Collective Mining Mourns the Passing of Paul Murphy, Independent Director and Audit Committee Chair

Collective Mining Mourns the Loss of Paul Murphy

Toronto, Dec. 16, 2024 – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) announces with profound sadness the passing of Mr. Paul Murphy, a respected Independent Director and the Chair of the Audit Committee. His contributions to the company and the mining sector as a whole were invaluable, and his absence will be deeply felt.

Paul Murphy was not only a pivotal board member but also a distinguished financial professional. From 1981 until 2010, he served as a Partner at PricewaterhouseCoopers LLP, demonstrating exceptional leadership, particularly as the National Mining Leader from 2004 to 2010. His career was prominently centered around the resource sector, guiding major international oil, gas, and mining corporations. Notably, he held directorships at Continental Gold before its acquisition in March 2020, and he was the Chief Financial Officer at Guyana Goldfields from 2010 to 2018, and also at Guyana Precious Metals from 2012 to 2018. Paul was a proud alumnus of Queen's University, graduating with a Bachelor of Commerce and earning his Chartered Accountant designation in 1975.

Ari Sussman, the Executive Chairman of Collective Mining, shared a heartfelt message on the loss of Paul, stating, "It is with immense sadness we announce the loss of Paul. He will always be fondly remembered for his supportive leadership, professionalism, and warm nature. Our thoughts are firmly with his family and loved ones during this challenging time."

Collective Mining Ltd. was founded by the team that successfully developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion. The company is engaged in the exploration of gold, silver, copper, and tungsten with projects located in Caldas, Colombia. Their flagship project, Guayabales, is highlighted by the high-grade Apollo system, which is integral to the company's strategy for expansion through further exploration.

Murphy's legacy extends beyond just his roles within the companies he worked for; he was a mentor and a beacon of integrity in the mining industry. With a firm connection to the company he served, management and insiders own 44.5% of Collective’s shares, reflecting a united front in vision and objectives. His passing leaves a significant void in the boardroom and community he was part of.

As the company moves forward, strategies for exploration and project management will continue, honoring the principles that guided Murphy's work. The team is dedicated to furthering the company’s objectives while keeping Murphy’s memory alive in their endeavors.

In remembrance of his career, insights shared by Paul during his time at Collective Mining will be looked upon as guiding principles in the firm’s path ahead. His determination and expertise will be dearly missed, and Collective Mining extends their deepest condolences to his family and all who were fortunate to have known him.

Continuing to foster a corporate culture that espouses the values of collaboration and ethical governance, Collective Mining Ltd. aims to honor Paul Murphy’s contributions through its ongoing projects and community engagements. For further information about their operations and updates, visit their official website at www.collectivemining.com.

FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements regarding the company's future performance and initiatives. Any reliance on these statements is discouraged and readers are advised to consider various risk factors as detailed in the company's reports.

For further inquiries, please contact Collective Mining's corporate affairs team through their official channels.