“Attaining full permitting status positions us among the most advanced critical metal projects in the country, ready to move confidently into the next phase of development.”
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Could you provide an update on Generation Mining and the Marathon project over the past 12 months?
Over the past year, we achieved a major milestone by securing our final permit, officially establishing Generation Mining as a fully permitted, shovel-ready critical metals project in Ontario, Canada. Attaining full permitting status positions us among the most advanced critical metal projects in the country, ready to move confidently into the next phase of development.
Could you summarize the resource and reserve profile at the Marathon project?
The Marathon deposit contains resources of approximately 4.2 million oz of palladium, 1.35 million oz of platinum, and over 1 billion lbs of copper within our resource category. Proven and probable reserves total approximately 2.6 million oz of palladium, 815,000 oz of platinum, and 600 million lbs of copper. Across the broader property, our total resource base is even larger. These are high-quality critical metal resources located in a politically stable jurisdiction with established infrastructure, providing Generation Mining with a strong foundation for sustainable, long-term growth.
How have the project’s financial metrics evolved, and what are the key figures from the updated feasibility study?
Based on our most recent feasibility study, our capital expenditure will be just under C$1 billion, and our NPV is slightly above C$1 billion. The project carries a payback period of approximately 1.9 years and an IRR above 28%. These numbers demonstrate that the project is robust and financially attractive, providing strong justification for construction in the near term. At spot pricing at the beginning of November, the economics become much more robust with an NPV of over C$1.7 billion and an IRR of around 37%.
We are actively working with our financial advisor to develop a comprehensive project financing package. Our goal is to complete the financing process by Spring 2026. In addition to commercial lenders, we are pursuing funding through both federal and provincial critical metals programs, which are designed to provide access to low-cost capital. Leveraging these government initiatives is essential to maintaining a competitive and balanced financing structure for our project.
How would you describe Generation Mining’s relationship with the town of Marathon and the surrounding First Nations communities?
Our partnership with local First Nations has been integral throughout the environmental assessment and permitting process. Their collaboration played a vital role in helping us achieve fully permitted status, and there are no outstanding concerns as we advance toward construction. We believe that mutual respect and ongoing communication are essential to maintaining and strengthening these important relationships.
How would you assess investor sentiment and appetite for the Marathon project at this stage?
The evolving global geopolitical landscape, particularly developments in China, Russia, and with our friends south of the border, has heightened awareness among governments and investors of the need to secure reliable, domestic sources of critical minerals. As a result, interest in Canadian mining projects like ours continues to grow.
How do you see provincial and federal collaboration shaping the project’s future?
At the provincial level, Ontario has designated the Marathon project as a Strategic Project, a designation that underscores its importance to the province’s economic and industrial objectives. Our team remains focused on leveraging these partnerships and funding programs to strengthen our overall capital structure and enhance the project’s long-term value
How have market conditions influenced your strategy?
We are using this favorable market environment to highlight the project’s inherent resilience and attractiveness. The current price levels provide additional validation that the Marathon project is ready to move forward now.
What are your top priorities for the next 12 months as you transition from developer to constructor?
Our top priority is to complete project financing and make a formal construction decision. To achieve this, we are focused on building the right team. We have already appointed a vice president of projects and are assembling a highly experienced construction and operations team capable of delivering the project on time and on budget. Our recruitment efforts emphasize professionals with proven success working in northern climates and in collaboration with First Nations communities. The year ahead will be dedicated to execution-readiness, ensuring that when we break ground, we have the people, financing, and partnerships fully aligned for success.
Could you provide an update on Generation Mining and the Marathon project over the past 12 months?
Over the past year, we achieved a major milestone by securing our final permit, officially establishing Generation Mining as a fully permitted, shovel-ready critical metals project in Ontario, Canada. Attaining full permitting status positions us among the most advanced critical metal projects in the country, ready to move confidently into the next phase of development.
Could you summarize the resource and reserve profile at the Marathon project?
The Marathon deposit contains resources of approximately 4.2 million oz of palladium, 1.35 million oz of platinum, and over 1 billion lbs of copper within our resource category. Proven and probable reserves total approximately 2.6 million oz of palladium, 815,000 oz of platinum, and 600 million lbs of copper. Across the broader property, our total resource base is even larger. These are high-quality critical metal resources located in a politically stable jurisdiction with established infrastructure, providing Generation Mining with a strong foundation for sustainable, long-term growth.
How have the project’s financial metrics evolved, and what are the key figures from the updated feasibility study?
Based on our most recent feasibility study, our capital expenditure will be just under C$1 billion, and our NPV is slightly above C$1 billion. The project carries a payback period of approximately 1.9 years and an IRR above 28%. These numbers demonstrate that the project is robust and financially attractive, providing strong justification for construction in the near term. At spot pricing at the beginning of November, the economics become much more robust with an NPV of over C$1.7 billion and an IRR of around 37%.
We are actively working with our financial advisor to develop a comprehensive project financing package. Our goal is to complete the financing process by Spring 2026. In addition to commercial lenders, we are pursuing funding through both federal and provincial critical metals programs, which are designed to provide access to low-cost capital. Leveraging these government initiatives is essential to maintaining a competitive and balanced financing structure for our project.
How would you describe Generation Mining’s relationship with the town of Marathon and the surrounding First Nations communities?
Our partnership with local First Nations has been integral throughout the environmental assessment and permitting process. Their collaboration played a vital role in helping us achieve fully permitted status, and there are no outstanding concerns as we advance toward construction. We believe that mutual respect and ongoing communication are essential to maintaining and strengthening these important relationships.
How would you assess investor sentiment and appetite for the Marathon project at this stage?
The evolving global geopolitical landscape, particularly developments in China, Russia, and with our friends south of the border, has heightened awareness among governments and investors of the need to secure reliable, domestic sources of critical minerals. As a result, interest in Canadian mining projects like ours continues to grow.
How do you see provincial and federal collaboration shaping the project’s future?
At the provincial level, Ontario has designated the Marathon project as a Strategic Project, a designation that underscores its importance to the province’s economic and industrial objectives. Our team remains focused on leveraging these partnerships and funding programs to strengthen our overall capital structure and enhance the project’s long-term value
How have market conditions influenced your strategy?
We are using this favorable market environment to highlight the project’s inherent resilience and attractiveness. The current price levels provide additional validation that the Marathon project is ready to move forward now.
What are your top priorities for the next 12 months as you transition from developer to constructor?
Our top priority is to complete project financing and make a formal construction decision. To achieve this, we are focused on building the right team. We have already appointed a vice president of projects and are assembling a highly experienced construction and operations team capable of delivering the project on time and on budget. Our recruitment efforts emphasize professionals with proven success working in northern climates and in collaboration with First Nations communities. The year ahead will be dedicated to execution-readiness, ensuring that when we break ground, we have the people, financing, and partnerships fully aligned for success.
