Generation Announces Receipt of Support Letter for up to $200 Million from leading Financial Lender
Generation Announces Receipt of Support Letter for up to $200 Million from
leading Financial Lender
TORONTO--(BUSINESS WIRE)--May 23, 2025--Generation Mining Limited (TSX:GENM,
OTCQB: GENMF) ("Gen Mining" or the "Company") is pleased to announce receipt of a
support letter from a leading Canadian financial institution stating its interest to provide up to
$200 million in a new long-term credit facility for the Marathon Copper-Palladium Project (the
“Marathon Project”), which would be in addition to the senior secured project finance facility
to be arranged with the mandated senior lenders.
Jamie Levy, President and CEO, commented: “This support letter, along with a recent extension
from our mandated senior lenders, demonstrates the continued interest of lenders to get the
Marathon Project built and into production. We also continue to have access to $200 million of
construction financing through our metals streaming agreement with Wheaton Precious Metals
Corp., and we continue to have discussions with other corporate, institutional and retail
investors, along with other alternative equity providers, to raise the remaining equity or
subordinated financing required for construction in the least dilutive manner possible. We look
forward to providing further updates when available.”
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 fostering a
greener future by promoting sustainability, empowering communities, and delivering value to
our stakeholders.
The Feasibility Study (the “Technical Report”) 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.ca 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)