# EDGAR Filing Document

**Accession Number:** 0001953575
**File Stem:** 0001213900-25-096404
**Filing Date:** 2025-10
**Character Count:** 370767
**Document Hash:** d17d79694f19ed2fce1c68e69e6ce2bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-096404.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001213900-25-096404

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251006

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Collective Mining Ltd.
- **CENTRAL INDEX KEY:** 0001953575
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42170
- **FILM NUMBER:** 251376212

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 82 RICHMOND ST. E
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** Z4
- **BUSINESS PHONE:** (416) 451-2727

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 82 RICHMOND ST. E
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** Z4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 <br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of October, 2025**

**Commission File Number: 001-42170**

**Collective Mining Ltd.**

**(Translation of registrant's name into English)**

**82 Richmond Street East, 4th Floor**

**Toronto, Ontario**

**Canada, M5C 1P1**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

**Explanatory Note** 

On October 3, 2025, Collective Mining Ltd. ("the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with BMO Nesbitt Burns Inc. "BMO") and Scotia Capital Inc. (together with BMO, the "Lead Underwriters") and as lead managers and joint bookrunners, along with Clarus Securities Inc., Canaccord Genuity Corp., Roth Canada, Inc., and Ventum Financial Corp. (together with the Lead Underwriters, the "Canadian Underwriters") and Jett Capital Advisors, LLC (the "Non-Canadian Underwriter" and together with the Canadian Underwriters, the "Underwriters"), to purchase, on a bought deal basis, 6,600,000 common shares of the Company (the "Offered Shares") at the price of Cdn $19.00 per Offered Share (the "CS Issue Price") for aggregate gross proceeds of approximately Cdn$125,400,000 million (the "Offering"). The Offering was made by way of a prospectus supplement of the Company dated October 3, 2025 (the "Prospectus Supplement") to the Company's existing Canadian short form base shelf prospectus dated December 4, 2023 (the "Base Shelf Prospectus, and together with the Prospectus Supplement, the "Prospectus"). The Prospectus Supplement was filed with the securities commissions or similar authorities in each of the provinces and territories of Canada, other than Quebec and Nunavut. A portion of the Offered Shares may be issued in the United States to "accredited investors" as defined in Rule 501(a) of Regulation D of the United States Securities Act of 1933, as amended.

In addition, the Company has granted the Underwriters an over-allotment option (the "Over-Allotment Option") exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 990,000 Offered Shares at the CS Issue Price, for a period of 30 days from and including the closing date of the Offering, which is expected to take place on or about October 8, 2025, subject to receipt of all regulatory approvals, for additional aggregate proceeds to the Company of Cdn $18,810,000 million (assuming the full exercise of the Over-Allotment Option).

The Company intends to complete a concurrent non-brokered private placement of 789,473 of its common shares (the "Common Shares") at a price of $19.00 per Common Share for gross proceeds of $14,999,987 (the "Concurrent Private Placement"). The Concurrent Private Placement will be to Agnico Eagle Mines Ltd., which has a contractual participation right in equity offerings of the Company. The Concurrent Private Placement will be done through a separate transaction that is not qualified by the Prospectus and is expected to close concurrent with the Offering on or about October 8, 2025, subject to receipt of all regulatory approvals.

The Company intends to use the net proceeds of the Offering to fund ongoing work programs to advance the Guayabales Project, to pursue other exploration and development opportunities, and for working capital and general corporate purposes.

The Prospectus and Underwriting Agreement are attached hereto as exhibits and are being provided for informational purposes only.

In accordance with General Instruction B of Form 6-K, the Exhibit Information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

EXHIBIT INDEX

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| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION |
| 99.1 | [Prospectus Supplement dated October 3, 2025, together with the Base Shelf Prospectus dated December 4, 2023.](ea026031601ex99-1_collective.htm) |
| 99.2 | [Underwriting Agreement by and among the Company and the Underwriters, dated October 3, 2025.](ea026031601ex99-2_collective.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Collective Mining Ltd.** | **Collective Mining Ltd.** |
| Date: October 6, 2025 |  |  |
|  | By: | */s/ Paul Begin* |
|  | Name: | Paul Begin |
|  | Title: | Chief Financial Officer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus supplement together with the accompanying short form base shelf prospectus dated December 4, 2023 to which it relates, as amended or supplemented and each document incorporated by reference into the base shelf prospectus for purposes of the distribution of the securities to which this prospectus supplement pertains constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.**

**Information has been incorporated by reference in this prospectus supplement and in the accompanying short form base shelf prospectus dated December 4, 2023 to which it relates, from documents filed with securities commissions or similar authorities in Canada**. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Collective Mining Ltd. at 82 Richmond Street East, Toronto, Ontario M5C 1P1, telephone (416) 451-2727 and are also available electronically at www.sedarplus.ca.

The securities offered hereby have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any state securities laws. The securities may not be offered or sold in the United States of America, its territories and possessions, any state of the United States or the District of Columbia (collectively, the "**United States**") unless exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws are available and to the extent permitted by the Underwriting Agreement (as defined herein). This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in the United States. See "Plan of Distribution".

**PROSPECTUS SUPPLEMENT<br> (to the Short Form Base Shelf Prospectus dated December 4, 2023)**

*<u>New Issue</u>* October 3, 2025

**COLLECTIVE MINING LTD.**

**C$125,400,000<br> 6,600,000 Common Shares**

This prospectus supplement (the "**Prospectus Supplement**"), together with the accompanying short form base shelf prospectus dated December 4, 2023 (the "**Base Shelf Prospectus**" and together with the Prospectus Supplement, the "**Prospectus**") qualifies the distribution (the "**Offering**") of 6,600,000 common shares (the "**Initial Offered Shares**") of Collective Mining Ltd. ("**Collective**" or the "**Corporation**") at a price of C$19.00 per Initial Offered Share (the "**Offering Price**") pursuant to an underwriting agreement dated October 3, 2025 (the "**Underwriting Agreement**"), among the Corporation and BMO Nesbitt Burns Inc. and Scotia Capital Inc., as lead underwriters and joint bookrunners (collectively, the "**Lead Underwriters**"), together with Clarus Securities Inc., Canaccord Genuity Corp., Roth Canada, Inc., Jett Capital Advisors, LLC ("**Jett**"), and Ventum Financial Corp. (and together with the Lead Underwriters, the "**Underwriters**", and each individually, an "**Underwriter**"), pursuant to which the Initial Offered Shares will be offered for sale in all provinces and territories in Canada, other than Québec and Nunavut, through the Underwriters in accordance with the terms of the Underwriting Agreement. Jett is not registered as a dealer in any Canadian jurisdiction and accordingly, will not, directly or indirectly, solicit offers to purchase or sell the Offered Shares (as defined herein) in Canada. The Offering Price and other terms of the Offering were determined by arm's length negotiation between the Corporation and the Lead Underwriters, on behalf of the Underwriters, with reference to the prevailing market price of the common shares of the Corporation (the "**Common Shares**"). See "*Description of Securities Being Distributed*".

The outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange (the "**TSX**") and on the NYSE American LLC (the "**NYSE American**") under the symbol "**CNL**". The Corporation has applied to list the Offered on the TSX and the NYSE American. Listing of the Offered Shares will be subject to the Corporation fulfilling all of the listing requirements of the TSX and the NYSE American. See "*Risk Factors*". On October 1, 2025, the last trading day prior to the announcement of the Offering, the closing price of the Common Shares on the TSX was C$20.51, and the closing price of the Common Shares on the NYSE American was US$14.75.

**Price: C$19.00 per Initial Offered Share**

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to the Public** | **Underwriters' Commission<sup>(1)(2)</sup>** | **Proceeds to the Corporation<sup>(2)(3)(4)</sup>** |
| Per Initial Offered Share | C$19.00 | C$0.855 | C$18.145 |
| Total Offering<sup>(4)(5)(6)</sup> | C$125,400,000 | C$5,643,000 | C$119,757,000 |

---

 <u>Notes:</u>

(1) In consideration for the services rendered by the Underwriters in connection with the Offering, the Corporation
has agreed to pay the Underwriters a cash fee (the "**Underwriters' Commission**") equal to 4.50% of the gross proceeds
of the Offering (subject to a reduced 2.25% cash fee for up to C$500,000 of Offered Shares sold to purchasers on a president's list
(the "**President's List** ")), including in respect of any exercise of the Over-Allotment Option (as defined herein).
See "*Plan of Distribution* ".

(2) Assumes no Offered Shares are sold to purchasers on the President's List.

(3) After deducting the Underwriters' Commission, but before deducting and expenses of the Offering
(estimated to be C$450,000), which will be paid by the Corporation from the proceeds of the Offering. The Underwriters' Commission
for the Offering will be deducted from the proceeds from the Offering.

(4) The Underwriters have been granted an over-allotment option, exercisable in whole or in part in the sole
discretion of the Underwriters for a period of 30 days from and including the Closing Date (as defined herein) (the "**Over-Allotment Deadline** "), to purchase up to an additional 990,000 common shares of the Corporation (the "**Over-Allotment Shares** ",
and together with the Initial Offered Shares, the "**Offered Shares**") at the Offering Price to cover the Underwriters'
over-allocation position, if any, and for market stabilization purposes (the "**Over-Allotment Option** "). The Over-Allotment
Option is exercisable by the Lead Underwriters giving notice to the Corporation prior to the Over-Allotment Deadline, which notice shall
specify the number of Over-Allotment Shares to be purchased. If the Over-Allotment Option is exercised in full, the total "*Price to the Public* ", "*Underwriters' Commission*" and "*Proceeds to the Corporation*" will
be C$144,210,000, C$6,489,450 and C$137,720,550, respectively, and assuming no Offered Shares are sold to purchasers on the President's
List. The Prospectus qualifies the grant of the Over-Allotment Option and the distribution of Over-Allotment Shares issuable upon exercise
of the Over-Allotment Option. A purchaser who acquires Over-Allotment Shares forming part of the Underwriters' over-allocation position
acquires those Over-Allotment Shares under the Prospectus, regardless of whether the over-allocation position is ultimately filled through
the exercise of the Over-Allotment Option or secondary market purchases. See "*Plan of Distribution* ".

(5) Assuming no exercise of the Over-Allotment Option.

(6) If the Concurrent Private Placement (as defined herein) is completed, the aggregate net proceeds of the
Offering and the Concurrent Private Placement (before deducting the expenses of the Offering referred to in Note 3, above) will be $134,756,987
(assuming no exercise of the Over-Allotment Option and no sales to President's List purchasers under the Offering).

The following table sets out the maximum number of securities under options issuable to the Underwriters in connection with the Offering:

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| | | | |
|:---|:---|:---|:---|
| **Underwriters' Position** | **Maximum Number of Securities<br> Available** | **Exercise Period** | **Exercise Price** |
| Over-Allotment Option<sup>(1)</sup> | 990,000 Over-Allotment Shares | Up to 30 days from and<br> including the Closing Date | C$19.00 per Over-Allotment Share |

---

 <u>Note:</u>

(1) This Prospectus Supplement qualifies the grant of the Over-Allotment Option, and the distribution of the
Over-Allotment Shares issuable upon exercise of the Over-Allotment Option. See "*Plan of Distribution* ".

Unless the context otherwise requires, when used herein, all references to the "**Offering**" include the Over-Allotment Option, and all references to "**Offered Shares**" include the Over-Allotment Shares issuable upon exercise of the Over-Allotment Option.

Agnico Eagle Mines Limited ("**Agnico**") holds approximately 14.99% of the issued and outstanding Common Shares as of the date of this Prospectus Supplement, on a non-diluted basis. Pursuant to the terms of an amended and restated investor rights agreement between Agnico and the Corporation dated March 20, 2025, for so long as Agnico holds at least 3.0% of the issued and outstanding Common Shares, if the Corporation issues any Common Shares, or securities convertible into, exercisable or exchangeable for Common Shares, as part of a public offering, private placement or otherwise (each, a "**Trigger Event**"), Agnico has the right (the "**Participation Right**") to purchase, at the subscription price per offered security and on substantially the same terms and conditions thereof: (a) in the case of an issuance of Common Shares, up to such number of Common Shares that will allow Agnico to maintain or acquire, as applicable, up to 14.99% of the issued and outstanding Common Shares, after giving effect to such Trigger Event; and (b) in the case of an issuance of securities convertible into, exercisable or exchangeable for Common Shares, up to such number of such securities that will allow Agnico to maintain or acquire, as applicable, up to 14.99% of the issued and outstanding Common Shares, after giving effect to the Trigger Event and assuming the conversion, exercise or exchange of all of the convertible, exercisable or exchangeable securities issued in connection with the Trigger Event and pursuant to the Participation Right.

In connection with its Participation Right, and concurrent with the completion of the Offering, Agnico has indicated that it intends to subscribe for 789,473 Common Shares at the Offering Price for gross proceeds of C$14,999,987 (the "**Concurrent Private Placement**") The Concurrent Private Placement is expected to close concurrent with the Offering on or about October 8, 2025. Closing of the Concurrent Private Placement is subject to, among other things, the settlement of definitive documentation and the Corporation fulfilling all of the listing requirements of the TSX and the NYSE American. No commission or other fee will be paid to the Underwriters in connection with the sale of Common Shares pursuant to the Concurrent Private Placement. This Prospectus Supplement does not qualify the distribution of any Common Shares issued pursuant to the Concurrent Private Placement. See "*Use of Proceeds*" and "*Plan of Distribution – Concurrent Private Placement*" in this Prospectus Supplement.

The Underwriters, as principals, conditionally offer the Offered Shares, subject to prior sale, if, as and when issued by the Corporation and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement referred to under "*Plan of Distribution*" and subject to the approval of certain legal matters on behalf of the Corporation by Cassels Brock & Blackwell LLP, and on behalf of the Underwriters by Miller Thomson LLP.

In connection with this Offering and subject to applicable laws, the Underwriters may over-allocate or effect transactions to stabilize or maintain the market price of the Common Shares. Such transactions, if commenced, may be discontinued at any time. **The Underwriters propose to offer the Offered Shares initially at the Offering Price. After the Underwriters have made a reasonable effort to sell all of the Offered Shares at the Offering Price, the price at which the Offered Shares are distributed pursuant to the Prospectus may be decreased and may be further changed from time to time to an amount not greater than the Offering Price. Any reduction of the Offering Price will not reduce the net proceeds to be received by the Corporation as stated above.** See "*Plan of Distribution*".

Subscriptions for the Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing is expected to take place on or about October 8, 2025, or such other date as the Corporation and the Underwriters may agree (the "**Closing Date**"), but in any event not later than 42 days after the date of this Prospectus Supplement. Other than Offered Shares issued in the United States to "accredited investors" as defined in Rule 501(a) of Regulation D under the U.S. Securities Act ("**U.S. Accredited Investors**"), which must be in the form of definitive certificates or DRS statements issued to such holders with applicable restrictive legends attached (unless such U.S. Accredited Investor is also a "qualified institutional buyer", as such term is defined in Rule 144A under the U.S. Securities Act ("**Qualified Institutional Buyers**"), who agrees to certain restrictions) it is anticipated that the Offered Shares will be issued through the book-entry system, registered in the name of CDS Clearing and Depositary Services Inc. ("**CDS**") or its nominee and will be deposited with CDS. Beneficial holders of the Offered Shares will receive only a customer confirmation from the Underwriters, or another registered dealer who is a CDS participant, and from or through whom a beneficial interest in the Offered Shares are acquired. If any Offered Shares are not able to be issued in the book-entry system through CDS in advance of the Closing Date for any reason, then those investors or their designated holders will receive definitive certificates representing their interests in such Offered Shares with restrictive legends, if applicable. For further information and certain restrictions on buyers in the United States, please see "*Plan of Distribution*".

**An investment in the Offered Shares is speculative and subject to a number of risks. Investors should review this Prospectus Supplement, together with the Base Shelf Prospectus, in their entirety and carefully consider the risk factors described under the heading "Risk Factors" in each of the Base Shelf Prospectus and this Prospectus Supplement and the risks identified in the documents incorporated by reference herein before purchasing the Offered Shares.**

Prospective investors should be aware that the acquisition of Offered Shares may have tax consequences in Canada. Such tax consequences for investors may not be described fully herein or in the Prospectus. See "*Certain Canadian Federal Income Tax Considerations*". Potential investors are advised to consult their own legal counsel and other professional advisors in order to assess the income tax, legal and other aspects of the Offering in their particular circumstances.

No Canadian securities regulator has approved or disapproved of the securities offered hereby, passed upon the accuracy or adequacy of this Prospectus Supplement and the accompanying Base Shelf Prospectus or determined if this Prospectus Supplement and the accompanying Base Shelf Prospectus are truthful or complete. Any representation to the contrary is a criminal offence.

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. See "*Purchasers' Statutory Rights*".

Prospective purchasers should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Base Shelf Prospectus. The Corporation and the Underwriters have not authorized anyone to provide prospective purchasers with information different from that contained or incorporated by reference in this Prospectus Supplement and the accompanying Base Shelf Prospectus. The Underwriters are offering to sell and seeking offers to buy the Offered Shares only in jurisdictions where, and to persons to whom, offers and sales are lawfully permitted. Prospective purchasers should not assume that the information contained in this Prospectus Supplement is accurate as of any date other than the date on the cover page of this Prospectus Supplement. See "*Cautionary Note Regarding Forward-Looking Information*" and "*Risk Factors*" in this Prospectus Supplement and in the Base Shelf Prospectus.

The head and principal office of the Corporation is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1.

Ari Sussman, Executive Chairman and a director of the Corporation, Ned Jalil, Chief Executive Officer of the Corporation, Omar Ossma, President of the Corporation, María Constanza García Botero, a director of the Corporation, Ashwath Mehra, a director of the Corporation, Angela María Orozco Gómez, a director of the Corporation, and Jasper Bertisen, a director of the Corporation, each reside outside of Canada and has each appointed Cassels Brock & Blackwell LLP, Suite 3200, Bay Adelaide Centre – North Tower, 40 Temperance St., Toronto, Ontario M5H 0B4, as their agent for service of process in Canada. Prospective investors of the Offered Shares are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if such person has appointed an agent for service of process.

**TABLE OF CONTENTS**

**PROSPECTUS SUPPLEMENT**

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| | |
|:---|:---|
| IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| MARKET AND INDUSTRY DATA | 3 |
| CURRENCY AND EXCHANGE RATE INFORMATION | 3 |
| ELIGIBILITY FOR INVESTMENT | 3 |
| DOCUMENTS INCORPORATED BY REFERENCE | 3 |
| MARKETING MATERIALS | 4 |
| THE CORPORATION | 4 |
| USE OF PROCEEDS | 5 |
| CONSOLIDATED CAPITALIZATION OF THE CORPORATION | 6 |
| PLAN OF DISTRIBUTION | 6 |
| DESCRIPTION OF SECURITIES BEING DISTRIBUTED | 9 |
| PRIOR SALES | 9 |
| TRADING PRICE AND VOLUME | 10 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 11 |
| RISK FACTORS | 14 |
| LEGAL MATTERS | 16 |
| PROMOTERS | 16 |
| TRANSFER AGENT AND REGISTRAR | 17 |
| INTEREST OF EXPERTS | 17 |
| PURCHASERS' STATUTORY RIGHTS | 17 |
| CERTIFICATE OF THE CORPORATION | C-1 |
| CERTIFICATE OF THE UNDERWRITERS | C-2 |

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**BASE SHELF PROSPECTUS**

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| | |
|:---|:---|
| ABOUT THIS SHORT FORM BASE SHELF PROSPECTUS | 1 |
| MEANING OF CERTAIN REFERENCES AND CURRENCY PRESENTATION | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| FINANCIAL INFORMATION | 2 |
| DOCUMENTS INCORPORATED BY REFERENCE | 2 |
| THE CORPORATION | 4 |
| CONSOLIDATED CAPITALIZATION | 5 |
| USE OF PROCEEDS | 5 |
| EARNINGS COVERAGE RATIO | 5 |
| DESCRIPTION OF COMMON SHARES | 5 |
| DESCRIPTION OF DEBT SECURITIES | 5 |
| DESCRIPTION OF SUBSCRIPTION RECEIPTS | 6 |
| DESCRIPTION OF WARRANTS | 7 |
| DESCRIPTION OF UNITS | 8 |
| PLAN OF DISTRIBUTION | 8 |
| PRIOR SALES | 9 |
| MARKET FOR SECURITIES | 9 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 9 |
| RISK FACTORS | 9 |
| LEGAL MATTERS | 11 |
| PROMOTERS | 11 |
| INTEREST OF EXPERTS | 12 |
| TRANSFER AGENT AND REGISTRAR | 12 |
| STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION | 12 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | 13 |
| CERTIFICATE OF THE CORPORATION | C-1 |
| CERTIFICATE OF THE PROMOTER | C-2 |

---

i

**IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS**

This document is in two parts. The first part is this Prospectus Supplement, which describes the terms of the Offered Shares being offered and also adds to and updates information contained in the accompanying Base Shelf Prospectus and the documents incorporated herein and therein. The second part, the accompanying Base Shelf Prospectus, gives more general information, some of which may not apply to the Offered Shares being offered under this Prospectus Supplement. This Prospectus Supplement is deemed to be incorporated by reference into the accompanying Base Shelf Prospectus solely for the purposes of the Offering constituted by this Prospectus Supplement. To the extent there is a conflict between information contained in this Prospectus Supplement and information contained in the accompanying Base Shelf Prospectus or any document incorporated by reference herein or therein, you should rely on the information contained in this Prospectus Supplement. However, if any statement in one of these documents is inconsistent with a statement in another document having a later date – for example, a document incorporated by reference into this Prospectus Supplement or the accompanying Base Shelf Prospectus – the statement in the document having the later date modifies or supersedes the earlier statement.

The Corporation has filed the Base Shelf Prospectus with the securities commissions in each of the provinces and territories of Canada, other than Québec, in order to qualify the securities described in the Base Shelf Prospectus in accordance with National Instrument 44-102 – *Shelf Distributions*.

Investors should rely only on information contained in or incorporated by reference into this Prospectus Supplement and the accompanying Base Shelf Prospectus and such information is accurate only as of the date of the applicable document. The Corporation's business, financial condition, results of operations may have changed since those dates. Information in this Prospectus Supplement updates and modifies the information in the Base Shelf Prospectus and the information incorporated by reference herein and therein. The Corporation has not authorized anyone to provide investors with different information. Information contained on the Corporation's website shall not be deemed to be a part of this Prospectus Supplement or incorporated by reference and should not be relied upon by prospective investors for the purpose of determining whether to invest in the securities offered hereby.

The Corporation will not make an offer of these securities in any jurisdiction where the offer or sale is not permitted. Investors should not assume that the information contained in this Prospectus Supplement is accurate as of any date other than the date on the face page of this Prospectus Supplement or the date of any documents incorporated by reference herein.

Unless otherwise indicated, the disclosure in this Prospectus Supplement assumes that the Over-Allotment Option will not be exercised.

Unless the context otherwise requires, all references in this Prospectus Supplement to the "Corporation" refer to the Corporation and its subsidiary entities on a consolidated basis.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Prospectus Supplement contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation (collectively referred to herein as "**forward-looking information**" or "**forward-looking statements**"). Forward-looking information includes, but is not limited to, statements with respect to: the expected Closing Date; the exercise of the Over-Allotment Option; the receipt of all necessary regulatory approvals to effect the Offering and the Concurrent Private Placement; the expected use of net proceeds from the Offering and the Concurrent Private Placement, which ultimately remains subject to the Corporation's discretion, as well as the impact of general business and economic conditions; the future price of commodities; the estimation of mineral resources; the realization of mineral resource estimates; regulatory compliance; capital expenditures; planned exploration activities, including but not limited to, costs and timing of the development of new deposits and the future acquisition of new or optioned properties or mineral rights; success of exploration activities; requirements for additional capital, including but not limited to, future financings; future profitability; government regulation of mining operations; the obtaining of required licenses and permits and regulatory approvals; reclamation expenses; other statements relating to the financial and business prospects of the Corporation; information as to the Corporation's strategy, plans or future financial or operating performance; and other events or conditions that may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the anticipated use of proceeds of the Offering and the Concurrent Private Placement; the timing for completion, settlement and closing of the Offering and the Concurrent Private Placement; the satisfaction of the conditions to closing of the Offering and the Concurrent Private Placement, including receipt in a timely manner of regulatory and other required approvals, authorizations and clearances, including the approval of the TSX and the authorization of NYSE American; the plan of distribution for the Offering; results of exploration activities not being supportive of further development of our projects; the future price of commodities; the estimation of mineral resources, the realization of mineral resource estimates; regulatory compliance; capital expenditures; planned exploration activities, including but not limited to, costs and timing of the development of new deposits and the future acquisitions of properties or mineral rights; the interpretation of geological information; conducting operations in a foreign country; the assurance of titles or boundaries; uncertainties of project costs; the presence of artisanal/illegal miners; the process of formalization of artisanal miners and the closure of illegal mines; the environmental permitting process in Colombia; title regarding the ownership of the Corporation's projects and the related surface rights and to the boundaries of the Corporation's projects and other risks related to maintaining land surface rights; maintaining the security of the Corporation's information technology systems; the Corporation's limited operating history; the payment of net smelter return royalties; the significant influence exercised by the Executive Chairman of the Corporation over the Corporation; permitting timelines; currency fluctuations; requirements for additional capital, including but not limited to, future financings; future profitability; government regulation of mining operations; the obtaining of required licenses and permits and regulatory approvals; delays in obtaining, or the inability to obtain, third party contracts, equipment, supplies and governmental or other approvals; accidents, labour disputes, unavailability of appropriate land use permits, changes to land usage agreements and other risks of the mining industry generally and specifically in Colombia; reclamation expenses; the inability to obtain financing required for the completion of exploration and development activities; changes in business and economic conditions; international conflicts; other factors beyond the Corporation's control; and as well as those factors included herein and elsewhere in the Corporation's public disclosure. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Corporation's expected financial and operating performance and the Corporation's plans and objectives and may not be appropriate for other purposes. **The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.** 

This list is not exhaustive of the factors that may affect any of the Corporation's forward-looking statements. Although the Corporation believes its expectations are based upon reasonable assumptions and have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. See the section entitled "*Risk Factors*" in this Prospectus Supplement and in the accompanying Base Shelf Prospectus, and in the section entitled "*Risk Factors*" in the Corporation's annual information form dated as of March 24, 2025 for the financial year ended December 31, 2024 (the "**AIF**"), for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this Prospectus Supplement and, accordingly, is subject to change after such date. The Corporation disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Corporation's filings with Canadian securities regulatory agencies, which can be viewed online under the Corporation's issuer profile on the System for Electronic Document Analysis and Retrieval + ("**SEDAR+**") at www.sedarplus.ca.

**MARKET AND INDUSTRY DATA**

The Corporation has obtained any market and industry data and other statistical information presented in this Prospectus Supplement or the accompanying Base Shelf Prospectus or in the documents incorporated by reference herein and therein from a combination of internal company surveys and third-party information. Such third-party publications and reports generally state that the information contained therein has been obtained from sources believed to be reliable. Although the Corporation believes these publications and reports to be reliable, it has not independently verified the data or other statistical information contained therein, nor has it ascertained the underlying economic or other assumptions relied upon by these sources. The Corporation has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law.

**CURRENCY AND EXCHANGE RATE INFORMATION**

In this Prospectus Supplement, Canadian dollars are referred to as "Canadian dollars" or "C$" and United States dollars are referred to as "United States dollars" or "US$". On October 2, 2025, the daily exchange rate as quoted by the Bank of Canada was US$1.00=C$1.3963 or C$1.00=US$0.7162.

**ELIGIBILITY FOR INVESTMENT**

In the opinion of Cassels Brock & Blackwell LLP, counsel to the Corporation, and Miller Thomson LLP, counsel to the Underwriters, based on the current provisions of the *Income Tax Act* (Canada) and the regulations thereunder (collectively, the "**Tax Act**"), in force as of the date hereof, the Offered Shares, if issued on the date hereof, would be "qualified investments" under the Tax Act for trusts governed by a "registered retirement savings plan", "registered retirement income fund", "registered education savings plan", "registered disability savings plan", "tax-free savings account", "first home savings account" (collectively, "**Registered Plans**") or a "deferred profit sharing plan" (as those terms are defined in the Tax Act), provided that at that time, the Offered Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the TSX and NYSE American) or the Corporation otherwise qualifies as a "public corporation" other than a "mortgage investment corporation" (as defined in the Tax Act).

Notwithstanding the foregoing, the holder or subscriber of, or an annuitant under, a Registered Plan, as the case may be, (the "**Controlling Individual**") will be subject to a penalty tax if the Offered Shares held in the Registered Plan are a "prohibited investment" (as defined in the Tax Act) for the particular Registered Plan. The Offered Shares will generally be a "prohibited investment" for a Registered Plan if the Controlling Individual does not deal at arm's length with the Corporation for the purposes of the Tax Act or the Controlling Individual has a "significant interest" (as defined in subsection 207.01(4) of the Tax Act) in the Corporation. In addition, the Offered Shares will generally not be a "prohibited investment" if such shares are "excluded property" (as defined in the Tax Act) for the Registered Plan.

**Persons who intend to hold Offered Shares in a Registered Plan should consult their own tax advisors as to whether the Offered Shares will be a prohibited investment in regard to their particular circumstances.**

**DOCUMENTS INCORPORATED BY REFERENCE**

This Prospectus Supplement is deemed to be incorporated by reference into the Base Shelf Prospectus solely for the purpose of the Offering. Other documents are also incorporated, or are deemed to be incorporated by reference, into the Base Shelf Prospectus and reference should be made to the Base Shelf Prospectus for full particulars thereof.

As of the date hereof, the following documents, filed with the various securities commissions or similar authorities in each of the provinces and territories of Canada, are specifically incorporated by reference into the Base Shelf Prospectus for purposes of the Offering, and form an integral part of the Prospectus:

1. the AIF;

2. the audited consolidated financial statements of the Corporation as at, and for the years ended December
31, 2024 and 2023, the notes thereto and the independent auditors' report thereon (including the audited consolidated financial
statements of the Corporation as at, and for the years ended December 31, 2022 and 2021, the notes thereto and the independent auditors'
report thereon, which is incorporated by reference in the Base Shelf Prospectus), together with the related management's discussion
and analysis (the "**Annual MD&A**") of the financial condition and results of operations of the Corporation;

3. the unaudited interim condensed consolidated interim financial statements of the Corporation for the three
and six months ended June 30, 2025 (the "**Interim Financial Statements** "), the notes thereto, together with the related
management's discussion and analysis (the "**Interim MD&A**") of the financial condition and results of operations
of the Corporation;

4. the management information circular of the Corporation dated May 9, 2025, prepared in connection with
the annual general meeting of shareholders of the Corporation held on June 16, 2025;

5. the material change report of the Corporation dated March 20, 2025 in respect of a private placement whereby
Agnico subscribed for 4,741,984 Common Shares at a price of C$11.00 per Common Share and concurrently exercised all of the common share
purchase warrants of the Corporation it held to acquire an additional 2,225,000 Common Shares at a price of C$5.01 per Share;

6. the template version of the term sheet for the Offering dated October 1, 2025; and

7. the amended template version of the term sheet for the Offering dated October 2, 2025.

A reference to this Prospectus includes a reference to any and all documents incorporated by reference in this Prospectus Supplement. Any document of the type referred to above (excluding confidential material change reports), the content of any news release disclosing financial information for a period more recent than the period for which financial statements are required and certain other disclosure documents as set forth in Item 11.1 of Form 44-101F1 of National Instrument 44-101 – *Short Form Prospectus Distributions* of the Canadian Securities Administrators filed by the Corporation with the securities commissions or similar regulatory authorities in Canada after the date of this Prospectus Supplement and prior to the termination of the distribution of the Offering shall be deemed to be incorporated by reference in the Base Shelf Prospectus, as supplemented by this Prospectus Supplement, for the purposes of the Offering.

