Generation Mining and Biigtigong Nishnaabeg First Nation Announce Memorandum of Agreement
GENERATION MINING AND
BIIGTIGONG NISHNAABEG FIRST
NATION ANNOUNCE
MEMORANDUM OF AGREEMENT
Toronto, Ontario – January 27, 2022 – Generation Mining Limited (TSX: GENM) (OTCQB:
GENMF) (“Gen Mining” or the “Company”) and Biigtigong Nishnaabeg (“BN”) are proud to
announce the signing of a Memorandum of Agreement (“the MOA”) for the Marathon Palladium
Copper Project ("Marathon Project") located in Northwestern Ontario.
This MOA signals another important milestone for the Marathon Project, as it nears regulator
approval through the environmental assessment process and is in line with Gen Mining’s
Indigenous relations policy and practice of maximizing community participation and benefits
throughout the life of the project.
The Company recognizes that there are established businesses within the BN community that can
contribute to the Marathon Project, and we are proud to formalize this commitment with the
signing of this MOA, pursuant to which the Company has committed to:
• Collaborate on sustainable community-based business opportunities that will last beyond
the life of the Marathon Project
• Target and support businesses that include training, development and growth of BN
community members in their professional development and long-term employment
• Support strategic partnerships and initiatives that help BN participate in opportunities to
gain management experience in the mining industry
• Support BN with their strategic goals of growing current and aspirational sustainable
businesses.
In addition, the MOA defines some of the contracting projects that will be sole-sourced to BN to
further maximize economic benefits for the Marathon Project’s closest Indigenous partner
community.
Jamie Levy, President and CEO of Gen Mining, commented, “Gen Mining respects the
Indigenous culture and the environment where we work and plan to operate. We very much
value the support of BN for the development of the Marathon Project. We are proud to be
partners with BN and look forward to ongoing collaboration in the years to come.”
“This Memorandum of Agreement sets a strong foundation for us to work collectively with Gen
Mining on a number of business opportunities. It facilitates a process to ensure that our First
Nation can and will capitalize on economic opportunities during critical stages of the mine
development. We look forward to the implementation and advancement of this MOA” said Debi
Bouchie, Director of Operations for BN.
The MOA is one of the components of the Community Benefit Agreement (“CBA”) that Gen
Mining and BN are currently advancing.
About the Company
Gen Mining’s focus is the development of its 100% owned Marathon Project, a large undeveloped
platinum group metal mineral deposit in Northwestern Ontario. The Company released the results
of the Feasibility Study on March 3, 2021 and published the NI43 -101 Technical Report dated
March 25, 2021. The Marathon property covers a land package of approximately 22,000 hectares,
or 220 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.
The Feasibility Study in respect of the Marathon Project estimated that at US$1725/oz palladium,
and US$3. 20/lb copper, Marathon’s Net Present Value (at 6% discount rate) is approximately
C$1.07 billion with a payback of 2.3 years and an Internal Rate of Return of 30%. Up front capital
costs were estimated at C$665 million. The mine would produce an estimated 245,000 palladium
equivalent ounces per year over a 13 -year mine life at an All -In Sustaining Cost of US$809 per
palladium-equivalent ounce. For more information, please review the detailed Feasibility Study
dated March 25, 2021, filed under the Company’s profile at SEDAR.com.
For further information please contact:
Jamie Levy
President and Chief Executive
Officer
(416) 640-2934
(416) 567-2440
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 certa in
actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or
be achieved, including statements relating to the collaboration with BN and the Company
advancing the Marathon Project to bring it into production. All forward -looking statements,
including those herein are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in such 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 commodity price volatility, continued availability of capital and
financing, uncertainties involved in interpreting geological data, increases in costs, environmental
compliance and changes in environmental legislation and regulation, the Company’s relationships
with First Nations communities, exploration successes, 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, 2020, and in the continuous disclosure documents filed by the Company
on SEDAR at www.sedar.com. 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.
Forward-looking state ments are based on a number of assumptions which may prove to be
incorrect, including, but not limited to, assumptions relating to: the availability of financing for
the Company’s operations; operating and capital costs; results of operations; the mine
development and production schedule and related costs; the supply and demand for, and the level
and volatility of commodity prices; timing of the receipt of regulatory and governmental approvals
for development Projects and other operations; the accuracy of M ineral Reserve and Mineral
Resource Estimates, production estimates and capital and operating cost estimates; and general
business and economic conditions.
Investors are cautioned that any such statements are not guarantees of future performance and
actual results or developments may differ materially from those projected in the forward -looking
information. For more information on the Company, investors are encouraged to review the
Company’s public filings on SEDAR at www.sedar.com. 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.