Closure Plan Approved for Generation Mining’s Marathon Palladium-Copper Project – Major Milestone Met

Generation Mining Limited (TSX:GENM)(OTCQB: GENMF)(“Gen Mining” or the “Company”) is pleased to announce that the province of Ontario has accepted and filed the Closure Plan for the Marathon Palladium-Copper Project. This represents another major milestone in the permitting process for the Marathon Palladium-Copper Project.

Jamie Levy, President and Chief Executive Officer of the Company said, “The approval of our Closure Plan for the Marathon Palladium-Copper Project is the conclusion of months of work 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 Marathon Palladium-Copper Project is a valuable and strategic asset containing critical metals that are needed to support emissions controls and the transition to a greener economy. We are grateful for the incredible stakeholder support including the First Nation community of Biigtigong Nishnaabeg and the Town of Marathon, and the Ontario government.”

Along with the approval of the Closure Plan, the Company continues to make significant progress on obtaining the permits for the Project. In August 2023 we received our Endangered Species Act Permit and in September the Company received the Environmental Compliance Approval issued by the Ministry of Environment, Conservation and Parks for air and noise emissions for the Marathon Project. Additional permits and approvals are expected to be received during the balance of 2023.

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/.