Applicable portions of the documents listed above are not incorporated by reference to the extent their contents are modified or superseded by a statement contained in this Prospectus Supplement or in any subsequently filed document which is also incorporated by reference in this Prospectus Supplement.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus Supplement or in a document incorporated or deemed to be incorporated by reference in the Base Shelf Prospectus shall be deemed to be modified or superseded, for purposes of the Offering, to the extent that a statement contained herein or in any other currently or subsequently filed document that is later dated and incorporated or deemed to be incorporated by reference in the Base Shelf Prospectus modifies or supersedes such prior statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall thereafter neither constitute, nor be deemed to constitute, a part of the Prospectus, except as so modified or superseded.**

**MARKETING MATERIALS**

Any "marketing materials" (as defined in National Instrument 41-101 – *General Prospectus Requirements* ("**NI 41-101**")) are not part of this Prospectus Supplement or the Base Shelf Prospectus to the extent that the contents thereof have been modified or superseded by a statement contained in this Prospectus Supplement or any amendment hereof. Any "template version" (as defined in NI 41-101) of the marketing materials filed with the securities commission or similar authority in each of the provinces and territories of Canada in connection with the Offering after the date hereof but prior to the termination of the distribution of the Offered Shares under this Prospectus Supplement (including any amendments to, or an amended version of, any template version of marketing materials) is deemed to be incorporated by reference into this Prospectus Supplement and in the Base Shelf Prospectus.

**THE CORPORATION**

**Collective is a Canadian mineral resource company with a long-term focus is on the acquisition, exploration, development and exploitation of mineral properties in which the Corporation's exploration, development and operating expertise could substantially enhance shareholder value. The Corporation currently has two exploration projects: (i) the 4,455-hectare Guayabales project located in the Caldas department of Colombia (the "Guayabales Project"), which is the Corporation's sole material project; and (ii) the 4,754-hectare San Antonio project also located in a historical gold district in the Caldas department of Colombia (the "San Antonio Project").**

More detailed information regarding the business of the Corporation as well as its operations and assets can be found in the accompanying Base Shelf Prospectus, the AIF and other documents incorporated by reference herein, as supplemented by the disclosure herein. See "*Documents Incorporated by Reference*".

**USE OF PROCEEDS**

The net proceeds to the Corporation from the Offering will be approximately C$119,307,000, or C$137,270,000 if the Over-Allotment Option is exercised in full, in each case after deducting the Underwriters' Commission (and the expenses of the Offering (estimated to be C$450,000)), which will be paid out of the proceeds of the Offering. The foregoing amounts exclude a reduced 2.25% cash fee on Offered Shares sold pursuant to the base Offering to certain purchasers on the President's List, if any.

The estimated proceeds to be received by the Corporation from the Concurrent Private Placement (regardless of whether the Over-Allotment Option is exercised, in whole or in part) will be C$14,999,987.

The Corporation currently intents to use the net proceeds from the Offering and the Concurrent Private Placement as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Use of Proceeds** | | **Approximate Amount**<br> Assuming completion of the<br> Concurrent Private Placement<br> and no exercise of the Over-Allotment Option** | | **Approximate Amount**<br> Assuming completion of the<br> Concurrent Private Placement<br> and full exercise of the Over-Allotment Option** |
| &nbsp;&nbsp;&nbsp;Exploration Drilling (including field costs) | C$ | 45540000 | C$ | 63503550 |
| &nbsp;&nbsp;&nbsp;Technical Studies | C$ | 10695000 | C$ | 10695000 |
| &nbsp;&nbsp;&nbsp;Underground Development | C$ | 41400000 | C$ | 41400000 |
| **Sub-Total** | C$ | 97635000 | C$ | 115598550 |
| *ESG, Option Payments & Land Acquisition Costs* | C$ | 30151965 | C$ | 30151965 |
| *Corporate G&A*<sup>(1)</sup>* | C$ | 6520022 | C$ | 6519472 |
| **Total:** | **C$** | **134306987** | **C$** | **152269987** |

---

<u>Note:</u>

(1) Includes, investor relations and marketing activities, regulatory fees and general expenses such as insurance
and legal and accounting services. This amount may change depending on the actual costs incurred in connection with the items outlined
directly above.

The net proceeds from the Offering and the Concurrent Private Placement are expected to strengthen the Corporation's financial position that will allow for continued funding of the Corporation's recommended stage two exploration program at the Guayabales Project, and for further investment in exploration activities, technical studies and underground development on the Guayabales Project in order to expand the known gold deposits. In particular, the Corporation's objectives are to advance the Apollo discovery with infill drilling along with exploration drilling at the Ramp Zone. The Corporation intends to publish a maiden resource estimate on the Apollo system along with eventual economic studies. The Corporation also intends to continue exploration drilling at various grassroots targets within its portfolio of exploration titles. The proposed use of proceeds from the Offering and the Concurrent Private Placement is also expected to fund approximately 110,000 metres of further core drilling and underground development in order to access the Apollo system at lower elevations along various technical studies. See "*Cautionary Statement Regarding Forward-Looking Information*" and "*Risk Factors*".

The Corporation intends to spend the available funds as set forth above based on a budget which has been approved by the Corporation's board of directors (the "**Board**") which is consistent with established internal control guidelines. The anticipated use of the net proceeds from the Offering, as detailed above, is based on the best estimates prepared by management of the Corporation. See "*Cautionary Statement Regarding Forward-Looking Information*", and "*Risk Factors – Risks Related to the Corporation – Negative Operating Cash Flow*."

The above noted proposed use of proceeds represents the Corporation's intentions with respect to its use of proceeds based on current knowledge, planning and expectations of management of the Corporation. Actual expenditures may differ from the estimates set forth above. There may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be deemed prudent or necessary. The actual amount that the Corporation spends in connection with each of the intended uses of proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including those referred to under "*Risk Factors – Use of Proceeds*".

Until used for the above purposes, the Corporation may invest the net proceeds that it does not immediately require in short-term marketable debt securities, cash balances, certificates of deposit, and other instruments issued by banks or guaranteed by the government of Canada or add them to the working capital.

The Corporation will require additional financing over and above the Offering and the Concurrent Private Placement in order to meet its longer-term business objectives and there can be no assurances that such financing sources will be available as and when needed. Historically, capital requirements have been primarily funded through the sale of Common Shares or securities convertible into Common Shares. Factors that could affect the availability of financing include, but are not limited to, the progress and results of ongoing exploration at the Guayabales Project (and at the San Antonio Project) the state of international debt and equity markets, and investor perceptions and expectations of the global gold and precious metals markets. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Corporation. Based on the amount of funding raised, the Corporation's planned exploration or other work programs may be postponed, or otherwise revised, as necessary. See "*Risk Factors*".

The Corporation is in the exploration stage with no source of operating revenue and is dependent upon equity or debt financing to maintain its current operations. The Corporation had negative cash flow from operating activities for the year ended December 31, 2024 and for the three and six months ended June 30, 2025. The Corporation anticipates that negative operating cash flows will continue as long as it remains in an exploration and development stage. See "*Risk Factors – Risks Related to the Corporation – Negative Operating Cash Flow*".

**CONSOLIDATED CAPITALIZATION OF THE CORPORATION**

Other than as contemplated pursuant to the Offering and the Concurrent Private Placement, there have not been any material changes in the share and loan capitalization of the Corporation since the date of the Interim Financial Statements, which are incorporated by reference in this Prospectus Supplement.

As at June 30, 2025, there were a total of 84,854,026 Common Shares issued and outstanding. As at June 30, 2025, as adjusted to give effect to the Offering and the Concurrent Private Placement, there will be a total of 92,243,499 Common Shares issued and outstanding (and 93,233,499 Common Shares if the Over-Allotment Option is exercised in full).

**PLAN OF DISTRIBUTION**

Pursuant to the terms and subject to the conditions of the Underwriting Agreement, the Corporation has agreed to sell, and the Underwriters have severally agreed to purchase, on the Closing Date, an aggregate of 6,600,000 Initial Offered Shares at a price of C$19.00 per Initial Offered Share. Jett is not registered as a dealer in any Canadian jurisdiction and accordingly, will not, directly or indirectly, solicit offers to purchase or sell the Offered Shares in Canada.

The closing of the Offering is expected to take place on October 8, 2025, or such other date as the Corporation and the Underwriters may agree, but in any event not later than 42 days after the date of this Prospectus Supplement. The obligations of the Underwriters under the Underwriting Agreement are several, and not joint, nor joint and several, and may be terminated at their discretion on the basis of customary "regulatory out", "material adverse change out", "disaster out" and "breach out" termination rights or may also be terminated upon the occurrence of certain stated events that would in the reasonable opinion of the Underwriters, operate to prevent, restrict or otherwise materially adversely affect or restrict the distribution or trading of the Offered Shares or the Common Shares. The Underwriters are, however, severally obligated to take up and pay for all of the Initial Offered Shares that they have agreed to purchase if any of the Initial Offered Shares are purchased under the Underwriting Agreement. The terms of the Offering and the Offering Price have been determined by negotiation among the Corporation and the Lead Underwriters, with reference to the market price of the Common Shares on the TSX and other factors.

Subject to certain qualifications and limitations, the Corporation has agreed to indemnify the Underwriters, their respective subsidiaries and affiliates, and their respective shareholders, partners, directors, officers, employees and agents against certain liabilities, including, without restriction, civil liabilities under Canadian securities legislation, and to contribute to any payments the Underwriters may be required to make in respect thereof.

The Underwriters have been granted the Over-Allotment Option, exercisable, in whole or in part, at any time, and from time to time, on or before the Over-Allotment Deadline, to purchase up to an additional 990,000 Over-Allotment Shares at the Offering Price to cover the Underwriters' over-allocation position, if any, and for market stabilization purposes. The Over-Allotment Option is exercisable by the Lead Underwriters giving notice to the Corporation prior to the Over-Allotment Deadline, which notice shall specify the number of Over-Allotment Shares to be purchased. The Prospectus qualifies the grant of the Over-Allotment Option and the distribution of Over-Allotment Shares issuable upon exercise of the Over-Allotment Option. A purchaser who acquires Over-Allotment Shares forming part of the Underwriters' over-allocation position acquires those Over-Allotment Shares under the Prospectus, regardless of whether the overallocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

In consideration for the services provided by the Underwriters in connection with the Offering, and pursuant to the terms of the Underwriting Agreement, the Corporation has agreed to pay the Underwriters the Underwriters' Commission equal to 4.50% of the gross proceeds from the Offering (including any gross proceeds raised on exercise of the Over-Allotment Option), and subject to a reduced 2.25% cash commission for up to C$500,000 of Offered Shares sold certain purchasers on the President's List. If the Over-Allotment Option is exercised in full, and assuming no sales to purchasers on the President's List, the aggregate Underwriters' Commission payable by the Corporation will be C$6,489,450.

The Underwriters propose to offer the Offered Shares initially at the Offering Price. After the Underwriters have made a reasonable effort to sell all of the Offered Shares (including the Over-Allotment Shares, if applicable) at the Offering Price, the price at which the Offered Shares (including the Over-Allotment Shares, if applicable) are distributed pursuant to the Prospectus may be decreased and may be further changed from time to time to an amount not greater than the Offering Price. Any reduction of the Offering Price will not reduce the net proceeds received by the Corporation.

In accordance with rules and policy statements of certain Canadian securities regulators, the Underwriters may not, at any time during the period of distribution, bid for or purchase Common Shares. The foregoing restriction is, however, subject to exceptions where the bid or purchase is not made for the purpose of creating actual or apparent active trading in, or raising the price of, the Common Shares. These exceptions include a bid or purchase permitted under the by-laws and rules of applicable regulatory authorities and the TSX, including the Universal Market Integrity Rules for Canadian Marketplaces administered by the Canadian Investment Regulatory Organization, relating to market stabilization and passive market making activities and a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of distribution.

As a result of these activities, the price of the Offered Shares may be higher than the price of the Common Shares that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the Underwriters at any time. The Underwriters may carry out these transactions on any stock exchange on which the Common Shares are listed, in the over-the-counter market, or otherwise.

Other than Offered Shares issued to U.S. Accredited Investors, which must be in the form of definitive certificates or DRS statements issued to such holders with applicable restrictive legends attached (unless such U.S. Accredited Investor is also a Qualified Institutional Buyer, who agrees to certain restrictions) it is anticipated that the Offered Shares will be issued through the book-entry system, registered in the name of CDS or its nominee and will be deposited with CDS. Beneficial holders of the Offered Shares will receive only a customer confirmation from the Underwriters, or another registered dealer who is a CDS participant, and from or through whom a beneficial interest in the Offered Shares are acquired. If any Offered Shares are not able to be issued in the book-entry system through CDS in advance of the Closing Date for any reason, then those investors or their designated holders will receive definitive certificates representing their interest in such Offered Shares.

The Offering is being made in all of the provinces and territories of Canada, other than Québec and Nunavut. In addition, the Underwriters may offer the Offered Shares outside of Canada in compliance with local securities laws. The Corporation is not making an offer to sell or a solicitation of an offer to buy the Offered Shares in any jurisdiction where such offer is not permitted.

The Corporation has agreed in the Underwriting Agreement that, subject to certain exceptions, for a period of 90 days after the Closing Date, it shall not (without BMO Nesbitt Burns Inc.'s prior written consent, such consent not to be unreasonably withheld), directly or indirectly, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of, or agree to or announce any intention to issue, sell, offer, grant an option or right in respect of, or otherwise dispose of any additional Common Shares or securities or other financial instruments convertible into or having the right to acquire Common Shares, other than: (i) pursuant to the Offering, including the issuance of any Common Shares to Agnico on exercise of its Participation Right; (ii) pursuant to the issuance of non-convertible debt securities; (iii) upon the exercise of convertible securities, options or warrants of the Corporation outstanding as of the date hereof; (iv) pursuant to the Corporation's stock option plan or any other share compensation arrangement of the Corporation; (v) pursuant to any acquisition of shares or assets of arm's length persons; or (vi) in connection with any strategic transactions, investments or supply agreements between the Corporation and a third party, including any stock options or other convertible securities that may be issued to any arm's length persons in connection with such strategic transactions, investments or supply agreements.

The Corporation has also agreed pursuant to the terms of the Underwriting Agreement to, subject to certain exceptions, cause its directors and officers and their respective associates to enter into undertakings in favour of the Lead Underwriters on or before the Closing Date, agreeing not to directly or indirectly, offer, sell, contract to sell, lend, swap, or enter into any other agreement to transfer the economic consequences of, or otherwise dispose of or deal with, or publicly announce any intention to offer, sell, contract to sell, grant or sell any option to purchase, hypothecate, pledge, transfer, assign, purchase any option or contract to sell, lend, swap, or enter into any agreement to transfer the economic consequences of, or otherwise dispose of or deal with, whether through the facilities of a stock exchange, by private placement or otherwise, any securities of the Corporation held by them, directly or indirectly, for a period of 90 days from the Closing Date without the prior written consent of the Lead Underwriters, such consent not to be unreasonably withheld, other than pursuant to a take-over bid or any other similar transaction made generally to all of the shareholders of the Corporation, to permit sales to cover tax obligations related to a director's or officer's ownership of securities of the Corporation, and to permit transfers by any such person to its affiliates for tax or other *bona fide* tax or estate planning purposes, provided that each transferee shall, as a condition precedent to such transfer, agree to enter into a substantially similar undertaking.

The Corporation has applied to list the Offered Shares on the TSX and NYSE American. Listing of the Offered Shares is subject to the Corporation fulfilling all of the listing requirements of the TSX and NYSE American. See "*Risk Factors*".

The Offered Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws, and accordingly may not be offered or sold within the United States, except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. Each Underwriter (on behalf of itself and its United States registered broker-dealer affiliate ("**U.S. Affiliate**") making offers and sales of Offered Shares in the United States, if any) has agreed that, except as permitted by the Underwriting Agreement (subject to all the agreements, covenants and restrictions set forth therein and exhibits and schedules thereto) and as expressly permitted by applicable United States federal and state securities laws, it will not offer or sell the Offered Shares, as part of its distribution at any time, within the United States and that all offers and sales of the Offered Shares will otherwise be made outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act.

The Underwriting Agreement enables the Underwriters, through one or more of their U.S. Affiliates, to offer the Offered Shares in the United States for sale by the Corporation to a limited number of substituted purchasers who are U.S. Accredited Investors and/or Qualified Institutional Buyers, in transactions in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by Rule 506(b) of Regulation D thereunder ("**Regulation D**") and/or in reliance upon Section 4(a)(2) of the U.S. Securities Act and similar exemptions from registration under applicable securities laws of any state of the United States. The Offered Shares that are sold in the United States will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act subject to certain restrictions on transfer. Moreover, the Underwriting Agreement provides that the Underwriters will offer and sell the Offered Shares outside the United States in accordance with Regulation S under the U.S. Securities Act.

U.S. Accredited Investors (that are also Qualified Institutional Buyers) who are acquiring Offered Shares in transactions in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act will receive only a customer confirmation from the Underwriters or other registered dealer who is a CDS participant and from or through whom a beneficial interest in the Offered Shares is purchased, subject to certain limited exemptions. Offered Shares, if any, acquired by such U.S. Accredited Investors (that are also Qualified Institutional Buyers) may not be deposited into the facilities of the Depository Trust Company, or a successor depository within the United States, or be registered or arranged to be registered, with Cede & Co. or any successor thereto and are subject to contractual restrictions on transfer agreed to by or on behalf of such U.S. Accredited Investors (that are also Qualified Institutional Buyers). Physical certificates or statements evidencing the Offered Shares will be issued to purchasers in the United States who are U.S. Accredited Investors that are not also Qualified Institutional Buyers.

In addition, until 40 days after the commencement of the Offering, an offer or sale of the Offered Shares within the United States by any dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act if such offer or sale is made otherwise than in accordance with exemptions from registration under the U.S. Securities Act and applicable state securities laws. This Prospectus Supplement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Offered Shares in the United States.

**Concurrent Private Placement** 

Agnico has notified the Corporation of its intention to exercise its Participation Right with respect to the Offering and subscribe for 789,473 Common Shares under the Concurrent Private Placement that would result in Agnico owning and controlling approximately 14.64% of the Common Shares on a non-diluted basis following the completion of the Offering and the Concurrent Private Placement (assuming no exercise of the Over-Allotment Option). The exercise of the Participation Right will be effected through the Concurrent Private Placement. The Concurrent Private Placement would be expected to close on or about October 8, 2025. Closing of the Concurrent Private Placement is subject to, among other things, settling definitive documentation and the approval and authorization, as applicable, of the TSX and NYSE American. No commission or other fee will be paid to the Underwriters in connection with the sale of Common Shares pursuant to the Concurrent Private Placement. This Prospectus Supplement does not qualify the distribution of any Common Shares issued pursuant to the Concurrent Private Placement. For further details, see "*Use of Proceeds*".

As a result of the participation by Agnico in the Concurrent Private Placement, the Concurrent Private Placement constitutes a "related party transaction" under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). Pursuant to section 5.5(a) and 5.7(1)(a) of MI 61-101, the Corporation is exempt from obtaining a formal valuation and minority approval of the Corporation's shareholders as the fair market value of Agnico's participation in the Concurrent Private Placement is below 25% of the Corporation's market capitalization as determined in accordance with MI 61-101. The Corporation expects to file a material change report including details with respect to the related party transaction less than 21 days prior to the closing of the Concurrent Private Placement, which the Corporation deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Concurrent Private Placement (and the Offering) in an expeditious manner.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

**Common Shares**

The Corporation's authorized share capital consists of an unlimited number of Common Shares without par value, of which 84,857,276 Common Shares are issued and outstanding as at the date hereof, and 89,879,442 Common Shares are issued and outstanding as at the date hereof on a fully diluted basis (assuming the exercise of all outstanding convertible securities). Holders of Common Shares are entitled to dividends, if, as and when declared by the Board, to one vote per share at meetings of shareholders of the Corporation and, upon dissolution, to share equally in such assets of the Corporation as are distributable to the holders of Common Shares. The Corporation has not paid dividends since its incorporation and currently intends to reinvest all future earnings to finance the development and growth of its business. As a result, the Corporation does not intend to pay dividends on the Common Shares in the foreseeable future. Any future determination to pay dividends will be at the discretion of the Board and will depend on the financial condition, business environment, operating results, capital requirements, any contractual restrictions on the payment of distributions and any other factors that the Board deems relevant.

**PRIOR SALES**

During the 12-month period before the date of this Prospectus Supplement, the Corporation issued the following Common Shares:

---

| | | | |
|:---|:---|:---|:---|
| **Month of Issue** | **Number Issued** | **Issue/Exercise Price (C$)** | **Reason for Issuance** |
| November 2024 | 10000 | 2.90 | Exercise of Stock Options |
| January 2025 | 40500 | 2.83 | Exercise of Stock Options |
| January 2025 | 25000 | 4.12 | Exercise of Stock Options |
| January 2025 | 10000 | 2.90 | Exercise of Stock Options |
| January 2025 | 5000 | 3.36 | Exercise of Stock Options |
| February 2025 | 67500 | 2.83 | Exercise of Stock Options |
| February 2025 | 102500 | 2.90 | Exercise of Stock Options |
| March 2025 | 1667 | 4.12 | Exercise of Stock Options |
| March 2025 | 4741984 | 11.00 | Private Placement<sup>(1)</sup> |
| March 2025 | 2225000 | 5.01 | Exercise of Common Share Purchase <br> Warrants<sup>(1)</sup> |
| May 2025 | 1000 | 2.83 | Exercise of Stock Options |
| May 2025 | 3000 | 3.21 | Exercise of Stock Options |
| May 2025 | 3667 | 4.12 | Exercise of Stock Options |
| September 2025 | 1250 | 4.00 | Exercise of Stock Options |
| September 2025 | 1000 | 2.90 | Exercise of Stock Options |
| September 2025 | 1000 | 2.83 | Exercise of Stock Options |

---

<u>Note:</u>

(1) See "*Documents Incorporated by Reference* ".

During the 12-month period before the date of this Prospectus Supplement, the Corporation issued the following securities convertible into Common Shares:

---

| | | | |
|:---|:---|:---|:---|
| **Month of Issue** | **Type of Security** | **Number Issued** | **Issue/Exercise Price (C$)** |
| December 2024 | Stock Options | 1100000 | 5.94 |
| February 2025 | Stock Options | 200000 | 8.32 |
| April 2025 | Stock Options | 700000 | 15.03 |

---

**TRADING PRICE AND VOLUME**

The Common Shares are listed and posted for trading on the TSX and on the NYSE American under the symbol "CNL".

The following table sets forth the market price ranges and trading volumes of the Common Shares on the TSX over the 12-month period prior to the date of this Prospectus Supplement, as reported by the TSX:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High (C$)** | **Low (C$)** | **Volume** |
| **2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;October<sup>(1)</sup> | 20.83 | 18.44 | 1359141 |
| &nbsp;&nbsp;&nbsp;September | 20.74 | 17.28 | 3102414 |
| &nbsp;&nbsp;&nbsp;August | 18.18 | 11.70 | 3434149 |
| &nbsp;&nbsp;&nbsp;July | 16.45 | 12.27 | 3828158 |
| &nbsp;&nbsp;&nbsp;June | 16.29 | 13.03 | 2380593 |
| &nbsp;&nbsp;&nbsp;May | 15.78 | 12.425 | 3746110 |
| &nbsp;&nbsp;&nbsp;April | 16.06 | 11.41 | 3576963 |
| &nbsp;&nbsp;&nbsp;March | 15.27 | 8.44 | 5141241 |
| &nbsp;&nbsp;&nbsp;February | 9.67 | 7.43 | 2617496 |
| &nbsp;&nbsp;&nbsp;January | 7.71 | 5.97 | 1847611 |
| **2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;December | 6.10 | 4.84 | 1900045 |
| &nbsp;&nbsp;&nbsp;November | 5.36 | 4.66 | 1032099 |
| &nbsp;&nbsp;&nbsp;October | 5.50 | 4.25 | 1616314 |

---

<u>Note:</u>

(1) Period from October 1, 2025 to October 2, 2025.

The following table sets forth information relating to the trading of the Common Shares on the NYSE American for the months indicated:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High (US$)** | **Low (US$)** | **Volume** |
| **2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;October<sup>(1)</sup> | 14.96 | 13.21 | 266478 |
| &nbsp;&nbsp;&nbsp;September | 14.91 | 12.50 | 1320938 |
| &nbsp;&nbsp;&nbsp;August | 13.27 | 8.30 | 1935765 |
| &nbsp;&nbsp;&nbsp;July | 12.04 | 8.89 | 1483250 |
| &nbsp;&nbsp;&nbsp;June | 12.00 | 9.46 | 1208864 |
| &nbsp;&nbsp;&nbsp;May | 11.81 | 8.85 | 1269691 |
| &nbsp;&nbsp;&nbsp;April | 11.61 | 7.56 | 2480291 |
| &nbsp;&nbsp;&nbsp;March | 10.67 | 5.56 | 2021328 |
| &nbsp;&nbsp;&nbsp;February | 6.85 | 5.08 | 469361 |
| &nbsp;&nbsp;&nbsp;January | 5.35 | 4.12 | 235207 |
| **2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;December | 4.24 | 3.35 | 252029 |
| &nbsp;&nbsp;&nbsp;November | 3.99 | 3.32 | 159878 |
| &nbsp;&nbsp;&nbsp;October | 4.04 | 2.99 | 185600 |

---

<u>Note:</u>

(1) Period from October 1, 2025 to October 2, 2025.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following is, as of the date hereof, a summary of the principal Canadian federal income tax considerations under the Tax Act generally applicable to a person who acquires Offered Shares pursuant to this Prospectus Supplement as beneficial owner and who, for the purposes of the Tax Act, and at all relevant times: (i) deals at arm's length with the Corporation and the Underwriters; (ii) is not affiliated with the Corporation or the Underwriters; and (iii) acquires and holds the Offered Shares as capital property (a "**Holder**").

Offered Shares will generally be considered to be capital property to a Holder unless the Holder holds or uses the Offered Shares or is deemed to hold or use the Offered Shares in the course of carrying on a business of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions considered to be an adventure or concern in the nature of trade.

This summary is not applicable to a Holder: (i) that is a "financial institution" for purposes of the "mark to market property" rules; (ii) that is a "specified financial institution"; (iii) that makes, or has made, a "functional currency" reporting election under the Tax Act; (iv) an interest in which is a "tax shelter investment"; (v) that has entered into or will enter into a "derivative forward agreement" or "synthetic disposition arrangement" in respect of the Offered Shares; (vi) that receives dividends on the Offered Shares under or as part of a "dividend rental arrangement"; (vii) that is a "foreign affiliate" of a taxpayer resident in Canada, or (viii) that is generally exempt from taxation under Part I of the Tax Act, all as defined in the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in Offered Shares.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada, and is, or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the Offered Shares, controlled by a non-resident person, or group of non-resident persons not dealing with each other at arm's length, for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors.

This summary is based upon: (i) the current provisions of the Tax Act in force as of the date hereof; (ii) all specific proposals ("**Proposed Amendments**") to amend the Tax Act that have been publicly announced by, or on behalf of, the Minister of Finance (Canada) prior to the date hereof; and (iii) counsel's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency ("**CRA**") made publicly available in writing prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed, however, no assurance can be given that the Proposed Amendments will be enacted or otherwise implemented in their current form, if at all. If the Proposed Amendments are not enacted or otherwise implemented as presently proposed, the tax consequences may not be as described below in all cases. Other than the Proposed Amendments, this summary does not take into account or anticipate any changes in law, the CRA's administrative policies or assessing practices, whether by legislative, regulatory, administrative, governmental or judicial decision or action, nor does it take into account any provincial, territorial or foreign income tax legislation or considerations, which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.

**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in Offered Shares and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder. This summary does not address the deductibility of interest on any funds borrowed by a Holder to purchase Offered Shares. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.**

**Currency Conversion**

Subject to certain exceptions that are not discussed herein, for the purposes of the Tax Act, all amounts relating to the acquisition, holding, or disposition of Offered Shares (including dividends, adjusted cost base, and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in a foreign currency must generally be converted into Canadian dollars based on the rate quoted by the Bank of Canada for the exchange of the foreign currency for Canadian dollars on the date such amounts arise, or such other rate of exchange as is acceptable to the Minister of National Revenue (Canada).

**Holders Resident in Canada**

This section of the summary is generally applicable to a Holder who, at all relevant times, is, or is deemed to be, resident in Canada for the purposes of the Tax Act and any applicable income tax treaty or convention (a "**Resident Holder**"). A Resident Holder whose Offered Shares might not otherwise qualify as capital property may be entitled to make an irrevocable election pursuant to subsection 39(4) of the Tax Act to deem the Offered Shares, and every other "Canadian security" (as defined in the Tax Act), held by such Resident Holder in the taxation year of the election and in all subsequent taxation years to be capital property. Resident Holders should consult with their own tax advisors regarding this election.

 

 

*Dividends on Offered Shares*

A Resident Holder will be required to include in computing its income for a taxation year any taxable dividends received or deemed to be received on the Offered Shares.

In the case of a Resident Holder who is an individual (including certain trusts), such dividends (including deemed dividends) received on the Offered Shares will be included in computing the individual's income for tax purposes and will be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to "taxable dividends" received or deemed to be received by an individual from a "taxable Canadian corporation" (each as defined in the Tax Act). An enhanced gross-up and dividend tax credit will be available to individuals in respect of "eligible dividends" (as defined in the Tax Act) designated by the Corporation in accordance with the provisions of the Tax Act. There may be limitations on the ability of the Corporation to designate dividends as eligible dividends.

In the case of a Resident Holder that is a corporation, the amount of any such dividend (including a deemed dividend) that is included in its income for a taxation year will generally be deductible in computing its taxable income for that taxation year. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations should consult their own tax advisors in this regard.

A Resident Holder that is a "private corporation" or a "subject corporation" (as defined in the Tax Act) may be liable to pay an additional tax (refundable in certain circumstances) under Part IV of the Tax Act on dividends received (or deemed to be received) on the Offered Shares to the extent such dividends are deductible in computing the Resident Holder's taxable income for the year. A "subject corporation" is generally a corporation (other than a private corporation) resident in Canada and controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

 

*Dispositions of Offered Shares* 

A Resident Holder who disposes of or is deemed to have disposed of an Offered Share (other than a disposition to the Corporation that is not a sale in the open market in the manner in which shares would normally be purchased by any member of the public in an open market) will generally realize a capital gain (or a capital loss) in the taxation year of the disposition or deemed disposition equal to the amount by which the proceeds of disposition of the Offered Share net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base to the Resident Holder of the Offered Share immediately before the disposition or deemed disposition. The adjusted cost base to a Resident Holder of an Offered Share acquired pursuant to this Offering will be determined by averaging the cost of that Offered Share with the adjusted cost base (determined immediately before the acquisition of the Offered Share) of all other Common Shares of the Corporation held as capital property at that time by the Resident Holder, if any. Such capital gain (or capital loss) will be subject to the tax treatment described below under "*Holders Resident in Canada - Capital Gains and Capital Losses*".

 

*Capital Gains and Capital Losses* 

Generally, a Resident Holder is required to include in computing its income for the taxation year of disposition, one-half of the amount of any capital gain (a "**taxable capital gain**") realized in such year and is required to deduct one-half of the amount of any capital loss (an "**allowable capital loss**") realized in a taxation year against taxable capital gains realized by the Resident Holder in that taxation year. Allowable capital losses in excess of taxable capital gains for a taxation year may be carried back to any of the three preceding taxation years or carried forward to any subsequent taxation year and deducted against net taxable capital gains realized in such taxation years, subject to the detailed rules contained in the Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition (or deemed disposition) of an Offered Share may, in certain circumstances, be reduced by the amount of any dividends previously received (or deemed to be received) by the Resident Holder on such Offered Share (or a share substituted for such Offered Share) to the extent and under the circumstances described in the Tax Act. Similar rules may apply where an Offered Share is owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary, as applicable. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

 

 

*Additional Refundable Tax*

A Resident Holder that is a "Canadian-controlled private corporation" (as defined in the Tax Act) throughout the relevant taxation year, or a "substantive CCPC" (as defined in the Tax Act) at any time in the relevant taxation year, may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year, including any taxable capital gains, interest, and dividends or deemed dividends that are not deductible in computing the Resident Holder's taxable income. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

 

*Minimum Tax*

Capital gains realized and taxable dividends received (or deemed to be received) by a Resident Holder who is an individual (including certain trusts) may result in such Resident Holder being liable for alternative minimum tax under the Tax Act. **Such Resident Holders should consult their own tax advisors in this regard**.

