Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ("Gen Mining"
or the "Company") continues to advance the Marathon
Palladium-Copper Project in Northwestern Ontario through project
design optimizations. As the Company works to complete the
permitting process and obtain the necessary government approvals to
commence construction, it has engaged a construction-focused
engineering firm to support design optimizations for the Project.
The intent is to improve on the designs for Project
constructability, to decrease initial capital costs, and to reduce
the operating-phase costs.
The work will include optimizing design, supply and construction
strategies with the assistance of original equipment manufacturers,
contractors and construction consultants, to help improve the
overall cost and construction efficiency of designs. The focus will
be on ensuring that the plant and infrastructure designs are
‘fit-for-purpose’ and leverage the improved understanding of actual
site conditions to reduce the quantities of building steel and
foundation concrete.
The Company is also concurrently evaluating alternative pit
sequencing options that further exploit the benefit of the ore
body’s proximity to surface. This mine planning optimization is
intended to produce higher cash flows in the early years of
production by maximizing plant feed grades and reducing the initial
stripping requirements until later in the mine life.
Jamie Levy, President and CEO says, “I am confident this
optimization work will further enhance the economics and
construction readiness of the Marathon Project. We have continued
to advance our permitting program and are making great strides
towards having all necessary government permits and approvals for
the construction phase. The goal of this work is ultimately to
improve upon the initial capital requirements and cash flows from
operations in the early years following start-up, without impacting
the fundamentals of the design.”
The work has commenced as of late-April and will continue
throughout the coming months. The Company will provide further
updates on the optimization initiatives when completed.
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.
Qualified Person
The scientific and technical content of this news release was
reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng,
Chief Operating Officer of the Company, and a Qualified Person as
defined by Canadian Securities Administrators’ National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Forward-Looking Information
This news release contains certain forward-looking information
and forward-looking statements, as defined in applicable securities
laws (collectively referred to herein as "forward-looking
statements"). Forward-looking statements reflect current
expectations or beliefs regarding future events or the Company’s
future performance. All statements other than statements of
historical fact are forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "continues", "forecasts", "projects”,
“predicts”, “intends”, “anticipates”, “targets” or “believes”, or
variations of, or the negatives of, such words and phrases or state
that certain actions, events or results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be achieved,
including statements relating to the intended outcomes of the
design optimizations and optimization initiatives, such as
decreasing initial capital costs, reducing the operating-phase
costs, enhancing the project economics or construction readiness,
improving initial capital requirements or cash flows from
operations, expanding or altering potential mine pit designs or
sequencing, and reducing the quantities of building steel and
foundation concrete required for construction; and statements
related to the anticipated life of mine; mineral production
estimates, payback period, and financial returns from the Marathon
Project.
Although the Company believes that the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. In particular, there can
be no assurance that the design optimizations and optimization
initiatives will generate the anticipated results or benefits
described herein. There are other factors that could also cause
actual results to differ materially from those in the
forward-looking information. These include the timing for a
construction decision; the progress of development at the Marathon
Project, including progress of project expenditures and contracting
processes, the Company’s plans and expectations with respect to
liquidity management, continued availability of capital and
financing, the future prices of palladium, copper and other
commodities, permitting timelines, exchange rates and currency
fluctuations, increases in costs, requirements for additional
capital, and the Company’s decisions with respect to capital
allocation, and the impact of COVID-19, inflation, global supply
chain disruptions, global conflicts, including the wars in Ukraine
and Israel, the project schedule for the Marathon Project, key
inputs, staffing and contractors, continued availability of capital
and financing, uncertainties involved in interpreting geological
data and the accuracy of mineral reserve and resource estimates,
environmental compliance and changes in environmental legislation
and regulation, the Company’s relationships with Indigenous
communities, results from planned exploration and drilling
activities, local access conditions for drilling, and general
economic, market or business conditions, as well as those risk
factors set out in the Company’s annual information form for the
year ended December 31, 2023, and in the continuous disclosure
documents filed by the Company on SEDAR+ at www.sedarplus.ca.
Readers are cautioned that the foregoing list of factors is not
exhaustive of the factors that may affect forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
news release speak only as of the date of this news release or as
of the date or dates specified in such statements. The Company
disclaims any intention or obligation to update or revise any
forward- looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. For more information on the Company, investors are encouraged
to review the Company’s public filings on SEDAR+ at
www.sedarplus.ca.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240606834761/en/
For further information please contact:
Jamie Levy President and Chief Executive Officer (416) 640-2934
(O) (416) 567-2440 (M) jlevy@genmining.com
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