Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ("Gen Mining"
or the "Company") is pleased to advise that it has received two
additional approvals from the Ministry of the Environment,
Conservation and Parks (“MECP”) and the Ministry of Natural
Resources (“MNR”) for the Marathon Copper-Palladium Project
(“Marathon Project”) in Northwestern Ontario. The Permit to Take
Water (“PTTW”) for the construction phase of the Project was
granted by MECP, and one of the four approvals for the Lakes and
Rivers Improvement Act (“LRIA”) permit, regarding construction of
infrastructure associated with the water management structures has
been approved by MNR. The Company has also completed the work
associated with the aerial survey portion of the Endangered Species
Act (“ESA”) permit for the Boreal Woodland Caribou in the Lake
Superior Coastal Range (the “Caribou Survey”) as required with the
amended ESA MECP permit. These approvals mark significant
milestones in the advancement of the Company’s Marathon
Project.
The completion of the Caribou Survey was a key portion of the
amendment to the ESA permit and reflects the Company’s commitment
to environmental stewardship and aligns with the objectives
established by MECP, Indigenous groups, and other stakeholders for
the protection and management of Boreal Woodland Caribou in the
Lake Superior Coastal Range. The Caribou Survey started on 9
February and was completed in late February. The survey included
5500km of flight-lines via helicopter over the range extending from
Terrace Bay to the Montreal River including the Slate Islands
(which is a known location for the site of a translocated Caribou
population), Michipicoten Island and other near shore islands, with
biologists and trained spotters and key Indigenous community
members.
Jamie Levy, President and CEO of Generation Mining, commented,
“Receiving these approvals from the MNR and MECP is a testament to
our team’s hard work and dedication to advancing the Marathon
Project responsibly. We remain committed to working closely with
all regulatory bodies to ensure the highest standards of
environmental and social responsibility.”
Ruben Wallin, VP Sustainability said, “This Caribou Survey was a
key aspect of the ESA permit and incredibly important in
understanding the Boreal Woodland Caribou population in the range
around the Marathon Project on the Lake Superior mainland. We
appreciate the Indigenous communities support in the survey. While
the spotters did not see any Caribou on the mainland, we did
confirm the numbers on the Slate Islands.”
Update on Remaining Permitting:
Generation Mining continues to work diligently on securing the
remaining permits required for the Marathon Project. The Company is
in the final stages of obtaining the following permits:
- The remaining LRIA approvals from MNR for permits
associated with the construction of tailings and water management
structures on site
- Environmental Compliance Approval - Waste (ECA-W ISW)
from the MECP for the discharge of water at the project site
Following the Company receiving these two remaining approvals,
which are expected in the coming months, the Marathon Project will
have received all key permits required for construction.
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped palladium-copper deposit in Northwestern Ontario,
Canada. On May 31, 2024, the Company filed an Amended Feasibility
Study Update for the Marathon Project with an effective date of
December 31, 2022 (the “Feasibility Study”)
The Feasibility Study 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 filed under the Company’s profile at
www.sedarplus.ca or on the Company’s website at
https://genmining.com/projects/feasibility-study/.
The Marathon property covers a land package of approximately
26,000 hectares, or 260 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 and approved by Matthew Pitts, P. Geo, Manager Exploration
of Generation PGM Inc., a wholly-owned subsidiary 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 relating to the anticipated life of mine;
mineral production estimates, payback period, and financial returns
from the Marathon Project.
Although the Company believes that the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
the forward-looking information. These include the timing for a
construction decision; the progress of development at the Marathon
Project, including progress of project expenditures and contracting
processes, the Company’s plans and expectations with respect to
liquidity management, continued availability of capital and
financing, the future prices of palladium, copper and other
commodities, permitting timelines, exchange rates and currency
fluctuations, increases in costs, requirements for additional
capital, and the Company’s decisions with respect to capital
allocation, and the impact of COVID-19, inflation, global supply
chain disruptions, global conflicts, including the wars in Ukraine
and Israel, the project schedule for the Marathon Project, key
inputs, staffing and contractors, continued availability of capital
and financing, uncertainties involved in interpreting geological
data and the accuracy of mineral reserve and resource estimates,
environmental compliance and changes in environmental legislation
and regulation, the Company’s relationships with Indigenous
communities, results from planned exploration and drilling
activities, local access conditions for drilling, and general
economic, market or business conditions, as well as those risk
factors set out in the Company’s annual information form for the
year ended December 31, 2023, and in the continuous disclosure
documents filed by the Company on SEDAR+ at www.sedarplus.ca.
Readers are cautioned that the foregoing list of factors is not
exhaustive of the factors that may affect forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
news release speak only as of the date of this news release or as
of the date or dates specified in such statements. The Company
disclaims any intention or obligation to update or revise any
forward- looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. For more information on the Company, investors are encouraged
to review the Company’s public filings on SEDAR+ at
www.sedarplus.ca.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250303332686/en/
For further information: Jamie Levy President and Chief
Executive Officer (416) 640-2934 (O) (416) 567-2440 (M)
jlevy@genmining.com or info@genmining.com
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