Generation Mining Proceeds with Project Refinements for the Marathon Palladium-Copper Project

Gen Mining Limited (TSX: GENM, OTCQB: GENMF) ("Gen Mining" or "the Company") is pushing forward with the Marathon Palladium-Copper Project in Northwestern Ontario by refining project designs. As the company progresses through the permitting phase and seeks government approvals to start construction, it has enlisted a construction-oriented engineering firm to assist in refining the project's design. The goal is to enhance constructability, lower initial capital expenses, and minimize operating costs during the operational phase.

The efforts will entail refining design, procurement, and construction approaches with support from original equipment manufacturers, contractors, and construction advisors to enhance the overall cost-effectiveness and efficiency of the designs. The emphasis will be on ensuring that both the plant and infrastructure designs are well-suited for their intended purposes and capitalize on a better comprehension of actual site conditions to minimize the use of building steel and foundation concrete.

Simultaneously, the company is assessing alternative pit sequencing strategies to maximize the advantages of the ore body's proximity to the surface. This optimization in mine planning aims to enhance early production cash flows by maximizing plant feed grades and minimizing initial stripping requirements until later stages in the mine's life.

Jamie Levy, President and CEO, expresses confidence that this optimization effort will bolster the Marathon Project's economic viability and construction preparedness. The company remains committed to advancing its permitting program, aiming to secure all required government permits and approvals for the construction phase. The objective of this initiative is to enhance initial capital requirements and operational cash flows in the project's early stages post-start-up, while maintaining the integrity of the design fundamentals.

The work began in late April and will extend over the following months. The company will release additional updates on the optimization efforts upon their completion.

Gen Mining is concentrating on advancing the Marathon Project, a substantial untapped palladium-copper reserve in Northwestern Ontario, Canada. On May 31, 2024, the company submitted a Revised Feasibility Study Update for the Marathon Project, effective as of December 31, 2022 (referred to as the “Feasibility Study”).

The Feasibility Study projects a Net Present Value (with a 6% discount rate) of C$1.16 billion, an Internal Rate of Return of 25.8%, and a payback period of 2.3 years. It anticipates an average annual production of 166,000 ounces of payable palladium and 41 million pounds of payable copper over a 13-year mine life (“LOM”). During this timeframe, it is projected that the Marathon Project will produce 2,122,000 ounces of palladium, 517 million pounds of copper, 485,000 ounces of platinum, 158,000 ounces of gold, and 3,156,000 ounces of silver in payable metals.