Generation Mining Ltd. secured $244.3 million (C$340 million), representing the final funding required for the construction of the Marathon project, located near Marathon in northwestern Ontario, including anchor investments of approximately $100.6 million (C$140 million) from Canada Growth Fund (CGF) and $35.9 million (C$50 million) from Canada Infrastructure Bank (CIB).
The final funding package includes bought deal financing of $143.7 million (C$200 million), of which an aggregate of approximately $71.9 million (C$100 million) was committed to by CGF, Wheaton Precious Metals and Glencore Canada Corp.; private placement of $28.7 million (C$40 million) by CGF; and a subordinated unsecured convertible note of $71.9 million (C$100 million) pursuant to allocations of $35.9 million (C$50 million) by CGF and $35.9 million (C$50 million) by CIB.
“This important milestone was made possible by the complementary tools put in place by the Government of Canada to help complete the project’s financing stack, with CGF providing equity financing and CIB providing debt financing. With financing now complete, we are thrilled to begin early works construction in Q4 2026 and move the Marathon project toward production as Canada’s next major producer of copper and palladium,” said Jamie Levy, president and CEO of Generation Mining.
In addition to the final funding, the company and Glencore AG have agreed to terms with respect to an offtake agreement, in which Glencore AG 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 Canada’s Horne smelter in Rouyn-Noranda, Québec, as well as Glencore Canada’s CCR refinery and further domestic value-added processing.
Taken together, the Final Funding and the previously announced financings represent a fully financed construction package of approximately $934.2 million (C$1.3 billion). Generation’s board is expected to convene and make a final investment decision following the completion of all financings comprising the final funding.
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