Generation Mining Announces US$400 Million Senior Debt Facility Mandate with EDC, ING, and Societe Generale - Seite 2

Mr. Levy went on to say, “The interest of EDC, ING, Societe Generale, and Wheaton Precious Metals further validates the Marathon Project’s status as an economic, sustainable, environmentally sensitive, low-cost producer of critical metals that are needed to support emissions controls and the transition to a greener economy. This has never been more urgent particularly in the wake of the IPCC Report, published March 20, 2023, by the UN Intergovernmental Panel on Climate Change, which provides governments, at all levels, with scientific information they can use to develop climate policies. We look forward to updating the market throughout the rest of this year on our progress.”

Endeavour Financial is acting as financial advisor to the Company. Shearman & Sterling LLP and Cassels Brock & Blackwell LLP are acting as legal counsel to the Company.

About the Company

Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. The Company released the results of the Feasibility Study Update on March 31, 2023.

The Feasibility Study Update 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 Update dated March 31, 2023, filed under the Company’s profile at SEDAR.com or on the Company’s website at https://genmining.com/projects/feasibility-study/.

The Marathon Property covers a land package of approximately 22,000 hectares, or 220 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 timing for the execution of definitive financing documentation and the closing of the financing, government approvals and permitting, and commencement of construction of the Marathon Project; the timing and amount of funding required to execute the Company’s development and business plans related to the Marathon Project; and the life of mine, mineral production estimates and financial returns from the Marathon Project. All forward-looking statements, including those herein, are qualified by this cautionary statement.