Mr. Jamie Levy reports

GENERATION MINING AWARDS EPCM CONTRACT TO AUSENCO FOR THE MARATHON COPPER-PALLADIUM PROJECT

Generation Mining Ltd. has appointed Ausenco Engineering Canada ULC as the engineering, procurement and construction management (EPCM) partner for the Marathon copper-palladium project, located in Northwestern Ontario.

Following a comprehensive evaluation and negotiation process, Ausenco was selected as Generation Mining's EPCM partner based on its strong technical capabilities, proven project delivery experience in Ontario, and alignment with Generation Mining's execution strategy and long-term business objectives.

Ausenco demonstrated a clear understanding of the project's scope, risk profile and value drivers while aligning closely with Generation Mining's priorities for disciplined capital management, constructability, operational readiness and responsible project development. Ausenco recently completed the updated feasibility study, and the quality of this work was a key criteria as part of the selection for a key strategic partner in the execution phase and contributed to Generation Mining's confidence in advancing the project.

Generation Mining and Ausenco engaged in a collaborative negotiation process, resulting in a commercial and execution framework designed to achieve common objectives, including:

• Delivery certainty across scope, cost and schedule;
• Strong governance and reporting discipline;
• Aligned outcomes for ensuring project success against the recently completed work reviewed by the company's lenders;
• Effective integration between the parties across engineering, procurement and construction management;
• A shared commitment to safety, sustainability and stakeholder engagement.

"Ausenco distinguished itself as a partner that not only brings deep EPCM expertise but also shares GENM's commitment to a disciplined, transparent and value-focused execution model," said Clinton Swemmer, vice-president, projects. "We value Ausenco's proven resilience in difficult industry conditions and its strong understanding of execution requirements within Ontario. We also appreciate the constructive and solutions-oriented approach taken throughout the negotiation process."

"Being awarded the EPCM contract for the project is a milestone we've been building toward through every stage with GENM. Working together through the feasibility update has only deepened our confidence in what this partnership can achieve," said Dan Wilford, vice-president, project execution, for Ausenco. "Ontario has a proud history of delivering world-class resource projects, and our regional and global execution team intend to bring that same focus on innovation, resilience and hard-won experience that has come to define the integrated GENM and Ausenco project team. This is exactly the kind of project we like to deliver."

Generation Mining and Ausenco will now advance into detailed design and execution readiness activities under a limited-notice-to-proceed (LNTP) phase, during which the parties will finalize the EPCM contract. These activities will progress in parallel with Generation Mining's continuing project financing process, with the intent of commencing field execution in the third quarter or fourth quarter of 2026, subject to financing and customary conditions.

Under the EPCM mandate, Ausenco will be responsible for detailed engineering, procurement, construction management and related project services supporting the development and delivery of the project.

This appointment represents a key milestone as Generation Mining advances the project toward the execution phase.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, PEng, technical services manager of Generation PGM and a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Generation Mining Ltd.

Generation Mining's focus is the development of the Marathon project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon property covers a land package of approximately 36,398 hectares (364 square kilometres). Generation Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities and delivering value to the company's stakeholders.

The feasibility study with an effective date of Nov. 1, 2024, estimated a net present value (using a 6-per-cent discount rate) of $1.07-billion, an internal rate of return of 28 per cent and a 1.9-year payback based on the three-year trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce approximately: 2,161,000 ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. These production estimates and economic projections are forward-looking statements subject to risks and uncertainties. For more information, please review the feasibility study filed under the company's profile on SEDAR+ and available on the company's website.

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