Generation Mining Announces US$400 Million Senior Debt Facility Mandate with EDC, ING, and Societe Generale

Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) has executed a mandate letter to arrange a senior secured project finance facility of up to US$400 million (the “Mandate”) to fund the construction and development of its Marathon Palladium-Copper Project, located on the north shore of Lake Superior in the Province of Ontario, Canada (the “Marathon Project”).

A syndicate including Export Development Canada (“EDC”), together with ING Capital LLC (“ING”) and Societe Generale S.A. (“Societe Generale”) will act as the Mandated Lead Arrangers (“MLAs”). The formal Mandate includes a non-binding indicative term sheet (the “Term Sheet”) for a senior debt facility of up to US$400 million (the “Facility”).

The execution of the Mandate is a key milestone in the project financing process for the development of the Marathon Project. EDC, ING, and Societe Generale were chosen as MLAs due to their extensive experience providing project finance to greenfield mining projects and the strength of their mining teams.

Closing of the Facility, targeted for the third quarter of 2023, remains subject to completion of final due diligence in form and substance satisfactory to the MLAs, final credit approvals and execution of definitive Facility documentation.

The definitive Facility documentation will include customary project finance terms and conditions, as well as a comprehensive intercreditor agreement. Drawdowns under the Facility would be subject to customary conditions precedent.

Jamie Levy, President and CEO, commenting on these arrangements said, “We are very pleased to have mandated these three financial institutions, all of whom have a strong mining and metals track record. The US$400 million senior debt facility (CDN $540 million) combined with the undrawn Wheaton Precious Metals Stream of CDN $200 million, or a total of CDN $740 million represents a significant portion of the initial capital required to develop the Marathon Project. The Company will now focus on finalizing the definitive documentation, together with arranging equipment leases and sourcing the balance of the capital required to fully finance construction.