Generation Mining completes $34.5 million public offering

Generation Mining Ltd. (TSX: GENM) (OTCQB: GENMF) completed an upsized public offering that raised gross proceeds of approximately $34.5 million, including the full exercise of the over-allotment option.

The company issued 47,920,500 units at $0.72 per unit through a "bought deal" arrangement with underwriters including Stifel Canada as lead underwriter, BMO Capital Markets and Haywood Securities Inc. Each unit consists of one common share and one-half of a common share purchase warrant.

The warrants allow holders to purchase one common share at $1.00 each until January 15, 2028, subject to anti-dilution adjustments. TSX Trust Company serves as the warrant agent under a warrant indenture dated January 15, 2026.

Generation Mining plans to use the net proceeds to advance development of its Marathon project in Northwestern Ontario, for working capital and general corporate purposes. The Marathon project is described as a copper-palladium deposit covering approximately 36,398 hectares.

The underwriters received a 6% cash commission on gross proceeds, reduced to 3% for sales to certain investors on a president's list. Certain company directors purchased 605,555 units as part of the offering, which was considered a related party transaction under securities regulations.

The offering was qualified for distribution in Canadian provinces and territories except Quebec through a prospectus supplement dated January 9, 2026, and a base shelf prospectus from May 31, 2024.

According to the company's feasibility study, the Marathon project has an estimated net present value of C$1.07 billion and is expected to produce various metals including palladium, copper, platinum, gold and silver over a 13-year mine life.

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