Generation Mining Commences Construction at Marathon Copper-Palladium Mine

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Postmedia has not reviewed the content. by Business Wire Generation Mining Commences Construction at Marathon Copper-Palladium MineAuthor of the article:TORONTO — Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce that it has commenced construction at its 100%-owned Marathon Copper-Palladium Project (“Marathon” or the “Project”) in Northwestern Ontario.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountConstruction underway: Early works have commenced following the posting of the construction phase financial assurance under the Project’s filed Closure Plan.Critical procurement advancing: Initial payments of approximately $30 million are expected to secure approximately $150 million of critical equipment that, in aggregate, is at or below the Feasibility Study (as defined below) budget and deliveries within the baseline schedule.Phased closure plan financial assurance: $6.5 million bond has been posted for the construction phase of the closure plan.This advertisement has not loaded yet, but your article continues below.Jamie Levy, President and Chief Executive Officer of Gen Mining, stated: “With our Construction Phase financial assurance now posted, crews are working on the ground at Marathon. We have spent years getting this Project ready, and our entire team is excited to be building the next critical minerals mine in Ontario, Canada. I want to thank all our stakeholders for their continued support. Our focus now is on executing safely, on schedule and on budget, and delivering long-term value for our shareholders.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe early works program is expected to run through Q4 2026 and into 2027 and includes:upgrades to site access roads and the main site entrance;clearing and grubbing of the plant site, laydown areas and initial pit footprint;construction of the early water management structures and associated pumps and pipelines;upgrades to existing Valard camp and support facilities;expansion of the camp to meet construction and permanent camp requirements;establishment of a temporary fuel farm and site offices at the initial laydown area;initial bulk earthworks and aggregate production;installation of temporary power; andestablishment of site-wide environmental controls and monitoring.Early Procurement ProgramGeneration Mining is advancing procurement of key equipment and infrastructure for the Marathon Project, including mining equipment, the primary crushing station, grinding and regrind mills, hydrocyclones, flotation equipment, thickeners, and plant buildings and cranes.The Company expects to make initial payments of approximately $30 million to secure supplier delivery commitments and pricing, consistent with its planned project cash flow and subject to final contractual arrangements and required approvals. Subsequent payments will be tied to agreed engineering, fabrication and delivery milestones. These commitments are expected to secure approximately $150 million of critical purchases that, in aggregate, are at or below the Feasibility Study budget and have delivery times within the Project’s baseline schedule.Phased Financial AssuranceFinancial assurance for the Marathon Project is posted in phases under the Mining Act (Ontario), with each phase sized to the rehabilitation obligations associated with the work to be carried out in that phase. This phased structure allows the Company to commence construction with financial assurance matched to the disturbance undertaken in each phase, rather than securing the full life-of-mine closure obligation in advance. For the construction phase, the Company has posted a $6.5 million bond, covering the early works scope described above.This advertisement has not loaded yet, but your article continues below.The scientific and technical content of this news release has been reviewed and approved by Clinton Swemmer, P.Eng., VP Projects of the Company, and a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.About Generation Mining LimitedGen Mining’s focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario, Canada. The Company’s feasibility study for the Project with an effective date of November 1, 2024 (the “Feasibility Study” or the “Technical Report”) estimated a Net Present Value (using a 6% discount rate) of $1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-year trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce approximately 2,161,000 ounces of palladium, 532 million lbs. of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals.Additional information regarding the Technical Report, including the assumptions, qualifications and risk factors underlying the estimates above, is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.Cautionary Statement Regarding Forward-Looking InformationThis news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements in this news release include, but are not limited to, statements regarding: the scope, timing, sequencing and completion of the early works program, including that it is expected to run through Q4 2026 and into 2027, and of construction generally; the sufficiency of the Company’s existing permits and approvals to carry out early works; the adequacy of the construction phase financial assurance posted; the amount, timing and form of financial assurance required for subsequent phases; supplier payments; the cost, timing and delivery of critical equipment relative to the Feasibility Study budget and baseline schedule; and expected production, mine life, operating results and Project economics, including net present value, internal rate of return and payback period.Forward-looking statements are based on a number of assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such factors include, among others: the risk that further amendments to the Closure Plan, or additional permits, approvals or authorizations, are required; the risk that financial assurance required for subsequent phases exceeds current estimates or cannot be posted on the timeline or in the form anticipated, delaying or suspending construction; the risk that actual capital costs exceed estimates and that additional financing is required on acceptable terms or at all; the risk that final contractual arrangements with suppliers are not concluded or required approvals are not obtained; the risk that suppliers fail to meet delivery, pricing or milestone commitments, that equipment costs exceed the Feasibility Study budget or that deliveries fall outside the baseline schedule; delays in construction, procurement, labour availability or site access; changes in commodity prices and foreign exchange rates; inflation and cost escalation; the ability to maintain agreements and relationships with Indigenous and community partners; operational, technical, environmental and geological risks; and general economic, market and political conditions.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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