Generation Receives Final Construction Permit from Ontario Ministry of Natural Resources

Rhea-AI Summary

Generation Mining (TSX:GENM, OTCQB: GENMF) has secured all three outstanding approvals under the Lakes and Rivers Improvement Act (LRIA) from the Ontario Ministry of Natural Resources for water management infrastructure construction at its Marathon Copper-Palladium Project in Northwestern Ontario.

The company now awaits just one final permit - the Environmental Compliance Approval – Industrial Sewage Works (ECA-ISW) from the Ministry of Environment, Conservation and Parks, which is expected in the coming months. Once received, the Marathon Project will have obtained all key permits required to begin construction.

Positive

• Secured all three LRIA approvals for water management infrastructure
• Only one final permit remaining before full construction authorization
• Final permit expected within months

Negative

• Construction cannot begin until final Environmental Compliance Approval is received

TORONTO--(BUSINESS WIRE)-- Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ("Gen Mining" or the "Company") is pleased to advise that it has now received all three outstanding approvals under the Lakes and Rivers Improvement Act (“LRIA”) from the Ontario Ministry of Natural Resources (“MNR”) in respect of infrastructure construction associated with the water management structures for the Marathon Copper-Palladium Project (“Marathon Project”) in Northwestern Ontario.

Jamie Levy, President and CEO of Generation Mining, commented, “These further LRIA approvals from the government of Ontario demonstrate the continued advances we are making to bring the Marathon Project to fruition. We remain committed to working closely with all regulatory bodies to ensure the highest standards of environmental and social responsibility in the construction and operation of the Marathon Project. With just one outstanding approval to be obtained from the Government of Ontario, we are closer than ever to being fully permitted and ready for construction.”

Update on Remaining Permitting:

The Company continues to work diligently to secure an Environmental Compliance Approval – Industrial Sewage Works (ECA-ISW) from the Ministry of Environment, Conservation and Parks for the discharge of water at the Marathon Project site.

Following the Company’s receipt of this final provincial approval, which is expected in the coming months, the Marathon Project will have received all key permits required for construction.

About Generation Mining Limited

Gen Mining’s focus is the development of the Marathon Project, a large undeveloped copper- palladium deposit in Northwestern Ontario, Canada. On May 31, 2024, the Company filed an Amended Feasibility Study Update for the Marathon Project with an effective date of December 31, 2022 (the “Feasibility Study”)

The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.16 billion, an Internal Rate of Return of 25.8%, and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life (“LOM”). Over the LOM, the Marathon Project is anticipated to produce 2,122,000 ounces of palladium, 517 million lbs of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company’s profile at www.sedarplus.ca or on the Company’s website at https://genmining.com/projects/feasibility-study/.

The Marathon property covers a land package of approximately 26,000 hectares, or 260 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.

Qualified Person

The scientific and technical content of this news release was reviewed and approved by Matthew Pitts, P. Geo, Manager Exploration of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators’ National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements relating to the anticipated timing for receipt of government permits and approvals, life of mine; mineral production estimates, payback period, and financial returns from the Marathon Project.

Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company’s plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company’s decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of mineral reserve and resource estimates, environmental compliance and changes in environmental legislation and regulation, the Company’s relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company’s annual information form for the year ended December 31, 2023, and in the continuous disclosure documents filed by the Company on SEDAR+ at www.sedarplus.ca.

Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR+ at www.sedarplus.ca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250311458400/en/

For further information please contact:

Jamie Levy

President and Chief Executive Officer

(416) 640-2934 (O)

(416) 567-2440 (M)

jlevy@genmining.com or info@genmining.com

Source: Generation Mining Limited

FAQ

What permits did Generation Mining (GENMF) receive for the Marathon Project?

Generation Mining received three approvals under the Lakes and Rivers Improvement Act from Ontario Ministry of Natural Resources for water management infrastructure construction.

What is the final permit needed for Generation Mining's (GENMF) Marathon Project?

The final permit needed is the Environmental Compliance Approval – Industrial Sewage Works from the Ministry of Environment, Conservation and Parks.

When will Generation Mining (GENMF) receive the final permit for the Marathon Project?

The final permit is expected to be received in the coming months.

Is Generation Mining (GENMF) ready to begin construction of the Marathon Project?

Construction can begin once the final Environmental Compliance Approval permit is received, which is the last remaining key permit required.