202621 releases
Generation Mining Provides Update on Regional Exploration Program
The 2026 summer exploration program at the Marathon property in Northwestern Ontario has been completed, comprising 1,786 soil sampling stations across about 10 km of strike at the Four Dams, Lacobeer, Skipper and Boyer prospects, plus mapping and prospecting. Assays have been received for 909 samples (about 51%), with 12 samples above 300 ppm Cu, eight above 500 ppm Cu and a maximum of 3,280 ppm Cu. Relogging and sampling of historical core is planned for Q1 2027.
Drill resultsGeneration Mining Commences Construction at Marathon Copper-Palladium Mine
Construction has begun at the 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario, with early works commencing after Generation Mining posted a $6.5 million bond for the construction phase of its filed Closure Plan. The early works program, including site road upgrades, clearing, water management structures and camp expansion, is expected to run through Q4 2026 and into 2027. Initial payments of about $30 million are expected to secure roughly $150 million of critical equipment, at or below the Feasibility Study budget.
CorporateGeneration Mining Announces Acquisition of Shares of Elton Resources Corp.
39,268,426 common shares of Elton Resources Corp., representing approximately 19.94% of Elton's issued and outstanding shares on an undiluted basis, were acquired by Generation Mining Limited on completion of Chicane Capital I Corp.'s qualifying transaction with Elton on September 29, 2026. The shares were issued as consideration under an asset purchase agreement dated December 20, 2022, under which Elton acquired Generation Mining's rights and obligations under a December 22, 2009 concession agreement with Inuvialuit entities. The shares were acquired for investment purposes.
AcquisitionGeneration Mining to Present at Mining Forum Americas 2026 in Colorado Springs
President and CEO Jamie Levy and Chairman Kerry Knoll will attend Mining Forum Americas 2026, held September 27–30 at The Broadmoor Hotel and Resort in Colorado Springs, Colorado. Knoll will deliver a corporate update on Wednesday, September 30 at 10:40 a.m. MDT on Bartolin Hall Stage 1. The company is developing the Marathon copper-palladium project in Northwestern Ontario.
CorporateGeneration Mining Closes "Bought Deal" Public Offering and Concurrent Private Placement for Gross Proceeds of $240 Million
A bought deal public offering and concurrent private placement with Canada Growth Fund Inc. closed for aggregate gross proceeds of $240 million: 312,500,000 shares at $0.64 for $200 million under the offering, plus 62,500,000 shares to CGF for $40 million. CGF also bought 76,450,000 shares in the offering, leaving it with 138,950,000 shares, about 19.9% non-diluted. Proceeds will fund development, construction and operation of the 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario. The Company also signed an offtake agreement with Glencore AG for polymetallic copper concentrate.
FinancingGeneration Mining Agrees to a Term Sheet with the Ontario Government for Funding to Support Construction of the Marathon Processing Facility
A non-binding term sheet has been agreed with the Government of Ontario for a loan of up to $11 million through Ontario's Critical Minerals Processing Fund, administered by Invest Ontario, to support construction of the processing facility at the 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario. The loan amount depends on eligible project expenditures and maintaining minimum employment levels, and remains subject to final documentation. Eligible processing facility and infrastructure costs total approximately $410 million of the Project's $992 million capital cost.
FinancingGeneration Mining Secures Full Project Financing to Build Canada's Next Critical Minerals Mine
Final funding of $340 million has been secured for the 100%-owned Marathon Copper-Palladium Project near Marathon, Northwestern Ontario, comprising a $200 million bought deal of 312,500,000 common shares at $0.64, a $40 million private placement of 62,500,000 shares at $0.64 by Canada Growth Fund, and $100 million of subordinated unsecured convertible notes split between CGF and Canada Infrastructure Bank. Total construction package is approximately $1.3 billion; the bought deal is expected to close about September 21, 2026, with early works construction in Q4 2026. Glencore AG agreed to purchase polymetallic copper concentrate for a minimum 14-year term from September 1, 2028.
