Generation Mining Taps Veteran Mine Builders for Ontario’s Critical Minerals Mega-Project

TORONTO, ON – January 28, 2026 – Generation Mining Limited (TSX: GENM) is fortifying its leadership with seasoned expertise as it prepares to develop one of North America's largest undeveloped critical minerals deposits. The company has appointed industry veterans Paul McRae and Jeremy Wyeth as Technical Advisors, a strategic move designed to steer its massive Marathon Copper-Palladium Project in Northwestern Ontario through construction and into operation.

The appointments signal a clear focus on execution for the “shovel-ready” project. McRae and Wyeth collectively bring over eight decades of experience delivering complex, large-scale mining operations on time and on budget, a skillset highly valued in the capital-intensive resource sector. Their involvement is seen as a significant de-risking event as Generation Mining advances toward a final construction decision, anticipated by late 2026.

“We are very pleased to welcome Paul and Jeremy as Technical Advisors to help advance the Marathon Project,” said Jamie Levy, President and CEO of Gen Mining, in a public statement. “Their collective experience in mine development, construction, and operations will be invaluable as we move the Marathon Copper-Palladium Project forward.”

A Blueprint for Success: The Victor Mine Connection

The hiring of McRae and Wyeth is more than just adding experience; it's about importing a proven formula for success. Both men were instrumental in the development of the De Beers’ Victor Diamond Mine, also in Northern Ontario. This project is frequently cited in the industry as a model of exceptional project execution.

Under Jeremy Wyeth’s leadership as the project leader, the $1 billion Victor Mine was delivered an extraordinary nine months ahead of schedule and under budget, a rare feat for a project of its scale and complexity in a remote location. His oversight spanned the full development cycle, from pre-feasibility studies through construction, commissioning, and ramp-up to nameplate capacity. Paul McRae also played a key role as a project manager during the mine's successful development.

By reuniting two key figures from the Victor Mine success story, Generation Mining is signaling to investors and partners its commitment to disciplined governance and operational excellence. McRae will provide strategic oversight across key development workstreams, while Wyeth’s hands-on experience in operational readiness will be critical. Their combined expertise is expected to be pivotal in navigating the challenges of building a long-life mine, from detailed engineering and construction management to commissioning and performance optimization.

De-Risking the Path to Production

The Marathon Project is at a critical juncture. Having secured all major permits required for construction by May 2025, the project is now in a pre-construction phase focused on securing the full financing package. The initial capital expenditure is estimated at C$992 million.

Generation Mining has already made significant headway on this front, securing a C$240 million precious metals stream agreement with Wheaton Precious Metals, of which C$40 million has been advanced. The company is in advanced negotiations with a syndicate of banks, including Export Development Canada, for a senior debt facility of up to $540 million and is also pursuing an additional $200 million in subordinated debt.

The presence of McRae and Wyeth on the advisory team is expected to bolster confidence among these potential lenders. Their track records provide tangible proof of an ability to manage costs, adhere to schedules, and mitigate the inherent risks of mine construction, making the project a more attractive and bankable proposition.

With a construction decision targeted for late 2026, the company is aiming for mine commissioning in the summer of 2028. The appointment of these advisors now ensures their oversight is integrated into the final detailed planning and financing stages, aligning the project for a smooth transition from blueprint to reality.

Powering the Green Transition from Northern Ontario

Beyond its financial metrics, the Marathon Project holds immense strategic importance for the North American supply chain. It is poised to become a significant domestic source of copper and palladium, two metals deemed critical for the global transition to a low-carbon economy.

Copper is an indispensable component in electric vehicles, charging infrastructure, wind turbines, and solar panels. As electrification accelerates, analysts project a substantial and sustained demand for new, reliable sources of copper. Palladium is a key element in catalytic converters for hybrid and gasoline vehicles, reducing harmful emissions. The project's output of palladium and platinum will provide a stable North American source, reducing reliance on supply from Russia and South Africa.

Over its anticipated 13-year mine life, the Marathon Project is expected to produce approximately 532 million pounds of copper and 2.16 million ounces of palladium, alongside significant quantities of platinum, gold, and silver. The Province of Ontario has already recognized this potential, designating the project as a “Shovel-Ready Strategic Mineral Project for Investment.”

The Economics of a Mega-Project

The financial case for the Marathon Project is robust, according to a Feasibility Study with an effective date of November 1, 2024. Using 3-year trailing average metal prices at the time, the study projected an after-tax Net Present Value (NPV) of C$1.07 billion at a 6% discount rate, with a strong Internal Rate of Return (IRR) of 28% and a rapid 1.9-year payback period.

The study also demonstrated the project's resilience under various pricing scenarios. Even when using more conservative long-term consensus prices, the project maintained a healthy NPV of C$876 million and an IRR of 24%. This economic strength, combined with the project’s strategic value, forms the foundation of its investment thesis.

Generation Mining has also cultivated strong local partnerships, which are now considered as crucial as financing and geology for any major resource project. The company has a signed community benefits agreement and a close working relationship with the nearby Biigtigong Nishnaabeg (Pic River First Nation), who are considered partners in the project. This local support, coupled with backing from the town of Marathon and both federal and provincial governments, provides a solid social foundation upon which the mine can be built and operated for years to come.