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Final Construction Permit Received for Marathon Project – Canada’s Next Major Shovel-Ready Critical Mineral Project

Mine Development & Operations Permits & Approvals

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)

[email protected] or [email protected]