Generation Mining Announces Feasibility Study Report Update for the Marathon Copper-Palladium Project

Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Firm”) is happy to announce constructive outcomes on the up to date Feasibility Research (“2025 FS” or the “Feasibility Research”) for the Marathon Copper-Palladium Mission (the “Mission”) positioned close to the City of Marathon in Northwestern Ontario. All greenback quantities are in Canadian {dollars} (“$” or “C$”) except in any other case said. All references to “Mlbs” are to hundreds of thousands of kilos and “Moz” are to hundreds of thousands of troy ounces and “koz” are to hundreds of troy ounces.

Highlights:

• Sturdy Base Case economics1: An after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 12 months payback interval based mostly on the 3-yr trailing common metallic costs on the efficient date2
• Sturdy vital mineral manufacturing throughout pre-production and the primary three years of economic operation: 151 Mlbs of payable copper, 720 koz of payable palladium and 156 koz of platinum
• Preliminary Capital: C$992 million3
• Enticing AISC:Lifetime of mine (“LOM”) all-in sustaining prices (“AISC”) of US$2.05/CuEq lb or US$781/PdEq oz
• At latest long-term consensus costs2: An after-tax NPV6% of $876 million, IRR of 24% and a couple of.2 12 months payback interval, with 41% of payable metallic revenues attributable to copper and 41% attributable to palladium
• At latest spot costs2: An after-tax NPV6% of $749 million, IRR of 21% and a couple of.4 12 months payback interval, with 44% of payable metallic revenues attributable to copper and 37% attributable to palladium.
• Common annual payable metals: 42 Mlbs copper,168 koz palladium, 38 koz platinum, 12 koz gold and 240 koz silver over roughly 13 years of mine life
• Jobs: Creation of over 800 jobs throughout building and over 400 direct everlasting jobs throughout operations
• The Subsequent Important Mineral, Shovel-Prepared Mission: Totally Permitted for Development federally and ready for approval on final allow from the Authorities of Ontario.

The 2025 FS incorporates the outcomes of the Mission optimization work reported by the Firm in a information launch entitled “Era Completes Optimization Work for the Marathon Mission with Improved Mine Plan and Decreased Capex” issued on November 20, 2024, which targeted on two key features: 1) optimization of the mine plan to maximise metallic manufacturing and defer waste stripping within the early years of operations as a way to enhance early money flows and cut back the payback interval (“Mine Plan Optimization”); and a couple of) optimization of the method plant design and structure, together with sizing of key gear, plant footprint and foundations, as a way to cut back the preliminary Mission capital prices (“Preliminary Capital Optimization”, and along with the Mine Plan Optimization, the “Optimization Work”).

The Optimization Work has now been additional up to date to include modifications to Mineral Assets, Mineral Reserves, the Life-of-Mine (LOM) mining plan and working and capital prices, utilizing the identical metallic worth assumptions which shaped the idea of the November 20, 2024 information launch.

The 2025 FS was ready by Ausenco Engineering Canada ULC (“Ausenco”), together with contributions from Moose Mountain Technical Companies (“MMTS”), Knight Piésold Ltd. (“KP”), P&E Mining Consultants Inc. (“P&E”), and JDS Power and Mining, Inc (“JDS”).

The 2025 FS outlines the operation of an open pit mine and course of plant over a mine lifetime of 12.5 years and replaces the Firm’s earlier feasibility examine entitled “Amended Feasibility Research Replace, Marathon Palladium & Copper Mission, Ontario, Canada” dated Could 31, 2024.

Jamie Levy, President and CEO of the Firm, commented, “The up to date Feasibility Research for the Marathon Copper-Palladium Mission clearly underscores its potential to be Ontario’s subsequent producing vital mineral mine. The mission not solely advantages from a robust commodity mixture of vital metals but in addition stands as a strategic Canadian response to rising threats within the world mineral provide chain.

The Marathon Mission’s vital publicity to copper and palladium positions it as a uniquely engaging alternative within the vital mineral area in North America. With copper dealing with long-term provide constraints and chronic provide dangers from the first palladium producers in Russia and South Africa, the Marathon Mission is effectively positioned to help North American and European smelters. The Mission’s superior growth and allowing can be a key differentiator, which positions us to deliver metallic to market sooner than some other North American copper mission not but in building.”

Kerry Knoll, Government Chairman of the Firm commented, “Anticipating the ultimate allow approvals from the provincial authorities within the close to future, the Marathon Mission is on monitor to grow to be the subsequent main shovel-ready vital metallic mission in Ontario and Canada. The potential backing from provincial and nationwide vital metallic funds, mixed with help from banks, personal fairness, institutional buyers, and retail shareholders, supplies a robust basis for securing full financing within the close to time period.”