**Holders Not Resident in Canada**

This portion of the summary is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention: (i) is not, and is not deemed to be, resident in Canada; and (ii) does not use or hold and is not and will not be deemed to use or hold the Offered Shares in connection with carrying on a business in Canada (a "**Non-Resident Holder**"). This summary does not apply to a Non-Resident Holder that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere or that is an "authorized foreign bank" (as defined in the Tax Act). Such Non-Resident Holders should consult their own tax advisors.

 

*Dividends*

Dividends paid or credited or deemed under the Tax Act to be paid or credited by the Corporation to a Non-Resident Holder on the Offered Shares will generally be subject to Canadian withholding tax under the Tax Act at the rate of 25% on the gross amount of the dividend, unless such rate is reduced by the terms of an applicable income tax treaty or convention between Canada and the country in which the Non-Resident Holder is resident. Under the *Canada-United States Tax Convention (1980)*, as amended (the "U.S. Treaty"), the rate of withholding tax on dividends paid or credited to a Non-Resident Holder who is resident in the U.S. for purposes of the U.S. Treaty, is the beneficial owner of the dividends, and is fully entitled to benefits under the U.S. Treaty (a "U.S. Holder") is generally limited to 15% of the gross amount of the dividend. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is a company that owns, directly or indirectly, at least 10% of the voting stock of the Corporation. The *Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting* (the "**MLI**") of which Canada is a signatory, affects many of Canada's bilateral tax treaties (but not the U.S. Treaty), including the ability to claim benefits thereunder. Non-Resident Holders should consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.

 

*Dispositions of Offered Shares* 

A Non-Resident Holder generally will not be subject to tax under the Tax Act in respect of any capital gain realized by such Non-Resident Holder on a disposition or deemed disposition of an Offered Share, nor will capital losses arising therefrom be recognized under the Tax Act, unless the Offered Share is, or is deemed to be, "taxable Canadian property" of the Non-Resident Holder for the purposes of the Tax Act and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention (including as a result of the application of the MLI) between Canada and the country in which the Non-Resident Holder is resident.

Provided that the Offered Shares are listed on a "designated stock exchange" for the purposes of the Tax Act (which currently includes the TSX and NYSE American), at the time of disposition, the Offered Shares generally will not constitute taxable Canadian property of a Non-Resident Holder at that time, unless at any time during the 60-month period immediately preceding the disposition or deemed disposition, the following two conditions are met concurrently: (i) 25% or more of the issued shares of any class or series of the capital stock of the Corporation were owned by, or belonged to, any combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm's length, and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii) at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real or immovable property situated in Canada, "Canadian resource property" (as defined in the Tax Act), "timber resource property" (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether or not such property exists. Notwithstanding the foregoing, an Offered Share may also be deemed to be taxable Canadian property of a Non-Resident Holder for purposes of the Tax Act in certain other circumstances. Non-Resident Holders should consult their own tax advisors as to whether their Offered Shares constitute "taxable Canadian property" in their own particular circumstances.

If the Offered Shares are taxable Canadian property (or deemed to be taxable Canadian property) of a Non-Resident Holder, any capital gain realized on the disposition or deemed disposition of such Offered Shares may not be subject to tax under the Tax Act pursuant to the terms of an applicable income tax treaty or convention.

If a Non-Resident Holder disposes (or is deemed to have disposed of) Offered Shares that are taxable Canadian property of a Non-‎Resident Holder and are not "treaty-protected property", as defined in the Tax Act, of the Non-Resident Holder at the time of ‎disposition (or deemed disposition) and that Non-Resident Holder is not entitled to an exemption under an applicable income tax treaty or convention (including as a result of the application of the MLI), the consequences above under "*Holders Resident in Canada – Disposition of Offered Shares*‎‎" and "*Holders Resident in Canada – Capital Gains and Capital Losses*‎‎" will generally apply. Such Non-Resident Holders should consult their own tax advisors. **A Non-Resident Holder contemplating a disposition of Offered Shares that may constitute taxable Canadian property should consult a tax advisor prior to such disposition regarding the tax and compliance considerations that may be relevant**.

**RISK FACTORS**

An investment in the Offered Shares is speculative and subject to certain risks. Investors should carefully consider the risks described below, in the AIF, the Annual MD&A, the Interim MD&A, the Base Shelf Prospectus and other information elsewhere in this Prospectus Supplement, including the documents incorporated by reference into the Base Shelf Prospectus for purposes of the Offering, prior to making an investment in the Offered Shares. If any of such or other risks occur, the Corporation's prospects, financial condition, results of operations and cash flows could be materially adversely impacted. In that case, the trading price of the Common Shares could decline and investors could lose all or part of their investment. While the Corporation has attempted to identify the primary known risks that are material to its business, such risks and uncertainties may not the only ones the Corporation faces. Additional risks and uncertainties of which the Corporation is currently unaware or that are unknown or that it currently deems to be immaterial could also have a material adverse effect on the Corporation's business, prospects, financial condition and results of operations. The Corporation cannot assure prospective purchasers that it will successfully address any or all of these risks. There is no assurance that any risk management steps taken will avoid future loss due to the occurrence of any of the risks described in this Prospectus Supplement and the accompanying Base Shelf Prospectus and in the documents incorporated by reference herein and therein, or other unforeseen risks.

**Risks Related to the Corporation**

 ****

***Negative Operating Cash Flow***

The Corporation is an exploration stage company and has not generated cash flow from operations. The Corporation is devoting significant resources to the development and acquisition of its properties, however there can be no assurance that it will generate positive cash flow from operations in the future. The Corporation expects to continue to incur negative consolidated operating cash flow and losses until such time as it achieves commercial production at a particular project. The Corporation currently has negative cash flow from operating activities. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favourable to the Corporation as those previously obtained, or at all. Given its expected rate of cash burn, the Corporation expects to be able to continue operations and advance its business operations using its currently available non-contingent resources for at least 12 months from the date of this Prospectus Supplement.

***Use of Proceeds***

Management of the Corporation will have broad discretion concerning the use of the proceeds of the Offering and the Concurrent Private Placement as well as the timing of their expenditure. As a result, an investor will be relying on the judgment of management for the application of the proceeds of the Offering and the Concurrent Private Placement. Management may elect to allocate net proceeds differently from that described herein if they believe it would be in the Corporation's best interests. Shareholders of the Corporation will have to rely upon the judgment of management with respect to the use of proceeds. Management may spend a portion or all of the net proceeds from the Offering and the Concurrent Private Placement in ways that shareholders of the Corporation may not desire or that may not yield a significant return or any return at all. Shareholders of the Corporation may not agree with the manner in which management chooses to allocate and spend the net proceeds. The failure by management to apply the net proceeds effectively could have a material adverse effect on the Corporation's business, prospects, financial condition or results of operations. Pending their use, the Corporation may also invest the net proceeds from the Offering and the Concurrent Private Placement in a manner that does not produce income or that loses value. See "*Use of Proceeds*".

***It is Uncertain Whether the Concurrent Private Placement Will be Completed***

 ****

The Corporation has not yet entered into a binding agreement with Agnico in connection with the Concurrent Private Placement and there can be no assurance that the Concurrent Private Placement will be completed as contemplated or at all. Additionally, the Corporation cannot guarantee the effect, if any, that the Concurrent Private Placement may have on the market price of the Common Shares. The completion of the Concurrent Private Placement, or the expectation that the Concurrent Private Placement will occur, may adversely affect the prevailing market price of the Common Shares and the completion of the Concurrent Private Placement will result in the equity dilution of any persons who are or may become holders of Common Shares (including pursuant to the Offering).

**Risks Related to the Securities**

***Equity securities are subject to trading and volatility risks***

 ****

The securities of publicly traded companies can experience a high level of price and volume volatility and the value of the Corporation's securities can be expected to fluctuate depending on various factors, not all of which are directly related to the success of the Corporation and its operating performance, underlying asset values or prospects. These include the risks described elsewhere in the Prospectus. Factors which may influence the price of the Corporation's securities, including the Common Shares, include, but are not limited to: worldwide economic conditions; changes in government policies; investor perceptions; movements in global interest rates and global stock markets; variations in operating costs; the cost of capital that the Corporation may require in the future; recommendations by securities research analysts; issuances of Common Shares or debt securities by the Corporation; operating performance and, if applicable, the share price performance of the Corporation's competitors; the addition or departure of key management and other personnel; the expiration of lock-up or other transfer restrictions on outstanding Common Shares; significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving the Corporation or its competitors; news reports relating to trends, concerns, or competitive developments, regulatory changes and other related industry and market issues affecting the mineral resource sector; publicity about the Corporation, the Corporation's personnel or others operating in the industry; loss of a major funding source; and all market conditions that are specific to the mineral resource industry.

There can be no assurance that such fluctuations will not affect the price of the Corporation's securities, and consequently purchasers of Offered Shares may not be able to sell Offered Shares at prices equal to or greater than the price or value at which they purchased the Offered Shares or acquired them by way of the secondary market.

***Capital Resources***

 ****

Historically, capital requirements have been primarily funded through the sale of Common Shares. Factors that could affect the availability of financing include the progress and results of ongoing exploration at the Corporation's mineral properties, the state of international debt and equity markets, and investor perceptions and expectations of the global gold and precious metals markets. There can be no assurance that such financing will be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Corporation. Based on the amount of funding raised, the Corporation's planned exploration or other work programs may be postponed, or otherwise revised, as necessary.

***Investors may lose their entire investment***

An investment in the Offered Shares is speculative and may result in the loss of an investor's entire investment. Only potential investors who are experienced in high-risk investments and who can afford to lose their entire investment should consider an investment in the Corporation.

***Dilution from equity financing could negatively impact holders of Common Shares***

The Corporation may from time to time raise funds through the issuance of Common Shares or the issuance of debt instruments or other securities convertible into Common Shares. The Corporation cannot predict the size or price of future issuances of Common Shares or the size or terms of future issuances of debt instruments or other securities convertible into Common Shares, or the effect, if any, that future issuances and sales of the Corporation's securities will have on the market price of the Common Shares. Sales or issuances of substantial numbers of Common Shares, or the perception that such sales could occur, may adversely affect prevailing market prices of the Common Shares. With any additional sale or issuance of Common Shares, or securities convertible into Common Shares, investors will suffer dilution to their voting power and the Corporation may experience dilution in its earnings per share.

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***The Corporation does not pay dividends***

No dividends on the Common Shares have been declared or paid to date. The Corporation anticipates that, for the foreseeable future, it will retain its cash resources for the operation and development of its business. Payment of any future dividends will be at the discretion of the Board after taking into account many factors, including earnings, operating results, financial condition, current and anticipated cash needs and any restrictions in financing agreements, and the Corporation may never pay dividends.

 ****

***Global Financial Conditions Can Reduce Share Prices and Limit Access to Financing***

In recent years, global financial markets have been characterized by extreme volatility impacting many industries, including the mining industry. Global financial conditions remain subject to sudden and rapid destabilizations in response to future economic shocks, as government authorities may have limited resources to respond to future crises. A sudden or prolonged slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Corporation's growth and profitability. Future economic shocks may be precipitated by a number of causes, including, but not limited to, material changes in the price of oil and other commodities, the volatility of metal prices, governmental policies, geopolitical instability, war, terrorism, the devaluation and volatility of global stock markets and natural disasters. Any sudden or rapid destabilization of global economic conditions could impact the Corporation's ability to obtain equity or debt financing in the future on terms favorable to the Corporation or at all. In such an event, the Corporation's operations and financial condition could be adversely impacted.

**LEGAL MATTERS**

Certain legal matters relating to the Offering will be passed upon by Cassels Brock & Blackwell LLP on behalf of the Corporation, and Miller Thomson LLP on behalf of the Underwriters.

As at October 3, 2025, the partners and associates of each of Cassels Brock & Blackwell LLP and Miller Thomson LLP beneficially owned, directly or indirectly, less than 1% of the issued and outstanding securities of each class of the Corporation or of any associate or affiliate of the Corporation.

**PROMOTERS**

Ari Sussman, the Executive Chairman and a director of the Corporation, is a promoter of the Corporation. As of the date hereof Mr. Sussman beneficially owns, or controls or directs, directly or indirectly, a total of 11,003,600 Common Shares and 550,000 incentive stock options representing approximately 12.85% of the equity f the Corporation on a fully diluted basis. No person who was a promoter of the Corporation:

● received anything of value directly or indirectly from the Corporation or a subsidiary within the last two years;

● sold or otherwise transferred any asset to the Corporation or a subsidiary within the last two years;

● has been a director, chief executive officer or chief financial officer of any company that during the past 10 years was the subject of a cease trade order or similar order or an order that denied the company access to any exemptions under securities legislation for a period of more than 30 consecutive days or became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or been subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver or receiver manager or trustee appointed to hold its assets;

● has been subject to any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority within the last two years;

● has been subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision within the last two years; or

● has within the past 10 years become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or been subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver or receiver manager or trustee appointed to hold its assets.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar for the Common Shares is TSX Trust Company at its principal office in Toronto, Ontario.

**INTEREST OF EXPERTS**

The Corporation's independent registered accounting firm is BDO Canada LLP, located at 222 Bay Street, Suite 2200 Toronto, Ontario M5K 1H1, who have issued an Independent Auditor's Report dated March 24, 2025 in respect of the Corporation's consolidated financial statements for the year ended December 31, 2024. BDO Canada LLP is independent of the Corporation within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario and the applicable rules and regulations of the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board (United States).

PricewaterhouseCoopers LLP, located at 18 York Street, Suite 2500, Toronto, Ontario M5J 0B2, issued an Independent Auditor's Report dated April 21, 2023 in respect of the Corporation's consolidated financial statements for the year ended December 31, 2022. PricewaterhouseCoopers LLP was independent of the Corporation within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct at the time it issued its Independent Auditor's Report.

**PURCHASERS' STATUTORY RIGHTS**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus or a prospectus supplement relating to the securities purchased by a purchaser and any amendments thereto. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revision of the price or damages if the prospectus or a prospectus supplement relating to the securities purchased by a purchaser and any amendments thereto contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for recession, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of province or territory in which the purchaser resides. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal adviser. Rights and remedies may also be available to purchasers under U.S. law; purchasers may wish to consult with a U.S. lawyer for particulars of these rights.

**CERTIFICATE OF THE CORPORATION**

Dated: October 3, 2025

This short form prospectus, together with the documents incorporated by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the short form prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada, other than Québec and Nunavut.

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| | |
|:---|:---|
| ("*Signed*") Ned Jalil | ("*Signed*") Paul Begin |
| Chief Executive Officer | Chief Financial Officer and Corporate Secretary |
| On behalf of the Board of Directors | On behalf of the Board of Directors |
| ("*Signed*") Ari Sussman | ("*Signed*") Ashwath Mehra |
| Executive Chairman and a Director | Director |

---

**CERTIFICATE OF THE UNDERWRITERS**

Dated: October 3, 2025

To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the short form prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada, other than Québec and Nunavut.

---

| | |
|:---|:---|
| **BMO NESBITT BURNS INC.** | **SCOTIA CAPITAL INC.** |
| ("*Signed*") Ilan Bahar | ("*Signed*") Matthew Hind |
| Managing Director & Co-Head, Global Metals & Mining | Managing Director and Head, Global Mining & Metals |

---

---

| |
|:---|
| **CLARUS SECURITIES INC.** |
| ("*Signed*") Robert Orviss |
| Managing Director, Investment Banking |

---

---

| | |
|:---|:---|
| **CANACCORD GENUITY CORP.** | **ROTH CANADA, INC.** |
| ("*Signed*") Matthew Reimer | ("*Signed*") Michael Tait |
| Director, Investment Banking | Managing Director, Head of Investment Banking |

---

---

| |
|:---|
| **VENTUM FINANCIAL CORP.** |
| ("*Signed*") Asad Said |
| Senior Vice President, Capital Markets |

---

![](ex99-1_001.jpg)

*This short form base shelf prospectus has been filed under legislation in each of the provinces and territories of Canada, other than Québec, that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. Unless an exemption from the prospectus delivery requirement has been granted, or is otherwise available, the legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.*

 

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form base shelf prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. Information has been incorporated by reference in this short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada***. *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Collective Mining Ltd., at 82 Richmond Street East, Toronto, Ontario M5C 1P1, telephone 416 451-2727 and are also available electronically at www.sedarplus.ca.*

**SHORT FORM BASE SHELF PROSPECTUS**

*<u>New Issue</u>* December 4, 2023

![](ex99-1_002.jpg)

**COLLECTIVE MINING LTD.**

**$200,000,000**

**Common Shares<br> Debt Securities<br> Subscription Receipts<br> Warrants<br> Units**

Collective Mining Ltd. ("**Collective**" or the "**Corporation**") may from time to time offer and issue the following securities: (i) common shares of the Corporation (the "**Common Shares**"); (ii) debt securities of the Corporation ("**Debt Securities**"); (iii) subscription receipts ("**Subscription Receipts**") exchangeable for Common Shares and/or other securities of the Corporation; (iv) warrants exercisable to acquire Common Shares and/or other securities of the Corporation ("**Warrants**"); and (v) securities comprised of more than one of Common Shares, Debt Securities, Subscription Receipts and/or Warrants offered together as a unit ("**Units**"), or any combination thereof having an offer price of up to $200,000,000 aggregate (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the case may be) at any time during the 25-month period that this short form base shelf prospectus (including any amendments hereto, the "**Prospectus**") remains valid. The Common Shares, Debt Securities, Subscription Receipts, Warrants and Units (collectively, the "**Securities**") offered hereby may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more prospectus supplements (collectively or individually, as the case may be, "**Prospectus Supplements**"). In addition, Securities may be offered and issued in consideration for the acquisition of other businesses, assets or securities by the Corporation or a subsidiary of the Corporation. The consideration for any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

The specific terms of any offering of Securities will be set forth in the applicable Prospectus Supplement and may include, without limitation, where applicable: (i) in the case of Common Shares, the number of Common Shares being offered, the offering price, whether the Common Shares are being offered for cash, and any other terms specific to the Common shares being offered; (ii) in the case of Debt Securities, the specific designation, aggregate principal amount, the currency or the currency unit for which the Debt Securities may be purchased, maturity, interest provisions, authorized denominations, offering price, whether the Debt Securities are being offered for cash, the covenants, the events of default, any terms for redemption or retraction, any exchange or conversion rights attached to the Debt Securities (provided that the Debt Securities shall only be convertible or exchangeable into Common Shares or other securities of the Corporation), and any other terms specific to the Debt Securities being offered; (iii) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price, whether the Subscription Receipts are being offered for cash, the terms, conditions and procedures for the exchange of the Subscription Receipts into or for Common Shares and/or other securities of the Corporation and any other terms specific to the Subscription Receipts being offered; (iv) in the case of Warrants, the number of such Warrants offered, the offering price, whether the Warrants are being offered for cash, the terms, conditions and procedures for the exercise of such Warrants into or for Common Share and/or other securities of the Corporation and any other specific terms; and (v) in the case of Units, the number of Units being offered, the offering price, the terms of the Common Shares, Debt Securities, Subscription Receipts and/or Warrants underlying the Units, and any other specific terms. The Corporation does not intend on issuing "novel" securities pursuant to this Prospectus, as such term is defined under National Instrument 44-102 – *Shelf Distributions* ("**NI 44-102**").

All shelf information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, unless an exemption from the prospectus delivery requirements has been granted. Each Prospectus Supplement will be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities covered by that Prospectus Supplement.

This Prospectus does not qualify for issuance Debt Securities, or Securities convertible or exchangeable into Debt Securities, in respect of which the payment of principal and/or interest may be determined, in whole or in part, by reference to one or more underlying interests including, for example, an equity or debt security, a statistical measure of economic or financial performance including, without limitation, any currency, consumer price or mortgage index, or the price or value of one or more commodities, indices or other items, or any other item or formula, or any combination or basket of the foregoing items. This Prospectus may qualify for issuance Debt Securities, or Securities convertible or exchangeable into Debt Securities in respect of which the payment of principal and/or interest may be determined, in whole or in part, by reference to published rates of a central banking authority or one or more financial institutions, such as a prime rate or bankers' acceptance rate, or to recognized market benchmark interest rates such as CORRA (the Canadian Overnight Repo Rate Average), and/or convertible into or exchangeable for Common Shares.

The Corporation may sell the Securities to or through underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly, through applicable statutory exemptions, or through agents designated by the Corporation from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of the Securities, as well as the method of distribution and the terms of the offering of such Securities, including the net proceeds to the Corporation and, to the extent applicable, any fees, discounts, concessions or any other compensation payable to underwriters, dealers or agents and any other material terms. See "*Plan of Distribution*".

This Prospectus may qualify an "at-the-market distribution" (as such term is defined in NI 44-102). In connection with any offering of the Securities, other than an "at-the-market distribution", the underwriters or agents may over-allot or effect transactions that stabilize or maintain the market price of the offered Securities at a level above that which might otherwise prevail on the open market. Such transactions, if commenced, may be interrupted or discontinued at any time. A purchaser who acquires Securities forming part of the underwriters' over-allocation position acquires those Securities under this Prospectus, regardless of whether the overallocation position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. See "*Plan of Distribution*".

In connection with the filing by the Corporation of this Prospectus, the Corporation has undertaken not to distribute Securities in Canada by way of an "at-the-market distribution" under the Prospectus unless the Corporation has filed an amendment to this Prospectus adding Québec as a jurisdiction in which the Securities will be distributed or otherwise obtained exemptive relief therefrom.

No underwriter of the "at-the-market distribution", and no person or company acting jointly or in concert with an underwriter, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the securities or securities of the same class as the securities distributed under an "at-the-market" prospectus, including selling an aggregate number or principal amount of securities that would result in the underwriter creating an over-allocation position in the securities.

The outstanding Common Shares are listed and posted for trading on the Toronto Stock Exchange ("**TSX**") under the symbol "CNL". On December 1, 2023, the last full trading day prior to the date of this Prospectus, the closing price per Common Share on the TSX was $4.28. **Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Subscription Receipts, Warrants and Units will not be listed on any securities exchange. There is no market through which these Securities may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation.** 

**Investing in Securities involves a high degree of risk. A prospective purchaser should therefore review this Prospectus and the documents incorporated by reference in their entirety and carefully consider the risk factors described under "*Risk Factors*" prior to investing in such Securities.** 

**No underwriter, agent, or dealer has been involved in the preparation of this Prospectus or performed any review of the contents of this Prospectus.**

The head and registered office of the Corporation is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1.

Ari Sussman, Executive Chairman and a director of the Corporation, Omar Ossma, President and Chief Executive Officer of the Corporation, and María Constanza García Botero, Ashwath Mehra, and Angela María Orozco Gómez, each a director of the Corporation, each reside outside of Canada and has each appointed Cassels Brock & Blackwell LLP, Suite 3200, Bay Adelaide Centre – North Tower, 40 Temperance Street, Toronto, Ontario M5H 0B4, as their agent for service of process in Canada. Prospective investors of Securities are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if such person has appointed an agent for service of process.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| ABOUT THIS SHORT FORM BASE SHELF PROSPECTUS | 1 |
| MEANING OF CERTAIN REFERENCES AND CURRENCY PRESENTATION | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| FINANCIAL INFORMATION | 2 |
| DOCUMENTS INCORPORATED BY REFERENCE | 2 |
| THE CORPORATION | 4 |
| CONSOLIDATED CAPITALIZATION | 5 |
| USE OF PROCEEDS | 5 |
| EARNINGS COVERAGE RATIO | 5 |
| DESCRIPTION OF COMMON SHARES | 5 |
| DESCRIPTION OF DEBT SECURITIES | 5 |
| DESCRIPTION OF SUBSCRIPTION RECEIPTS | 6 |
| DESCRIPTION OF WARRANTS | 7 |
| DESCRIPTION OF UNITS | 8 |
| PLAN OF DISTRIBUTION | 8 |
| PRIOR SALES | 9 |
| MARKET FOR SECURITIES | 9 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 9 |
| RISK FACTORS | 9 |
| LEGAL MATTERS | 11 |
| PROMOTERS | 11 |
| INTEREST OF EXPERTS | 12 |
| TRANSFER AGENT AND REGISTRAR | 12 |
| STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION | 12 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | 13 |
| CERTIFICATE OF THE CORPORATION | C-1 |
| CERTIFICATE OF THE PROMOTER | C-2 |

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-i-

**ABOUT THIS SHORT FORM BASE SHELF PROSPECTUS**

An investor should rely only on the information contained in this Prospectus (including the documents incorporated by reference herein) and is not entitled to rely on parts of the information contained in this Prospectus (including the documents incorporated by reference herein) to the exclusion of others. The Corporation has not authorized anyone to provide investors with additional or different information. The Corporation is not offering to sell the Securities in any jurisdictions where the offer or sale of the Securities is not permitted. The information contained in this Prospectus (including the documents incorporated by reference herein) is accurate only as of the date of this Prospectus (or the date of the document incorporated by reference herein, as applicable), regardless of the time of delivery of this Prospectus or any sale of the Common Shares, Debt Securities, Subscription Receipts, Warrants and/or Units. The Corporation's business, financial condition, results of operations and prospects may have changed since the date of this Prospectus.

**MEANING OF CERTAIN REFERENCES AND CURRENCY PRESENTATION**

References to dollars or "$" are to Canadian currency unless otherwise indicated. All references to "US$" refer to United States dollars. On December 1, 2023, the daily exchange rate as quoted by the Bank of Canada was US$1.00=C$1.3507 or C$1.00=US$0.7404.

Unless the context otherwise requires, all references in this Prospectus to the "Corporation" refer to the Corporation and its subsidiary entities on a consolidated basis.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Prospectus contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation (collectively referred to herein as "**forward-looking information**" or "**forward-looking statements**"). Forward-looking information includes, but is not limited to, statements with respect to: the use of proceeds of an offering of Securities; the timing for completion of any offering of Securities; the future price of commodities; the estimation of mineral resources; the realization of mineral resource estimates; regulatory compliance; capital expenditures; planned exploration activities, including but not limited to, costs and timing of the development of new deposits and the future acquisitions of properties or mineral rights; the interpretation of geological information; success of exploration activities; the payment of net smelter return royalties; permitting time lines; currency fluctuations; requirements for additional capital, including but not limited to, future financings; future profitability; government regulation of mining operations; the obtaining of required licenses and permits and regulatory approvals; reclamation expenses; the acquisition of new properties; other statements relating to the financial and business prospects of the Corporation; information as to the Corporation's strategy, plans or future financial or operating performance; and other events or conditions that may occur in the future. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: results of exploration activities not being supportive of further development of our projects; the future price of commodities; the estimation of mineral resources, the realization of mineral resource estimates; regulatory compliance; capital expenditures; planned exploration activities, including but not limited to, costs and timing of the development of new deposits and the future acquisitions of properties or mineral rights; the interpretation of geological information; conducting operations in a foreign country; the assurance of titles or boundaries; uncertainties of project costs; the presence of artisanal/illegal miners; the process of formalization of artisanal miners and the closure of illegal mines; the environmental permitting process in Colombia; title regarding the ownership of the Corporation's projects and the related surface rights and to the boundaries of the Corporation's projects and other risks related to maintaining land surface rights; maintaining the security of the Corporation's information technology systems; the Corporation's limited operating history; the payment of net smelter return royalties; the significant influence exercised by the Executive Chairman of the Corporation over the Corporation; international conflicts; permitting time lines; currency fluctuations; requirements for additional capital, including but not limited to, future financings; future profitability; government regulation of mining operations; the obtaining of required licenses and permits and regulatory approvals; delays in obtaining, or the inability to obtain, third party contracts, equipment, supplies and governmental or other approvals; accidents, labour disputes, unavailability of appropriate land use permits, changes to land usage agreements and other risks of the mining industry generally and specifically in Colombia; reclamation expenses; the inability to obtain financing required for the completion of exploration and development activities; changes in business and economic conditions; other factors beyond the Corporation's control; and as well as those factors included herein and elsewhere in the Corporation's public disclosure. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Corporation's expected financial and operating performance and the Corporation's plans and objectives and may not be appropriate for other purposes. **The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.** 

This list is not exhaustive of the factors that may affect any of the Corporation's forward-looking statements. Although the Corporation believes its expectations are based upon reasonable assumptions and have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. See the section entitled "*Risk Factors*" below, and in the section entitled "*Risk Factors*" in the AIF (as defined herein), for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking information. The forward-looking information contained herein are made as of the date of this Prospectus and, accordingly, are subject to change after such date. The Corporation disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Corporation's filings with Canadian securities regulatory agencies, which can be viewed online under the Corporation's issuer profile on SEDAR+ at <u>www.sedarplus.ca</u>.

**FINANCIAL INFORMATION**

The financial statements of the Corporation are presented in United States dollars and such financial statements are prepared in accordance with International Financial Reporting Standards ("**IFRS**"). Unless otherwise indicated, any other financial information included or incorporated by reference in this Prospectus has been prepared in accordance with IFRS.

**DOCUMENTS INCORPORATED BY REFERENCE**

Information has been incorporated by reference in this Prospectus from documents filed with the securities commissions or similar regulatory authorities in Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of the Corporation, at 82 Richmond Street East, Toronto, Ontario M5C 1P1, and are also available electronically at <u>www.sedarplus.ca</u>.

As of the date hereof, the following documents, filed with the various securities commissions or similar authorities in each of the provinces and territories of Canada, other than Québec, are specifically incorporated by reference into and form an integral part of this Prospectus:

1) the annual information form of the Corporation dated as of May 2, 2023 for the financial year ended December 31, 2022 (the "**AIF**");

2) the audited consolidated financial statements of the Corporation as at, and for the years ended December 31, 2022 and 2021, the notes thereto and the independent auditor's report thereon, together with the related management's discussion and analysis ("**MD&A**") of the financial condition and results of operations of the Corporation;

3) the unaudited interim condensed consolidated financial statements of the Corporation for the three and nine months ended September 30, 2023 (the "**Interim Financial Statements**"), the notes thereto with the related MD&A of the financial condition and results of operations of the Corporation;

4) the material change report of the Corporation dated March 22, 2023 in respect of the completion of a bought deal prospectus offering pursuant to which the Corporation raised gross proceeds of approxmiately C$30 million; and

5) the management information circular of the Corporation dated May 23, 2023, prepared in connection with the annual and special meeting of shareholders of Corporation held on June 29, 2023.

All material change reports (excluding confidential material change reports), annual information forms, annual financial statements and the auditors' report thereon and related MD&A, interim financial statements and related MD&A, information circulars, business acquisition reports, any news release issued by the Corporation that specifically states it is to be incorporated by reference in this Prospectus and any other documents as may be required to be incorporated by reference herein under applicable Canadian securities laws which are filed by the Corporation with a securities commission or any similar authority in Canada after the date of this Prospectus, during the 25-month period this Prospectus remains valid, shall be deemed to be incorporated by reference into this Prospectus.