FinancingGeneration Mining Reports First 30% of Marathon Capital Costs Bid at or Below Feasibility Study Estimates
Bid pricing received for major equipment and construction packages representing approximately 30% of estimated capital costs at the 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario is, in aggregate, at or below the corresponding allowances in the 2025 Feasibility Study. Packages include grinding mills, a high voltage substation, thickener, primary crusher, hydrocyclones and a pre-engineered process plant building, with technical-commercial evaluations underway. The company leased a 263-bed construction camp and is procuring roughly 786 peak beds, and agreed a 4MW temporary construction powerline with Hydro One.
Study resultsGeneration Mining Announces Election of Directors
All six director nominees listed in Generation Mining's management information circular dated May 14, 2026 — Jamie Levy, Kerry Knoll, Stephen Reford, Phillip Walford, Rebecca Hudson and Kyle Kuntz — were elected at the annual and special meeting of shareholders held June 24, 2026, each receiving between 99.7% and 99.9% of votes cast. Each director holds office until the next annual meeting or until a successor is elected or appointed.
ManagementGeneration Mining Secures CAD $200 Million Subordinated Debt Commitment from Canada Infrastructure Bank
The Canada Infrastructure Bank has received internal credit approval for a CAD $200 million subordinated debt facility for the Marathon Copper-Palladium Project in Northwestern Ontario, comprising a CAD $110 million facility for development and construction costs and a CAD $90 million standby facility for cost overruns. Generation Mining has now secured approximately CAD $969 million of required funding, including a US$310 million senior debt facility, a CAD $200 million Wheaton stream and about CAD $145 million of equipment leasing. Final documentation remains outstanding; construction is expected to begin in the second half of 2026.
FinancingGeneration Mining Appoints Chief Operating Officer and VP Finance to Strengthen Management Team
Jeremy Wyeth, B.A.Sc., Mining Engineer, has been appointed Chief Operating Officer of Generation Mining, having joined as Technical Advisor six months ago; he previously served as Operations Director at Wood Canada Ltd. from 2017 to 2020 and led development of De Beers' Victor Diamond Mine in Northern Ontario. Anton Cukrov, CA, was appointed VP Finance, bringing 18 years of mining finance experience, most recently as Corporate Secretary and Controller at Foran Mining Corporation. The company is developing the Marathon Copper-Palladium Project in Northwestern Ontario.
ManagementGeneration Mining Receives Senior Lender Credit Approval for US$310 Million from EDC, ING Capital, and Société Générale
Export Development Canada, ING Capital and Société Générale have each granted internal credit approval for a US$310 million (approximately CAD $424 million) senior secured project finance facility for the Marathon Copper-Palladium Project in Northwestern Ontario. Together with an undrawn CAD $200 million Wheaton Precious Metals streaming agreement and approximately CAD $145 million of equipment leasing facilities, about CAD $769 million of funding is secured. The facility remains subject to final documentation; construction is expected to begin in the second half of 2026.
FinancingGeneration Mining Awards EPCM Contract to Ausenco for the Marathon Copper-Palladium Project
Ausenco Engineering Canada ULC has been appointed EPCM partner for the Marathon Copper-Palladium Project in Northwestern Ontario, responsible for detailed engineering, procurement, construction management and related project services. The parties will advance into detailed design and execution readiness under a Limited Notice to Proceed while finalizing the EPCM contract, in parallel with project financing, targeting field execution in the third/fourth quarter of 2026, subject to financing and customary conditions. Ausenco recently completed the updated Feasibility Study.
CorporateGeneration Mining Secures $750,000 Strategic Investment from Biigtigong Nishnaabeg
Biigtigong Nishnaabeg First Nation acquired 1,041,666 units of Generation Mining at $0.72 per unit for gross proceeds of approximately $750,000, on identical terms to the Company's bought deal financing that closed on January 15, 2026. Each unit consists of one common share and one-half warrant exercisable at $1.00 for 24 months. Net proceeds are expected to advance the Marathon Copper Palladium Project in Northwestern Ontario, where Biigtigong Nishnaabeg approved a Community Benefits Agreement on November 14, 2022.
