Generation Mining Limited is pleased to announce the federal government has approved amendments to Schedule 2 of the Metal and Diamond Mining Effluent Regulations for the Marathon Palladium-Copper Project. This approval will allow for the construction of specific water management structures and operation of key infrastructure for the Marathon Project. 

Following approval by the Governor in Council, on the recommendation of the federal Minister of Environment and Climate Change, the regulatory amendment adding the specified Marathon Project waterbodies and geographic areas encompassing water bodies to Schedule 2 was published in the Canada Gazette, Part II, on July 31, 2024. Receipt of the few remaining provincial and federal approvals and permits required for construction is expected in the coming months.

“We are now on the cusp of having one of the only permitted copper and PGM projects in North America that can be constructed and brought into operation once we obtain the requisite financing. The Marathon Project is one of the most advanced critical mineral projects in Canada, and this government approval represents another milestone on the path to developing Canada’s next copper and palladium mine,” said Jamie Levy, President and Chief Executive Officer of the Company. “The Marathon Project will support the economic growth and competitiveness of Canada and Ontario, as well as provide socio-economic benefits for Indigenous and local communities. The Company is proud to be part of this generational opportunity for Canada’s economy and net-zero future.”

Ruben Wallin, VP Sustainability of the Company also noted: “The Marathon Project has been designed to ensure critical mineral development will occur in a manner which is sustainable, incorporates best practices in environmental and social governance, and reflects the knowledge shared by Indigenous communities. This milestone demonstrates that permitting of critical mineral projects in Canada can occur in a timely and efficient manner when the company, government and Indigenous communities work collaboratively.”

About Generation Mining Limited:

Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. On May 31, 2024, the Company filed an Amended Feasibility Study Update for the Marathon Project with an effective date of December 31, 2022 (the “Feasibility Study”).

The Feasibility Study estimates a Net Present Value (using a 6% discount rate) of C$1.16 billion, an Internal Rate of Return of 25.8%, and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life (“LOM”). Over the LOM, the Marathon Project is anticipated to produce 2,122,000 ounces of palladium, 517 million lbs of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company’s profile at www.sedarplus.ca or on the Company’s website at https://genmining.com/projects/feasibility-study/.

The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.

 

Source: businesswire.com

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