Mr. Jamie Levy reports

GENERATION MINING PROVIDES UPDATE ON 2024 SUMMER EXPLORATION PROGRAM

Generation Mining Ltd. has provided an update on its multiphased summer exploration program targeting copper-dominant and higher-grade platinum group metal (PGM) prospects on its Marathon property in Northwestern Ontario (see news release dated March 7, 2024). The company is also pleased to announce initial results from the ALS Goldspot artificial intelligence (AI) process.

Jamie Levy, president and chief executive officer, commented: "We are very excited to get the first phase of the Goldspot AI process completed on the Marathon property. The historic site data is now in one place, and, with the AI tools being used to assess the exploration and structural data, we have identified six new high-priority targets that have not previously been drilled and have seen only minimal ground exploration. The AI analysis and recent drilling results should lead to some very interesting future exploration potential."

Goldspot 2-D prospectivity analysis

Between March and June 2024, the company engaged ALS Goldspot to review and analyze over 60 years of historic surface exploration data using its AI-driven integrated targeting technique. Targets were identified by comparing overlapping geophysical and geochemical signatures to those of known mineralization on the property. The exercise resulted in a total of 46 untested exploration targets, including six high-priority and 14 moderate priority locations. The higher-priority targets were selected based on a range of criteria, such as their similarities to other known deposits and prospects, upside size potential, and relatively low density of surface prospecting data, which represent some of the best areas for new discoveries on the property. These results will be used to guide several surface stripping and mapping programs being initiated in the coming months.

Diamond drilling

The diamond drilling portion of the 2024 exploration program has also been completed on the Marathon property, including the Sally deposit, the Four Dams prospect and the Biiwobik prospect.

Sally deposit

Drilling at Sally consisted of a single drill hole targeting a large magnetotelluric (MT) anomaly downdip from the Sally deposit.

Drilling was completed to 954 metres and encountered a wide interval of mineralization approximately 275 metres outside the currently defined deposit, highlighting the exceptional expansion potential at Sally. Highlights from this zone include 48 metres at 1.52 grams per tonne palladium equivalent (0.74 gram per tonne palladium, 0.18 per cent copper, 0.46 gram per tonne platinum, 0.13 gram per tonne gold and 0.94 gram per tonne silver), including six metres at 3.42 grams per tonne palladium equivalent (1.91 grams per tonne palladium, 0.03 per cent copper, 0.46 gram per tonne platinum, 0.39 gram per tonne gold and 0.23 gram per tonne silver). Results from this hole (SL-24-079) can be found in an attached table.

Four Dams prospect

Drilling at Four Dams was designed to test the downdip and eastern extension of the Four Dams prospect, including a large untested magnetotelluric target 400 metres east of the main Four Dams occurrence.

Drilling on the main Four Dams ultramafic pipe yielded mixed results. FD-24-046 encountered 74 metres of mineralized ultramafic rock grading 0.22 per cent copper equivalent, including 24 metres grading 0.30 per cent copper equivalent, as well as two metres of basal massive sulphides grading 0.65 per cent copper equivalent. This mineralized sequence supports the exploration model targeting areas conducive to the pooling of potentially high-grade massive sulphides at depth. FD-24-045 drilled approximately 85 metres to the east and FD-24-047 drilled approximately 100 metres to the west did not encounter similar ultramafic rocks, and additional drilling will be required to adequately define the true extents of the ultramafic pipe both down dip and along strike. Follow-up BHEM (borehole electromagnetic) surveys will be conducted later in the summer to help define future targets.

Two drill holes completed on the eastern MT anomaly confirmed the MT response is related to mineralization. FD-24-044 targeted the upper portion of the anomaly and yielded 0.23 per cent copper over 22.0 metres, including 0.47 per cent copper equivalent over 4.5 metres. FD-24-048 targeted the centre of the anomaly and yielded 0.45 per cent copper equivalent over 18.0 metres, including 0.86 per cent copper equivalent over two metres. This underexplored zone represents a significant stepout from the currently defined Four Dams prospect and warrants additional drilling to determine its true extent. Results from the Four Dams drilling campaign can be found in an attached table.

Biiwobik prospect

A borehole electromagnetic survey was completed in two holes drilled over the winter at the Biiwobik prospect.

The survey yielded three strong off-hole conductors, two of which were targeted during phase 2 of the 2024 Biiwobik drill program (see news release dated April 23, 2024, for phase 1 results). MB-24-060 targeted a narrow conductor, which extended approximately 100 metres north-northeast of mineralization in MB-24-059. Drilling was carried out on the very northern extent of this conductor but did not encounter any significant mineralization. MB-24-061 targeted an off-hole conductor located near the base of the gabbro unit in MB-24-055. The hole encountered multiple mineralized intervals such as 0.58 per cent copper equivalent over 50.0 metres, including 1.50 per cent copper equivalent over 10.0 metres. The EM target was explained by a six-metre zone of semi-massive sulphides, which graded 1.02 per cent copper equivalent within a broader 12.0-metre zone grading 0.63 per cent copper equivalent.

Continuation of the 2024 exploration program

Field crews are currently on site carrying out surface stripping, field mapping and soil sampling programs over priority exploration targets, including multiple high-priority Goldspot targets presented herein. The company looks forward to presenting results from these programs as the progress advances over the summer field season.

Quality assurance/quality control

Quality assurance and quality control protocols for the 2024 drilling assay program were unchanged from previous years and involve a rotating inclusion of one duplicate, blank, low-grade standard and high-grade standard every 15 samples. All controls are checked to be within a working limit of two standard deviations. Sample intervals are selected in one-metre or two-metre lengths, depending on the nature of the mineralized zone. The core samples are split on site using a diamond saw, whereby half of the core is sent for analysis and the other half is securely stored on site for future reference. All samples are shipped to the ALS Global laboratory in Thunder Bay, Ont., for processing. Pulp sample material was then sent to the Vancouver ALS facility for analysis. ALS Minerals is independent of Generation Mining and operates with a quality management system and complies with the requirements of ISO 9001:2008. The quality management system of ALS is audited both internally and by external parties. The samples were prepared and sent for multielement analyses. Palladium, platinum and gold were analyzed using method PGM-ICP23 using a nominal sample weight of 30 grams. Copper and silver were analyzed using method ME-ICP41 (four-acid digest). Copper and silver grades above 1 per cent and 100 grams per tonne, respectively, triggered an overlimit analysis by method OG46-OL.

Data verification programs have included a review of QA/QC data, resampling and sample analysis programs, and database verification. Validation checks were performed on data and comprise checks on surveys, collar co-ordinates and assay data.

About Generation Mining Ltd.

Generation 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 Dec. 31, 2022.

The feasibility study estimated a net present value (using a 6-per-cent discount rate) of $1.16-billion, an internal rate of return of 25.8 per cent 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. Over the life of mine, the Marathon project is anticipated to produce 2,122,000 ounces of palladium, 517 million pounds 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 on SEDAR+ or on the company's website.

The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Generation Mining owns a 100-per-cent interest in the Marathon project.

Qualified person

The scientific and technical content of this news release was reviewed, verified and approved by Mauro Bassotti, PGeo, vice-president, geology, and Drew Anwyll, PEng, chief operating officer, both qualified persons as defined by Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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