal regime help balance community and commercial interests. Although a new left-leaning President was recently elected, Sussman suggests Colombia still actively supports responsible mining to raise living standards and fund social programs. Importantly, Colombia hosts world-scale existing mines like Cerrejon coal and Cerro Matoso nickel laterite, plus smaller operations on productive mineral belts. However, security challenges prevented modern exploration methods like geophysics from systematically exploring Colombia. Sussman recognizes this lack of modern exploration as the biggest opportunity for juniors like Collective Mining. As he notes, "the big deposits weren't found...It's not rocket science to know that the Andes mountain chain continues right from Chile right up through Colombia." Collective Mining believes Colombia's continuation of proven mineral belts could host the next generation of sizable discoveries to fuel mining investment and rural economic development.

Earning Social License through Dialogue and Alliance

Collective Mining considers community acceptance the foremost challenge facing miners in Colombia and neighboring countries given sizable rural populations near projects. As Sussman reflects based on his prior Continental Gold experience, “if you don't win the population over you're dead. It's that simple you're not going to advance." He emphasizes that sustainability programs alone cannot build enough support and trust. Instead, “dialogue and transparency” provides the path to social license, giving community members forums to engage companies and authorities on their terms. For example, the "Plan Buritaca" initiative created regular town hall-style meetings for open dialogue on any issue, not just mining impacts. Building connections and understanding local priorities enabled Continental Gold to eventually permit its project. Sussman intends to replicate such initiatives with Collective Mining. Already they have fostered an innovative alliance between mining and coffee growers to collaborate on rural development despite historically opposing perspectives. As Sussman remarks, “We mining want coffee, and coffee we want mining" because the industries can co-exist and diversify economies. If companies focus sufficient resources on social license and community priorities, Sussman believes miners can succeed in Colombia's populace regions.

Leveraging Major Company Exploration Approach and Proven Team

After selling Continental Gold, Sussman assembled the same core team to establish Collective Mining in early 2020 with a five-year plan to make another major grassroots discovery leading to a potential mine construction decision. However, Collective Mining is focusing specifically on porphyry copper and gold systems rather than high-grade gold veins. Sussman notes the lack of modern porphyry exploration and increasing demand from decarbonization make copper an ideal target in Colombia. After evaluating over 50 projects, Collective Mining prioritized two properties in established mining districts with supportive communities, extensive infrastructure and known porphyry potential. Their flagship Guayabales project neighbors the long-lived Marmato gold mine, where late-stage high-grade veins suggest an eroded copper porphyry system may lie underneath. Their San Antonio project also exhibits copper and gold porphyry-style mineralization from early drilling. Reflecting major company systematic exploration methods, Collective Mining spent 15 months methodically collecting and evaluating data to identify and prioritize drill targets at Guayabales. Sussman patiently argues, "We approached this methodically more in a way...a major would look at it versus a junior." Instead of chasing single anomalies, they permitted 20,000 meters of drilling to comprehensively test multiple targets. In Sussman's estimation, "odds of success in mining are typically about one in a thousand that you'll ever find to mine so Mother Nature blessed this area."

Major Copper-Silver-Gold Discovery at Apollo Target

Collective Mining's patient, research-driven exploration approach paid dividends with their blind discovery hole at the Apollo target within the greater Guayabales project area. Follow up drilling intercepted a mineralized system measuring 600 meters wide by 800 meters long by 500 meters deep and open in all directions. Collective Mining's technical team interprets Apollo as a large, high grade "enriched porphyry system" where copper, silver and gold bearing fluids repeatedly permeated a brecciated host rock with excellent permeability. Essentially, the system acts like a mineral sponge retaining and concentrating metals from multiple mineralizing events over time. Well-respected exploration commentator Quinton Hennigh of Crescat Capital called Apollo “one of the most impressive drill discoveries in the world last year.” But despite Apollo’s strong early production, few investors noticed Collective Mining due its early stage, small size and weak junior mining investment environment through most of 2022.

Growing Apollo towards World-Class Potential

Looking forward, Collective Mining remains focused on steadily growing and de-risking Apollo, aiming for a 5 million-ounce gold equivalent resource by 2024. The 2023 drill campaign started aggressively, immediately confirming mineralization extends upwards towards the surface. Subsequent Apollo drilling aims to keep expanding its footprint while targeting higher-grade zones. Concurrently, Collective Mining will be exploring neighboring targets seeking extensions of the mineral system which commonly form clusters like fingers around central intrusions. Pending positive results, follow-up drilling could discover additional enriched porphyries associated with Apollo. Ultimately if Apollo continues showing district-scale endowment, Sussman suggests it would attract a major mining company to acquire Collective Mining and construct a mine, replicating the Continental Gold outcome. While requiring patience during the discovery phase, Sussman maintains that keeping the share count tight sets the stage for dramatic shareholder value creation if Apollo advances towards development. With about $10 million cash, Collective Mining is funded for immediate work but will likely raise more capital to maintain momentum. As Sussman notes, “Most of our money goes in the ground...70 of your funds go into the ground." While no exploration success is guaranteed, Collective Mining offers investors direct leveraged exposure to what industry leaders describe as potentially one of the world's most exciting new copper-gold discoveries.

"The mining industry recognized it as the best new discovery globally last year" - Quinton Hennigh, Geologist & Advisor

The Investment Thesis for Collective Mining

• Recent Apollo discovery demonstrates potential world-class size and grade, wide open for expansion through aggressive drill programs
• Remains under the radar and attractively valued compared to peer exploration success stories
• Highly credible and motivated management team with a track record of generating wealth from Colombian discoveries
• Strategic share structure retains upside leverage for early investors as the company grows
• Systematic exploration process across district leads to additional discovery potential surrounding Apollo
• Strategic Social license programs key to smooth permitting and project advancement

Collective Mining represents a unique investment opportunity in the key copper and precious metals needed for decarbonization. Their recent Apollo discovery signals they could delineate Colombia's next major mining project over the next several years. As exploration continues expanding Apollo's footprint and testing neighboring targets, Collective Mining remains positioned to generate outsized returns for early-stage investors supporting this potential emergent world-class mining camp.