Mr. Jamie Levy reports

GENERATION MINING CLOSES "BOUGHT DEAL" PUBLIC OFFERING AND CONCURRENT PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $240 MILLION

Further to the news release dated Sept. 14, 2026, Generation Mining Ltd. has closed its prospectus offering and concurrent private placement with Canada Growth Fund Inc. of common shares of the company for aggregate gross proceeds of $240-million.

The public offering was completed on a bought deal basis pursuant to the terms of an underwriting agreement dated Sept. 16, 2026, among the company and a syndicate of underwriters, including BMO Capital Markets, as lead underwriter and sole bookrunner, together with TD Securities Inc., Haywood Securities Inc., Jett Capital Advisors LLC, Stifel Canada, ING Bank NV, Velocity Trade Capital Ltd. and Ventum Financial Corp. Pursuant to the terms of the public offering, the company issued an aggregate of 312.5 million shares at a price of 64 cents per share for aggregate gross proceeds of $200-million.

The concurrent private placement was completed pursuant to the terms of a subscription agreement dated Sept. 16, 2026, between the company and CGF, pursuant to which the company issued an aggregate of 62.5 million shares to CGF at the offering price for gross proceeds of $40-million. CGF also acquired 76.45 million shares pursuant to the public offering for gross proceeds of approximately $49-million.

The net proceeds from the public offering and concurrent private placement are expected to be used by the company to finance the development, construction and operation of the company's 100-per-cent-owned Marathon copper-palladium project and associated general and administrative and financing costs, all as more particularly described in the prospectus supplement of the company dated Sept. 16, 2026, and filed in each of the provinces and territories of Canada. The shares issued pursuant to the public offering in Canada were qualified for distribution pursuant to the prospectus supplement and a short form base shelf prospectus dated Feb. 24, 2026. The prospectus supplement, base shelf prospectus and the documents incorporated by reference therein are available under the company's issuer profile on SEDAR+.

In connection with the public offering, the underwriters received a cash commission equal to 5.0 per cent of the gross proceeds from the sale of the shares (reduced to 3.0 per cent for the gross proceeds in respect of sales to certain investors on a president's list). No commission was paid to the underwriters in connection with CGF's investment.

The public offering and the concurrent private placement remain subject to final approval of the Toronto Stock Exchange.

Concurrent with the closing of the offering and the concurrent private placement, the company and CGF entered into an investor rights agreement providing CGF, among other things, with certain board nomination and observer rights, and registration rights, as well as pre-emptive and top-up rights in connection with future offerings and certain dilutive events, in each case subject to CGF maintaining specified ownership thresholds in the company. The company also entered into an offtake agreement with Glencore AG, pursuant to which Glencore agreed to purchase polymetallic copper concentrate containing copper, palladium, platinum, gold and silver produced at the Marathon project. The concentrate will support domestic value-added processing at Glencore's Horne smelter in Rouyn-Noranda, Que. (Canada's only copper smelter), as well as Glencore's CCR refinery and further domestic value-added processing.

Certain directors of the company purchased an aggregate of 468,750 shares pursuant to the public offering. Each purchase by an insider was considered to be a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company was exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the public offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involved interested parties, was not more than 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing date of the public offering as the participation of the insiders in the public offering had not been confirmed at that time.

CGF-related disclosure required under the early warning system

Immediately prior to the public offering and the concurrent private placement, CGF did not own or control, directly or indirectly, any securities of Generation.

Immediately after the completion of the public offering and the concurrent private placement, CGF has ownership and control over 138.95 million shares, representing approximately 19.9 per cent of the issued and outstanding shares on a non-diluted basis.

CGF acquired the shares for investment purposes and not with a view to materially affecting control of Generation. Depending upon market conditions and other factors, including pursuant to certain rights granted to CGF under the investor rights agreement dated as of Sept. 21, 2026, entered into between CGF and Generation, CGF may, from time to time, acquire or dispose of additional securities of Generation, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Generation.

This portion of this news release is being issued pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). A copy of CGF's early warning report with respect to the public offering and the concurrent private placement will be filed on SEDAR+ promptly, and, in any event, within two business days from the date hereof. For more information or to obtain a copy of the report, please contact Mathieu St-Amand, senior manager, public relations and government affairs, Canada Growth Fund investment management, at 1-514-925-1500.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, PEng, technical service manager of Generation PGM, 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 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.

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