Upon a new interim financial report and related MD&A of the Corporation being filed with the applicable securities regulatory authorities during the currency of this Prospectus, the previous interim financial report and related MD&A of the Corporation most recently filed shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon new annual financial statements and related MD&A of the Corporation being filed with the applicable securities regulatory authorities during the currency of this Prospectus, the previous annual financial statements and related MD&A and the previous interim financial report and related MD&A of the Corporation most recently filed shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon a new AIF of the Corporation being filed with the applicable securities regulatory authorities during the currency of this Prospectus, notwithstanding anything herein to the contrary, the following documents shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder: (i) the previous AIF; (ii) material change reports filed by the Corporation prior to the end of the financial year in respect of which the new AIF is filed; (iii) business acquisition reports filed by the Corporation for acquisitions completed prior to the beginning of the financial year in respect of which the new AIF is filed; and (iv) any information circular of the Corporation filed prior to the beginning of the Corporation's financial year in respect of which the new AIF is filed. Upon a new management information circular prepared in connection with an annual general meeting of the Corporation being filed with the applicable securities regulatory authorities during the currency of this Prospectus, the previous management information circular prepared in connection with an annual general meeting of the Corporation shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder.

A Prospectus Supplement to this Prospectus containing the specific variable terms in respect of an offering of the Securities will be delivered to purchasers of such Securities together with this Prospectus, unless an exemption from the prospectus delivery requirements has been granted or is otherwise available, and will be deemed to be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement only for the purposes of the offering of the Securities covered by such Prospectus Supplement.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document incorporated or deemed to be incorporated by reference herein modifies or supersedes such prior statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall thereafter neither constitute, nor be deemed to constitute, a part of this Prospectus, except as so modified or superseded.**

**THE CORPORATION**

The Corporation is a Canadian company listed on the TSX under the symbol "CNL". The Corporation's long-term focus is on the acquisition, exploration, development and exploitation of mineral properties in which the Corporation's exploration, development and operating expertise could substantially enhance shareholder value. The Corporation currently has one material exploration project which is the 4,781-hectare Guayabales project (the "**Guayabales Project**") located in the Caldas department of Colombia. The Corporation also owns the 4,729-hectare San Antonio project located in a historical gold district in the Caldas department of Colombia, however, the current focus of the Corporation is on the exploration of the Guayabales Project, which is currently its only material project. See "*Documents Incorporated by Reference*".

***March 2023 Equity Financing***

 

On March 22, 2023, the Corporation completed a "bought deal" prospectus offering of 7,060,000 Common Shares at a price of C$4.25 per Common Share raising gross proceeds of approximately C$30 million (the "**March 2023 Offering**"). Set out below is a comparison in tabular form of the disclosure that the Corporation previously made about how it intended to use the proceeds from the March 2023 Offering and an explanation of variances and the impact of the variances on the Corporation's ability to achieve its business objectives and milestones:

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| | | | |
|:---|:---|:---|:---|
| **Date of Financing** | **Funds Raised** | **Intended Use of Funds** | **Explanation of Variances and Impact on Business Objectives and Milestones** |
| March, 2023<br>| Gross proceeds of approximately C$30 million | The net proceeds from the March 2023 Offering were intended to be used by the Corporation for exploration drilling, other technical and target generative work, site G&A, and for ESG and property option payments.<br>The Corporation's objectives are to better understand the potential for discovery of economically important metals on its properties. Exploration drilling, which will be comprised of approximately 50,000 metres of core drilling, is expected to focus primarily on the Apollo porphyry discovery within the Apollo target at the Guayabales Project. Newly generated targets at the Guayabales Project are also expected to be allocated some drilling metres. Other exploration work will include soil and rock chip sampling, mapping, geochemical and exploration-related capital items. | No significant variances to the intended use of proceeds from the March 2023 Offering. |

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***Recent Developments***

 

On September 6, 2023, the Common Shares commenced trading on the TSX under the symbol "CNL" following the Corporation's graduation to the TSX from the TSX Venture Exchange.

On November 8, 2023, Angela María Orozco Gómez was appointed as a non-executive director of the Corporation. Mrs. Orozco Gómez, a resident of Bogota, Colombia, is a seasoned executive with over 30 years of government and international experience. Most recently, Mrs. Orozco Gómez was the Minister of Transport and Infrastructure, Colombia where she led various initiatives that secured public and private investments in the transportation and infrastructure industries. Mrs. Orozco Gómez was also a partner in various private ventures that represented industries in international trade disputes. Mrs. Orozco Gómez is a trained lawyer from Universidad Javeriana and holds a Master's degree in Comparative Jurisprudence from the University of Texas, a specialist in Economic Law from the Externado University of Colombia and a Fellow at the Yale World Yale University.

**CONSOLIDATED CAPITALIZATION**

There have not been any material changes in the share and loan capitalization of the Corporation since the date of the Interim Financial Statements, which are incorporated by reference in this Prospectus.

The applicable Prospectus Supplement will describe any material change, and the effect of such material change, on the Corporation's share and loan capitalization that will result from the issuance of Securities pursuant to such prospectus supplement.

**USE OF PROCEEDS**

The net proceeds to the Corporation from the sale of Securities, the proposed use of those proceeds and the specific business objectives which the Corporation expects to accomplish with such proceeds will be set forth in an applicable Prospectus Supplement relating to that offering of Securities. Unless otherwise indicated in a Prospectus Supplement, the Corporation expects the net proceeds from the sale of Securities to be used to fund ongoing work programs to advance the Corporation's Colombian mineral properties, to actively pursue exploration and development opportunities, including potential acquisitions, and for working capital and general corporate purposes. The Corporation may, from time to time, issue securities (including equity and debt securities) other than pursuant to this Prospectus or any applicable Prospectus Supplement.

The Corporation currently generates no operating revenue from the exploration activities on its property interests and has negative cash flow from operating activities. The Corporation anticipates that it will continue to have negative cash flow until such time that commercial production is achieved at a particular project. To the extent that the Corporation has negative cash flows in future periods in excess of net proceeds from the sale of Securities, it may need to deploy a portion of net proceeds from the sale of Securities to fund such negative cash flows. See "*Risk Factors*".

**EARNINGS COVERAGE RATIO**

Earnings coverage ratios will be provided in the applicable Prospectus Supplement relating to the issuance of Debt Securities having a term to maturity in excess of one year, as required by applicable securities laws.

**DESCRIPTION OF COMMON SHARES**

The holders of Common Shares are entitled to receive notice of any meeting of the shareholders of the Corporation and to attend and vote thereat. Each Common Share entitles its holder to one vote. The holders of Common Shares are entitled to receive, on a *pro rata* basis, such dividends as the Board may declare out of funds legally available therefor. In the event of the dissolution, liquidation, winding-up or other distribution of the assets of the Corporation, such holders are entitled to receive, on a *pro rata* basis, all of the assets of the Corporation remaining after payment of all of the Corporation's liabilities. The Common Shares carry no pre-emptive, conversion, redemption or retraction rights. The Common Shares carry no other special rights and restrictions other than as described herein.

**DESCRIPTION OF DEBT SECURITIES**

The following sets forth certain general terms and provisions of the Debt Securities. The particular terms and provisions of Debt Securities offered by a Prospectus Supplement, and the extent to which the general terms and provisions described below may apply to such Debt Securities, will be described in such Prospectus Supplement.

The Debt Securities will be issued in series under one or more trust indentures to be entered into between the Corporation and a financial institution to which the *Trust and Loan Companies Act* (Canada) applies or a financial institution organized under the laws of any province of Canada and authorized to carry on business as a trustee. Each such trust indenture, as supplemented or amended from time to time, will set out the terms of the applicable series of Debt Securities. The statements in this Prospectus relating to any trust indenture and the Debt Securities to be issued under it are summaries of anticipated provisions of an applicable trust indenture and do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all provisions of such trust indenture, as applicable.

Each trust indenture may provide that Debt Securities may be issued thereunder up to the aggregate principal amount which may be authorized from time to time by the Corporation. Any Prospectus Supplement for Debt Securities will contain the terms and other information with respect to the Debt Securities being offered, including (i) the designation, aggregate principal amount and authorized denominations of such Debt Securities, (ii) the currency for which the Debt Securities may be purchased and the currency in which the principal and any interest is payable (in either case, if other than Canadian dollars), (iii) the percentage of the principal amount at which such Debt Securities will be issued, (iv) the date or dates on which such Debt Securities will mature, (v) the rate or rates at which such Debt Securities will bear interest (if any), or the method of determination of such rates (if any), (vi) the dates on which any such interest will be payable and the record dates for such payments, (vii) any redemption term or terms under which such Debt Securities may be defeased, (viii) any exchange or conversion terms, and (ix) any other specific terms.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary.

The Debt Securities will be direct obligations of the Corporation. The Debt Securities will be senior or subordinated indebtedness of the Corporation as described in the relevant Prospectus Supplement.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other securities of the Corporation will be described in the applicable Prospectus Supplement(s). These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Corporation, and may include provisions pursuant to which the number of Common Shares or other securities to be received by the holders of such series of Debt Securities would be subject to adjustment. To the extent any Debt Securities are convertible into Common Shares or other securities of the Corporation, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying securities.

**DESCRIPTION OF SUBSCRIPTION RECEIPTS**

The following sets forth certain general terms and provisions of the Subscription Receipts. The Corporation may issue Subscription Receipts that may be exchanged by the holders thereof for Common Shares and/or other Securities of the Corporation upon the satisfaction of certain conditions. The particular terms and provisions of the Subscription Receipts offered pursuant to this Prospectus will be set forth in the applicable Prospectus Supplement, and the extent to which the general terms described below apply to those Subscription Receipts, will be described in the Prospectus Supplement.

The Corporation may offer Subscription Receipts separately or together with Common Shares, Debt Securities or Warrants, as the case may be. The Corporation will issue Subscription Receipts under one or more subscription receipt agreements.

Any Prospectus Supplement will contain the terms and conditions and other information relating to the Subscription Receipts being offered including:

● the number of Subscription Receipts;

● the price at which the Subscription Receipts will be offered and whether the price is payable in installment;

● any conditions to the exchange of Subscription Receipts into Common Shares, and/or other Securities of the Corporation, as the case may be, and the consequences of such conditions not being satisfied;

● the procedures for the exchange of the Subscription Receipts into Common Shares and/or other Securities of the Corporation, as the case may be;

● the number of Common Shares and/or other Securities of the Corporation, as the case may be, that may be exchanged upon exercise of each Subscription Receipt;

● the designation and terms of any other Securities with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered with each Security;

● the dates or periods during which the Subscription Receipts may be exchanged into Common Shares and/or other Securities of the Corporation ;

● whether such Subscription Receipts will be listed on any securities exchange;

● any other rights, privileges, restrictions and conditions attaching to the Subscription Receipts; and

● any other specific terms.

Prior to the exchange of their Subscription Receipts, holders of Subscription Receipts will not have any of the rights of holders of the securities issuable on the exchange of the Subscription Receipts.

**DESCRIPTION OF WARRANTS**

The following sets forth certain general terms and provisions of the Warrants. We may issue Warrants for the purchase of Common Shares and/or other Securities of the Corporation**.** Warrants may be issued independently or together with Common Shares, Debt Securities and Subscription Receipts offered by any Prospectus Supplement and may be attached to, or separate from, any such offered Securities. Warrants will be issued under one or more warrant agreements entered into between the Corporation and a warrant agent named in the applicable Prospectus Supplement.

Selected provisions of the Warrants and the warrant agreements are summarized below. This summary is not complete. The statements made in this Prospectus relating to any warrant agreement and Warrants to be issued thereunder are summaries of certain anticipated provisions thereof and are subject to, and are qualified in their entirety by reference to, all provisions of the applicable warrant agreement.

Any Prospectus Supplement will contain the terms and other information relating to the Warrants being offered including:

● the exercise price of the Warrants;

● the designation of the Warrants;

● the aggregate number of Warrants offered and the offering price;

● the designation, number and terms of the Common Shares and/or other Securities of the Corporation purchasable upon exercise of the Warrants, and procedures that will result in the adjustment of those numbers;

● the dates or periods during which the Warrants are exercisable;

● the designation and terms of any securities with which the Warrants are issued;

● if the Warrants are issued as a unit with another security, the date on and after which the Warrants and the other security will be separately transferable;

● the currency or currency unit in which the exercise price is denominated;

● any minimum or maximum amount of Warrants that may be exercised at any one time;

● whether such Warrants will be listed on any securities exchange;

● any terms, procedures and limitations relating to the transferability, exchange or exercise of the Warrants;

● any rights, privileges, restrictions and conditions attaching to the Warrants; and

● any other specific terms.

Prior to the exercise of their Warrants, holders of Warrants will not have any of the rights of holders of the Securities subject to the Warrants.

**DESCRIPTION OF UNITS**

Units are a security comprised of more than one of the other Securities described in this Prospectus offered together as a "Unit". A Unit is typically issued so the holder thereof is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security comprising the Unit. The agreement, if any, under which a Unit is issued may provide that the Securities comprising the Unit may not be held or transferred separately at any time or at any time before a specified date.

The particular terms and provisions of Units offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply to them, will be described in the Prospectus Supplement filed in respect of such Units. This description will include, where applicable: (i) the designation and terms of the Units and of the Securities comprising the Units, including whether and under what circumstances those Securities may be held or transferred separately; (ii) any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the Securities comprising the Units; (iii) whether the Units will be issued in registered or global form; and (iv) any other material terms and conditions of the Units.

**PLAN OF DISTRIBUTION**

The Corporation may sell the Securities, separately or together: (a) to one or more underwriters or dealers; (b) through one or more agents; or (c) directly to one or more purchasers through applicable statutory exemptions. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of the Securities, as well as the method of distribution and the terms of the offering of such Securities, including the net proceeds to the Corporation and, to the extent applicable, any fees, discounts, concessions or any other compensation payable to underwriters, dealers or agents and any other material terms. Only underwriters so named in the Prospectus Supplement are deemed to be underwriters in connection with the Securities offered thereby.

The Securities may be sold, from time to time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed to be "at-the-market distributions" as defined in NI 44-102, including sales made directly on the TSX. The prices at which the Securities may be offered may vary as between purchasers and during the period of distribution. If, in connection with the offering of Securities at a fixed price or prices, the underwriters have made a *bona fide* effort to sell all of the Securities at the initial offering price fixed in the applicable Prospectus Supplement, the public offering price may be decreased and thereafter further changed, from time to time, to an amount not greater than the initial public offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid by the underwriters to the Corporation.

Underwriters, dealers and agents who participate in the distribution of the Securities may be entitled under agreements to be entered into with the Corporation to indemnification by the Corporation against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Corporation in the ordinary course of business.

Any offering of Debt Securities, Subscription Receipts, Warrants or Units will be a new issue of securities with no established trading market. Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Subscription Receipts, Warrants or Units will not be listed on any securities exchange. See "*Risk Factors*". Certain dealers may make a market in these Securities, but will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given that any dealer will make a market in these Securities or as to the liquidity of the trading market, if any, for these Securities.

In connection with any offering of the Securities the underwriters or agents may over-allot or effect transactions which stabilize or maintain the market price of the Securities offered at a higher level than that which might exist in the open market. Such transactions, if commenced, may be interrupted or discontinued at any time. A purchaser who acquires Securities forming part of the underwriters' over-allocation position acquires those Securities under this Prospectus, regardless of whether the overallocation position is ultimately filled through the exercise of the over-allotment option or secondary market purchases.

**PRIOR SALES**

Information in respect of Common Shares issued by the Corporation within the previous 12-month period, and in respect of securities that are convertible or exchangeable into Common shares, will be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**MARKET FOR SECURITIES**

The Common Shares are listed and posted for trading on the TSX under the symbol "CNL". Information in respect of trading price and volume of the Common Shares during the previous 12-month period will be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein of purchasing, holding and disposing of applicable Securities, including, in the case of an investor who is not a resident of Canada, Canadian non-resident withholding tax consideration.

**RISK FACTORS**

An investment in the Securities involves risks. Prospective investors should carefully consider the risks described in the sections entitled "*Risk Factors*" in any Prospectus Supplement and those set forth in documents incorporated by reference in this Prospectus and any applicable Prospectus Supplement, as well as other information in this Prospectus and any applicable Prospectus Supplement, before purchasing any of the Securities. Each of the risks described in these sections and documents could materially and adversely affect the business, financial condition, results of operations and prospects of the Corporation, and could result in a loss of investment. Additional risks and uncertainties not known to the Corporation or that the Corporation currently deems immaterial may also impair the Corporation's business, financial condition, results of operations and prospects.

 **

***Negative Operating Cash Flow***

 **

To date the Corporation has recorded no operating cash flow and the Corporation has not commenced development or commercial production on any property. There can be no assurance that significant losses will not occur in the near future or that the Corporation will be profitable in the future. The Corporation's operating expenses and capital expenditures may increase in subsequent years as consultants, personnel and equipment associated with advancing exploration, development and commercial production of the Corporation's properties. The Corporation expects to continue to incur losses unless and until such time as it enters into commercial production and generates sufficient revenues to fund its continuing operations. The development of the Corporation's properties will require the commitment of substantial resources to conduct time-consuming exploration and development. There can be no assurance that the Corporation will ever generate positive operating cash flow or achieve profitability.

As at November 30, 2023, the Corporation's cash balance was approximately US$15.3 million, and its working capital balance was approximately US$13.3 million, excluding non-cash warrant liability of approximately US$2 million. The Corporation's expected aggregate cash burn rate for the remainder of 2023 and calendar 2024 is approximately US$13 million, which is based on currently planned exploration programs, of which approximately US$12.5 million is expected to be incurred on the Guayabales Project (comprised of approximately 10,000 metres of drilling at a cost of approximately US$10 million on the Corporation's recommend phase II program and over-head costs of approximately US$2.5 million) and approximately US$500,000 of exploration expenditures on the Corporation's other exploration targets. The key milestones which the Corporation expects to achieve over the course of the next 12 months is to continue with the recommended phase II work and drill program on the Guayabales Project. The Corporation expects to complete the phase II program in calendar 2025 at an additional cost of approximately US$3 million.

Since the completion of the March 2023 Offering to the date of this Prospectus, the Corporation has completed approximately 35,000 metres of core drilling on the Guayabales Project. To date, the Corporation has not committed to any drill plan for 2024. Absent a capital raise, the Corporation intends to drill a lesser amount of metres in 2024 (as compared to 2023) to ensure that its working capital will be sufficient for at least the next 15 months. This flexibility will significantly reduce its monthly cash burn rate, that includes, among other items, site G&A and over-head costs.

Given its expected rate of cash burn, the Corporation expects to be able to continue operations and advance its business operations using its currently available non-contingent resources for at least 15 months from the date of this Prospectus.

***Discretion in the Use of Proceeds***

Management will have broad discretion concerning the use of the net proceeds from the offering of any Securities, as well as the timing of their expenditures. Depending on a number of factors, the intended use of proceeds from the offering of any Securities may change. As a result, an investor will be relying on the judgment of management for the application of the net proceeds from the offering of any Securities. Management may use the net proceeds from the offering of any Securities in ways that an investor may not consider desirable if they believe it would be in the best interests of the Corporation to do so. The results and the effectiveness of the application of proceeds from an offering of any Securities are uncertain. If the proceeds are not applied effectively, the Corporation's results of operations may suffer.

 ****

***No Market for the Securities***

There is currently no trading market for any Debt Securities, Subscription Receipts, Warrants or Units that may be offered. No assurance can be given that an active or liquid trading market for these securities will develop or be sustained. If an active or liquid market for these securities fails to develop or be sustained, the prices at which these securities trade may be adversely affected. Whether or not these securities will trade at lower prices depends on many factors, including liquidity of these securities, prevailing interest rates and the markets for similar securities, the market price of the Corporation, general economic conditions and the Corporation's financial condition, historic financial performance and future prospects.

 ****

***Control of the Corporation***

Mr. Ari Sussman, the Executive Chairman and a director of the Corporation, is also the principal shareholder of the Corporation. Mr. Sussman owns or controls, directly or indirectly, 10,747,500 Common Shares representing approximately 17.8% of the issued and outstanding Common Shares. By virtue of his status as principal shareholder of the Corporation, and by being an executive officer and a director of the Corporation, Mr. Sussman has the power to exercise significant influence over all matters requiring shareholder approval, including the election of directors, amendments to the Corporation's articles and by-laws, mergers, business combinations and the sale of substantially all of the Corporation's assets. As a result, the Corporation could be prevented from entering into transactions that could be beneficial to the Corporation or its other shareholders, and third parties could be discouraged from making a take-over bid. In addition, sales by Mr. Sussman of a substantial number of Common Shares could cause the market price of the Common Shares to decline.

 ****

***International Conflicts***

International conflicts and other geopolitical tensions and events, including war, military action, terrorism, trade disputes and international responses thereto have historically led to, and may in the future lead to, uncertainty or volatility in global commodity and financial markets and supply chains. Russia's invasion of Ukraine in February 2022 has led to sanctions being levied against Russia by the international community and may result in additional sanctions or other international action, any of which may have a destabilizing effect on commodity prices, supply chains and global economies more broadly. In October 2023, Israel and Hamas, the terrorist organization and current ruling political party in the Gaza Strip, engaged in a series of violent exchanges, primarily in southern Israel and the Gaza Strip. This has resulted in a significant increase in tension in the region and may have far reaching effects on the global economy. Volatility in commodity prices and supply chain disruptions may adversely affect the Corporation's business, financial condition and results of operations. The extent and duration of the current conflicts in the Ukraine and Israel and related international action cannot be accurately predicted at this time and the effects of such conflict may magnify the impact of the other risks identified in this short form prospectus, including those relating to commodity price volatility and global financial conditions. The outcome of these conflicts is uncertain, and these conflicts may escalate and may result in escalated tensions within and outside of Eastern Europe and the Middle East, respectively. This could result in significant disruption of supplies of oil and natural gas from the region and could cause a significant worldwide supply shortage of oil and natural gas and have a significant impact on worldwide prices of oil and natural gas. A lack of supply of energy and high prices of oil and natural gas could have a significant adverse impact on the world economy. The situation is rapidly changing and unforeseeable impacts, including on the Corporation's shareholders and counterparties on which the Corporation relies and transacts with, may materialize and may have an adverse effect on the Corporation's operations and trading price of the Common Shares.

 ****

***Global Financial Conditions Can Reduce Share Prices and Limit Access to Financing***

In recent years, global financial markets have been characterized by extreme volatility impacting many industries, including the mining industry. Global financial conditions remain subject to sudden and rapid destabilizations in response to future economic shocks, as government authorities may have limited resources to respond to future crises. A sudden or prolonged slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Corporation's growth and profitability. Future economic shocks may be precipitated by a number of causes, including, but not limited to, material changes in the price of oil and other commodities, the volatility of metal prices, governmental policies, geopolitical instability, war, terrorism, the devaluation and volatility of global stock markets and natural disasters. Any sudden or rapid destabilization of global economic conditions could impact the Corporation's ability to obtain equity or debt financing in the future on terms favorable to the Corporation or at all. In such an event, the Corporation's operations and financial condition could be adversely impacted.

**LEGAL MATTERS**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of Securities will be passed upon on behalf of the Corporation by Cassels Brock & Blackwell LLP with respect to matters of Canadian law. As at the date hereof, the partners and associates of Cassels Brock & Blackwell LLP beneficially own, directly or indirectly, less than 1% of any registered or beneficial interests, direct or indirect, in any securities or other property of the Corporation or of any associate or affiliate of the Corporation. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other foreign laws.

**PROMOTERS**

Ari Sussman, the Executive Chairman and a director of the Corporation, is a promoter of the Corporation. As of the date hereof Mr. Sussman beneficially owns, or controls or directs, directly or indirectly, a total of 10,747,500 Common Shares, 111,110 common share purchase warrants, and 350,000 incentive stock options representing approximately 17% of the equity of the Corporation on a fully diluted basis. No person who was a promoter of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· received anything of value directly or indirectly from the Corporation or a subsidiary within the last
two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sold or otherwise transferred any asset to the Corporation or a subsidiary within the last two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has been a director, chief executive officer or chief financial officer of any company that during the
past 10 years was the subject of a cease trade order or similar order or an order that denied the company access to any exemptions under
securities legislation for a period of more than 30 consecutive days or became bankrupt, made a proposal under any legislation relating
to bankruptcy or insolvency or been subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver
or receiver manager or trustee appointed to hold its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has been subject to any penalties or sanctions imposed by a court relating to Canadian securities legislation
or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority
within the last two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has been subject to any other penalties or sanctions imposed by a court or regulatory body that would
be likely to be considered important to a reasonable investor making an investment decision within the last two years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has within the past 10 years become bankrupt, made a proposal under any legislation relating to bankruptcy
or insolvency or been subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver or receiver
manager or trustee appointed to hold its assets.

**INTEREST OF EXPERTS**

Information of a scientific or technical nature in respect of the Guayabales Project contained in this Prospectus, including the documents incorporated by reference herein, is based on the technical report regarding the Guayabales Project dated effective December 31, 2022 and entitled "*NI 43-101 Technical Report for the Guayabales Gold-Silver-Copper Project, Department of Caldas, Colombia*" prepared for the Corporation by Stewart D. Redwood, FIMMM, FGS, who is a "qualified person" and independent" within the meaning of National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("**NI 43-101**").

Certain information of a scientific or technical nature contained in this Prospectus, including the documents incorporated by reference herein, was reviewed and approved by David J. Reading, MSc in Economic Geology and a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG), and a special advisor to the Corporation, who is a "qualified person" within the meaning of NI 43-101. As of the date hereof, Mr. Reading holds 1,812,500 Common Shares, 175,000 incentive stock options of the Corporation and 25,000 common share purchase warrants of the Corporation.

PricewaterhouseCoopers LLP, having an address of 18 York Street, Suite 2600, Toronto, Ontario, M5J 0B2, was the auditor of the Corporation for the December 31, 2022 annual financial statements, and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct.

**TRANSFER AGENT AND REGISTRAR**

The Corporation's transfer agent and registrar for the Common Shares is TSX Trust Company, 100 Adelaide Street West, Suite 301 Toronto, ON M5H 4H1.

**STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION**

The following is a description of a purchaser's statutory rights.

Securities legislation in some provinces and territories of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. However, purchasers of Securities distributed under an at-the-market distribution by the Corporation do not have the right to withdraw from an agreement to purchase the Securities and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of this Prospectus, any prospectus supplement(s), and any amendment relating to Securities purchased by such purchaser because this Prospectus, any prospectus supplement(s), and any amendment relating to the Securities purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of NI 44-102.

Securities legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if this Prospectus, any prospectus supplement(s), and any amendment relating to securities purchased by a purchaser contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of Securities distributed under an at-the-market distribution by the Corporation may have against the Corporation or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if this Prospectus, any prospectus supplement(s), and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above. A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser.

Original purchasers of Securities which are convertible, exchangeable or exercisable for other securities of the Corporation will have a contractual right of rescission against the Corporation in respect of the conversion, exchange or exercise of such Securities. The contractual right of rescission will entitle such original purchasers to receive, upon surrender of the underlying securities, the amount paid for the applicable convertible, exchangeable or exercisable Securities, and any additional amount paid upon conversion, exchange or exercised of such Securities, in the event that this Prospectus, the relevant Prospectus Supplement or an amendment thereto contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the *Securities Act* (Ontario), and is in addition to any other right or remedy available to original purchasers under Section 130 of the *Securities Act* (Ontario) or otherwise at law.

Original purchasers are further advised that in certain provinces and territories the statutory right of action for damages in connection with a prospectus misrepresentation is limited to the amount paid for the convertible, exchangeable or exercisable securities that were purchased under a prospectus and, therefore, a further payment at the time of conversion, exchange or exercise may not be recoverable in a statutory action for damages. The purchaser should refer to any applicable provisions of the securities legislation of the province or territory in which the purchaser resides for the particulars of these rights, or consult with a legal adviser.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Ari Sussman, Executive Chairman and a director of the Corporation, Omar Ossma, President and Chief Executive Officer of the Corporation, and María Constanza García Botero, Ashwath Mehra, and Angela María Orozco Gómez, each a director of the Corporation, each reside outside of Canada and have each appointed Cassels Brock & Blackwell LLP, Suite 3200, Bay Adelaide Centre – North Tower, 40 Temperance Street, Toronto, Ontario M5H 0B4, as their agent for service of process in Canada. Prospective investors of Securities are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that resides outside of Canada or is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction, even if the party has appointed an agent for service of process.

**CERTIFICATE OF THE CORPORATION**

Dated: December 4, 2023

This short form prospectus, together with the documents incorporated in this prospectus by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces and territories of Canada, other than Québec.

(Signed) *Omar Ossma* President and Chief Executive Officer (Signed) *Paul Begin* Chief Financial Officer and Corporate Secretary

On behalf of the Board of Directors

(Signed) *Paul Murphy* Director (Signed) *Kenneth Thomas* Director

- C- 1 -

**CERTIFICATE OF THE PROMOTER**

Dated: December 4, 2023

This short form prospectus, together with the documents incorporated in this prospectus by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces and territories of Canada, other than Québec.

(Signed) *Ari Sussman*<br> Promoter<br>

- C- 2 -

## Exhibit 99.2

**EXHIBIT 99.2**

**UNDERWRITING AGREEMENT**

October 3, 2025

Collective Mining Ltd.<br> 82 Richmond St. E<br> Toronto, Ontario M5C 1P1

Attention: Paul Begin, Chief Financial Officer

Dear Sir:

BMO Nesbitt Burns Inc. ("**BMO**") and Scotia Capital Inc. (together with BMO the "**Lead Underwriters**") as lead managers and joint bookrunners, along with Clarus Securities Inc., Canaccord Genuity Corp., Roth Canada, Inc., and Ventum Financial Corp (together with the "Lead Underwriters", the "**Canadian Underwriters**") and Jett Capital Advisors, LLC (the "**Non-Canadian Underwriter**" and together with the Canadian Underwriters, the "**Underwriters**" and each individually, an "**Underwriter**") hereby severally, and not jointly, nor jointly and severally, in their respective percentages set out in Article 18 below, offer to purchase from Collective Mining Ltd. (the "**Corporation**") and the Corporation hereby agrees to issue and sell to the Underwriters, 6,600,000 common shares in the capital of the Corporation (the "**Initial Shares**") at a price of $19.00 per Initial Share (the "**Offering Price**") for aggregate gross proceeds of $125,400,000.

The Corporation grants to the Underwriters an option (the "**Over-Allotment Option**") exercisable in whole or in part at any time, and from time to time, until that date which is 30 days from and including the Closing Date (as defined below), to offer for sale an additional 990,000 common shares (the "**Over-Allotment Shares**"), at the Offering Price, to cover over-allotments, if any, and for market stabilization purposes. The Underwriters shall be under no obligation to exercise the Over-Allotment Option in whole or in part.

The Initial Shares and Over-Allotment Shares are together referred to in this Agreement (as defined below) as the "**Offered Securities**" and the offering of the Offered Securities by the Corporation is referred to in this Agreement as the "**Offering**". The Offered Securities shall have the attributes described in and contemplated by the Prospectus (as defined below).

The Corporation has advised that: (i) it is current in the filing of all materials required to be filed under Canadian Securities Laws (as defined below) of each of the Qualifying Jurisdictions (as defined below); (ii) it has filed the Base Shelf Prospectus (as defined below) in each of the Qualifying Jurisdictions and the Ontario Securities Commission (the "**OSC**"), as principal regulator, has issued a decision document in respect thereof under NP 11-202 (as defined below) on behalf of itself and the other Securities Commissions (as defined below); and (iii) it is qualified to and shall file, as soon as possible after execution of this Agreement, the Prospectus Supplement (as defined below) as a supplement to the Base Shelf Prospectus in accordance with the requirements of NI 44-101 and NI 44-102 (as such terms are defined below).

The Underwriters may arrange for substituted purchasers (the "**Substituted Purchasers**") for the Offered Securities, where such Substituted Purchasers are resident in the Selling Jurisdictions (as defined below). Each Substituted Purchaser shall purchase the Offered Securities at the Offering Price, and to the extent that Substituted Purchasers purchase Offered Securities, the obligations of the Underwriters to do so will be reduced by the number of Offered Securities purchased by the Substituted Purchasers from the Corporation.

