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There are two types of collets. The Porter Cable style has the collet attached to the collet nut. Then the Makita style the collet is not attached to the collet nut. Yours looks like a PC style. As others suggest maybe clamp the nut in a vice and GENTLY tap on the bit after applying some penetrating oil. Obviously you have some contamination and the bit is stuck in the collet.

Collets are basically a W shape. As you tighten up the collet nut it drives the collet up into an inclined plane in the router drive shaft and the collet is tightened. As you loosen it the collet can relax and the bit comes loose. Often the Makita style you have to tap on the collet nut while still in the router to get it to loosen. The PC Style drags the collet down the incline ramp of the router shaft. So if the collet nut did not loosen the collet up when pulled down there is debris or rust holding onto the bit.

When you get this resolved you need to clean all 3 pieces, collet, collet nut and bit. Personally I would replace the collet and nut after you get through beating it up. As long as you dont dent the bit it may be good but you certainly need to use some 600 grip paper on the bit shaft.
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