Generation Mining issues 1.04 million units to BN

Executive Summary

• Generation Mining Ltd. secured a $750,000 strategic investment from the Biigtigong Nishnaabeg First Nation (BN) through the acquisition of 1,041,666 units.
• The transaction was executed on identical terms to the company's most recent bought deal financing, which closed on January 15, 2026.
• Net proceeds from the offering are designated to advance the development of the company's Marathon copper-palladium project in Northwestern Ontario.

Key Details

• Investor: Biigtigong Nishnaabeg First Nation (BN).
• Total Gross Proceeds: Approximately $750,000.
• Units Acquired: 1,041,666 units.
• Price Per Unit: 72 cents.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each whole warrant entitles the holder to acquire one common share at an exercise price of $1.00 for a period of 24 months from the date of the release.
• Use of Proceeds: Advancing the development of the Marathon project.
• Contextual Agreement: The investment follows a Community Benefits Agreement (CBA) approved by BN on November 14, 2022, and ratified via membership vote on November 12, 2022. The CBA covers environmental management, employment, training, business opportunities, and financial participation.
• Project Background (Marathon Project):
  • Location: Northwestern Ontario.
  • Land Package: Approximately 36,398 hectares (364 square kilometres).
  • Feasibility Study Effective Date: November 1, 2024.
  • Economic Metrics: Net Present Value (NPV) of $1.07 billion (6% discount rate), Internal Rate of Return (IRR) of 28%, and a 1.9-year payback period based on three-year trailing average metal prices.
  • Projected Production (13-year mine life):
    • Palladium: ~2,161,000 ounces.
    • Copper: 532 million pounds.
    • Platinum: 488,000 ounces.
    • Gold: 160,000 ounces.
    • Silver: 3,051,000 ounces.

Notable Quotes

• Chief Duncan Michano, Biigtigong Nishnaabeg: "Our relationship with Generation Mining has been ongoing for many years. This investment demonstrates our continued commitment to seeing this mine become a reality and solidifies our active participation in economic opportunities within the region."
• Jamie Levy, President and CEO, Generation Mining: "We are pleased to welcome Biigtigong Nishnaabeg as strategic investors in Generation Mining. This partnership demonstrates the strength of our relationships and our shared commitment to building a vital critical minerals mine in Northwestern Ontario. Chief Michano and the entire council recognize the positive impact our project will have on their community and on surrounding communities, including Marathon, Ont."