The Underwriters shall be entitled to appoint a selling group consisting of other registered dealers (each a "**Selling Firm**" and together, the "**Selling Group**") in accordance with Canadian Securities Laws for the purposes of arranging for Substituted Purchasers of the Offered Securities. Any investment dealer who is a member of any selling group formed by the Underwriters pursuant to the provisions of this Agreement or with whom the Underwriters have a contractual relationship with respect to the Offering, if any, shall agree with the Underwriters to comply with the covenants and obligations given by the Underwriters herein. The fee payable to any such investment dealer who is a member of any selling group shall be for the account of the Underwriters.

The Underwriters propose to distribute the Offered Securities in the Qualifying Jurisdictions, pursuant to the Prospectus and may also offer and sell the Offered Securities in the United States (as defined below) in transactions that are exempt from the registration requirements of the *U.S. Securities Act* (as defined below) and applicable U.S. state securities laws pursuant to the U.S. Private Placement Memorandum (as defined below), all in the manner contemplated by this Agreement, including in accordance with <u>Schedule A</u> hereto, which terms and conditions are hereby incorporated by reference in and shall form a part of this Agreement. In particular, all sales of the Offered Securities in the United States shall be made pursuant to Rule 506(b) of Regulation D (as defined below) and/or Section 4(a)(2) of the *U.S. Securities Act* and similar exemptions under applicable securities laws of any state of the United States, and made directly by the Corporation to the Substituted Purchasers who are U.S. Accredited Investors (as defined below) and/or Qualified Institutional Buyers (as defined below).

Subject to Applicable Laws (as defined below), including applicable Securities Laws (as defined below) and the terms of this Agreement, the Offered Securities may also be distributed outside of Canada and the United States, in each jurisdiction as mutually agreed to by the Corporation and the Underwriters where they may be lawfully sold by the Underwriters without: (i) giving rise to any requirement under the laws of such jurisdiction to prepare and/or file a prospectus or document having similar effect; or (ii) creating any ongoing compliance or continuous disclosure obligations for the Corporation pursuant to the laws of such jurisdiction.

In consideration of the services to be rendered by the Underwriters in connection with the Offering, the Corporation agrees to pay to the Underwriters the Commission (as defined below) at the Closing Time (as defined below).

Subject to compliance with Canadian Securities Laws and the disclosure concerning the same contained in the Prospectus, without affecting the firm obligation of the Underwriters to purchase from the Corporation 6,600,000 Initial Shares at the Offering Price in accordance with this Agreement, after the Underwriters have made reasonable efforts to sell all of the Offered Securities at the Offering Price, the Offering Price may be decreased by the Underwriters and further changed from time to time to an amount not greater than the Offering Price specified herein. Such decrease in the Offering Price will not affect the Underwriters' Commission ($0.855 per Initial Share, other than in respect of sales to President's List Purchasers (as defined below)) to be paid by the Corporation to the Underwriters, and it will not decrease the amount of the net proceeds of the Offering to be paid by the Underwriters to the Corporation ($18.145 per Initial Share, other than in respect of sales to President's List Purchasers), before deducting expenses of the Offering. The Underwriters will inform the Corporation if the Offering Price is decreased.

**TERMS AND CONDITIONS**

The following are additional terms and conditions of this Agreement between the Corporation and the Underwriters:

**Article 1** 

**Definitions and Interpretation**

1.1 Where used in this Agreement or in any amendment hereto, the following terms have the following meanings,
respectively:

"**affiliate**", "**associate**", "**insider**" and "**person**" have the respective meanings given to them in the *Securities Act*;

"**Agreement**" means this underwriting agreement, as it may be amended from time to time;

"**Applicable Laws**" means all applicable laws, rules, regulations, policies, statutes, ordinances, codes, orders, consents, decrees, judgments, decisions, rulings, awards, or guidelines, the terms and conditions of any permits, including any judicial or administrative interpretation thereof, of any Governmental Authority;

"**Base Shelf Prospectus**" means the final short form base shelf prospectus of the Corporation dated December 4, 2023, including all of the Documents Incorporated by Reference therein;

"**BMO**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**Business**" means the mineral exploration, development and exploitation business of the Corporation, including as conducted in connection with the Guayabales Project and the San Antonio Project;

"**Business Assets**" means all material tangible and intangible property and assets owned (either directly or indirectly), leased, licensed, loaned, operated or used, including all real property, fixed assets, facilities, equipment, inventories and accounts receivable, by the Corporation and the Subsidiaries in connection with the Business;

"**Business Day**" means a day, other than a Saturday, a Sunday or statutory or civic holiday in the City of Toronto, Ontario;

"**Canadian Securities Laws**" means, collectively, all applicable Securities Laws of each of the Qualifying Jurisdictions and the respective rules and regulations under such laws together with applicable published instruments, notices and orders of the securities regulatory authorities in the Qualifying Jurisdictions, including the rules and policies of the TSX;

"**Canadian Underwriters**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**Claims**" has the meaning ascribed thereto Article 14 of this Agreement;

"**Closing**" means the completion of the sale of the Offered Securities and the purchase by the Underwriters of the Offered Securities pursuant to this Agreement;

"**Closing Date**" means October 8, 2025 or such earlier or later date as may be agreed to in writing by the Corporation and the Lead Underwriters, each acting reasonably;

"**Closing Time**" means 7:45 a.m. (Toronto time) on the Closing Date, or such other time on the Closing Date as may be agreed to by the Corporation and the Lead Underwriters;

"**Commission**" has the meaning ascribed thereto Article 15 of this Agreement;

"**Common Shares**" means common shares in the capital of the Corporation;

"**Corporation**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**Corporation's Auditor**" means BDO Canada LLP;

"**Corporation's Prior Auditor**" means PricewaterhouseCoopers LLP;

"**Debt Instrument**" means any and all loans, bonds, notes, debentures, indentures, promissory notes, mortgages, guarantees or other instruments evidencing indebtedness (demand or otherwise) for borrowed money or other liability to which the Corporation or a Subsidiary are a party or to which their property or assets are otherwise bound;

"**distribution**" means distribution or distribution to the public, as the case may be, for the purposes of Canadian Securities Laws or any of them;

"**Documents Incorporated by Reference**" means all financial statements, related management's discussion and analysis, management information circulars, joint information circulars, annual information forms, material change reports or other documents filed by the Corporation, whether before or after the date of this Agreement, that are required by applicable Canadian Securities Laws to be incorporated by reference into the Prospectus;

"**EDGAR**" means the SEC's Electronic Data Gathering, Analysis, and Retrieval system;

"**Employee Plans**" has the meaning ascribed thereto in Section 8.1(pp) of this Agreement;

"**Environmental Laws**" means all Applicable Laws relating to the environment or environmental issues (including air, surface, water and stratospheric matters), pollution or protection of human health and safety, including without limitation relating to the release, threatened release, manufacture, processing, blending, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials;

"**Financial Statements**" means (i) the audited consolidated financial statements of the Corporation for the years ended December 31, 2024 and 2023, together with the notes thereto and the auditor's report thereon and (ii) the unaudited interim condensed consolidated financial statements of the Corporation for the three and six months ended June 30, 2025;

"**FSE**" means the Frankfurt Stock Exchange.

"**Government Official**" means (a) any official, officer, employee, or representative of, or any person acting in an official capacity for or on behalf of, any Governmental Authority, (b) any salaried political party official, elected member of political office or candidate for political office, or (c) any company, business, enterprise or other entity owned or controlled by any person described in the foregoing clauses;

"**Governmental Authority**" means and includes, without limitation, any national or federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing;

"**Guayabales Project**" means the mineral exploration project held by the Corporation located in the Caldas department of Colombia, as further described in the Guayabales Technical Report and Public Disclosure Record;

"**Guayabales Technical Report**" means the report titled "NI 43-101 Technical Report for the Guayabales Gold-Silver-Copper Project, Department of Caldas, Colombia" with an effective date of December 31, 2022 prepared by Stewart D. Redwood pursuant to NI 43-101;

"**Hazardous Materials**" means chemicals, fluids, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products;

"**IFRS**" means IFRS Accounting Standards as issued by the International Accounting Standards Board;

"**Indemnified Expenses**" has the meaning ascribed thereto in Section 14.8 of this Agreement;

"**Indemnified Party**" or "**Indemnified Parties**" have the meanings ascribed thereto Article 14 of this Agreement;

"**Initial Shares**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**Investor Rights Agreement**" means the amended and restated investor rights agreement dated March 20, 2025 between the Corporation and Agnico Eagle Mines Ltd.;

"**Lead Underwriters**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**Liability Amount**" has the meaning ascribed thereto in Section 14.8 of this Agreement;

"**Liens**" means any encumbrance or title defect of whatever kind or nature, regardless of form, whether or not registered or registrable and whether or not consensual or arising by law (statutory or otherwise), including any mortgage, lien, charge, pledge or security interest, whether fixed or floating, or any assignment, lease, option, right of pre-emption, privilege, encumbrance, easement, servitude, right of way, restrictive covenant, right of use or any other right or claim of any kind or nature whatever which affects ownership or possession of, or title to, any interest in, or right to use or occupy such property or assets;

"**Losses**" has the meaning ascribed thereto Article 14 of this Agreement;

"**marketing materials**" has the meaning ascribed thereto in NI 41-101;

"**Marketing Materials**" means the term sheets for the Offering agreed to between the Corporation and BMO dated October 1, 2025 and October 2, 2025;

"**Material Adverse Effect**" means any event, change, fact, or state of being which could reasonably be expected to have a significant and adverse effect on the business, affairs, capital, operation, properties, permits, assets, liabilities (absolute, accrued, contingent or otherwise) or condition (financial or otherwise) of the Corporation and its Subsidiaries considered on a consolidated basis;

"**Material Agreement**" means each of (i) an option agreement dated July 9, 2020 between the Corporation, Minerales Provenza SAS and certain option holders to acquire the 4,729-hectare San Antonio Project located in the gold district of the Caldas region of Colombia; (ii) a purchase and sale agreement dated June 24, 2020, as amended by an addendum dated June 23, 2025, between Minerales Provenza SAS and the Guayabales Mining Association to acquire certain exploration mining titles partially comprising the Guayabales Project located in the Caldas region of Colombia; and (iii) a purchase and sale agreement dated December 23, 2020 between Minerales Provenza SAS and the Guayabales Mining Association to acquire certain exploration mining titles partially comprising Guayabales Project located in the Caldas region of Colombia;

"**material change**", "**material fact**" and "**misrepresentation**" have the respective meanings ascribed thereto in the *Securities Act*;

"**Material Mining Agreements**" has the meaning ascribed to such term in Section 8.1(cc)(iii) of this Agreement;

"**Mineral Title**" has the meaning ascribed to such term in Section 8.1(cc)(i) of this Agreement;

"**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements*;

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*;

"**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

"**NI 44-102**" means National Instrument 44-102 – *Shelf Distributions*;

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations*;

"**NI 52-109**" means National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings*;

"**Non-Canadian Underwriter**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**NP 11-202**" means National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions*;

"**NYSE**" means the NYSE American LLC;

"**OBCA**" means the *Business Corporations Act* (Ontario);

"**Offered Securities**" has the meaning ascribed thereto in the third paragraph of this Agreement;

"**Offering**" has the meaning ascribed thereto in the third paragraph of this Agreement;

"**Offering Documents**" means the Prospectus and the U.S. Private Placement Memorandum;

"**Offering Price**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**OSC**" has the meaning ascribed thereto in the fourth paragraph of this Agreement;

"**Over-Allotment Option**" has the meaning ascribed thereto in the second paragraph of this Agreement;

"**Over-Allotment Shares**" has the meaning ascribed thereto in the second paragraph of this Agreement;

"**person**" shall be broadly interpreted and shall include any individual, corporation, partnership, joint venture, association, trust or other legal entity;

"**Pre-Emptive Rights**" means the right of Agnico Eagle Mines Ltd., granted pursuant to the terms of the Investor Rights Agreement, to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its *pro rata* ownership interest at the time of such financing or issuance to acquire up to a 14.99% ownership interest in the Corporation on a partially-diluted basis;

"**President's List Purchasers**" has the meaning ascribed to such term Article 15 of this Agreement;

"**Prospectus**" means, collectively, the Base Shelf Prospectus, the Prospectus Supplement and any Prospectus Amendment;

"**Prospectus Amendment**" means, collectively, any amendment to the Prospectus Supplement, and any ancillary materials that may be filed by or on behalf of the Corporation under any of the Canadian Securities Laws relating to the distribution of the Offered Securities under applicable Canadian Securities Laws;

"**Prospectus Supplement**" means the prospectus supplement to the Base Shelf Prospectus, to be dated on or about October 3, 2025 and including the Documents Incorporated by Reference therein;

"**Public Disclosure Record**" means collectively, all of the documents which have been filed on www.sedarplus.ca since January 1, 2023 by or on behalf of the Corporation with the Securities Commissions pursuant to the requirements of Canadian Securities Laws, and all documents which have been filed on EDGAR at www.sec.gov since July 19, 2024 by or on behalf of the Corporation with the SEC pursuant to the requirements of U.S. Securities Laws;

"**Qualified Institutional Buyer**" means a "qualified institutional buyer" as defined in Rule 144A under the U.S. Securities Act, that is also a U.S. Accredited Investor;

"**Qualifying Jurisdictions**" means all the provinces and territories of Canada other than Québec and Nunavut;

"**Regulation D**" means Regulation D adopted by the SEC under the *U.S. Securities Act*;

"**Regulation S**" means Regulation S adopted by the SEC under the *U.S. Securities Act*;

"**Repayment Event**" means any event or condition which gives the holder of any Debt Instrument (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a material portion of such indebtedness by the Corporation or the Subsidiaries;

"**Required Permits**" means all licences, permits, approvals, consents, certificates, registrations and other authorizations under Applicable Laws required for the operation of the Corporation's or any of the Subsidiaries' Business;

"**San Antonio Project**" means the mineral exploration project held by the Corporation located in a historical gold district in the Caldas department of Colombia, as further described in the San Antonio Technical Report and Public Disclosure Record;

"**San Antonio Technical Report**" means the technical report titled "NI 43-101 Technical Report for the San Antonio Gold Project, Department of Caldas, Colombia" an effective date of December 31, 2020 prepared by Stewart D. Redwood pursuant to NI 43-101;

"**Sanctioned Country**" has the meaning ascribed to such term in Section 8.1(ddd) of this Agreement;

"**Sanctions**" has the meaning ascribed to such term in Section 8.1(ddd) of this Agreement;

"**SEC**" means the United States Securities and Exchange Commission;

"**Securities Act**" means the *Securities Act* (Ontario);

"**Securities Commissions**" means the securities regulatory authority in each of the Qualifying Jurisdictions;

"**Securities Laws**" means collectively, Canadian Securities Laws, U.S. Securities Laws and all applicable securities laws, rules, regulations, policies and other instruments promulgated by the Securities Regulators in any of the other Selling Jurisdictions;

"**Securities Regulators**" means collectively, the securities regulators or other securities regulatory authorities in the Selling Jurisdictions;

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval + of the Canadian Securities Administrators;

"**Selling Firm**" and "**Selling Group**" have the meanings ascribed thereto in the sixth paragraph of this Agreement;

"**Selling Jurisdictions**" means, collectively, each of the Qualifying Jurisdictions and may also include the United States and any other jurisdictions outside of Canada and the United States as mutually agreed to by the Corporation and the Underwriters;

"**Subsidiaries**" means each of the subsidiaries of the Corporation including (i) Collective Mining Limited (Bermuda); (ii) Minerales Provenza S.A.S. (Colombia); (iii) Minerales Campana S.A.S. (Colombia); and (iv) Collective Mining (USA), Inc.;

"**subsidiary**" or "**subsidiaries**" has the meaning ascribed thereto in the *Securities Act*;

"**Substituted Purchasers**" has the meaning ascribed thereto in the fifth paragraph of this Agreement;

"**Technical Reports**" means, together, the San Antonio Technical Report and the Guayabales Technical Report;

"**template version**" has the meaning ascribed thereto under NI 41-101 and includes any revised template version of marketing materials as contemplated by NI 41-101;

"**Transfer Agent**" means TSX Trust Company;

"**TSX**" means the Toronto Stock Exchange;

"**Underwriters**" has the meaning ascribed thereto in the opening paragraph of this Agreement;

"**United States**" means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

"**U.S. Accredited Investor**" means an "accredited investor" as defined in Rule 501(a) of Regulation D;

"**U.S. Affiliate**" means the United States registered broker dealer affiliate of an Underwriter;

"**U.S. Exchange Act**" means the *United States Securities Exchange Act* of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder;

"**U.S. Private Placement Memorandum**" means the private placement offering memorandum in the event of an offering of the Offered Securities in the United States, which will include and supplement the Prospectus;

"**U.S. Securities Act**" means the *United States Securities Act* of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder; and

"**U.S. Securities Laws**" means all applicable securities legislation in the United States, including, without limitation, the *U.S. Exchange Act* and *U.S. Securities Act,* and all applicable U.S. state securities laws.

1.2 Any reference in this Agreement to a section or subsection shall refer to a section or subsection of this
Agreement.

1.3 All words and personal pronouns relating thereto shall be read and construed as the number and gender
of the party or parties referred to in each case required and the verb shall be construed as agreeing with the required word and/or pronoun.

1.4 Any reference in this Agreement to $ or to "dollars" shall refer to the lawful currency of
Canada, unless otherwise specified.

1.5 The following are the schedules to this Agreement, which schedules are deemed to be a part hereof and
are hereby incorporated by reference herein:

<u>SCHEDULE A, COMPLIANCE WITH UNITED STATES SECURITIES LAWS</u>

**Article 2<br> Attributes of the Offered Securities**

2.1 The Offered Securities to be sold by the Corporation hereunder shall have the rights, privileges, restrictions
and conditions that conform in all material respects to the rights, privileges, restrictions and conditions set forth in the Offering
Documents.

2.2 The Underwriters severally agree not to offer or sell the Offered Securities in such a manner as to require
registration of any of them or the filing of a prospectus or any similar document under the laws of any jurisdiction outside the Qualifying
Jurisdictions and to distribute or offer the Offered Securities only in accordance with all Applicable Laws. However, the Corporation
and each Underwriter acknowledge that, in the event of any offer or sale of the Offered Securities in the United States, the Underwriters
acting directly or through one or more of their U.S. Affiliates will offer the Offered Securities to U.S. Accredited Investors and/or
Qualified Institutional Buyers as Substituted Purchasers for sale directly by the Corporation, each in transactions in reliance upon the
exemption from the registration requirements of the *U.S. Securities Act* provided by Rule 506(b) of Regulation D and/or Section
4(a)(2) of the *U.S. Securities Act* and similar exemptions from applicable securities laws of any state of the United States, all
in accordance with <u>Schedule A</u> which terms and conditions are hereby incorporated by reference in
and shall form a part of this Agreement; provided that no such action on the part of the Underwriters or their U.S. Affiliates shall in
any way oblige the Corporation to register any Offered Securities under the U.S. Securities Laws or the securities laws of any state of
the United States.

2.3 Notwithstanding the foregoing, an Underwriter will not be liable to the Corporation under this section
or <u>Schedule A</u> with respect to a violation by another Underwriter or its U.S. Affiliate(s) of the
provisions of this section or <u>Schedule A</u> if the former Underwriter or its U.S. Affiliate, as applicable,
is not itself also in violation.

**Article 3<br> Certain Obligations of the Corporation**

3.1 As soon as practicable after the execution of this Agreement, the Corporation will prepare and file the
Prospectus Supplement, including copies of any documents or information incorporated by reference therein, with the Securities Commissions,
and in any event no later than 11:00 p.m. (Toronto time) on October 3, 2025 and will have taken all other steps and proceedings that may
be necessary in order to qualify the Offered Securities for distribution in each of the Qualifying Jurisdictions by the Underwriters and
other persons who are registered in a category permitting them to distribute the Offered Securities under Canadian Securities Laws and
who comply with Canadian Securities Laws.

3.2 Until the distribution of the Offered Securities has been completed, the Corporation will permit the Underwriters
and their counsel to participate fully in the preparation of, and to approve the form of, the Prospectus Supplement, review any Documents
Incorporated by Reference therein and to conduct all due diligence investigations that they reasonably require in order to fulfil their
obligations as Underwriters under Canadian Securities Laws and in the case of the Prospectus Supplement, to enable the Underwriters to
responsibly execute any certificate required to be executed by them.

3.3 Until the distribution of the Offered Securities has been completed, the Corporation will promptly take
or cause to be taken all additional steps and proceedings that from time to time may be required under Canadian Securities Laws to continue
to qualify the Offered Securities for distribution in the Qualifying Jurisdictions or in the event that the Offered Securities have, for
any reason, ceased to so qualify, to again so qualify the Offered Securities and to ensure that the Offered Securities are freely tradable
in the Qualifying Jurisdictions, except for a trade that is a control distribution (within the meaning of Canadian Securities Laws).

3.4 Until the distribution of the Offered Securities has been completed, the Corporation will provide to the
Underwriters and their counsel reasonable access to the officers, employees, facilities, books and records of the Corporation and its
Subsidiaries during normal business hours in order to conduct all due diligence which the Underwriters may reasonably require to conduct
in order to fulfill their obligations as Underwriters and in order to enable the Underwriters to execute any certificate in the Prospectus
Supplement required to be executed by them. During such period, the Corporation will make available its directors, officers, the author
of the Guayabales Technical Report and the Corporation's Auditor to answer any questions which any of the Underwriters may have,
acting reasonably, and to participate in one or more due diligence sessions to be held prior to the Closing Time.

**Article 4<br> Distribution of the Offered Securities, Marketing Materials and Certain Obligations of the Underwriters**

4.1 During the course of the distribution of the Offered Securities by or through the Underwriters, the Underwriters
will offer and sell the Offered Securities only in the Selling Jurisdictions where they may be lawfully offered for sale or sold and in
compliance with Securities Laws. The Underwriters will not solicit offers to purchase or sell the Offered Securities so as to require
registration thereof or filing of a prospectus, registration statement or similar document with respect thereto, or that will result in
the Corporation being subject to continuous disclosure or similar obligations under the laws of any jurisdiction (other than the Qualifying
Jurisdictions), including the United States.

4.2 The Underwriters will use their reasonable best efforts to complete, and to cause the Selling Firms to
complete, the distribution of the Offered Securities as promptly as possible and the Underwriters will promptly notify the Corporation
in writing of the completion of the distribution of the Offered Securities. Following the Closing Date, BMO will provide the Corporation
with such information as it may require with respect to the proceeds realized in each of the Qualifying Jurisdictions from the distribution
of the Offered Securities for the purpose of payment of filing fees and as to distribution of the Offered Securities for the purposes
of listing the Common Shares on the TSX and NYSE.

4.3 For the purposes of Article 4, the Underwriters and the Selling Firms will, subject to receipt of
any notification by the Corporation to the contrary or notification under Section 6.1, be entitled to assume that the Offered Securities
are qualified for distribution in any Qualifying Jurisdiction where a receipt or similar document for the Base Shelf Prospectus has been
obtained from the applicable Securities Commissions and the Prospectus Supplement filed. The Underwriters agree, and will require each
Selling Firm to agree, to cease the distribution of the Offered Securities upon the Underwriter receiving written notification of any
change or material fact with respect to any Offering Document contemplated Article 6 and to not recommence the distribution
of the Offered Securities until any required disclosure (if any) with respect to such change or fact is filed in the Qualifying Jurisdictions.

4.4 In connection with the distribution of the Offered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation may prepare, in consultation with BMO, and approve in writing, prior to the time the marketing
materials are provided to potential investors, a template version of any of the marketing materials that the Corporation and BMO agree
will be provided by the Underwriters to any potential investor; such marketing materials shall comply with Canadian Securities Laws and
be acceptable in form and substance to BMO, acting reasonably, and such template version shall be approved in writing by BMO, prior to
the time the marketing materials are provided to potential investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation shall file the template version of the marketing materials referred to in Section 4.4(a)
above, with the Securities Commissions as soon as reasonably practicable after the template version of the marketing materials is so approved
in writing by the Corporation and by BMO and in any event on or before the day the marketing materials are first provided to any potential
investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any comparables shall be redacted from the template version of the marketing materials in accordance with
NI 41-101 prior to filing such template version with the Securities Regulators and a complete template version containing such comparables
and any disclosure relating to the comparables, if any, shall be delivered to the Securities Commissions by the Corporation as required
by Canadian Securities Laws.

4.5 Following the approvals and filings set forth in the foregoing paragraphs, the Underwriters may provide
a limited-use version of the marketing materials to potential investors to the extent permitted by Canadian Securities Laws.

4.6 The Corporation shall prepare and file a revised template version of any marketing materials provided
to potential investors in connection with the Offering where required under Canadian Securities Laws, and the foregoing paragraphs above
shall also apply to such revised template version.

4.7 During the period of distribution of the Offered Securities, the Corporation and the Underwriters covenant
and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not to provide any potential investor with any marketing materials unless a template version of such marketing
materials has been or will be filed by the Corporation with the Securities Commissions on or before the day such marketing materials are
first provided to any potential investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not to provide any potential investor with any materials or information in relation to the distribution
of the Offered Securities other than: (i) such marketing materials for which the template versions thereof have been approved and filed
in accordance with the foregoing paragraphs, (ii) the Prospectus in accordance with this Agreement, and (iii) any standard term sheet
(as defined in NI 41-101) approved in writing by the Corporation and BMO.

4.8 No Underwriter will be liable under Article 4 with respect to a default by any of the other Underwriters
or a Selling Firm appointed by any of the other Underwriters.

**Article 5<br> Delivery of the Prospectus and Related Matters**

5.1 Contemporaneously with or prior to the filing of the Prospectus Supplement or any Prospectus Amendment,
as the case may be, the Corporation will deliver to the Underwriters (and in the case of Section 5.1(b) below the Corporation will use
its commercially reasonable efforts to deliver), without charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if requested by the Underwriters, a copy of the Prospectus Supplement or any Prospectus Amendment, as
the case may be, including all Documents Incorporated by Reference therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if requested by the Underwriters, a copy of any other document required to be filed by the Corporation
in compliance with Canadian Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "long form" comfort letter from the Corporation's Auditor dated the date of the Prospectus
Supplement, in form and substance satisfactory to the Lead Underwriters, acting reasonably, addressed to the Underwriters and the board
of directors of the Corporation relating to the verification of financial and accounting information and other numerical data of a financial
nature contained in or incorporated or deemed to be incorporated by reference in the Prospectus and matters involving changes or developments
since the respective dates as of which specified financial information is given in the Prospectus Supplement, and containing statements
and information of the type ordinarily included in "comfort letters" to Underwriters in connection with an offering of securities,
to a date not more than two Business Days prior to the date of such letter, provided, that with respect to clauses (a) and (b) of this
Section 5.1 if the documents are available on SEDAR+, they shall be deemed to have been delivered to the Underwriters as required by this
Section 5.1.

5.2 In the event that the Corporation is required to prepare a Prospectus Amendment, the Corporation will
also prepare and deliver promptly to the Underwriters signed and certified copies of such Prospectus Amendment along with all Documents
Incorporated by Reference therein that have not been previously delivered to the Underwriters; provided that if such documents are available
on SEDAR+, they shall be deemed to have been delivered to the Underwriters as required by this Section 5.2. Any Prospectus Amendment will
be in form and substance satisfactory to the Lead Underwriters, acting reasonably. Concurrently with the delivery of any Prospectus Amendment,
the Corporation will deliver to each of the Underwriters, with respect to such Prospectus Amendment, documents similar to those referred
to in Section 5.1(a) and to the extent that such Prospectus Amendment contains financial, accounting or statistical data, documents similar
to those referred to in Section 5.1(c).

5.3 Delivery of the Offering Documents will be satisfied in accordance with the "access equals delivery"
provisions contained in Part 2A of NI 41-101 and the Underwriters and the Corporation shall satisfy any request for electronic or paper
copies of the Offering Documents in accordance with the requirements of NI 41-101, without charge.

5.4 Each delivery of the Prospectus by the Corporation to the Underwriters will constitute the consent of
the Corporation to the use of such document, as applicable, in connection with the Offering and will constitute the representation and
warranty of the Corporation to the Underwriters that, at the respective times of such delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all information and statements (except information and statements relating solely to the Underwriters
and provided by the Underwriters in writing expressly for inclusion therein) contained therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are true and correct in all material respects and contain no misrepresentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) constitute full, true and plain disclosure of all material facts relating to the Offered Securities and
to the Corporation and its Subsidiaries considered as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such document does not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were
made (except statements or facts relating solely to the Underwriters and provided by the Underwriters expressly for inclusion therein);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such document complies with Canadian Securities Laws at the time filed and at the time when it is first
sent or delivered to a purchaser or potential purchaser.

**Article 6<br> Material Change**

6.1 During the period from the date of this Agreement to the completion of the distribution of the Offered
Securities, the Corporation covenants and agrees with the Underwriters that it shall promptly notify the Underwriters in writing with
full particulars of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any material change (actual, anticipated, contemplated or threatened) in respect of the Corporation or
the Subsidiaries considered on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any material fact in respect of the Corporation which has arisen or has been discovered and would have
been required to have been stated in any of the Offering Documents had the fact arisen or been discovered on, or prior to, the date of
such document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in any material fact (which for the purposes of this Agreement shall be deemed to include the
disclosure of any previously undisclosed material fact) contained in the Offering Documents which fact or change is, or may be, of such
a nature as to render any statement in such Offering Document misleading or untrue in any material respect or which would result in a
misrepresentation in the Offering Document or which would result in any of the Offering Documents not complying (to the extent that such
compliance is required) with Securities Laws.

6.2 During the period from the date of this Agreement to the completion of the distribution of the
 Offered Securities, the Corporation shall promptly, and in any event within any applicable time limitation, comply, to the
 satisfaction of the Lead Underwriters, acting reasonably, with all applicable filings and other requirements under Canadian
 Securities Laws and U.S. Securities Laws as a result
of such fact or change; provided that the Corporation shall not file any Prospectus Amendment or other document without first providing
the Lead Underwriters with a copy of such Prospectus Amendment or other document and consulting with the Lead Underwriters with respect
to the form and content thereof. The Corporation shall in good faith discuss with the Lead Underwriters any fact or change in circumstances
(actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is or could be reasonable
doubt whether written notice need be given under Article 6.

6.3 If during the period of distribution of the Offered Securities there shall be any change in Canadian Securities
Laws or other laws which results in any requirement to file a Prospectus Amendment, the Corporation will promptly prepare and file such
Prospectus Amendment with the appropriate Securities Commissions where such filing is required, provided that the Corporation shall have
allowed the Lead Underwriters and its counsel to participate in the preparation and review of any Prospectus Amendment.

6.4 During the period from the date of this Agreement to the completion of the distribution of the Offered
Securities, the Corporation will notify the Lead Underwriters promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when any Prospectus Amendment has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any request by any Securities Commission for any Prospectus Amendment or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the suspension of the qualification of any of the Offered Securities for offering, sale, issuance,
or grant, as applicable, in any jurisdiction, or of any order suspending or preventing the use of the Offering Documents (or any Prospectus
Amendment) or of the institution or, to the knowledge of the Corporation, threatening of any proceedings for any such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the issuance by any Securities Commission or any stock exchange of any order having the effect of ceasing
or suspending the distribution of the Common Shares or the trading in any securities of the Corporation, or of the institution or, to
the knowledge of the Corporation, threatening of any proceeding for any such purpose. The Corporation will use its reasonable best efforts
to prevent the issuance of any such stop order or of any order preventing or suspending such use or such order ceasing or suspending the
distribution of the Common Shares or the trading in the shares of the Corporation and, if any such order is issued, to obtain the lifting
thereof at the earliest possible time.

**Article 7<br> Regulatory Approvals**

The Corporation will make all necessary filings, obtain all necessary consents and approvals (if any) and pay all filing fees required to be paid in connection with the transactions contemplated by this Agreement. The Corporation will cooperate with the Underwriters in connection with the qualification of the Offered Securities for offer and sale and the grant of the Over-Allotment Option, under Canadian Securities Laws and in maintaining such qualifications in effect for so long as required for the distribution of the Offered Securities.