Financial Evaluation

The up to date Feasibility Research underscores the continued financial robustness of the Marathon Mission with an after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 12 months payback interval based mostly on the 3-yr trailing common metallic costs as of November 1, 2024.

The next desk presents the important thing outputs of the financial evaluation for the 2025 FS utilizing 3-year trailing common metallic costs, along with the identical evaluation carried out utilizing spot and consensus metallic costs, and international trade fee assumptions:

Sensitivities

The Mission has vital leverage to palladium and copper costs. The after-tax valuation sensitivities for the important thing metrics are proven under.

Capital Prices

The preliminary capital prices for building and ramp-up, along with anticipated sustaining capital and closure prices, are offered within the desk under:

Working Prices

The Mission working prices have been up to date and are mirrored within the desk under.

Mine Plan

The lifetime of mine plan has been up to date and the manufacturing particulars are summarized within the desk under.

Mineral Assets

The Mineral Useful resource Estimate under is for the mixed Marathon, Geordie and Sally Deposits. The Mineral Useful resource Estimates for Marathon, Geordie and Sally had been ready by P&E.

Pit Constrained Mixed Mineral Useful resource Estimate for the Marathon, Geordie and Sally Deposits (Efficient date November 1, 2024)

Mineral Reserves

The Mineral Reserve estimate for the Mission consists of solely the Marathon Deposit. The Mineral Reserve Estimate was ready by MMTS.

Marathon Mission Open Pit Mineral Reserve Estimates
(Efficient Date of November 1, 2024)

Certified Individuals

The information launch has been reviewed and authorised by Daniel Janusauskas, P.Eng., Technical Companies Supervisor of Era PGM Inc., a wholly-owned subsidiary of the Firm, and a Certified Particular person as outlined by Canadian Securities Directors Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks.

The 2025 FS was ready by means of the collaboration of the next consulting companies and Certified Individuals, every of whom has reviewed and authorised the technical data on this information launch which was inside their major space of accountability:

NI 43-101 Technical Report

The 2025 FS was ready in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Requirements for Mineral Assets and Mineral Reserves adopted Could 19, 2014, and in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks. Gen Mining intends to file the 2025 FS referenced on this information launch as an NI 43-101 Technical Report on or earlier than March 31, 2025. Readers are inspired to learn this Technical Report in its entirety, together with all {qualifications}, assumptions and exclusions that relate to the small print summarized on this information launch. The Technical Report is meant to be learn as an entire, and sections shouldn’t be learn or relied upon out of context.

Concerning the Firm

Gen Mining’s focus is the event of the Marathon Mission, a big undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land bundle of roughly 22,000 hectares, or 220 sq. kilometers. Gen Mining is devoted to fostering a greener future by selling sustainability, empowering communities, and delivering worth to our stakeholders.

About Ausenco

Ausenco is a worldwide firm redefining what’s attainable. The staff relies out of 21 workplaces working throughout 5 continents to ship providers worldwide. Combining deep technical experience with a 30-year monitor file, Ausenco delivers modern, value-add consulting, research, mission supply, asset operations and upkeep options to the minerals and metals and industrial sectors (www.ausenco.com).

Non-IFRS Monetary Measures and Different Measures

The Firm has included sure monetary measures on this information launch, together with preliminary capital price, working prices, AISC, and Pre-Tax and After-Tax Money Flows, which aren’t measures acknowledged underneath IFRS and shouldn’t have a standardized which means. These non-IFRS monetary measures are included on this doc as a result of these statistics are measures that administration will use to observe future monetary efficiency, and to plan and assess the general effectiveness and effectivity of future mining operations. The Firm doesn’t have historic non-IFRS monetary measures nor historic comparable measures underneath IFRS, and due to this fact the foregoing potential non-IFRS monetary measures will not be reconciled to the closest comparable measures underneath IFRS. Non-IFRS measures shouldn’t have any standardized which means prescribed underneath IFRS, and due to this fact, they will not be akin to related measures employed by different firms. The information offered is meant to supply further data and shouldn’t be thought-about in isolation or as an alternative to measures ready in accordance with IFRS.

