Mr. Jamie Levy reports

GENERATION MINING COMMENCES CONSTRUCTION AT MARATHON COPPER-PALLADIUM MINE

Generation Mining Ltd. has commenced construction at its 100-per-cent-owned Marathon copper-palladium project in Northwestern Ontario.

Highlights:

• Construction under way: Early works have commenced following the posting of the construction phase financial assurance under the project's filed closure plan.
• Critical procurement advancing: Initial payments of approximately $30-million are expected to secure approximately $150-million of critical equipment that, in aggregate, is at or below the feasibility study (as defined below) budget and deliveries within the baseline schedule.
• Phased closure plan financial assurance: A $6.5-million bond has been posted for the construction phase of the closure plan.

Jamie Levy, president and chief executive officer of Generation Mining, stated: "With our construction phase financial assurance now posted, crews are working on the ground at Marathon. We have spent years getting this project ready, and our entire team is excited to be building the next critical minerals mine in Ontario, Canada. I want to thank all our stakeholders for their continued support. Our focus now is on executing safely, on schedule and on budget and delivering long-term value for our shareholders."

Early works program

The early works program is expected to run through Q4 2026 and into 2027 and includes:

• Upgrades to site access roads and the main site entrance;
• Clearing and grubbing of the plant site, laydown areas and initial pit footprint;
• Construction of the early water management structures and associated pumps and pipelines;
• Upgrades to existing Valard camp and support facilities;
• Expansion of the camp to meet construction and permanent camp requirements;
• Establishment of a temporary fuel farm and site offices at the initial laydown area;
• Iinitial bulk earthworks and aggregate production;
• Installation of temporary power;
• Establishment of site-wide environmental controls and monitoring.

Early procurement program

Generation Mining is advancing procurement of key equipment and infrastructure for the Marathon project, including mining equipment, the primary crushing station, grinding and regrind mills, hydrocyclones, flotation equipment, thickeners, and plant buildings and cranes.

The company expects to make initial payments of approximately $30-million to secure supplier delivery commitments and pricing, consistent with its planned project cash flow and subject to final contractual arrangements and required approvals. Subsequent payments will be tied to agreed engineering, fabrication and delivery milestones. These commitments are expected to secure approximately $150-million of critical purchases that, in aggregate, are at or below the feasibility study budget and have delivery times within the project's baseline schedule.

Phased financial assurance

Financial assurance for the Marathon project is posted in phases under the Mining Act (Ontario), with each phase sized to the rehabilitation obligations associated with the work to be carried out in that phase. This phased structure allows the company to commence construction with financial assurance matched to the disturbance undertaken in each phase, rather than securing the full life-of-mine closure obligation in advance. For the construction phase, the company has posted a $6.5 million bond, covering the early works scope described above.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Clinton Swemmer, PEng, vice-president, projects, of the company 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, Canada. The company's feasibility study for the project 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.

Additional information regarding the technical report, including the assumptions, qualifications and risk factors underlying the estimates above, is available under the company's profile on SEDAR+.

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