Generation Mining Awards EPCM Contract to Ausenco for the Marathon Copper-Palladium Project
Generation Mining Awards EPCM
Contract to Ausenco for the Marathon
Copper-Palladium Project
Toronto, Ontario – March 2, 2026 – Generation Mining Limited (“GENM” or the “Company”)
is pleased to announce the appointment of Ausenco Engineering Canada ULC (“Ausenco”)
as the Engineering, Procurement and Construction Management (“EPCM”) partner for the
Marathon Copper- Palladium Project (the “Project”) located in Northwestern Ontario.
Following a comprehensive evaluation and negotiation process, Ausenco was selected as
GENM’s EPCM partner based on its strong technical capabilities, proven project delivery
experience in Ontario, and alignment with GENM’s execution strategy and long -term
business objectives.
Ausenco demonstrated a clear understanding of the Project’s scope, risk profile, and value
drivers, while aligning closely with GENM’s priorities for disciplined capital management,
constructability, operational readiness, and responsible project developme nt. Ausenco
recently completed the updated Feasibility Study, and the quality of this work was a key
criteria as part of the selection for a key strategic partner in the execution phase and
contributed to GENM’s confidence in advancing the Project.
GENM and Ausenco engaged in a collaborative negotiation process, resulting in a
commercial and execution framework designed to achieve common objectives, including:
• Delivery certainty across scope, cost, and schedule
• Strong governance and reporting discipline
• Aligned outcomes for ensuring project success against the recently completed work
reviewed by our lenders
• Effective integration between the parties across engineering, procurement, and
construction management
• A shared commitment to safety, sustainability, and stakeholder engagement
“Ausenco distinguished itself as a partner that not only brings deep EPCM expertise but also
shares GENM’s commitment to a disciplined, transparent, and value -focused execution
model, ” said Clinton Swemmer, VP Projects. “We value Ausenco’s proven resilienc e in
difficult industry conditions and its strong understanding of execution requirements within
Ontario. We also appreciate the constructive and solutions -oriented approach taken
throughout the negotiation process. ”
"Being awarded the EPCM contract for the Project is a milestone we've been building toward
through every stage with GEN M. Working together through the feasibility update has only
deepened our confidence in what this partnership can achieve , ” said Dan Wilford, Vice
President Project Execution for Ausenco. “ Ontario has a proud history of delivering world-
class resource projects, and our regional and global execution team intend to bring that
same focus on innovation, resilience, and hard-won experience that has come to define the
integrated GENM and Ausenco project team. This is exactly the kind of project we like to
deliver. "
GENM and Ausenco will now advance into detailed design and execution readiness activities
under a Limited Notice to Proceed (“LNTP”) phase, during which the parties will finalize the
EPCM contract. These activities will progress in parallel with GENM’s ong oing project
financing process, with the intent of commencing field execution in the third quarter /fourth
of 2026, subject to financing and customary conditions.
Under the EPCM mandate, Ausenco will be responsible for detailed engineering,
procurement, construction management, and related project services supporting the
development and delivery of the Project.
This appointment represents a key milestone as GENM advances the Project toward the
execution phase.
About Ausenco
Ausenco is a global engineering, consulting and project delivery firm built for the minerals
and metals industry. With three decades of global experience, they work alongside clients
to navigate complex challenges from first study to final closure—across every phase, on
five continents. Deeply rooted in the minerals and metals industry, their people combine
technical depth, hands-on expertise, and hard-earned insight to deliver practical, forward-
thinking solutions that reduce risk and unlock value. (www.ausenco.com).
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, and a
Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
About Generation Mining Limited
Generation Mining’s (TSX: GENM) 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 36,398 hectares (364km2). Generation Mining is
dedicated to fostering a gr eener future by promoting sustainability, empowering
communities, and delivering value to our stakeholders.
The Feasibility Study (the “Technical Report”) with an effective date of November 1, 2024,
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 approximately: 2,161,000 ounces of palladium,
532 million lbs. of copper, 488,000 ounces of platinum, 160,00 0 ounces of gold and
3,051,000 ounces of silver in payable metals. These production estimates and economic
projections are forward-looking statements subject to risks and uncertainties. For more
information, please review the Feasibility Study filed under the Company’s profile
at www.sedarplus.ca and available on the Company’s website
athttps://genmining.com/projects/feasibility-study/.
For further information, please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)
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
proposed use of proceeds of the Private Placement, receipt of all regulatory approvals related to the
Private Placement, and the anticipated advancement of the Company’s 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
c o u l d c a u s e a c t u a l r e s u l t s t o d i ff e r m a t e r i a l l y f r o m t h o s e i n t h e f o r w a r d-looking information. These
include the timing of the Offering and regulatory approval of the Offering; 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,
inflation, global supply chain disruptions, global conflicts, 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 annu al inf orma tion f orm f or the year ended December 31, 2024, and in the continuo us
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 .