Generation Mining signs term sheet with Ontario for Marathon processing facility funding

Support from Ontario’s Critical Minerals Processing Fund advances the Company’s 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario

Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Generation Mining” or the “Company”) is pleased to announce that it has agreed to a non-binding term sheet with the Government of Ontario (the “Ontario Facility”) to support construction of the mineral processing facility at its 100%-owned Marathon Copper-Palladium Project (“Marathon Project”) in Northwestern Ontario.

The terms of the Ontario Facility provide for a loan of up to $11 million through Ontario’s Critical Minerals Processing Fund (“CMPF”) which is administered by Invest Ontario. The loan amount is based on a percentage of eligible project expenditures incurred and on maintaining a minimum level of employment at the Marathon Project.

The construction costs for the processing facility at the Marathon Project, together with other eligible expenditures and infrastructure that qualify for the funding, total approximately $410 million. These costs form part of the Marathon Project’s total capital cost of $992 million, as set out in the technical report and feasibility study entitled “Marathon Copper-Palladium Project Feasibility Study Report Update, Marathon, Ontario, Canada” dated March 28, 2025.

The Ontario Facility is subject to final documentation which will include customary terms and conditions for a facility of this nature.

The CMPF loan complements the Company’s previously announced construction financing package for the Marathon Project (see press release dated September 14, 2026).

“Marathon is one of the most advanced undeveloped copper-palladium projects in North America, and this support helps us finance the construction of the Marathon Project,” said Jamie Levy, President and Chief Executive Officer of Generation Mining. “I want to thank the Government of Ontario for standing behind the Project. Minister Lecce, Minister Fedeli and their teams, together with Invest Ontario, have been true partners through this process. We look forward to working with the Province and with Canada to build the next critical minerals mine in this country.”

About the Marathon Project

The Marathon Project is a fully permitted, construction-ready open-pit copper-palladium mining and processing complex located near the Town of Marathon in Northwestern Ontario. The Project is backed by established offtake agreements and is expected to produce copper and palladium for a domestic and allied supply chain at a time when access to critical minerals has become a strategic priority.

At full operation, the Marathon Project is expected to support more than 100 jobs at the processing complex and approximately 350 direct mining jobs, with approximately 800 construction jobs during the build. Beyond direct employment, the Project is expected to generate contracting and supply opportunities for local and Indigenous-owned businesses across the region.

Generation Mining is committed to meaningful Indigenous participation at the Marathon Project, supported by established agreements with local Indigenous communities.