Generation Mining and Metis Nation of Ontario Announce Consultation and Process Agreement
Generation Mining and Metis Nation of Ontario Announce Consultation and
Process Agreement
TORONTO, Feb. 15, 2022 -- Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) and
Metis Nation of Ontario (“MNO”) are proud to announce the signing of a Consultation and Process Agreement (“the
Agreement”) for the Marathon Palladium Copper Project ("Marathon Project") located in Northwestern Ontario.
This agreement sets out the principles that will guide the MNO and Generation PGM Inc. (a wholly owned subsidiary of Gen
Mining) (“GenPGM”) in developing their relationship and confirms their intentions to arrive at a Community Benefit Agreement
(“CBA”). The Agreement focuses on establishing a mutually-beneficial relationship, engagement, participation, and social and
economic opportunities throughout the life of the Marathon Project. It is another important step for the Marathon Project as it
continues to move forward in the environmental assessment process.
“I look forward to working with the staff of GenPGM and seeing the GenPGM mine benefiting all of the region and the Company
long into the future,” said Regional Councilor Tim Sinclair of the MNO.
Jamie Levy, President and CEO of Gen Mining, commented, “We value the relationship with MNO and are very pleased to
have them as a partner in our Marathon Palladium Project.”
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 certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved,
including statements relating to the collaboration with MNO, entering into a CBA, 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 statements 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 Mineral 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.