FinancingGeneration Mining Strengthens Technical Leadership for the Marathon Copper-Palladium Project
Paul McRae and Jeremy Wyeth have been appointed Technical Advisors to support development, construction and future operation of Generation Mining's Marathon Copper-Palladium Project in Northwestern Ontario. Both are mining engineers with about 40 years of experience, including leadership roles on De Beers' Victor Mine; McRae also worked on Lundin Mining's Eagle Mine and is a director of Westhaven Gold, EnviroGold Global and NexGold. The Marathon Property covers approximately 36,398 hectares.
ManagementGeneration Mining Closes Upsized "Bought Deal" Public Offering For Gross Proceeds Of Approximately $34.5 Million, Including Full Exercise Of Over-Allotment Option
An upsized bought-deal public offering closed for gross proceeds of $34,502,760, comprising 47,920,500 units at $0.72 per unit, including full exercise of the underwriters' over-allotment option. Each unit consists of one common share and one-half warrant exercisable at $1.00 until January 15, 2028; underwriters received a 6.0% cash commission, reduced to 3.0% on president's list sales. Directors bought 605,555 units. Net proceeds are to advance the Marathon copper-palladium project in Northwestern Ontario, working capital and general corporate purposes.
FinancingGeneration Mining Announces Upsize Of Bought Deal Financing To $30 Million
A previously announced bought deal financing has been upsized to 41,670,000 units at C$0.72 per unit for gross proceeds of C$30,002,400, with Stifel Canada as sole bookrunner. Each unit includes one common share and one-half warrant exercisable at $1.00 for 24 months, and the underwriters hold a 30-day over-allotment option for up to an additional 15% of the units sold. Proceeds will fund exploration and development at the Marathon Project in Northwestern Ontario, working capital and general corporate purposes, with closing expected on or about January 15, 2026.
FinancingGeneration Mining Announces $20 Million Bought Deal Public Offering
A bought deal public offering of 27,780,000 units at $0.72 per unit for gross proceeds of $20,001,600 has been agreed with Stifel Nicolaus Canada Inc. as lead underwriter and sole bookrunner. Each unit includes one common share and one-half warrant exercisable at $1.00 for 24 months after closing, with a 15% over-allotment option available for 30 days. Proceeds will fund exploration and development at the Marathon Project in Northwestern Ontario, working capital and general corporate purposes; closing is expected on or about January 15, 2026.
Financing
20252 releases
Generation Mining Yearend 2025 Newsletter
A yearend newsletter recaps 2025 progress at the Marathon Copper-Palladium Project in Ontario, including a March 2025 feasibility study showing an after-tax NPV of C$1.07 billion, 28% IRR and 1.9-year payback over a 13-year mine life producing 2.16 million oz palladium, 532 million lbs copper, 488,000 oz platinum, 160,000 oz gold and 3.05 million oz silver. At December 30, 2025 spot prices, economics are an after-tax NPV of $2.2 billion, 42% IRR and 1.3-year payback. Final construction permits were secured in May 2025, and 451 claims acquired in December 2025 expanded the land package 36% to 36,398 hectares.
CorporateGeneration Mining Expands its Land Package at the Marathon District
Generation Mining has acquired 451 contiguous mining claims in the Marathon District in Marathon, Ontario, increasing its land package from 26,814 hectares (268 km2) to 36,398 hectares (364 km2), or about 36%, to 1,617 claims and 47 mining leases. Under the Martinet agreement for 236 claims (approximately 5,011.5 hectares), the company pays $100,000 initially plus three annual $100,000 payments. The Foxtrap and South River agreement covers 215 claims for $50,000 upfront plus three $50,000 payments. Both vendors retain 2% NSRs, with 1% repurchasable for $500,000.
Corporate