Non-IFRS efficiency measures used herein are outlined as follows:

• Preliminary Capital consists of all prices incurred from the efficient date of the 2025 FS (excluding historic sunk prices) till the purpose the place industrial manufacturing is achieved, together with bills associated to engineering, gear buy and set up, course of plant and mine infrastructure building, and some other prices related to placing the Mission into operations.
• Working Prices consists of mining, processing, common and administrative and different, focus transportation prices, therapy and refining expenses, and royalties. Prices associated to the Wheaton PMPA are excluded.
• AISC consists of Working Prices, closure and reclamation prices, and sustaining capital.
• Pre-tax Money Movement consists of complete income much less Working Prices, working capital changes, gear financing, preliminary capital, sustaining capital, closure prices. Prices associated to the Wheaton PMPA are included.
• After-tax Money Movement consists of Pre-tax Money Movement much less earnings taxes payable.

The Marathon Mission is a polymetallic deposit. For functions of estimating the Firm’s anticipated prices and future monetary efficiency, the Firm discloses sure monetary measures herein based mostly on estimates of future palladium equal (“PdEq”) and copper equal (“CuEq”) metallic manufacturing. The Firm’s estimated PdEq and CuEq are calculated utilizing the payable metals estimates derived from the Firm’s LOM, as follows:

• Palladium Equal ounces makes use of the formulation PdEq oz = Pd oz + (Cu lb x 4.00 US$/lb + Pt ozx US$950/oz + Au ozx US$2000/oz + Ag ozx US$24.00/oz) / US$1525 Pd/oz.
• Copper Equal kilos makes use of the formulation CuEq lbs = Cu lbs + (Pd ozx US$1,525/oz + Pt ozx US$950/oz + Au ozx US$2000/oz + Ag ozx US$24.00/oz) / US$4.00 Cu/lb.

Info Regarding Estimates of Mineral Reserves and Assets

The Mineral Reserve and Mineral Useful resource Estimates on this press launch have been disclosed in accordance with NI 43-101, which differs from the necessities of the U.S. Securities and Change Fee (the “SEC”), and knowledge with respect to mineralization and Mineral Reserves and Mineral Assets contained herein will not be akin to related data disclosed by U.S. firms.

The SEC has adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities underneath the U.S. Securities Change Act of 1934, as amended (the “Change Act”). These amendments turned efficient February 25, 2019 (the “SEC Modernization Guidelines”) with compliance required for the primary fiscal 12 months starting on or after January 1, 2021. Beneath the SEC Modernization Guidelines, the historic property disclosure necessities for mining registrants included in Business Information 7 underneath the U.S. Securities Act of 1933, as amended, shall be rescinded and changed with disclosure necessities in subpart 1300 of SEC Regulation S-Okay. On account of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets.” As well as, the SEC has amended its definitions of “Confirmed Mineral Reserves” and “Possible Mineral Reserves” to be “considerably related” to the corresponding requirements underneath NI 43-101. Whereas the SEC will now acknowledge “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets”, U.S. buyers mustn’t assume that any half or the entire mineralization in these classes will ever be transformed into a better class of Mineral Assets or into Mineral Reserves. Mineralization described utilizing these phrases has a higher quantity of uncertainty as to its existence and feasibility than mineralization that has been characterised as reserves. Accordingly, U.S. buyers are cautioned to not assume that any Measured Mineral Assets, Indicated Mineral Assets, or Inferred Mineral Assets that the Firm experiences are or shall be economically or legally mineable. Additional, “Inferred Mineral Assets” have a higher quantity of uncertainty as to their existence and as as to whether they are often mined legally or economically. Due to this fact, U.S. buyers are additionally cautioned to not assume that each one or any a part of the “Inferred Mineral Assets” exist. There is no such thing as a assurance that any Mineral Reserves or Mineral Assets that the Firm might report as “Confirmed Mineral Reserves”, “Possible Mineral Reserves”, “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets” underneath NI 43-101 can be the identical had the Firm ready the Reserve or Useful resource Estimates underneath the requirements adopted underneath the SEC Modernization Guidelines.

Mineral Assets will not be Mineral Reserves, and shouldn’t have demonstrated financial viability, however do have cheap prospects for financial extraction. Measured and Indicated Mineral Assets are sufficiently effectively outlined to permit geological and grade continuity to be moderately assumed and allow the applying of technical and financial parameters in assessing the financial viability of the Mineral Useful resource. Inferred Mineral Assets are estimated on restricted data not adequate to confirm geological and grade continuity or to permit technical and financial parameters to be utilized. Inferred Mineral Assets are too speculative geologically to have financial concerns utilized to them to allow them to be categorized as Mineral Reserves. There is no such thing as a certainty that Mineral Assets of any classification may be upgraded to Mineral Reserves by means of continued exploration.

