Generation Mining Limited (TSX:GENM, OTCQB: GENMF) (“Gen
Mining” or the “Company”) is pleased to announce the
federal government has approved amendments to Schedule 2 of the
Metal and Diamond Mining Effluent Regulations (“Schedule 2”)
for the Marathon Palladium-Copper Project (the “Marathon
Project”). This approval will allow for the construction of
specific water management structures and operation of key
infrastructure for the Marathon Project.
Following approval by the Governor in Council, on the
recommendation of the federal Minister of Environment and Climate
Change, the regulatory amendment adding the specified Marathon
Project waterbodies and geographic areas encompassing water bodies
to Schedule 2 was published in the Canada Gazette, Part II, on July
31, 2024. Receipt of the few remaining provincial and federal
approvals and permits required for construction is expected in the
coming months.
“We are now on the cusp of having one of the only permitted
copper and PGM projects in North America that can be constructed
and brought into operation once we obtain the requisite financing.
The Marathon Project is one of the most advanced critical mineral
projects in Canada, and this government approval represents another
milestone on the path to developing Canada’s next copper and
palladium mine,” said Jamie Levy, President and Chief Executive
Officer of the Company. “The Marathon Project will support the
economic growth and competitiveness of Canada and Ontario, as well
as provide socio-economic benefits for Indigenous and local
communities. The Company is proud to be part of this generational
opportunity for Canada’s economy and net-zero future.”
Ruben Wallin, VP Sustainability of the Company also noted: “The
Marathon Project has been designed to ensure critical mineral
development will occur in a manner which is sustainable,
incorporates best practices in environmental and social governance,
and reflects the knowledge shared by Indigenous communities. This
milestone demonstrates that permitting of critical mineral projects
in Canada can occur in a timely and efficient manner when the
company, government and Indigenous communities work
collaboratively.”
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped palladium-copper 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 estimates 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, verified, and approved by Drew Anwyll, P.Eng., M.Eng,
Chief Operating Officer 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 related to the anticipated timelines for
receipt of government approvals and permits; and the 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. In particular, there can
be no assurance that the timelines for receipt of government
approvals and permits; and the life of mine, mineral production
estimates, payback period, and financial returns from the Marathon
Project will achieve the anticipated results described herein.
There are other factors that could also 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730155543/en/
Jamie Levy President and Chief Executive Officer (416) 640-2934
(O) (416) 567-2440 (M) jlevy@genmining.com
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