**Article 8** 

**Representations and Warranties of the Corporation**

8.1 The Corporation represents and warrants to each of the Underwriters, and acknowledges that each of them
is relying upon such representations and warranties in connection with the purchase of the Offered Securities, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Good Standing of the Corporation** 

The Corporation (i) is a corporation existing under the laws of Ontario and is and will at the Closing Time be current and up-to-date with all material filings required to be made and in good standing under the OBCA, (ii) has all requisite corporate power and capacity to own, lease and operate its properties and assets, including its Business Assets and Required Permits, and to conduct its Business as now carried on by it or proposed to be carried on by it as described in the Offering Documents including with respect to activities conducted under the Required Permits, and (iii) has all requisite corporate power and authority to issue and sell the Offered Securities and to grant the Over-Allotment Option and to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Good Standing of Subsidiaries** 

Each Subsidiary is formed, organized and existing under the laws of its local jurisdiction, is current and up-to-date with all material filings required to be made and has all requisite corporate power and capacity to own, lease and operate its properties and assets, including its Business Assets, and to conduct its business as is now carried on by it or proposed to be carried on by it as described in the Offering Documents, and is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification is required. All of the issued and outstanding shares in the capital of the Subsidiaries have been duly authorized and validly issued, are fully paid and are directly or indirectly owned by the Corporation, free and clear of any Liens, and none of the outstanding securities of the Subsidiaries were issued in violation of the pre-emptive or similar rights of any security holder of the Subsidiaries. There exist no options, warrants, purchase rights, or other contracts or commitments that could require the Corporation to sell, transfer or otherwise dispose of any securities of the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Proceedings for Dissolution** 

No act or proceeding has been taken by or against the Corporation or the Subsidiaries in connection with their liquidation, winding-up or bankruptcy, or to their knowledge are pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Share Capital of the Corporation** 

The authorized share capital of the Corporations consists of an unlimited number of Common Shares, of which 84,857,276 Common Shares were issued and outstanding as of the close of business on October 3, 2025. The description of the attributes of the authorized and issued share capital of the Corporation as set out under the heading "Description of Securities Being Distributed" in the Prospectus is true and correct. Neither the Corporation nor the Subsidiaries are party to any agreement, nor is the Corporation aware of any agreement, which in any manner affects the voting control of any securities of the Corporation or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Share Capital of Subsidiaries** 

The issued share capital of: (i) Collective Mining Limited (Bermuda) is 1,000 common shares and such securities are all held by the Corporation; (ii) Minerales Provenza S.A.S. (Colombia) is 10,611,282 common shares and such securities are all held by Collective Mining Limited (Bermuda); (iii) Minerales Campana S.A.S. (Colombia) is 1,500 common shares and such securities are all held by Minerales Provenza S.A.S. (Colombia); and (iv) Collective Mining (USA), Inc. is 1,000 common shares and such securities are all held by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Form of Share Certificates** 

The forms of certificate respecting the Common Shares has been approved and adopted by the board of directors of the Corporation and do not conflict with any Applicable Laws and comply with the rules and regulations of the TSX and NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Common Shares are Listed** 

The Common Shares are listed and posted for trading on the TSX, NYSE and FSE, and neither the Corporation nor any of the Subsidiaries have taken any action which would reasonably be expected to result in the delisting or suspension of the Common Shares on or from the TSX, NYSE or FSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Stock Exchange Compliance** 

The Corporation is, and will at the Closing Time be, in compliance in all material respects with the policies, rules and regulations of the TSX, NYSE and FSE existing on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Cease Trade Orders** 

No order ceasing or suspending trading in the securities of the Corporation or prohibiting the sale of securities by the Corporation has been issued by an exchange or securities regulatory authority, and no proceedings for this purpose have, to the Corporation's knowledge, been instituted, or are, to the Corporation's knowledge, pending, contemplated or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Reporting Issuer Status** 

The Corporation is a "reporting issuer" in each of the provinces and territories of Canada other than Québec and is not currently in default of any requirement of the Canadian Securities Laws of such jurisdictions and the Corporation is not included on a list of defaulting reporting issuers maintained by any of the Securities Commissions. The Common Shares are registered under Section 12(b) of the U.S. Exchange Act, and the Corporation has timely filed or furnished all reports required to be filed or furnished under the U.S. Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Common Shares Validly Issued** 

The Initial Shares, at or prior to the Closing Time, and the Over-Allotment Shares, upon closing of the Over-Allotment Option, if applicable, shall be duly and validly authorized for issuance and sale pursuant to this Agreement and when issued and delivered by the Corporation pursuant to this Agreement, against full payment of the consideration therefor, will be validly issued as fully paid and non-assessable Common Shares, and such Common Shares will not be issued in violation of or subject to any pre-emptive rights or contractual rights to purchase securities issued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Qualified Investments** 

Subject to the qualifications and limitations described under "Eligibility for Investment" in the Prospectus, the Initial Shares and Over-Allotment Shares will be qualified investments under the *Income Tax Act* (Canada) and the regulations thereunder for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans, deferred profit sharing plans, a registered disability savings plan and tax free savings accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Registrar; Transfer Agent** 

TSX Trust Company at its principal offices in Toronto, Ontario has been duly appointed as transfer agent and registrar for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Absence of Rights** 

As of the date hereof, other than the Pre-Emptive Rights, no person has any right, agreement or option, present or future, contingent or absolute, or any right capable of becoming a right, agreement or option, for the issue or allotment of any unissued shares of the Corporation or any other agreement or option, for the issue or allotment of any unissued shares of the Corporation or any other security convertible into or exchangeable for any such shares or to require the Corporation to purchase, redeem or otherwise acquire any of the issued and outstanding shares of the Corporation. The Offered Securities, upon issuance, will not be issued in violation of or subject to any pre-emptive rights or contractual rights to purchase securities issued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Corporate Actions** 

The Corporation has taken, or will have taken prior to the Closing Time, all necessary corporate action, (i) to authorize the execution, delivery and performance of this Agreement, (ii) to authorize the execution and filing, as applicable, of the Offering Documents, and (iii) to validly issue and sell the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Valid and Binding Documents** 

This Agreement has been duly authorized, executed and delivered by the Corporation and will constitute legal, valid and binding obligations of the Corporation, enforceable against the Corporation in accordance with their terms, provided that enforcement thereof may be limited by laws affecting creditors' rights generally, that specific performance and other equitable remedies may only be granted in the discretion of a court of competent jurisdiction, and that the provisions relating to indemnity, contribution and waiver of contribution may be unenforceable and that enforceability is subject to the provisions of the *Limitation Act* (Ontario).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Consents, Approvals etc.** 

The execution and delivery of this Agreement and the fulfilment of the terms of this Agreement by the Corporation and the issuance, sale and delivery of the Offered Securities do not and will not require the consent, approval, authorization, registration or qualification of or with any Governmental Authority, stock exchange or other third party (including under the terms of any Material Agreement or Debt Instrument, or the Investor Rights Agreement), except those which have been obtained or those which may be required and shall be obtained prior to the Closing Time under the Securities Laws or the rules of the TSX and NYSE, including in compliance with the Securities Laws regarding the offer and sale of the Offered Securities in the Selling Jurisdictions, and such customary post-closing notices or filings required to be submitted within the applicable time frame pursuant to Securities Laws, as may be required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Continuous Disclosure** 

The Corporation is in compliance in all material respects with its timely and continuous disclosure obligations under Securities Laws, including insider reporting obligations, and, without limiting the generality of the foregoing, there has been no material fact or material change relating to the Corporation which has not been publicly disclosed and the information and statements in the Public Disclosure Record were true and correct as of the respective dates of such information and statements and at the time such documents were filed on SEDAR+ and EDGAR, do not contain any misrepresentations and no material facts have been omitted therefrom which would make such information materially misleading, and the Corporation has not filed any confidential material change reports which remain confidential as at the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Forward-Looking Information** 

No forward looking information within the meaning of Section 1(1) of the *Securities Act* contained or incorporated by reference in the Offering Documents has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Financial Statements** 

The Financial Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present fairly, in all material respects, the financial position of the Corporation on a consolidated
basis and the statements of operations, retained earnings, cash flow from operations and changes in financial information of the Corporation
on a consolidated basis for the periods specified in such Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been prepared in accordance with IFRS, applied on a consistent basis throughout the periods involved;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) do not contain any misrepresentations, with respect to the period covered by the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Off-Balance Sheet Transactions** 

There are no off-balance sheet transactions, arrangements, obligations or liabilities of the Corporation or its Subsidiaries whether direct, indirect, absolute, contingent or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Liabilities** 

Neither the Corporation nor the Subsidiaries have any liabilities, obligations, indebtedness or commitments, whether accrued, absolute, contingent or otherwise, which are not disclosed or referred to in the Financial Statements, other than liabilities, obligations, or indebtedness or commitments: (i) incurred in the normal course of business; or (ii) which would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Independent Auditor** 

The Corporation's Auditor is independent with respect to the Corporation within the meaning of the rules of professional conduct applicable to auditors in Canada and there has never been a "reportable event" (within the meaning of NI 51-102) with the Corporation's Auditor or the Corporation's Prior Auditor during the last three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Internal Control Over Financial Reporting and Internal Accounting Controls** 

The Corporation has established and maintains a system of internal control over financial reporting that complies with the requirements of NI 52-109 and the requirements of applicable U.S. Securities Laws that has been designed and effected by the Corporation's Chief Executive Officer and Chief Financial Officer, or under their supervision, and effected by the Corporation's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS, and the Corporation is not aware of any material weaknesses in its internal control over financial reporting. The Corporation maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that information required to be disclosed by the Corporation under Securities Laws is recorded, processed, summarized and reported within the time periods specified under Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **No Change in the Corporation's Internal Control Over Financial Reporting** 

Since the date of the latest audited consolidated financial statements of the Corporation included or incorporated by reference in the Prospectus, there has been no change in the Corporation's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial reporting (except as otherwise set forth in the Prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **Audit Committee** 

The audit committee's responsibilities and composition comply with National Instrument 52-110 – *Audit Committees* and with the requirements of the NYSE and the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Proposed Acquisition** 

There are no material agreements, contracts, arrangements or understandings (written or oral) with any persons relating to the acquisition or proposed acquisition by the Corporation of any material interest in any business (or part of a business) or corporation, nor are there any other specific contracts or agreements (written or oral) in respect of any such matters in contemplation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Title to Business Assets** 

The Corporation and the Subsidiaries have good, valid and marketable title to and have all necessary rights in respect of all of their Business Assets as owned, leased, licensed, loaned, operated or used by them or over which they have rights, free and clear of Liens (except for Liens granted in the ordinary course to finance the purchase of personal property and Liens as described in the Offering Documents, or such as do not (individually or in the aggregate) materially affect the value of such property or materially interfere with the use made or proposed to be made of such Business Assets by the Corporation and the Subsidiaries), and no other rights or Business Assets are necessary for the conduct of the Business as currently conducted or as proposed to be conducted. The Corporation knows of no claim or basis for any claim with respect to the use, transfer, lease, license, operate, sell or otherwise exploit such Business Assets that could reasonably be expected to have a Material Adverse Effect on the rights of the Corporation or the Subsidiaries and there are no outstanding rights of first refusal or other pre-emptive rights of purchase which entitle any person to acquire any of the rights, title or interests in the Business Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Mining** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or one of its Subsidiaries holds freehold title, mining leases, mining claims, mining
licences, mining concessions or other conventional proprietary interests or rights ()"**Mineral Title**") recognized in
the jurisdiction in which the Guayabales Project is located, in respect of the ore bodies and minerals in such mining property under valid,
subsisting and enforceable title documents, contracts, leases, licenses of occupation, licences, mining concessions, permits, or other
recognized and enforceable instruments and documents, sufficient to permit the Corporation or one of its Subsidiaries, as the case may
be, to carry out its current operations, with only such exceptions as are described in the Prospectus. In addition, the Corporation or
one of its Subsidiaries has all necessary surface rights, access rights and water rights, and all other presently required rights and
interests granting the Corporation or one of its Subsidiaries, as the case may be, the rights and ability to carry out its current operations
described in the Prospectus, all as referred to in the Prospectus, with only such exceptions as are described in the Prospectus. Each
of the aforementioned interests and rights is currently in good standing except as are described in the Prospectus or those interests
and rights which, if not kept in good standing,
would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All assessments or other work required to be performed in relation to the Mineral Title of the Corporation
and each of the Subsidiaries, in order to maintain their interest in the Guayabales Project, if any, have been performed to date and the
Corporation and each of the Subsidiaries has complied in all material respects with all applicable Laws in connection with such work and
assessments as well as with regard to legal, contractual obligations to third parties in connection with such work and assessments except
in respect of Mineral Title that the Corporation or a Subsidiary intends to abandon or relinquish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except and to the extent set forth in the Prospectus: (i) all of the agreements and other documents and
instruments pursuant to which the Corporation or any Subsidiary holds the property and assets of the Guayabales Project (including any
interest in, or right to earn an interest in, any Mineral Title or other property right related thereto) (collectively, the "**Material Mining Agreements**") are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance
with the terms thereof; (ii) none of the Corporation nor any Subsidiary has received written or oral notice of the termination, cancellation,
or declaration of invalidity or unenforceability by any person of any Material Mining Agreement or Mineral Title, or has become aware
of any intention on the part of, nor has there been any announcement by, any person to terminate, cancel, declare invalid or unenforceable
or revoke any Material Mining Agreement or Mineral Title; (iii) none of the Corporation nor any Subsidiary is in default of any provision
of any Material Mining Agreement nor has any such default been alleged, and the properties and assets of the Guayabales Project are in
good standing under the applicable statutes and regulations of the jurisdictions in which they are situated, all leases, licences and
claims pursuant to which the Corporation or any Subsidiary derive the interests thereof in such property and assets are in good standing
and there has been no default under any such lease, licence or claim and all taxes required to be paid with respect to such properties
and assets to the date hereof have been paid; and (iv) none of the properties (or any interest in, or right to earn an interest in, any
such property) or other assets of the Corporation or any Subsidiary is subject to any right of first refusal or purchase or acquisition
right which is not disclosed in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no expropriations or similar proceedings or any material challenges to title or ownership, actual
or threatened, of which the Corporation or any of the Subsidiaries has received notice or of which any of them has knowledge against the
Mineral Title of the Corporation or any of the Subsidiaries or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the best of the knowledge, information and belief, after due inquiry, of the Corporation, all mineral
exploration on the Guayabales Project by the Corporation has been conducted in accordance with good mining and engineering practices and
all applicable workers' compensation and health and safety and workplace Applicable
Laws have been complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the best of the knowledge, information and belief of the Corporation, after due inquiry, there are
no claims with respect to native or indigenous rights currently or pending or threatened with respect to any of the properties of the
Corporation or any of the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) With respect to information disclosed in the Prospectus: (i) other than the Guayabales Project, the Corporation
does not, directly or indirectly, hold any interest in a mineral project or in a mineral property that is material to the Corporation
for the purpose of NI 43-101; and (ii) the Corporation has duly filed with the applicable Securities Commissions in compliance with applicable
Canadian Securities Laws all technical reports required by NI 43-101 to be filed with the Securities Commissions and all such reports
(as amended) comply in all material respects with the requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Corporation made available to the respective authors thereof prior to the issuance of the Technical
Reports relating to the Guayabales Project and San Antonio Project, for the purpose of preparing the Technical Reports, as applicable,
all material information requested, and no such information contained any material misrepresentation as at the relevant time the relevant
information was made available. The Technical Reports comply in all material respects with the requirements of NI 43-101 as at the date
of each such Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **Compliance with Laws, Regulatory Approvals and Required Permits** 

The Corporation is engaged in the exploration and development of the Guayabales Project and the San Antonio Project. All operations of the Corporation in respect of or in connection with the Business Assets have in all material respects been and continue to be conducted in accordance with industry standard practices and, to the knowledge of the Corporation, in material compliance with all Applicable Laws. The Corporation and the Subsidiaries have obtained and are in compliance in all material respects with all Required Permits to permit them to conduct their Business as currently conducted or proposed to be conducted. All of the Required Permits issued to date are valid and in full force and effect and neither the Corporation nor any Subsidiary has received any correspondence or notice from any Governmental Authority alleging or asserting material non-compliance with any Applicable Laws or Required Permits. Neither the Corporation nor any Subsidiary has received any notice of proceedings or actions relating to the revocation, suspension, limitation or modification of any Required Permits or any notice advising of the refusal to grant any Required Permit that has been applied for or is in process of being granted and has no knowledge or reason to believe that any such Governmental Authority is considering taking or would have reasonable ground to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **Business Relationships** 

The Investor Rights Agreement and all Material Agreements with third parties in connection with the Business that have been entered into are being performed, in all material respects, by the Corporation and the Subsidiaries and, to the knowledge of the Corporation, by all other third parties thereto, in all material respects, in compliance with their terms. There exists no actual or, to the knowledge of the Corporation, threatened termination, cancellation or limitation of, or any material adverse modification or material change in, the business relationship of the Corporation or the Subsidiaries, with any supplier or customer, or any group of suppliers or customers whose business with or whose purchases or inventories/components provided to the business of the Corporation or the Subsidiaries are individually or in the aggregate material to the assets, business, properties, operations or financial condition of the Corporation or the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **Environmental and Workplace Laws** 

Each of the Corporation and the Subsidiaries is currently in compliance, in all material respects, with all Environmental Laws, including all reporting and monitoring requirements thereunder, and there are no pending or, to the knowledge of the Corporation, any threatened, administrative, regulatory or judicial actions, suits, demands, claims, Liens, notices of non-compliance or violation, investigation or proceedings relating to any Environmental Laws. Neither the Corporation nor the Subsidiaries have ever received any notice of any non-compliance in respect of Environmental Laws, there are no events or circumstances that might reasonably be expected to form the basis of an order for clean up or remediation under Environmental Laws or relating to any Hazardous Materials and all permits required under Environmental Laws have been obtained for the conduct of the Business. The facilities and operations of the Corporation and the Subsidiaries are currently being conducted, and to the knowledge of the Corporation have been conducted, in all material respects in accordance with all applicable workers' compensation and health and safety and workplace laws, regulations and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **Insurance** 

The Corporation and the Subsidiaries maintain insurance by insurers of recognized financial responsibility, against such losses, risks and damages to their Business Assets in such amounts that are customary for the business in which they are engaged and on a basis consistent with reasonably prudent persons in comparable businesses, and all of the policies in respect of such insurance coverage, fidelity or surety bonds insuring the Corporation, the Subsidiaries, and their respective directors, officers and employees, and the Business Assets, are in good standing and in full force and effect in all material respects, and not in default. Each of the Corporation and the Subsidiaries is in compliance with the terms of such policies and instruments in all material respects and there are no material claims by the Corporation or the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; the Corporation has no reason to believe that it will not be able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue the Business at a cost that would not have a Material Adverse Effect, and neither the Corporation nor the Subsidiaries have failed to promptly give any notice of any material claim thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **Material Agreements** 

The Investor Rights Agreement and all Material Agreements have been described or disclosed in the Offering Documents and the Investor Rights Agreement and each Material Agreement is valid, subsisting, in good standing and in full force and effect, enforceable in accordance with the terms thereof. The Corporation and the Subsidiaries have, in all material respects, performed all obligations in a timely manner under, and are in compliance, in all material respects, with all terms and conditions (including any financial covenants) contained in each Material Agreement and the Investor Rights Agreement, as applicable. Neither the Corporation nor the Subsidiaries are in material breach, violation or default nor has it received any notification from any party claiming that the Corporation or such Subsidiary is in material breach, violation or default under any Material Agreement or the Investor Rights Agreement and no other party, to the knowledge of the Corporation, is in material breach, violation or default of any term under any Material Agreement or the Investor Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Debt Instruments** 

Neither the Corporation nor any Subsidiary is a party to a Debt Instrument or any agreement, contract or commitment to create, issue or assume any Debt Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **No Material Changes** 

Since December 31, 2024, other than as disclosed in the Prospectus there has been no material change in the assets, liabilities, obligations (absolute, accrued, contingent or otherwise) business, condition (financial or otherwise), properties, capital or results of operations of the Corporation and the Subsidiaries considered as one enterprise, and there have been no transactions entered into by the Corporation or the Subsidiaries, other than those in the ordinary course of business, which are material with respect to the Corporation and the Subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **Absence of Proceedings** 

There is no action, suit, proceeding, inquiry or investigation before or brought by any person or Governmental Authority, domestic or foreign, now pending or, to the knowledge of the Corporation, threatened against or affecting the Corporation, any subsidiary or the Business Assets which is required to be disclosed in the Offering Documents and if not so disclosed or if determined adversely, would have a Material Adverse Effect, or would materially and adversely affect the consummation of the transactions contemplated in this Agreement or the performance by the Corporation of its obligations hereunder. The aggregate of all pending legal or governmental proceedings to which the Corporation or the Subsidiaries is a party or of which any of their respective property or assets is subject, which are not described in the Offering Documents would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **Absence of Defaults and Conflicts** 

Neither the Corporation nor any of the Subsidiaries is in material violation, default or breach of, and the execution, delivery and performance of this Agreement, the Offering Documents and the consummation of the transactions and compliance by the Corporation with its obligations hereunder and thereunder and the sale of the Offered Securities do not and will not, whether with or without the giving of notice or passage of time or both, result in a material violation, default or breach of, or conflict with, or result in a Repayment Event or the creation or imposition of any Lien upon any property or assets of the Corporation, including the Business Assets, or the Subsidiaries under the terms or provisions of (i) any Material Agreements, (ii) the Investor Rights Agreement, (iii) the articles or by-laws or other constating documents or resolutions of the directors or shareholders of the Corporation or the Subsidiaries, (iv) any existing Applicable Laws, including Securities Laws, or (v) any judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction over the Corporation, or the Subsidiaries or any of their assets, properties or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **Labour Matters** 

No material work stoppage, strike, lock-out, labour disruption, dispute grievance, arbitration, proceeding or other conflict with the employees of the Corporation or the Subsidiaries currently exists or, to the knowledge of the Corporation, is imminent or pending and the Corporation and the Subsidiaries are in material compliance with all provisions of all federal, national, regional, provincial and local laws and regulations respecting employment and employment practices, terms and conditions of employment and wages and hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **Employment Standards** 

There are no material complaints against the Corporation or the Subsidiaries before any employment standards branch or tribunal or human rights tribunal, nor any complaints or any occurrence which would reasonably be expected to lead to a complaint under any human rights legislation or employment standards legislation that would be material to the Corporation. There are no outstanding decisions or settlements or pending settlements under applicable employment standards legislation which place any material obligation upon the Corporation or the Subsidiaries to do or refrain from doing any act. The Corporation and Subsidiaries are currently in material compliance with all workers' compensation, occupational health and safety and similar legislation, including payment in full of all amounts owing thereunder, and there are no pending claims or outstanding orders of a material nature against either of them under applicable workers' compensation legislation, occupational health and safety or similar legislation nor has any event occurred which may give rise to any such material claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **Collective Bargaining Agreements** 

Neither the Corporation nor any Subsidiary is party to any collective bargaining agreements with unionized employees. To the knowledge of the Corporation, no action has been taken or is being contemplated to organize or unionize any other employees of the Corporation or any Subsidiary that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) **Employee Plans** 

The Corporation has complied in all material respects with the requirements under Canadian Securities Laws to include in the Offering Documents disclosure with respect to each plan for retirement, bonus, stock purchase, profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to, or required to be contributed to, by the Corporation for the benefit of any current or former director, officer, employee or consultant of the Corporation (the "**Employee Plans**"), each of which has been maintained in all material respects with its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations that are applicable to such Employee Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) **Taxes** 

All tax returns, reports, elections, remittances and payments of the Corporation and the Subsidiaries required by Applicable Law have been filed or made (as the case may be) in any applicable jurisdiction and are true, complete and correct except where the failure to make such filing, election, or remittance and payment would not constitute a Material Adverse Effect, and all taxes of the Corporation and of the Subsidiaries have been paid or accrued in the Financial Statements (except as any extension may have been requested or granted and in any case in which the failure to file, pay or accrue such taxes would not result in a Material Adverse Effect). There are no examinations of any tax return of the Corporation or the Subsidiaries currently in progress and there are no issues or disputes outstanding with any Governmental Authority respecting any taxes that have been paid, or may be payable, by the Corporation or the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) **Anti-Bribery Laws** 

Neither the Corporation nor any Subsidiary nor to the knowledge of the Corporation, any director, officer, employee, consultant, representative or agent of the foregoing, has (i) violated any anti-bribery or anti-corruption laws applicable to the Corporation and the Subsidiaries, including the *Corruption of Foreign Public Officials Act* (Canada)*,* and any other applicable anti-corruption laws or conventions and the Corporation has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws and conventions, or (ii) offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything of value, that goes beyond what is reasonable and customary and/or of modest value: (X) to any Government Official, whether directly or through any other person, for the purpose of influencing any act or decision of a Government Official in his or her official capacity; inducing a Government Official to do or omit to do any act in violation of his or her lawful duties; securing any improper advantage; inducing a Government Official to influence or affect any act or decision of any Governmental Authority; or assisting any representative of the Corporation or the Subsidiaries in obtaining or retaining business for or with, or directing business to, any person; or (Y) to any person in a manner which would constitute or have the purpose or effect of public or commercial bribery, or the acceptance of or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining business or any improper advantage. Neither the Corporation nor the Subsidiaries nor to the knowledge of the Corporation, any director, officer, employee, consultant, representative or agent of foregoing, has (i) conducted or initiated any review, audit, or internal investigation that concluded the Corporation, a subsidiary or any director, officer, employee, consultant, representative or agent of the foregoing violated such laws or committed any material wrongdoing, or (ii) made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible for enforcing anti-bribery or anti-corruption laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance with any such laws, or received any notice, request, or citation from any person alleging non-compliance with any such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) **No Significant Acquisitions** 

The Corporation has not completed any "significant acquisition" (within the meaning of such term under NI 51-102) nor is it proposing any "probable acquisitions" (within the meaning of such term under NI 44-101F1) that would require the inclusion or incorporation by reference of any additional financial statements or pro forma financial statements in the Prospectus or the filing of a Business Acquisition Report pursuant to Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) **Corporation Short Form Eligible** 

The Corporation is eligible to file a short form prospectus in each of the Qualifying Jurisdictions pursuant to applicable Canadian Securities Laws and upon filing of the Prospectus Supplement there will be no documents required to be filed under the Canadian Securities Laws in connection with the distribution of the Offered Securities that will not have been filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) **Compliance with Laws** 

The Corporation has complied, or will have complied, in all material respects with all relevant statutory and regulatory requirements required to be complied with prior to the Closing Time in connection with the Offering. Neither the Corporation nor any Subsidiary is aware of any legislation or proposed legislation, which they anticipate will have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) **No Loans** 

Except as disclosed in the Financial Statements, neither the Corporation nor any Subsidiary has made any material loans to or guaranteed the material obligations of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) **Minute Books and Records** 

The minute books and records of the Corporation and the Subsidiaries made available to counsel for the Underwriters in connection with their due diligence investigation of the Corporation for the periods requested to the date hereof are all of the minute books of the Corporation and the Subsidiaries and contain copies of all material proceedings (or certified copies thereof or drafts thereof pending approval) of the shareholders, the directors and all committees of directors of the Corporation and the Subsidiaries, as the case may be, to the date of review of such corporate records and minute books and there have been no other meetings, resolutions or proceedings of the shareholders, directors or any committees of the directors of the Corporation and the Subsidiaries to the date hereof not reflected in such minute books and other records, other than those which have been disclosed to the Underwriters or which are not material in the context of the Corporation and the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **No Dividends** 

During the previous 12 months, the Corporation has not, directly or indirectly, declared or paid any dividend or declared or made any other distribution on any of its shares or securities of any class, or, directly or indirectly, redeemed, purchased or otherwise acquired any of its Common Shares or securities or agreed to do any of the foregoing. There are no restrictions upon or impediments to, the declaration or payment of dividends by the directors of the Corporation or the payment of dividends by the Corporation in the constating documents or in any Material Agreements or Debt Instruments or the Investor Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) **Fees and Commissions** 

Other than the Underwriters (or any members of its Selling Group) pursuant to this Agreement, there is no other person acting at the request of the Corporation, or to the knowledge of the Corporation, purporting to act who is entitled to any brokerage, agency or other fiscal advisory or similar fee in connection with the Offering or transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) **Entitlement to Proceeds** 

Other than the Corporation, there is no person that is or will be entitled to demand any of the net proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) **Related Parties** 

Except as described or disclosed in the Offering Documents, none of the directors, officers or employees of the Corporation, any known holder of more than 10% of any class of securities of the Corporation or securities of any person exchangeable for more than 10% of any class of securities of the Corporation, or any known associate or affiliate of any of the foregoing persons or companies (as such terms are defined in the *Securities Act*), has had any material interest, direct or indirect, in any material transaction within the previous two years or any proposed material transaction which, as the case may be, materially affected or is reasonably expected to materially affect the Corporation and any Subsidiary, on a consolidated basis. Neither the Corporation nor any Subsidiary has any material loans or other indebtedness outstanding which has been made to any of its shareholders, officers, directors or employees, past or present, or any person not dealing at "arm's length" (within the meaning of the *Income Tax Act* (Canada)) with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) **Sales by Insiders** 

To the knowledge of the Corporation, no insider of the Corporation has a present intention to sell any securities of the Corporation held by it other than as has been disclosed to the Lead Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) **Anti-Money Laundering** 

The operations of the Corporation and the Subsidiaries (or any related party thereof) are and have been conducted at all times in compliance with the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*, the *Foreign Corrupt Practices Act of 1977*, all applicable financial recordkeeping and reporting requirements, the applicable anti-money laundering statutes of jurisdictions where the Corporation and the Subsidiaries (or any related party thereof) conduct business, the rules and regulations thereunder and any related or similar rules or regulations, issued, administered or enforced by any governmental agency applicable to the Corporation and the Subsidiaries (or any related party thereof) (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Corporation and the Subsidiaries (or any related party thereof) with respect to the Anti-Money Laundering Laws is, to the knowledge of the Corporation, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) **No Conflicts with Sanctions Laws** 

Neither the Corporation nor any of its Subsidiaries, nor any director or officer of the Corporation or its Subsidiaries, nor, to the knowledge of the Corporation, any agent, employee or representative of the Corporation or its Subsidiaries, affiliate or other person associated with or acting on behalf of the Corporation or its Subsidiaries is currently the subject or target of any sanctions administered or enforced by the United States government (including, without limitation, the Office of Foreign Assets Control of the United States Treasury Department or the United States Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, His Majesty's Treasury or other relevant sanctions authority (collectively, "**Sanctions**"), nor is the Corporation or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Russia, Cuba, Iran, North Korea, the Crimean region, and Syria (each, a "**Sanctioned Country**"); and the Corporation will not directly or indirectly use the proceeds of the offering of the Offered Securities hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country; or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. The Corporation and its Subsidiaries have not, for the past five years, knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) **Exchange Compliance** 

The Corporation is, and will at the Closing Time be, in compliance in all material respects with the policies, rules and regulations of the TSX and NYSE existing on the date hereof. The outstanding Common Shares are listed and posted for trading on the TSX and NYSE and neither the Corporation nor the Subsidiaries has taken any action which would reasonably be expected to result in the delisting or suspension of the Common Shares on or from the TSX or NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) **Prospectus** 

The information and statements contained in the Prospectus (except information and statements relating solely to the Underwriters and furnished by them in writing specifically for use therein) will, at the time of delivery of the Prospectus: (i) be true and correct in all material respects; (ii) contain no misrepresentation relating to the Corporation and its Subsidiaries or the Offering and will be in compliance with applicable Canadian Securities Laws in all material respects; and (iii) not omit any material fact or information which is necessary to make the statements or information contained therein not misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) **U.S. Private Placement Memorandum** 

The U.S. Private Placement Memorandum has been prepared in a form customary for a private placement offering of equity securities of a Canadian foreign private issuer in the United States pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the *U.S. Securities Act* for Substituted Purchasers who are U.S. Accredited Investors and/or Qualified Institutional Buyers, and similar exemptions under applicable securities laws of any state of the United States, concurrent with a public offering in Canada, and does not and will not contain any material disclosures regarding the Corporation or its Subsidiaries other than as set forth in the Prospectus or in any Prospectus Amendment, if any, in each case, that is included therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) **Pre-Emptive Rights** 

The Corporation has complied with its obligations under the Pre-Emptive Rights in connection with the Offering.

