Generation Mining Closes Upsized "Bought Deal" Public Offering for Gross Proceeds of Approximately $34.5 Million, Including Full Exercise of Over-Allotment Option

On January 15, 2026, Generation Mining closed an upsized "bought deal" public offering, raising gross proceeds of $34,502,760. This was a significant increase from the $20 million initially announced on January 7, 2025. The company issued 47,920,500 units at $0.72 per unit. Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at $1.00 for a period of 24 months. The financing included the full exercise of the over-allotment option by the underwriters (Stifel, BMO, and Haywood). Insiders also participated in the round.

This financing is a material positive for the company's liquidity, effectively tripling its cash position compared to the $11.5 million reported at the end of Q3 2025. - De-risking Strategy: The fact that the deal was upsized by over 70% indicates strong institutional demand for the Marathon Project at a price point nearly double the 2025 financing ($0.37). - Equity Requirement: For a project with a nearly $1 billion initial capital cost (C$992M), Generation Mining must secure a substantial equity portion to unlock its $200 million Wheaton stream and the $200 million debt support letter from a Canadian financial institution. This $34.5 million is a critical down payment on that equity component. - Dilution: While the $0.72 price is higher than previous rounds, the issuance of nearly 48 million shares (plus warrants) adds significant weight to the capital structure.

Generation Mining is advancing the Marathon Copper-Palladium Project in Northwestern Ontario. - Flagship Project: Marathon Project. - Status: Shovel-ready and fully permitted for construction as of May 2025. - Economics (2025 FS): After-tax NPV6 of C$1.07B, 28% IRR, and 1.9-year payback. - Production: 13-year mine life producing 2.16M oz Palladium and 532M lbs Copper.