Generation Mining Limited (TSX:GENM, OTCQB: GENMF) (“Gen
Mining” or the “Company”) is pleased to announce receipt
of the Fisheries Act Authorization (“FAA”) for the Marathon
Palladium-Copper Project (the “Marathon Project”). The FAA,
issued by Fisheries and Oceans Canada, approves the Company’s plan
to avoid, mitigate and offset impacts to fish and fish habitat
related to the development of the Marathon Project. Specifically,
the authorization allows for the construction of the tailings
storage facility and water management structures required for the
construction and operation of the Marathon Project.
Jamie Levy, President and CEO says, “This represents the final
federal approval required to commence construction of the Marathon
Project, and yet another important milestone in bringing Canada’s
next critical mineral mine into production. We are very happy with
this approval and look forward to receiving the necessary
provincial permits and approvals in the coming months.”
The Project requires three remaining provincial approvals to be
issued by the Ministry of the Environment, Conservation and Parks
and the Ministry of Natural Resources. These are expected in the
coming months. Following which, the Project will have all of the
key government permits and approvals required for construction.
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 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 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/20240807525006/en/
Jamie Levy President and Chief Executive Officer (416) 640-2934
(O) (416) 567-2440 (M) jlevy@genmining.com
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