The Firm’s Mineral Reserve and Mineral Useful resource figures are estimates and the Firm can present no assurances that the indicated ranges of mineral shall be produced or that the Firm will obtain the value assumed in figuring out its Mineral Reserves. Such estimates are expressions of judgment based mostly on data, mining expertise, evaluation of drilling outcomes and business practices. Legitimate estimates made at a given time might considerably change when new data turns into obtainable. Whereas the Firm believes that these Mineral Reserve and Mineral Useful resource Estimates are effectively established and the perfect estimates of the Firm’s administration, by their nature Mineral Reserve and Mineral Useful resource Estimates are imprecise and rely, to a sure extent, upon evaluation of drilling outcomes and statistical inferences which can in the end show unreliable. If the Firm’s Mineral Reserve or Mineral Reserve Estimates are inaccurate or are decreased sooner or later, this might have an hostile affect on the Firm’s future money flows, earnings, outcomes or operations and monetary situation.

The Firm estimates the long run mine lifetime of the Marathon Mission. The Firm may give no assurance that its mine life estimate shall be achieved. Failure to realize this estimate may have an hostile affect on the Firm’s future money flows, earnings, outcomes of operations and monetary situation.

Ahead-Wanting Info

This information launch accommodates sure forward-looking data and forward-looking statements, as outlined in relevant securities legal guidelines (collectively referred to herein as “forward-looking statements”). Ahead-looking statements mirror present expectations or beliefs relating to future occasions or the Firm’s future efficiency. All statements apart from statements of historic reality are forward-looking statements. Usually, however not all the time, forward-looking statements may be recognized by way of phrases reminiscent of “plans”, “expects”, “is predicted”, “finances”, “scheduled”, “estimates”, “continues”, “forecasts”, “initiatives”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such phrases and phrases or state that sure actions, occasions or outcomes “might”, “may”, “would”, “ought to”, “may” or “will” be taken, happen or be achieved, together with statements associated to mineral useful resource and reserve estimates; proposed mine manufacturing plans; projected mining and course of restoration charges (together with mining dilution); estimates associated to reclamation and closure prices; the timing for receipt of presidency permits, adequate financing or to start building of the Marathon Mission, metallic costs and different financial assumptions (together with foreign money trade charges); projected capital and working prices (together with the AISC); the timing and quantity of payable metallic manufacturing and revenues; and the financial evaluation and outcomes (together with money flows, IRRs, NPVs and payback interval).

Though the Firm believes that the expectations expressed in such forward-looking statements are based mostly on cheap assumptions, such statements will not be ensures of future efficiency and precise outcomes or developments might differ materially from these within the statements. There are particular elements that would trigger precise outcomes to vary materially from these within the forward-looking data. These embrace the timing for a building determination; the progress of growth on the Marathon Mission, together with progress of mission expenditures and contracting processes, the Firm’s plans and expectations with respect to liquidity administration, continued availability of capital and financing, the long run costs of palladium, copper and different commodities, allowing timelines, trade charges and foreign money fluctuations, will increase in prices, necessities for extra capital, and the Firm’s selections with respect to capital allocation, and the affect of COVID-19, inflation, world provide chain disruptions, world conflicts, together with the wars in Ukraine and Israel, the mission schedule for the Marathon Mission, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties concerned in deciphering geological knowledge and the accuracy of Mineral Reserve and Useful resource Estimates, environmental compliance and modifications in environmental laws and regulation, the Firm’s relationships with Indigenous communities, outcomes from deliberate exploration and drilling actions, native entry situations for drilling, and common financial, market or enterprise situations, in addition to these danger elements set out within the Firm’s annual data type for the 12 months ended December 31, 2023, and within the steady disclosure paperwork filed by the Firm on SEDAR+ at http://www.sedarplus.ca/.

Readers are cautioned that the foregoing checklist of things just isn’t exhaustive of the elements that will have an effect on forward-looking statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking statements on this information launch communicate solely as of the date of this information launch or as of the date or dates laid out in such statements. The Firm disclaims any intention or obligation to replace or revise any forward- trying data, whether or not on account of new data, future occasions or in any other case, apart from as required by regulation. For extra data on the Firm, buyers are inspired to overview the Firm’s public filings on SEDAR+ at www.sedarplus.ca.

Contacts

For additional data please contact:
Jamie Levy
President and Chief Government Officer
(416) 640-2934 (O)
(416) 567-2440 (M)

jlevy@genmining.com

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