**Article 9<br> Covenants of the Corporation**

The Corporation covenants and agrees with the Underwriters, and acknowledges that each of them is relying on such covenants in connection with the purchase of the Offered Securities, as follows:

9.1 **Notification of Filings** 

The Corporation will advise the Underwriters, promptly after receiving notice thereof, of the time when the Offering Documents have been filed and will provide evidence reasonably satisfactory to the Underwriters of such filing.

9.2 **Standstill** 

The Corporation will not, directly or indirectly, for a period commencing on the date of this Agreement and ending 90 days after the Closing Date, without the prior written consent of BMO, on behalf of the Underwriters, not to be unreasonably withheld or delayed, authorize, sell or issue or announce its intention to authorize, sell or issue, or negotiate or enter into an agreement to sell or issue, any securities of the Corporation (including those that are convertible or exchangeable into securities of the Corporation) other than: (i) pursuant to the Offering (including the issuance of securities on exercise of the Pre-Emptive Rights); (ii) the issuance of non-convertible debt securities; (iii) upon the exercise of convertible securities, options or warrants of the Corporation outstanding as of the date hereof; (iv) pursuant to the Corporation's stock option plan or any other share compensation arrangement of the Corporation; (v) pursuant to any acquisition of shares or assets of arm's length persons; or (vi) in connection with any strategic transactions, investments or supply agreements between the Corporation and a third party, including any stock options or other convertible securities that may be issued to any arm's length persons in connection with such strategic transactions, investments or supply agreements.

9.3 **Consents and Approvals** 

The Corporation will have made or obtained, as applicable, using commercially reasonable best efforts at or prior to the Closing Time, all consents, approvals, permits, authorizations or filings as may be required by the Corporation under Securities Laws necessary for the consummation of the transactions contemplated herein, other than customary post-closing filings required to be submitted within the applicable time frame pursuant to Securities Laws and the rules of the TSX and NYSE.

**Article 10<br> Representations and Warranties of the Underwriters**

10.1 Each Underwriter hereby severally, and not jointly, nor jointly and severally, represents and warrants
to the Corporation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Registration** 

The Underwriters (or their U.S. Affiliates, as applicable) are, and will remain so, until the completion of the Offering, appropriately registered under applicable Canadian Securities Laws or U.S. Securities Laws, as applicable, so as to permit it to lawfully fulfill its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authority** 

The Underwriters have good and sufficient right and authority to enter into this Agreement and complete the transactions contemplated under this Agreement on the terms and conditions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Marketing Materials** 

Other than the Marketing Materials, the Underwriters have not provided any marketing materials to any potential investors in connection with the Offering;

10.2 Each Underwriter hereby severally, and not jointly, nor jointly and severally, represents and warrants
to the Corporation, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Jurisdictions** 

During the period of distribution of the Offered Securities by or through the Underwriters, the Underwriters will offer and sell the Offered Securities to the public only in the Qualifying Jurisdictions where they may lawfully be offered for sale upon the terms and conditions set forth in the Prospectus and this Agreement, either directly or through its Selling Group. The Underwriters shall be entitled to assume that the Offered Securities are qualified for distribution in any Qualifying Jurisdiction where the Prospectus Supplement has been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compliance with Securities Laws** 

The Underwriters will comply with applicable Securities Laws in connection with the offer and sale and distribution of the Offered Securities. The Underwriters will offer the Offered Securities for sale by the Corporation in the United States directly or through one or more of their U.S. Affiliates pursuant to applicable exemptions from the registration requirements of *U.S. Securities Act* and applicable U.S. state securities laws, and in such other international Selling Jurisdictions on a private placement basis, in accordance with applicable Securities Laws in such other international Selling Jurisdictions. Any offer of the Offered Securities for sale by the Corporation in the United States will be made solely pursuant to the U.S. Private Placement Memorandum and in accordance with <u>Schedule A</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Sales** 

The Underwriters will not, directly or indirectly, solicit offers to sell or sell the Offered Securities or deliver any Offering Document to purchasers so as to require registration of the Offered Securities or the filing of a prospectus or registration statement with respect to the Offered Securities under the Applicable Laws of any jurisdiction other than the Qualifying Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Completion of Distribution** 

The Underwriters will use its commercially reasonable best efforts to complete the distribution of the Offered Securities as promptly as possible after the Closing Time. The Underwriters will notify the Corporation when the Underwriters have ceased the distribution of the Offered Securities and, within 30 days after the Closing Date, will provide the Corporation, in writing, with a breakdown of the number of Offered Securities distributed (i) in each of the Qualifying Jurisdictions, and (ii) in any other Selling Jurisdictions.

**Article 11<br> Conditions of Closing**

The Underwriters' obligation to purchase the Offered Securities pursuant to this Agreement (including the obligation to complete the purchase of the Initial Shares and the Over-Allotment Shares, as the case may be) shall be subject to the following conditions having been met at the Closing Time:

11.1 the Underwriters receiving favourable legal opinions from Cassels Brock & Blackwell LLP, counsel
 to the Corporation (who may rely, to the extent appropriate in the circumstances, on the opinions of local counsel acceptable to
 counsel to the Underwriters as to the qualification of the Offered Securities for sale to the public and as to other matters
 governed by the laws of jurisdictions in Canada other than the provinces in which they are qualified to practice and may rely, to
 the extent appropriate in the circumstances, as to matters of fact on certificates of officers, public and exchange officials or of
 the auditor or Transfer Agent of the Corporation), substantially
to the effect set forth below, subject to customary assumptions, qualifications and limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation is a corporation validly continued and existing under the OBCA and has all requisite corporate
power and capacity to carry on business, to own and lease properties and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the authorized and issued Common Shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation has the requisite corporate power and authority to enter into this Agreement and to perform
its obligations set out herein, and the Agreement has been duly executed and delivered by the Corporation and constitute a legal, valid
and binding obligation of the Corporation enforceable against the Corporation in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution and delivery of this Agreement and the fulfilment of the terms of this Agreement by the
Corporation and the issuance, sale and delivery of the Offered Securities, the grant of the Over-Allotment Option, do not and will not
result in a breach of or default under, and do not and will not create a state of facts which, after notice or lapse of time or both,
will result in a breach of or default under, and do not and will not conflict with the notice of articles and articles of the Corporation,
or any applicable Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all necessary corporate action has been taken by the Corporation to authorize the execution of each of
the Offering Documents (and any Prospectus Amendment) and the filing thereof with the Securities Commissions in the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Initial Shares have been validly issued as fully paid and non-assessable shares in the capital of
the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Over-Allotment Option has been duly and validly authorized and granted by the Corporation, and the
Over-Allotment Shares been duly and validly, allotted and reserved for issuance by the Corporation and, upon the due exercise of the Over-Allotment
Option, including receipt by the Corporation of payment in full therefor, the Over-Allotment Shares will be issued and outstanding as
fully paid and non-assessable shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all necessary documents have been filed, all necessary proceedings have been taken and all necessary authorizations,
approvals, permits, consents and orders have been obtained under Canadian Securities Laws to qualify the distribution to the public of
the Offered Securities in the Qualifying Jurisdictions by or through persons who are duly registered under the applicable Canadian Securities
Laws and who have complied with the relevant provisions of such applicable Canadian Securities Laws and to qualify the grant of the Over-Allotment
Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the qualifications, limitations and assumptions set out therein, the statements set forth in
the Prospectus under the captions "*Eligibility for Investment*" and "*Certain Canadian Federal Income Tax Considerations* ",
insofar as they purport to describe the provisions of the laws referred to therein, are fair summaries of the matters discussed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject only to the standard listing conditions, the Initial Shares and the Over-Allotment Shares have
been conditionally listed or approved for listing on the TSX and NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) TSX Trust Company has been duly appointed as registrar and transfer agent of the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the attributes of the Initial Shares and the Over-Allotment Shares conform in all material respects with
the description thereof contained in the Prospectus;

in form and substance acceptable to the Underwriters and their counsel, acting reasonably.

11.2 the Underwriters receiving a favourable legal opinion in form and substance satisfactory to the Underwriters
and their counsel, acting reasonably, to be delivered to the Underwriters with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Subsidiaries (other than Collective Mining (USA), Inc.) having been incorporated and existing under
the Applicable Law of their respective jurisdictions of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Subsidiaries (other than Collective Mining (USA), Inc.) having the corporate capacity and power to
own and lease their properties and assets and to conduct their business as currently being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to the authorized and issued share capital of such Subsidiaries (other than Collective Mining (USA),
Inc.) and to the ownership thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Subsidiaries (other than Collective Mining (USA), Inc.) being current with all corporate filings
required to be made under their respective jurisdictions of incorporation and all other jurisdictions in which they exist or carry on
any material business, and have all necessary licences, leases, permits, authorizations and other approvals necessary to permit them to
conduct their respective business as currently conducted;

11.3 the Underwriters receiving a favourable legal opinion in form and substance satisfactory to the Underwriters
and their counsel, acting reasonably, to be delivered to the Underwriters with respect to the material Mineral Titles comprising the Guayabales
Project;

11.4 if any of the Initial Shares or Over-Allotment Shares are offered or sold in the United States, the Underwriters
shall have received at the Closing Time a customary and favourable legal opinion, dated the Closing Date, of Rutan & Tucker LLP, special
United States counsel for the Corporation, addressed to the Underwriters and in form and substance reasonably satisfactory to the Underwriters,
to the effect that no registration is required under the *U.S. Securities Act* in connection with the offer and sale of the Initial
Shares and Over-Allotment Shares in the United States; provided, that such offer, sale and delivery of the Initial Shares and Over- Allotment
Shares in the United States is made in compliance with this Agreement and the terms set out in <u>Schedule A</u> hereto and provided further that it being understood that no opinion is expressed as to any subsequent resale of any of the
Initial Shares or Over-Allotment Shares and provided further that in rendering such opinions, such counsel may rely: (i) as to matters
involving the application of laws other than the
laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified
in such opinion, if at all, upon an opinion or opinions of other counsel familiar with the applicable laws; and (ii) as to matters of
fact, to the extent such counsel deems proper, on (a) certificates or other written statements of officers of the Corporation and (b)
the Underwriters' Certificate attached hereto as <u>Appendix 1</u> to <u>Schedule A</u>;

11.5 the Underwriters having received certificates dated the Closing Date and signed by two senior officers
of the Corporation as may be acceptable to the Underwriters, acting reasonably, in form and substance satisfactory to the Underwriters,
acting reasonably, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the constating documents of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the resolutions of the directors of the Corporation relevant to the Offering Documents, the sale of the
Offered Securities, the grant of the Over-Allotment Option and the authorization of this Agreement and the transactions contemplated herein
and therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the incumbency and signatures of signing officers for the Corporation;

11.6 the Underwriters receiving certificates of status and/or compliance, where issuable under Applicable Law,
for the Corporation and the Subsidiaries, each dated within one Business Day prior to the Closing Date;

11.7 the Underwriters receiving an auditor's "bring down" comfort letter dated the Closing
Date from the Corporation's Auditor, in form and substance satisfactory to the Underwriters, on behalf of the Underwriters, bringing
forward to a date not more than two Business Days prior to the Closing Date the information contained in the comfort letter referred to
in Section 5.1(c) hereof;

11.8 the Corporation will cause its officers and directors to execute and deliver to the Underwriters signed
lock-up agreements, in form and content acceptable to the Underwriters, acting reasonably, on or before the Closing Time, pursuant to
which each such person agrees, for a period beginning on the Closing Date and ending 90 days after the Closing Date, not to, directly
or indirectly, offer, sell, contract to sell, grant any option to purchase, make any short sale, or otherwise dispose of, or transfer,
or announce any intention to do so, any Common Shares, whether now owned directly or indirectly, or under their control or direction,
or with respect to which each has beneficial ownership, or enter into any transaction or arrangement that has the effect of transferring,
in whole or in part, any of the economic consequences of ownership of Common Shares, whether such transaction is settled by the delivery
of Common Shares, other securities, cash or otherwise other than pursuant to a take-over bid or any other similar transaction made generally
to all of the shareholders of the Corporation, or with the prior written consent of BMO, such consent not to be unreasonably withheld;

11.9 the Underwriters receiving a certificate dated the Closing Date and signed by the Chief Executive Officer
and the Chief Financial Officer or such other senior officer(s) of the Corporation as may be acceptable to the Underwriters, on behalf
of the Underwriters, certifying for and on behalf of the Corporation and without personal liability, after having made due enquiries,
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of the Corporation contained in this Agreement, and in any certificates
of the Corporation delivered pursuant to or in connection with this Agreement, are true and correct in all material respects as of the
Closing Time as if such representations and warranties were made as at the Closing Time, after giving effect to the transactions contemplated
hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has complied in all material respects with all the covenants and satisfied in all material
respects all the terms and conditions of this Agreement on its part to be complied with and satisfied at or prior to the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no order, ruling or determination having the effect of suspending the sale or ceasing the trading or prohibiting
the sale of the Offered Securities or any other securities of the Corporation has been issued by any regulatory authority and is continuing
in effect and no proceedings for that purpose have been instituted or are pending or, to the knowledge of such officers, contemplated
or threatened by any regulatory authority or the TSX or NYSE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Prospectus Supplement is true and correct in all material respects and contains no misrepresentation,
constitute full, true and plain disclosure of all material facts relating to the Offered Securities and to the Corporation and its Subsidiaries
considered as a whole and do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading;

11.10 the Underwriters receiving a certificate from TSX Trust Company as to the number of Common Shares issued
and outstanding as at the end of the Business Day on the date prior to the Closing Date;

11.11 the Corporation having delivered to the Underwriters evidence of the approval (or conditional approval)
of the listing and posting for trading of the Initial Shares and Over-Allotment Shares on the TSX and NYSE, subject only to satisfaction
by the Corporation of standard listing conditions;

11.12 the Corporation complying with all of its covenants and obligations under this Agreement required to be
satisfied at or prior to the Closing Time;

11.13 the Underwriters not having exercised any rights of termination set forth herein; and

11.14 the Underwriters having received such further certificates, opinions of counsel and other documentation
from the Corporation contemplated herein, provided, however, that the Underwriters or their counsel shall request any such certificate
or document within a reasonable period prior to the Closing Time that is sufficient for the Corporation to obtain and deliver such certificate,
opinion or document.

**Article 12<br> Closing**

12.1 **Location of Closing** 

The Offering will be completed electronically at the Closing Time.

12.2 **Securities** 

At the Closing Time, subject to the terms and conditions contained in this Agreement, the Corporation shall deliver to the Underwriters the Initial Shares in electronic form, unless otherwise directed by BMO, on behalf of the Underwriters, against payment to the Corporation by the Underwriters of the aggregate Offering Price for the Initial Shares by wire transfer, net of the Commission and expenses of the Underwriters payable by the Corporation as set out in this Agreement.

12.3 **Settlement** 

Except for issuances to purchasers in the United States that are U.S. Accredited Investors (but not Qualified Institutional Buyers) who shall be issued the Initial Shares in a certificated or DRS statement form, the Corporation shall cause the Transfer Agent to issue electronically and register through the non-certificated inventory process, the Initial Shares against payment therefor in the manner as set forth above, such electronic issuance being registered in the name of CDS (or in such other name as the Underwriters, may direct).

**Article 13<br> Closing of the Over-Allotment Option**

13.1 **Written Notice of Exercise** 

The Over-Allotment Option may be exercised in whole or in part at any time, and from time to time, until that date which is 30 days following the Closing Date. BMO shall provide written notice to the Corporation of its election to exercise the Over-Allotment Option, which notice will set forth: (i) the aggregate number of Over-Allotment Shares to be purchased; and (ii) the closing date for the Over-Allotment Shares, provided that such closing date shall not be less than two Business Days and no more than seven Business Days following the date of such notice, and in any event not later than the 30<sup>th</sup> day following the Closing Date.

13.2 **Closing** 

The purchase and sale of the Over-Allotment Shares, if required, shall be completed at such time and place as BMO and the Corporation may agree, and in accordance with Section 13.1 above.

13.3 **Securities** 

At the closing of the Over-Allotment Option, subject to the terms and conditions contained in this Agreement, the Corporation shall deliver to the Underwriters the Over-Allotment Shares, in electronic or certificated form, registered as directed by the Underwriters, against payment to the Corporation by the Underwriters of the aggregate Offering Price for the Over-Allotment Shares being issued and sold by wire transfer, net of the Commission and any expenses of the Underwriters payable by the Corporation as set out in this Agreement.

13.4 **Deliveries** 

The applicable terms, conditions and provisions of this Agreement (including the provisions Article 11 relating to closing deliveries Article 15 relating to fees and expenses) shall apply *mutatis mutandis* to the Closing of the issuance of any Over-Allotment Shares pursuant to any exercise of the Over-Allotment Option.

13.5 **Adjustments** 

In the event that the Corporation shall subdivide, consolidate, reclassify or otherwise change its Common Shares during the period in which the Over-Allotment Option is exercisable, appropriate adjustments will be made to the Offering Price and to the number of Over-Allotment Shares issuable on exercise thereof such that the Underwriters are entitled to arrange for the sale of the same number and type of securities that the Underwriters would have otherwise arranged for had they exercised such Over-Allotment Option immediately prior to such subdivision, consolidation, reclassification or change.

**Article 14<br> Indemnification and Contribution**

14.1 The Corporation, its Subsidiaries and affiliates agree to indemnify and save harmless each of the Underwriters,
their affiliates and their respective directors, officers, employees, partners, agents, and shareholders, each other person, if any, controlling
the Underwriters or any of their subsidiaries (collectively, the "**Indemnified Parties**" and individually, an "**Indemnified Party**") from and against any and all any and all losses (other than loss of profits), claims (including shareholder actions,
derivative or otherwise), actions, suits, proceedings, damages, liabilities or expenses of whatever nature or kind, joint or several,
including the aggregate amount paid in reasonable settlement of any actions, suits, proceedings, investigations or claims, and the reasonable
fees, expenses and taxes of their counsel (collectively, the "**Losses**") that may be incurred in investigating or advising
with respect to and/or defending or settling any action, suit, proceeding, investigation or claim that may be made or threatened against
any Indemnified Party or in enforcing this indemnity (collectively, the "**Claims**") or to which the Indemnified Parties
may become subject or otherwise involved in any capacity insofar as such Claims relate to, are caused by, result from, arise out of or
are based, directly or indirectly upon: (i) the performance of professional services rendered to the Corporation by the Indemnified Parties
under this Agreement or otherwise in connection with the matters referred to in this Agreement; (ii) any breach or alleged breach or non-performance
of any representation, warranty or covenant made by the Corporation contained in this Agreement or in any certificate or other document
of the Corporation or of any officers thereof delivered under this Agreement or pursuant hereto or the failure of the Corporation to comply
with any of their obligations under this Agreement; (iii) any statement or information contained in the Prospectus (other than any statement
relating solely to the Underwriters and provided by the Underwriters in writing for inclusion in such document) containing or being alleged
to contain a misrepresentation (for the purposes of Canadian Securities Laws) or being alleged to be untrue, false or misleading; (iv)
the non-compliance or alleged non-compliance by the Corporation with any requirement of Canadian Securities Laws; or (v) any order made
or inquiry, investigation or proceedings (formal or informal) commenced or threatened by any officer or official of any Governmental Authority
based upon the circumstances described in item (iii) above which operates to prevent or restrict trading in or distribution of the Offered
Securities or any other securities of the Corporation in any of the Selling Jurisdictions.

14.2 This indemnity shall not be available to any Indemnified Party in relation to any Losses which are determined
by a court of competent jurisdiction in a final judgement that has become non- appealable to have resulted solely from the Indemnified
Party's gross negligence, fraud or wilful misconduct.
For greater certainty, the Corporation and Underwriters agree that they do not intend that any failure by the Underwriters to conduct
such reasonable investigation as necessary to provide the Underwriters with reasonable grounds for believing the Offering Documents contained
no misrepresentation shall constitute "gross negligence" or "willful misconduct" for purposes of this Section
14.2 or otherwise disentitle the Underwriters from the indemnification provided hereunder.

14.3 If a Claim is brought against an Indemnified Party or an Indemnified Party has received notice of the
commencement of any investigation in respect of which indemnity may be sought against the Corporation, the Indemnified Party will give
the Corporation prompt written notice of any such Claim of which the Indemnified Party has knowledge and the Corporation will undertake
the investigation and defence thereof on behalf of the Indemnified Party, including the prompt employment of counsel acceptable to the
Indemnified Parties affected, acting reasonably, and the payment of all expenses. Failure by the Indemnified Party to so notify will not
relieve the Corporation of its obligation of indemnification under this Agreement unless (and only to the extent that) such failure results
in forfeiture by the Corporation of substantive rights or defences.

14.4 No admission of liability and no settlement, compromise or termination of any Claim will be made without
the Corporation's written consent and the written consent of the Indemnified Parties affected, such consents not to be unreasonably
withheld or delayed. Notwithstanding that the Corporation will undertake the investigation and defence of any Claim, an Indemnified Party
will have the right to employ separate counsel with respect to any Claim and participate in the defence thereof, but the fees and expenses
of such counsel will be at the expense of the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employment of such counsel has been authorized in writing by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has not assumed the defence of the action within a reasonable period of time after receiving
notice of the claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the named parties to any such claim include both the Corporation and the Indemnified Party and the Indemnified
Party will have been advised by counsel to the Indemnified Party that there may be a conflict of interest between the Corporation and
the Indemnified Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there are one or more defences available to the Indemnified Party which are different from or in addition
to those available to the Corporation such that there may be a conflict of interest between the Corporation and the Indemnified Party,

in which case such fees and expenses of such counsel to the Indemnified Party will be for the Corporation's account. The rights accorded to the Indemnified Parties under this Agreement will be in addition to any rights an Indemnified Party may have at common law or otherwise.

14.5 The Corporation will not, without the Indemnified Party's prior written consent, settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any action, suit, proceeding, investigation or claim in respect
of which indemnification may be sought under this Agreement (whether or not any Indemnified Party is a party thereto) unless such settlement,
compromise, consent or termination includes a release of each Indemnified Party from liabilities arising out of such action, suit proceeding
investigation or claim.

14.6 The Corporation agrees that if any Claim shall be brought or commenced against the Corporation and/or
any Indemnified Party and the personnel of such Indemnified Party shall be required to testify in connection therewith or shall be required
to participate or respond to procedures designed to discover information regarding, in connection with, or by reason of the performance
of professional services rendered to the Corporation by the Indemnified Parties, the Indemnified Party shall have the right to employ
its own counsel in connection therewith, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including
an amount to reimburse the Indemnified Party monthly for time spent by its personnel in connection therewith at their normal per diem
rates together with such disbursements and reasonable out-of-pocket expenses incurred by the personnel of the Indemnified Party in connection
therewith) shall be paid by the Corporation as they occur.

14.7 If for any reason the foregoing indemnification is unavailable (other than in accordance with the terms
hereof) to the Indemnified Parties (or any of them) or is insufficient to hold them harmless, the Corporation will contribute to the amount
paid or payable by the Indemnified Parties as a result of such Claims in such proportion as is appropriate to reflect not only the relative
benefits received by the Corporation or the Corporation's shareholders on the one hand and the Indemnified Parties on the other,
but also the relative fault of the parties and other equitable considerations which may be relevant. Notwithstanding the foregoing, the
Corporation will not in any event contribute to the amount paid or payable by the Indemnified Parties as a result of such Claim any amount
in excess of the fees actually received by any Indemnified Parties under this Agreement.

14.8 Provided that the Non-Canadian Underwriter has not terminated and cancelled its obligations to the Corporation
in accordance with this Agreement, the Non-Canadian Underwriter agrees that if any Claims are suffered by an Indemnified Party as contemplated
by Section 14.1 (and such Claims did not include the Non-Canadian Underwriter on the basis that it did not sign the underwriters'
certificate to the Prospectus and such Claims would have included the Non-Canadian Underwriter if it had signed such certificate) under
Section 130 of the *Securities Act* or the equivalent provisions of the Securities Laws in the other Qualifying Jurisdictions based
upon a misrepresentation or alleged misrepresentation (as defined under applicable Securities Laws) in the Prospectus, and such Indemnified
Party is determined by a court of competent jurisdiction or other governmental authority in a final judgment or decision from which no
appeal can be made to be liable pursuant to such laws in respect of such Claims and such Indemnified Party does pay such Claims (the "**Liability Amount** "), then the Non-Canadian Underwriter shall indemnify such Indemnified Party from and against the Liability Amount for
the Non-Canadian Underwriter's *pro rata* share of such Liability Amount, on the basis of and assuming that the Non-Canadian
Underwriter had signed the underwriters' certificate to the Prospectus, but only to the extent of its underwriting obligation under
Section 18.1 hereto. The Non-Canadian Underwriter shall further indemnify such Indemnified Party, without regard to the final outcome
of any such Claims, for the Non-Canadian Underwriter's *pro rata* share of any legal and other expenses reasonably incurred
and paid by such Indemnified Party in connection with the investigation or defense of any such Claims (the "**Indemnified Expenses** ").
For the purposes of determining the aggregate amount that the Non-Canadian Underwriter is obligated to indemnify all other Indemnified
Parties, "*pro rata*" will be based on the percentage set forth opposite its name in Section 18.1 hereto. For the avoidance
of doubt, the maximum aggregate amount which the Non-Canadian Underwriter is required to indemnify the other Indemnified Parties under
this Section 14.8 shall be the lesser of (i) a percentage of the total of the Liability Amount and Indemnified Expenses equal to the percentage
set forth opposite the Non-Canadian Underwriter's name in Section 18.1, and (ii) the total public offering price of the Offered
Securities the Non-Canadian Underwriter is required to place or purchase pursuant to Section 18.1 hereto. The amount payable by the Non-Canadian
Underwriter to the Indemnified Parties pursuant to this Section 14.8 shall be reduced to the extent that the Non-Canadian Underwriter
is required to pay damages directly to plaintiffs under Securities Laws in connection with the Claim or Claims that are the subject matter
of the indemnification being sought. Further, the Non-Canadian Underwriter will only be required to make payment to an Indemnified Party
pursuant to this Section 14.8 if (i) such Indemnified Party has used reasonable commercial efforts to be reimbursed for the Liability
Amount and Indemnified Expenses pursuant to Article 14 but has not been fully reimbursed, and (ii) it has not been determined (either
by a court of competent jurisdiction in a final judgment from which no appeal can be made or by acknowledgement of the Indemnified Party)
that the Claim resulting in the Liability Amount and Indemnified Expenses was caused by or resulted from the fraud, fraudulent misrepresentation,
gross negligence or willful misconduct of such Indemnified Party and to the extent that a court of competent jurisdiction in a final judgment
from which no appeal can be made determines, or the Indemnified Party acknowledges, that such Claim to which such Indemnified Party is
subject was caused by or resulted from the fraud, fraudulent misrepresentation, gross negligence or willful misconduct of such Indemnified
Party then such Indemnified Party shall promptly reimburse to the Non-Canadian Underwriter any Indemnified Expenses. If any Claim is asserted
against any Indemnified Party that is or may be subject to indemnification under this Section 14.8, the Indemnified Party will notify
the Non-Canadian Underwriter in writing as soon as possible of the particulars of such Claim (but the omission so to notify the Non-Canadian
Underwriter of any potential Claim shall not relieve it from any liability which it may have to any Indemnified Party and any omission
so to notify the Non-Canadian Underwriter of any actual Claim shall affect its liability only to the extent that the Non-Canadian Underwriter
is actually and materially prejudiced by that failure). The Non-Canadian Underwriter agrees that, to the extent it is not a party to such
Claim, the other Underwriters will be entitled to conduct the defense of any such action or proceeding brought to enforce such Claim,
and the Non-Canadian Underwriter's liability hereunder shall not be reduced in any way based upon the conduct of such defense unless
the Indemnified Parties are determined to be grossly negligent (by a court of competent jurisdiction in a final judgment from which no
appeal can be made) in conducting such defense. The Underwriters shall provide the Non-Canadian Underwriter with notice of any material
developments in the action or proceeding. With respect to any Indemnified Party who is not a party to this Agreement, the Underwriters
other than the Non-Canadian Underwriter shall obtain and hold the rights and benefits of this Section 14.8 in trust for and on behalf
of such Indemnified Party.

14.9 The Corporation hereby constitutes BMO as trustee for each of the other Indemnified Parties of the Corporation's
covenants under this indemnity with respect to such persons and BMO agrees to accept such trust and to hold and enforce such covenants
on behalf of such persons.

14.10 The indemnity and contribution obligations of the Corporation shall be in addition to any liability which
the Corporation may otherwise have, shall extend upon the same terms and conditions to the Indemnified Parties who are not signatories
hereto and shall be binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Corporation
and the Indemnified Parties.

**Article 15** 

**Fees and Expenses**

15.1 At the Closing Time and, if applicable, on the Closing of the issuance of any Over-Allotment Shares issued
pursuant to any exercise of the Over-Allotment Option, in consideration of the services to be rendered by the Underwriters in connection
with the Offering, the Corporation shall pay to the Underwriters a cash fee equal to: (i) 4.50% of the aggregate gross proceeds received
from the sale of the Initial Shares or Over-Allotment Shares, as applicable, other than in respect of the sale of Initial Shares or Over-Allotment
Shares, as applicable, to certain investors on the Corporation's president's list agreed to between the Corporation and the
Lead Underwriter as of the date hereof (the "**President's List Purchasers** "); and (ii) 2.25% of the aggregate gross
proceeds received from the sale of Initial Shares or Over-Allotment Shares, as applicable, to the President's List Purchasers (collectively,
the "**Commission** "). The reduced cash fee payable to the Underwriters in respect of President's List Purchasers
shall be applicable to a maximum of $500,000 in gross proceeds.

15.2 Whether or not the Offering is completed, the Corporation will pay all of the expenses of the Offering
and all the costs and expenses (the "**Underwriters' Expenses**") incurred by the Underwriters in connection with
the Offering including the fees and disbursements of Underwriters' counsel (up to a maximum of $125,000 plus applicable taxes with
respect to Underwriters' counsel); fees and disbursements of other applicable experts and advisors; reasonable expenses related
to roadshows and marketing activities; filing fees; stock exchange fees; out-of-pocket expenses of the Underwriters (including, but not
limited to, their travel expenses in connection with due diligence and marketing activities) and taxes on all of the foregoing. The Underwriters'
Expenses and applicable taxes thereon will be paid by the Corporation even if the transactions contemplated by this Agreement are not
completed or this Agreement is terminated, unless failure of acceptance, or completion or termination is the result of a breach of this
Agreement by the Underwriters prior to the date of this Agreement; provided, however, that if the Offering is not completed due to any
failure on the Corporation's part to comply with the terms of this Agreement, the Corporation shall reimburse the Underwriters for
all of the Underwriters' Expenses without regard to the maximum stated above. The Underwriters' expenses will be netted out
of the gross proceeds of the Offering.

**Article 16<br> All Terms to be Conditions**

The Corporation agrees that the conditions contained in this Agreement will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Corporation and each of the Corporation and the Underwriters will use its respective commercially reasonable efforts to cause all such conditions to be complied with. It is understood that the Underwriters may waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions without prejudice to the rights of the Underwriters in respect of any such terms and conditions or any other or subsequent breach or non- compliance, provided that to be binding on the Underwriters any such waiver or extension must be in writing.

