Generation Receives Final Construction Permit from Ontario Ministry of Natural Resources
Generation Receives Final Construction Permit from Ontario Ministry of Natural
Resources
TORONTO--(BUSINESS WIRE)--March 11, 2025--Generation Mining Limited (TSX:GENM, OTCQB:
GENMF) ("Gen Mining" or the "Company") is pleased to advise that it has now received all three outstanding
approvals under the Lakes and Rivers Improvement Act (“LRIA”) from the Ontario Ministry of Natural
Resources (“MNR”) in respect of infrastructure construction associated with the water management structures
for the Marathon Copper-Palladium Project (“Marathon Project”) in Northwestern Ontario.
Jamie Levy, President and CEO of Generation Mining, commented, “These further LRIA approvals from the
government of Ontario demonstrate the continued advances we are making to bring the Marathon Project to
fruition. We remain committed to working closely with all regulatory bodies to ensure the highest standards of
environmental and social responsibility in the construction and operation of the Marathon Project. With just one
outstanding approval to be obtained from the Government of Ontario, we are closer than ever to being fully
permitted and ready for construction.”
Update on Remaining Permitting:
The Company continues to work diligently to secure an Environmental Compliance Approval – Industrial
Sewage Works (ECA-ISW) from the Ministry of Environment, Conservation and Parks for the discharge of
water at the Marathon Project site.
Following the Company’s receipt of this final provincial approval, which is expected in the coming months, the
Marathon Project will have received all key permits required for construction.
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped copper- palladium deposit
in Northwestern Ontario, Canada. On May 31, 2024, the Company filed an Amended Feasibility Study Update
for the Marathon Project with an effective date of December 31, 2022 (the “Feasibility Study”)
The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.16 billion, an Internal
Rate of Return of 25.8%, and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces
of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life (“LOM”). Over
the LOM, the Marathon Project is anticipated to produce 2,122,000 ounces of palladium, 517 million lbs of
copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 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/.
The Marathon property covers a land package of approximately 26,000 hectares, or 260 square kilometres. Gen
Mining owns a 100% interest in the Marathon Project.
Qualified Person
The scientific and technical content of this news release was reviewed and approved by Matthew Pitts, P. Geo,
Manager Exploration 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 the anticipated timing for receipt of government permits and
approvals, 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, 2023, 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
For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)