Final Construction Permit Received for Marathon Project – Canada’s Next Major Shovel-Ready Critical Mineral Project
Final Construction Permit Received for Marathon Project – Canada’s Next
Major Shovel-Ready Critical Mineral Project
TORONTO--(BUSINESS WIRE)--May 22, 2025--Generation Mining Limited (TSX:GENM,
OTCQB: GENMF) ("Gen Mining" or the "Company") is pleased to announce that it has received
the final key permit required for the construction of the Marathon Copper-Palladium Project
(“Marathon Project”) in Northwestern Ontario. The Environmental Compliance Approval –
Industrial Sewage Works (ECA-ISW) has been received from the Ontario Ministry of
Environment, Conservation and Parks for the management and discharge of water for the
construction phase of the Marathon Project.
Jamie Levy, President and CEO of Generation Mining, commented, “With this final permit,
Generation believes that the Marathon Project will be a major step forward in securing domestic
supplies of copper and palladium – essential elements for clean energy and advanced
technologies. The completion of construction permitting was one of our key objectives for this
year, and securing construction financing is now the final milestone to be able to move the
Marathon Project forward. With a shovel-ready plan and strong community support, the
Marathon Project has the potential to deliver critical minerals, create skilled jobs and strengthen
the Canadian supply chain for a more resilient future.”
Ruben Wallin, Vice President Sustainability, noted “The receipt of the ECA-ISW marks the
completion of the construction phase approvals process for the Project. The Company greatly
appreciates the Indigenous communities, the Town of Marathon, and the federal and provincial
government agencies that were involved in the process over the past 5 years. The Company
would also like to recognize the hard work and dedication of our employees and consultants,
present and past, in achieving this significant milestone for the Project.”
About the Company
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped copper-
palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of
approximately 26,000 hectares, or 260 square kilometers. Gen Mining is dedicated to producing
critical minerals for a greener future by promoting sustainability, empowering communities, and
delivering value to our stakeholders.
The most recent Feasibility Study (the “Technical Report”) for the Marathon Project estimated a
Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of
28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date
of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected
to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of
platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more
information, please review the Feasibility Study filed under the Company’s profile at
www.sedarplus.com or on the Company’s website at https://genmining.com/projects/feasibility-
study/.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by
Daniel Janusauskas, P.Eng., Technical Services Manager 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 projected capital and operating
costs (including the AISC); the timing and volume of payable metal production and revenues;
and the economic analysis and results (including NPVs and payback periods).expand or alter
potential mine pit designs; and the anticipated 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, 2024, 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.
Contacts
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)