**Article 17**

**Termination by Underwriters in Certain Events**

17.1 Each Underwriter shall also be entitled to terminate its obligation to purchase the Offered Securities
by written notice to that effect given to the Corporation at or prior to the Closing Time if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Litigation Out** 

any inquiry, action, suit, proceeding or investigation (whether formal or informal), including matters of regulatory transgression or unlawful conduct, is commenced, announced or threatened in relation to the Corporation or any one of the officers or directors of the Corporation or any of its principal shareholders where wrong-doing is alleged or any order is made by any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality including without limitation the TSX, or NYSE or FSE or securities commission which involves a finding of wrong-doing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Regulatory Out** 

any order, action or proceeding which cease trades or otherwise operates to prevent or restrict the trading of the Common Shares or any other securities of the Corporation is made or threatened by a securities regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Material Change Out** 

there shall be any material change or change in a material fact, or there should be discovered any previously undisclosed material fact required to be disclosed in the Base Shelf Prospectus, the Prospectus Supplement or any Prospectus Amendment in each case which, in the reasonable opinion of the Underwriters (or any of them), has or would be expected to have a significant adverse effect on the market price or value of the Common Shares or any other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Disaster Out** 

there should develop, occur or come into effect or existence any event, action, state, condition (including without limitation, terrorism, plague, disease, pandemic or accident) or major financial occurrence of national or international consequence or a new or change in any law or regulation which in the sole opinion of the Underwriters, or any one of them, might reasonably be expected to have a significant adverse effect on the state of financial markets in Canada or the business, operations or capital of the Corporation (on a consolidated basis) or the market price or value of the Offered Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Breach Out** 

the Corporation is in breach of any material term, condition or covenant of this Agreement or any material representation or warranty given by the Corporation in this Agreement becomes or is false.

17.2 If this Agreement is terminated by any of the Underwriters pursuant to Section 17.1, there shall be no
further liability on the part of such Underwriter or of the Corporation to such Underwriter, except in respect of any
liability which may have arisen or may thereafter arise under Article 14 or Article 15.

17.3 The right of the Underwriters or any of them to terminate their respective obligations under this Agreement
is in addition to such other remedies as they may have in respect of any default, act or failure to act of the Corporation in respect
of any of the matters contemplated by this Agreement. A notice of termination given by one Underwriter under Article 17 shall not
be binding upon the other Underwriters.

17.4 Notwithstanding the foregoing and for the avoidance of doubt, this Agreement may be terminated at any
time at or prior to the Closing Time upon the mutual written agreement of the Corporation and the Underwriters if the parties hereto decide
not to proceed with the Offering.

**Article 18<br> Obligations of the Underwriters to be Several**

18.1 Subject to the terms and conditions hereof, the obligation of the Underwriters to purchase the Offered
Securities shall be several, and not joint, nor joint and several, and shall be as to the following percentages of the Offered Securities
to be purchased by the Underwriters:

---

| | |
|:---|:---|
| BMO Nesbitt Burns Inc. | 36.5% |
| Scotia Capital Inc. | 31.0% |
| Clarus Securities Inc. | 15.0% |
| Canaccord Genuity Corp. | 5.0% |
| Roth Canada, Inc. | 5.0% |
| Jett Capital Advisors, LLC | 3.75% |
| Ventum Financial Corp. | 3.75% |

---

18.2 If an Underwriter (a "**Refusing Underwriter**") shall not complete the purchase of the
Offered Securities which such Underwriter has agreed to purchase hereunder (the "**Default Securities**") for any reason
whatsoever at the Closing Time, or the closing time(s) on the closing date(s) of the Over-Allotment Option, as applicable, and (i) if
the number of Default Securities does not exceed 10% of the number of Offered Securities to be purchased hereunder on such date, the other
non- Refusing Underwriters (the "**Continuing Underwriters**") shall be obligated, each severally, and not jointly, nor
jointly and severally, to purchase the Offered Securities which the Refusing Underwriter fails to purchase, in the proportions that their
respective underwriting obligations hereunder bear to the underwriting obligation of all Continuing Underwriters; or (ii) if the number
of Default Securities exceeds 10% of the number of Offered Securities to be purchased on such date, the Continuing Underwriters shall
be entitled, at their option, to purchase all but not less than all of the Offered Securities which would otherwise have been purchased
by the Refusing Underwriter on a pro rata basis according to the number of Offered Securities to have been acquired by the Continuing
Underwriters hereunder or on such other basis as the Continuing Underwriters may agree. If the Continuing Underwriters do not elect to
purchase the balance of the Offered Securities pursuant Article 18, then the Corporation shall have the right to either (i) proceed
with the sale of the Offered Securities (less the Default Securities) to the Continuing Underwriters; or (ii) terminate its obligations
hereunder without liability except pursuant to the provisions of Article 14 and Article 15 in respect of the Continuing Underwriters.

18.3 No action taken pursuant to Section 18.2 shall relieve any Refusing Underwriter from liability in respect
of its default to the Corporation or to any Continuing Underwriter.

18.4 Nothing in Article 18 or Article 17 shall oblige the Corporation to sell to any or all of the
Underwriters less than all of aggregate amount of the Offered Securities.

**Article 19<br> Notices**

19.1 Any notice or other communication required or permitted to be given hereunder shall be in writing and
shall be delivered,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Corporation, to:

Collective Mining Ltd.<br> 82 Richmond Street East<br> Toronto, ON M5C 1P1

Attention: Paul Begin, Chief Financial Officer <br> Email: [*Redacted – Personal Information*]

with a copy of any such notice to:

Cassels Brock & Blackwell LLP<br> 40 King Street West, Suite 2100<br> Toronto, ON M5H 3C2

Attention: David Gardos <br> Email: [*Redacted – Personal Information*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Underwriters, to:

BMO Nesbitt Burns Inc.<br> 100 King Street West, 5<sup>th</sup> Floor<br> Toronto, ON M5X 1H3

Attention: Ilan Bahar, Managing Director & Co-Head, Global Metals & Mining <br> Email: [*Redacted – Personal Information*]

and

Scotia Capital Inc.<br> 40 Temperance Street, 6<sup>th</sup> Floor<br> Toronto, ON M5H 0B4

Attention: Matthew Hind, Managing Director and Head, Global Mining and Metals <br> Email: [*Redacted – Personal Information*]

and

Clarus Securities Inc.<br> 130 King Street West, Suite 3640<br> Toronto, ON M5X 1A9

Attention: Robert Orviss, Managing Director <br> Email: [*Redacted – Personal Information*]

and

Canaccord Genuity Corp.<br> 40 Temperance Street, Suite 2100<br> Toronto, ON M5H 0B4

Attention: Matt Reimer, Director <br> Email: [*Redacted – Personal Information*]

and

Roth Canada, Inc.<br> 130 King Street West, Suite 1921<br> Toronto, ON M5X 2A4

Attention: Michael Tait, Head of Investment Banking <br> Email: [*Redacted – Personal Information*]

and

Jett Capital Advisors, LLC<br> 712 5th Avenue, 11th floor<br> New York, NY 10019

Attention: Joseph Riggio, Partner, CEO <br> Email: [*Redacted – Personal Information*]

and

Ventum Financial Corp.<br> 181 Bay Street, Suite 2500<br> Toronto, ON M5J 2T3

Attention: Asad Said, Senior Vice President, Capital Markets <br> Email: [*Redacted – Personal Information*]

with a copy of any such notice to:

Miller Thomson LLP<br> 40 King Street, Suite 6600<br> Toronto, ON M5H 3S1

Attention: Andrew Powers and Alex Bruvels <br> Email: [*Redacted – Personal Information*]

19.2 The Corporation and the Underwriters may change their respective addresses for notices by notice given
in the manner aforesaid. Any such notice or other communication shall be in writing, and unless delivered personally to the addressee
or to a responsible officer of the addressee, as applicable, shall be given by electronic copy and shall be deemed to have been given
when: (i) in the case of a notice delivered personally to a responsible officer of the addressee, when so delivered; and (ii) in the case
of a notice delivered or given by telecopy on the first Business Day following the day on which it is sent.

**Article 20<br> Miscellaneous**

20.1 **Actions of Underwriters** 

Except with respect Article 14, Article 17 and Article 18, all transactions and notices on behalf of the Underwriters hereunder or contemplated hereby may be carried out or given on behalf of the Underwriters by BMO and the Underwriters shall in good faith discuss with each other the nature of any such transactions and notices prior to giving effect thereto or the delivery thereof, as the case may be.

20.2 **Successors and Assigns** 

This Agreement shall enure to the benefit of, and shall be binding upon, the Underwriters and the Corporation and their respective successors and legal representatives.

20.3 **Governing Law** 

This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

20.4 **Time of the Essence** 

Time shall be of the essence hereof and, following any waiver or indulgence by any party, time shall again be of the essence hereof.

20.5 **Interpretation** 

The words, "hereunder", "hereof" and similar phrases mean and refer to the Agreement formed as a result of the acceptance by the Corporation of this offer by the Underwriters to purchase the Offered Securities.

20.6 **Survival** 

All representations, warranties, covenants and agreements of the Corporation and/or the Underwriters herein contained or contained in documents submitted pursuant to this Agreement and in connection with the transaction of purchase and sale herein contemplated shall survive for a period ending on the date that is three years following the Closing Date. Notwithstanding the preceding sentence, Article 14 shall survive the purchase and sale of the Offered Securities and the termination of this Agreement and shall continue in full force and effect for the benefit of the Underwriters or the Corporation, as the case may be, regardless of any subsequent disposition of the Offered Securities or any investigation by or on behalf of the Underwriters with respect thereto without limitation other than any limitation requirements of Applicable Law. The Underwriters and the Corporation shall be entitled to rely on the representations and warranties of the Corporation or the Underwriters, as the case may be, contained herein or delivered pursuant hereto notwithstanding any investigation which the Underwriters or the Corporation may undertake or which may be undertaken on their behalf.

20.7 **Electronic Copies** 

Each of the parties hereto shall be entitled to rely on delivery of a facsimile or PDF copy of this Agreement and acceptance by each such party of any such facsimile or PDF copy shall be legally effective to create a valid and binding agreement between the parties hereto in accordance with the terms hereof.

20.8 **Severability** 

If one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein.

20.9 **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.

20.10 **Several and Joint** 

In performing their respective obligations under this Agreement, the Underwriters shall be acting severally and not jointly and severally. Nothing in this Agreement is intended to create any relationship in the nature of a partnership, or joint venture between the Underwriters.

20.11 **Market Stabilization Activities** 

In connection with the distribution of the Offered Securities, the Underwriters (or any of them) may effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail in the open market, but in each case as permitted by Canadian Securities Laws. Such stabilizing transactions, if any, may be discontinued by the Underwriters at any time. of the Common Shares at levels other than those which might otherwise prevail in the open market, but in each case as permitted by Canadian Securities Laws. Such stabilizing transactions, if any, may be discontinued by the Underwriters at any time.

20.12 **No Fiduciary Duty** 

The Corporation acknowledges that in connection with the Offering, the Underwriter: (i) have acted at arm's length, are not agents of, and owe no fiduciary duties to, the Corporation or any other person, (ii) owe the Corporation only those duties and obligations set forth in this Agreement, and (iii) may have interests that differ from those of the Corporation. The Corporation waives to the full extent permitted by Applicable Law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the Offering.

20.13 **Entire Agreement** 

This Agreement constitutes the only agreement between the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings in respect of the Offering, including the bid letter between the Corporation and BMO dated October 1, 2025 and the upsize letter dated October 2, 2025. This Agreement may be amended or modified in any respect by written instrument only.

20.14 **Further Assurances** 

Each of the parties hereto shall do or cause to be done all such acts and things and shall execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

If this Agreement accurately reflects the terms of the transactions which we are to enter into and are agreed to by you, please communicate your acceptance by executing the enclosed copies of this Agreement where indicated and returning them to us.

Yours very truly,

---

| | |
|:---|:---|
| **BMO NESBITT BURNS INC.<br>**  | **BMO NESBITT BURNS INC.<br>**  |
| Per: | *(signed) Ilan Bahar* |
|  | Ilan Bahar <br> Managing Director & Co-Head,<br> Global Metals & Mining  |

---

---

| | |
|:---|:---|
| **SCOTIA CAPITAL INC.<br>**  | **SCOTIA CAPITAL INC.<br>**  |
| Per: | *(signed) Matthew Hind* |
|  | Matthew Hind <br> Managing Director and Head,<br> Global Mining and Metals  |

---

---

| | |
|:---|:---|
| **CLARUS SECURITIES INC.<br>**  | **CLARUS SECURITIES INC.<br>**  |
| Per: | *(signed) Robert Orviss* |
|  | Robert Orviss <br> Managing Director  |

---

---

| | |
|:---|:---|
| **CANACCORD GENUITY CORP.<br>**  | **CANACCORD GENUITY CORP.<br>**  |
| Per: | *(signed) Matt Reimer* |
|  | Matt Reimer <br> Director, Investment Banking  |

---

---

| | |
|:---|:---|
| **ROTH CANADA, INC.<br>**  | **ROTH CANADA, INC.<br>**  |
| Per: | *(signed) Michael Tait* |
|  | Michael Tait <br> Managing Director, Head of Investment Banking  |

---

---

| | |
|:---|:---|
| **JETT CAPITAL ADVISORS, LLC<br>**  | **JETT CAPITAL ADVISORS, LLC<br>**  |
| Per: | *(signed) Joseph Riggio* |
|  | Joseph Riggio <br> Partner, CEO |

---

---

| | |
|:---|:---|
| **VENTUM CAPITAL CORP.<br>**  | **VENTUM CAPITAL CORP.<br>**  |
| Per: | *(signed) Asad Said* |
|  | Asad Said <br> Senior Vice President, Capital Markets  |

---

The foregoing is hereby accepted and agreed to by the undersigned as of the date first written above.

---

| | |
|:---|:---|
| **COLLECTIVE MINING LTD.<br>**  | **COLLECTIVE MINING LTD.<br>**  |
| Per: | *(signed) Paul Begin* |
|  | Paul Begin <br> Chief Financial Officer  |

---

**Schedule A<br> COMPLIANCE WITH UNITED STATES SECURITIES LAWS**

1. Capitalized terms used in this <u>Schedule A</u> and not defined in this <u>Schedule A</u> shall have the meanings given in the Underwriting Agreement to which this <u>Schedule A</u> is annexed and the following terms shall have the meanings indicated:

"**Directed Selling Efforts**" means "directed selling efforts" as that term is defined in Rule 902(c) of Regulation S. Without limiting the foregoing, but for greater clarity in this <u>Schedule A</u>, it means, subject to the exclusions from the definition of directed selling efforts contained in Regulation S, any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Offered Securities and shall include, without limitation, the placement of any advertisement in a publication with a general circulation in the United States that refers to the offering of any of such Offered Securities;

"**Disqualification Event**" has the meaning ascribed thereto in Section 2(g);

"**Foreign Issuer**" means a "**foreign issuer**" as that term is defined in Rule 902(e) of Regulation S. Without limiting the foregoing, but for greater clarity in this <u>Schedule A</u>, it means any issuer that is (a) the government of any country, or of any political subdivision of a country, other than the United States, or (b) a corporation or other organization incorporated or organized under the laws of any country other than the United States, except an issuer meeting the following conditions as of the last Business Day of its most recently completed second fiscal quarter: (1) more than 50 percent of the outstanding voting securities of such issuer are directly or indirectly owned of record by residents of the United States, and (2) any of the following: (i) the majority of the executive officers or directors are United States citizens or residents, (ii) more than 50 percent of the assets of the issuer are located in the United States, or (iii) the business of the issuer is administered principally in the United States;

"**General Solicitation**" and "**General Advertising**" means "general solicitation" and "general advertising", respectively, as used in Rule 502(c) of Regulation D, including, without limitation, advertisements, articles, notices or other communication published on the Internet or in any newspaper, magazine or similar media or broadcast over television, radio or on the Internet, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising;

"**Issuer Covered Person**" has the meaning ascribed thereto in Section 2(g);

"**Offshore Transaction**" means "offshore transaction" as defined in Rule 902(h) of Regulation S;

"**Regulation D Securities**" has the meaning ascribed thereto in Section 2(g);

"**Substantial U.S. Market Interest**" means "substantial U.S. market interest" as that term is defined in Rule 902(j) of Regulation S; and

"**U.S. Purchaser**" means any purchaser of the Offered Securities that is, or is acting for the account or benefit of, a person in the United States, or any person offered the Offered Securities in the United States.

2. The Corporation represents, warrants and covenants to the Underwriters and U.S. Affiliates that, as of
the date of this Agreement and as at the Closing Time and any closing time for the Over- Allotment Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation is, and at Closing will be, a Foreign Issuer, and there is no Substantial U.S. Market
Interest with respect to the Offered Securities or the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Corporation, its affiliates (as defined in Rule 405 under the *U.S. Securities Act*)
or any person acting on any of their behalf (except for the Underwriters, their respective U.S. Affiliates and any person acting on any
of their behalf, as to whom no representation, warranty or covenant is made) (i) has engaged or will engage in any Directed Selling Efforts,
(ii) has taken or will take any action in violation of Regulation M under the *U.S. Exchange Act*, (iii) has taken or will take any
action that would cause the exemptions afforded by Rule 506(b) of Regulation D and/or Section 4(a)(2) of the *U.S. Securities Act* and similar exemptions under applicable securities laws of any state of the United States to be unavailable for offers and sales of Offered
Securities in the United States in accordance with this <u>Schedule A</u>, or the exclusion from registration
afforded by Rule 903 of Regulation S to be unavailable for offers and sales of the Offered Securities in Offshore Transactions in accordance
with the Underwriting Agreement, or (iv) has engaged in or will engage in any form of General Solicitation or General Advertising or in
any manner involving a public offering within the meaning of Section 4(a)(2) of the *U.S. Securities Act* with respect to offers
or sales of the Offered Securities in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation has not, within the period beginning 30 calendar days prior to the commencement of the
Offering, offered or sold any securities, and will not, during the Offering and within the period ending 30 calendar days following the
closing of the Offering, offer or sell any securities in a manner that would be integrated with the offer and sale of the Offered Securities
and would cause the exemptions from registration pursuant to Rule 506(b) of Regulation D or Section 4(a)(2) of the *U.S. Securities Act* and similar exemptions under applicable securities laws of any state of the United States or the exclusion from registration set
forth in Rule 903 of Regulation S, to become unavailable with respect to the offer and sale of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except with respect to offers to U.S. Accredited Investors and/or Qualified Institutional Buyers pursuant
to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the *U.S. Securities Act* and similar exemptions under applicable securities
laws of any state of the United States, in each case in accordance with this <u>Schedule A</u> and pursuant
to the terms of this Agreement, none of the Corporation, any of its affiliates, or any person acting on any of their behalf has made or
will make (A) any offer to sell, or any solicitation of an offer to buy, any Offered Securities in the United States, or (B) any sale
of the Offered Securities unless, at the time the buy order was or will have been originated, the purchaser is (i) outside the United
States, or (ii) the Corporation, its affiliates an any person acting on any of their behalf reasonably believe that the purchaser is outside
the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation is not, and after giving effect to the offer and sale of the Offered Securities and the
application of the proceeds as described in the Prospectus, will not be, an "investment company" within the meaning of the
United States *Investment Company Act* of 1940,
as amended, registered or required to be registered under such Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) upon receipt of a written request from a purchaser that is in the United States, the Corporation shall
make a determination if the Corporation is a "passive foreign investment company" (a "**PFIC**") within the
meaning of section 1297(a) of the United States Internal Revenue Code of 1986, as amended (the "**Code** "), during any
calendar year following the purchase of Offered Securities by such purchaser, and if the Corporation determines that it is a PFIC during
such year, the Corporation will provide to such purchaser, upon written request, all information that would be required to permit a United
States shareholder to make an election to treat the Corporation as a "qualified electing fund" for the purposes of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to Offered Securities to be offered and sold hereunder in reliance on Rule 506(b) of Regulation
D (the "**Regulation D Securities** "), if any, none of the Corporation, any of its predecessors, any affiliated issuer
issuing Regulation D Securities, any director, executive officer or other officer of the Corporation participating in the offering of
Regulation D Securities, any beneficial owner of 20% or more of the Corporation's outstanding voting equity securities, calculated
on the basis of voting power, or any promoter (as that term is defined in Rule 405 under the *U.S. Securities Act*) connected with
the Corporation in any capacity at the time of sale of the Regulation D Securities (but excluding any Dealer Covered Person, as to whom
no representation, warranty or covenant is made) (each, an "**Issuer Covered Person**") is subject to any disqualifications
described under Rule 506(d)(1)(i) to (viii) of Regulation D (a "**Disqualification Event** "), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3) under Regulation D. The Corporation has exercised reasonable care to determine whether any Issuer
Covered Person is subject to a Disqualification Event. If applicable, the Corporation has complied with its disclosure obligations under
Rule 506(e) of Regulation D, and has furnished to the Underwriters and their U.S. Affiliates a copy of any disclosures provided thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) at the Closing Time and any closing time for the Over-Allotment Option, the Corporation is not aware of
any person (other than any Dealer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation
of purchasers in connection with the sale of any Offered Securities; the Corporation will notify the Underwriters in writing, prior to
the Closing Date and any closing date for the Over-Allotment Option, of (i) any Disqualification Event relating to any Issuer Covered
Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Corporation or any of its predecessors or affiliates has been subject to any order, judgment
or decree of any court of competent jurisdiction temporarily, preliminary or permanently enjoining such person for failure to comply with
Rule 503 of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Corporation will, within the prescribed time periods, prepare and file any forms or notices required
under the *U.S. Securities Act* or any state securities laws in connection with the sale of the Offered Securities, including, if
applicable, filing a Form D with the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) neither the Corporation nor any predecessor of the Corporation has had the registration of a class of
securities under the *U.S. Exchange Act* revoked by the SEC pursuant to Section 12(j) of the *U.S. Exchange Act* and any rules or regulations promulgated thereunder.

3. Each of the Underwriters, severally and not jointly, represents and warrants to the Corporation, as of
the date of this Agreement, the Closing Time and any closing time of the Over-Allotment Option, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it acknowledges that the Offered Securities have not been and will not be registered under the *U.S. Securities Act* or applicable U.S. state securities laws and may not be offered or sold in the United States, except pursuant to transactions
exempt from the registration requirements of the *U.S. Securities Act* and applicable U.S. state securities laws. Accordingly, it
has offered for sale, and will offer for sale, the Offered Securities forming part of its allotment only (a) in an Offshore Transaction
in accordance with Rule 903 of Regulation S or (b) as provided in paragraphs 3(b) through 3(m) below. None of it, its U.S. Affiliate or
any person acting on any of their behalf, has made or will make (except as permitted in paragraphs 3(b) through 3(m) below): (i) any offer
to sell or any solicitation of an offer to buy, any Offered Securities in the United States; or (ii) any sale of Offered Securities to
any purchaser unless, at the time the buy order was or will have been originated, the purchaser was outside the United States, or it,
its U.S. Affiliate or any person acting on any of their behalf reasonably believed that such purchaser was outside the United States.
None of it, its U.S. Affiliate, or any person acting on any of their behalf has engaged or will engaged in any Directed Selling Efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not entered and will not enter into any contractual arrangement with respect to the offer and sale
of the Offered Securities, except with its U.S. Affiliate, a Selling Firm or with the prior written consent of the Corporation. It shall
require its U.S. Affiliate and each Selling Firm appointed by it to agree, for the benefit of the Corporation, to be bound by and to comply
with, and shall use its commercially reasonable efforts to ensure that its U.S. Affiliate and each Selling Firm appointed by it complies
with, the provisions of this <u>Schedule A</u> as if such provisions applied to such U.S. Affiliate or
Selling Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all offers and sales of Offered Securities in the United States by such Underwriter have been and shall
be made directly or through such Underwriter's U.S. Affiliate, as applicable, in compliance with all applicable U.S. federal and
state broker-dealer requirements. Such Underwriter or U.S. Affiliate, as applicable, is and will be, on the date of each offer or sale
of Offered Securities in the United States, duly registered as a broker-dealer pursuant to Section 15(b) of the *U.S. Exchange Act* and under the laws of each state where such offers and sales are made (unless exempted from such state's registration requirements)
and a member in good standing with the Financial Industry Regulatory Authority, Inc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it, and, if applicable, its U.S. Affiliate have not solicited and will not solicit, either directly or
through a person acting on its or their behalf, offers for, and have not offered to sell and will not offer to sell, Offered Securities
in the United States by any form of General Solicitation or General Advertising or in any manner involving a public offering within the
meaning of Section 4(a)(2) of the *U.S. Securities Act*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately prior to soliciting any offerees of Offered Securities in the United States, such Underwriter,
its U.S. Affiliate and any person acting on its or their behalf had reasonable grounds to believe and did believe that each offeree solicited
by it pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the *U.S. Securities Act* was a U.S.
Accredited Investor or a Qualified Institutional Buyer, as applicable, and at the time of completion of each sale of Offered Securities
in the United States, such Underwriter, its U.S. Affiliate, and any person acting on its or their behalf will have reasonable grounds
to believe and will believe, that each purchaser thereof is a U.S. Accredited Investor or a Qualified Institutional Buyer, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each offeree of Offered Securities solicited by it that is in the United States shall be provided with
a copy of the U.S. Private Placement Memorandum and each purchaser of Offered Securities from the Corporation that is in the United States
shall be provided, prior to the time of its purchase of any Offered Securities, with a copy of the U.S. Private Placement Memorandum and
no other written material will be used in connection with the offer and sale of the Offered Securities in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at least one Business Day prior to the Closing Time or any closing time for the Over- Allotment Option,
the Corporation and its transfer agent will be provided with a list of all purchasers of the Offered Securities in the United States solicited
by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) prior to any sale of Offered Securities by the Corporation to a U.S. Purchaser, it shall cause each such
U.S. Purchaser to execute and deliver Subscription Agreement for U.S. Accredited Investors in the form attached as Exhibit I to the U.S.
Private Placement Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Closing Time and any closing time of the Over-Allotment Option, such Underwriter, together with
its U.S. Affiliate, if applicable, that offered the Offered Securities for sale by the Corporation in the United States, will provide
a certificate, substantially in the form of <u>Appendix 1</u> to this Schedule relating to the manner
of the offer of the Offered Securities sale by the Corporation in the United States or will be deemed to have represented and warranted
that none of it, its affiliates or any person acting on its or their behalf has offered the Offered Securities sale by the Corporation
in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) neither it, nor any of its affiliates or any person acting on any of their behalf has taken or will take
any action that would constitute a violation of Regulation M under the *U.S. Exchange Act* in connection with the offer and sale
of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) none of it, its affiliates or any person acting on any of their behalf has engaged or will engage in any
action that would cause the exemptions from the registration requirements of the *U.S. Securities Act* provided by: (A) Rule 506(b)
of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act, to be unavailable for offers and sales of the Offered Securities in
the United States, or (B) the exclusion from the registration requirements of the *U.S. Securities Act* provided by Rule 903 of Regulation
S to be unavailable for offers and sales of the Offered Securities outside the United States in Offshore Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it will inform, and will cause its U.S. Affiliate to inform, all purchasers of the Offered Securities
in the United States solicited by it, by delivery of the U.S. Private Placement Memorandum, that the Offered Securities have not been
and will not be registered under the *U.S. Securities Act* and are "restricted securities" as defined in Rule 144(a)(3)
under *the U.S. Securities Act* and are being offered and sold to them without registration under the *U.S. Securities Act* in reliance on the exemption from the registration requirements
of the *U.S. Securities Act* provided by: Rule 506(b) of Regulation D and/or Section 4(a)(2) of the *U.S. Securities Act*, and
similar exemptions under applicable securities laws of any state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) as of the Closing Date and any closing date of the Over-Allotment Option, with respect to the Regulation
D Securities offered by such Underwriter (if any), none of it, its U.S. Affiliate, or any of its or its U.S. Affiliate's directors,
executive officers, general partners, managing members or other officers participating in the offering of Regulation D Securities, any
of its or its U.S. Affiliate's general partners' or managing members' directors, executive officers or other officers
participating in the offering of the Regulation D Securities, or any other person associated with any of the above persons that has been
or will be paid, directly or indirectly, remuneration for solicitation of purchasers of Regulation D Securities (each, a "**Dealer Covered Person**" and, together, "**Dealer Covered Persons** "), is subject to any Disqualification Event except
for a Disqualification Event (i) covered by Rule 506(d)(2)(i) of Regulation D and (ii) a description of which has been furnished in writing
to the Corporation prior to the date hereof or, in the case of a Disqualification Event occurring after the date hereof, prior to the
Closing Date or any closing date of the Over-Allotment Option. As of the Closing Date and any closing date of the Over-Allotment Option,
such Underwriter represents that it is not aware of any person (other than any Dealer Covered Person) that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Regulation D Securities.

**Appendix 1<br> To Schedule A<br> Underwriters' Certificate**

In connection with the private placement in the United States of Offered Securities of Collective Mining Ltd. (the "**Corporation**") pursuant to the underwriting agreement dated October 3, 2025, between the Corporation and the Underwriters named in the underwriting agreement (the "**Underwriting Agreement**"), each of the undersigned does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the U.S. Affiliate is a duly registered broker or dealer with the United States Securities and Exchange
Commission, and is a member of, and in good standing with, the Financial Industry Regulatory Authority, Inc. on the date of this certificate
and on the date of each offer of Offered Securities made by it in the United States for sale by the Corporation, and all offers of the
Offered Securities made by it in the United States for sale by the Corporation have been effected by the U.S. Affiliate in accordance
with all applicable U.S. broker-dealer requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each offeree and purchaser of Offered Securities solicited by such Underwriter that is in the United States
was, prior to the sale of Offered Securities by the Corporation to such purchaser, provided with a copy of the U.S. Private Placement
Memorandum, and we have not used any written material other than the U.S. Private Placement Memorandum in connection with the offer and
sale of the Offered Securities in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately prior to our transmitting the U.S. Private Placement Memorandum to offerees of Offered Securities
in the United States we had reasonable grounds to believe, and did believe, that each offeree was a U.S. Accredited Investor or a Qualified
Institutional Buyer, as applicable, with whom we or the Corporation, as applicable, have a pre-existing relationship, and on the date
of this certificate we continue to believe that each purchaser of the Offered Securities purchasing from the Corporation as a Substituted
Purchaser is a U.S. Accredited Investor or a Qualified Institutional Buyer, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no form of General Solicitation or General Advertising was used by such Underwriter in connection with
the offer or sale of the Offered Securities in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with each sale of Offered Securities by the Corporation in the United States, we caused
each such U.S. Purchaser to execute and deliver a Subscription Agreement for U.S. Accredited Investors in the form of Exhibit I attached
to the U.S. Private Placement Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no Directed Selling Efforts were engaged in by such Underwriter with respect to the offer of the Offered
Securities by us for sale by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to the Regulation D Securities offered by such Underwriter (if any), none of its Dealer Covered
Persons is subject to any Disqualification Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) neither we nor any of our affiliates have taken or will take any action which would constitute a violation
of Regulation M under the *U.S. Exchange Act* in connection with the offer or sale of the Offered Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the offering of the Offered Securities in the United States has been conducted by such Underwriter in
accordance with the Underwriting Agreement, including <u>Schedule A</u> to the Underwriting Agreement.

Unless otherwise defined, terms used in this certificate have the meanings given to them in the Underwriting Agreement, including <u>Schedule A</u> thereto.

[remainder of page intentionally left blank]

Capitalized terms used in this certificate and not defined in this certificate have the meanings ascribed thereto in the Underwriting Agreement (including the <u>Schedule A</u> to the Underwriting Agreement).

DATED the ● day of ●, 2025.

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| | | | |
|:---|:---|:---|:---|
| **[UNDERWRITER]** | **[UNDERWRITER]** | **[U.S. AFFILIATE]** | **[U.S. AFFILIATE]** |
| Per: | | Per: | |
|  | Name: <br> Title: |  | Name : <br> Title: |

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