Generation Mining Receives Approval to Submit Closure Plan Permit

Generation Mining Limited (TSX:GENM)(OTCQB: GENMF)(“Gen Mining” or the “Company”) is pleased to announce that, following consent by the Biigtigong Nishnaabeg (“BN”) Chief and Council of the Closure Plan for the Marathon Palladium-Copper Project (the “Closure Plan”), the Company has been issued a letter from the Ministry of Mines (“MINES”) inviting the Company to submit the Closure Plan. Upon submission of the Closure Plan, supporting documentation, and financial assurance the Director of Mine Rehabilitation has up to 45 days to approve the plan or return it for further revisions. This represents another significant milestone in the permitting process for the Marathon Palladium-Copper Project and reflects the contributions of BN and other Indigenous groups that were consulted and participated in the overall development of the plan. The Company expects additional permits and approvals to be received during the fall of 2023.

Jamie Levy, President and Chief Executive Officer of the Company said, “We want to thank Chief Michano, the Biigtigong Nishnaabeg Band Council and the BN leadership team members for their support and collaboration with our team on developing the Closure Plan. This is the conclusion of months of working together to define the social, environmental, and technical elements of the Closure Plan to achieve the land use envisioned for the property after mining concludes, including establishing a self-sustaining ecosystem, re-establishing access through the area for traditional land use and providing future economic development opportunities. The Closure Plan reflects the significant amount of work undertaken by all parties to produce a plan that achieves the objectives of all stakeholders.

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/.