GENERATION MINING LTD - GENMF STOCK NEWS

Generation Mining has completed optimization work on its Marathon Palladium-Copper Project, achieving significant improvements. The optimized mine plan delivers an additional 78,000 ounces of palladium, 34,000 ounces of platinum, and 2 million pounds of copper in the first three years, generating estimated additional payable revenues of $190 million. The initial capital estimate has been reduced by $89 million to $961 million, despite industry-wide inflationary pressures. The project now shows improved economics with a 26% after-tax IRR and 2.1-year after-tax payback period.

Generation Mining (TSX:GENM, OTCQB: GENMF) has announced that its subsidiary, Generation PGM Inc., has been awarded up to $771,000 from the Critical Minerals Infrastructure Fund (CMIF), pending final due diligence. This funding will be used to advance transportation infrastructure for the Marathon Copper-Palladium Project in Ontario.

The company plans to complete engineering and design work and feasibility studies for road and rail links to support the movement of copper concentrates from the project to smelters in Canada and Europe. Specific plans include upgrading a 5-kilometre site access road, developing a new 4-kilometre access road, and creating a transload facility for concentrate transfer.

With all federal approvals obtained and only three outstanding provincial permits expected by year-end, the company aims to support construction activities in 2025.

Generation Mining (TSX:GENM, OTCQB: GENMF) has received the Fisheries Act Authorization (FAA) for its Marathon Palladium-Copper Project. This represents the final federal approval needed to begin construction. The FAA, issued by Fisheries and Oceans Canada, approves the company's plan to mitigate impacts on fish and fish habitat during project development.

The authorization specifically allows for the construction of the tailings storage facility and water management structures essential for the project. With this approval, Gen Mining now awaits three remaining provincial approvals from Ontario's environmental and natural resources ministries, expected in the coming months. Once received, the project will have all key government permits required for construction.

Generation Mining (TSX:GENM, OTCQB: GENMF) has received federal approval for amendments to Schedule 2 of the Metal and Diamond Mining Effluent Regulations for its Marathon Palladium-Copper Project. This approval allows for the construction of specific water management structures and operation of key infrastructure. The regulatory amendment was published in the Canada Gazette, Part II, on July 31, 2024.

The company expects to receive the remaining provincial and federal approvals and permits required for construction in the coming months. The Marathon Project is positioned as one of the most advanced critical mineral projects in Canada, supporting economic growth and providing socio-economic benefits for Indigenous and local communities. The project has been designed to ensure sustainable development, incorporating best practices in environmental and social governance.

Generation Mining (TSX:GENM, OTCQB: GENMF) has provided an update on its 2024 summer exploration program at the Marathon Property in northwestern Ontario. The program includes:

• Completion of ALS Goldspot AI analysis, identifying 46 untested exploration targets, including 6 high priority locations
• Diamond drilling at Sally Deposit, Four Dams Prospect, and Biiwobik Prospect
• Significant results include:
• Sally: 48m at 1.52 g/t PdEq, including 6.0m at 3.42 g/t PdEq
• Four Dams: 74m of mineralized ultramafic rock grading 0.22% CuEq
• Biiwobik: 50.0m at 0.58% CuEq, including 10.0m at 1.50% CuEq

The company is continuing field work, including surface stripping, mapping, and soil sampling over priority targets.

Generation Mining (TSX:GENM, OTCQB: GENMF) held its annual meeting of shareholders, announcing the election results for its board of directors. The six nominees listed in the Management Information Circular dated May 5, 2024, were elected by a majority vote. The elected directors, Jamie Levy, Kerry Knoll, Stephen Reford, Paul Murphy, Phillip Walford, and Cashel Meagher, will serve until the next annual meeting or until successors are appointed. The voting percentages for these candidates ranged from 99.617% to 99.80%. Additionally, shareholders voted to re-appoint RSM Canada LLP as the auditor for the next year, with the board authorized to fix the auditor's remuneration. Detailed voting results are available on SEDAR+.

Generation Mining (TSX: GENM, OTCQB: GENMF) is advancing its Marathon Palladium-Copper Project in Northwestern Ontario through project design optimizations. The company aims to secure government approvals for construction and has engaged a construction-focused engineering firm for the project. Key objectives include reducing initial capital and operating-phase costs, optimizing design and construction strategies, and ensuring plant and infrastructure designs are fit-for-purpose. Additionally, alternative pit sequencing options are being evaluated to enhance early production cash flows. CEO Jamie Levy highlights the progress in permitting and believes the optimizations will improve project economics and readiness.

Generation Mining (TSX:GENM, OTCQB: GENMF) applauds the recent International Energy Forum (IEF) report, "Copper Mining and Vehicle Electrification." The report highlights that global copper production isn't sufficient to support a full transition to 100% electric vehicles (EVs) by 2035, suggesting a shift to 100% hybrid vehicles instead. This adjustment could allow developing nations to catch up with developed countries in electrification. To discuss these findings, Generation Mining will host a fireside chat with the report's co-author, Professor Adam Simon, on June 5th at 2pm EST. The report also cites concerns about the massive increase in copper demand, which could drive up prices and affect less developed regions. Hybrid vehicles, requiring less copper, offer a feasible alternative. Generation Mining, with significant copper and palladium projects, stands to benefit from both EV and hybrid transitions.

Generation Mining has filed a final short form base shelf prospectus with Canadian securities regulators (excluding Quebec). This allows the company to issue up to C$60 million in securities over 25 months, providing financial flexibility, although there are no immediate plans to do so. The prospectus will enable fast capital raising if required. Additionally, an amended technical report for the Marathon Palladium-Copper Project has been filed, correcting minor labelling and calculation errors but not changing material disclosures or economic analysis.