Generation Mining and Biigtigong Nishnaabeg First Nation Announce Memorandum of Agreement

Generation Mining Limited and Biigtigong Nishnaabeg are proud to announce the signing of a Memorandum of Agreement for the Marathon Palladium Copper Project located in Northwestern Ontario.

This MOA signals another important milestone for the Marathon Project, as it nears regulator approval through the environmental assessment process and is in line with Gen Mining’s Indigenous relations policy and practice of maximizing community participation and benefits throughout the life of the project.

The Company recognizes that there are established businesses within the BN community that can contribute to the Marathon Project, and we are proud to formalize this commitment with the signing of this MOA, pursuant to which the Company has committed to:

• Collaborate on sustainable community-based business opportunities that will last beyond the life of the Marathon Project
• Target and support businesses that include training, development and growth of BN community members in their professional development and long-term employment
• Support strategic partnerships and initiatives that help BN participate in opportunities to gain management experience in the mining industry
• Support BN with their strategic goals of growing current and aspirational sustainable businesses.

In addition, the MOA defines some of the contracting projects that will be sole-sourced to BN to further maximize economic benefits for the Marathon Project’s closest Indigenous partner community.

Jamie Levy, President and CEO of Gen Mining, commented, “Gen Mining respects the Indigenous culture and the environment where we work and plan to operate. We very much value the support of BN for the development of the Marathon Project. We are proud to be partners with BN and look forward to ongoing collaboration in the years to come.”

“This Memorandum of Agreement sets a strong foundation for us to work collectively with Gen Mining on a number of business opportunities. It facilitates a process to ensure that our First Nation can and will capitalize on economic opportunities during critical stages of the mine development. We look forward to the implementation and advancement of this MOA” said Debi Bouchie, Director of Operations for BN.

The MOA is one of the components of the Community Benefit Agreement (“CBA”) that Gen Mining and BN are currently advancing.

About the Company

Gen Mining’s focus is the development of its 100% owned Marathon Project, a large undeveloped platinum group metal mineral deposit in Northwestern Ontario. The Company released the results of the Feasibility Study on March 3, 2021 and published the NI43-101 Technical Report dated March 25, 2021. The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.

The Feasibility Study in respect of the Marathon Project estimated that at US$1725/oz palladium, and US$3.20/lb copper, Marathon’s Net Present Value (at 6% discount rate) is approximately C$1.07 billion with a payback of 2.3 years and an Internal Rate of Return of 30%. Up front capital costs were estimated at C$665 million. The mine would produce an estimated 245,000 palladium equivalent ounces per year over a 13-year mine life at an All-In Sustaining Cost of US$809 per palladium-equivalent ounce.