Generation Mining Secures Final Funding for Marathon Project

Generation Mining Limited has secured the final funding required to complete the financing package for its 100%-owned Marathon Copper-Palladium Project, located near Marathon, Northwestern Ontario, Canada. The project is set to become Canada's next major producer of copper and palladium, with a fully financed construction package of approximately $1.3 billion now in place.

The financing package includes a bought deal financing of $200 million, with commitments from Canada Growth Fund (CGF) and Glencore Canada Corporation. CGF also provided a private placement of $40 million. Additionally, a subordinated unsecured convertible note financing of $100 million was arranged, with $50 million each from CGF and the Canada Infrastructure Bank (CIB).

The project will benefit from a copper and metal supply contract with Glencore AG, which has agreed to purchase polymetallic copper concentrate containing copper, palladium, platinum, gold, and silver produced at the Marathon Project. This agreement will support domestic value-added processing at Glencore Canada’s Horne smelter in Rouyn-Noranda, Québec, and further domestic value-added processing.

Generation Mining Limited has also secured a cost overrun facility of $185 million, with $95 million to be funded under the final funding and $90 million under the previously announced CIB subordinated debt facility. The fully financed construction package includes surety bonds for closure and fisheries offset commitments, as well as letters of credit totaling $78 million.

Jamie Levy, President and CEO of Generation Mining, stated, "Today is a landmark day for Generation Mining. With the final funding now secured, we have completed a fully financed construction package for the Marathon Project. This important milestone was made possible by the complementary tools put in place by the Government of Canada to help complete the project’s financing stack."

Brian Jennings, Chief Financial Officer, added, "To assemble project capital totaling approximately $1.3 billion for a company of our size is a significant accomplishment. This could not have been done without the support of CGF, CIB, Wheaton Precious Metals, Glencore, senior lenders, our equity partners, and advisors."

Ehren Cory, CEO of the Canada Infrastructure Bank, shared, "The Marathon Project will help build a resilient, made-in-Canada supply chain for the critical minerals that power our clean economy. We are pleased to make our first investment in Ontario's critical minerals sector and we look forward to seeing construction get underway."

The Bought Deal Financing, Private Placement, and Note Financing are subject to shareholder, stock exchange, and other required regulatory approvals, execution of definitive documentation, intercreditor agreements, and satisfaction of customary conditions precedent. The Company intends to use the net proceeds from these financings to fund the development, construction, and operation of the Marathon Project, and associated general and administrative and financing costs.

With the final funding now in place, Generation Mining is expected to begin early works construction in the fourth quarter of 2026, moving the Marathon Project toward production as Canada's next major producer of copper and palladium.