Generation Mining secures $200 million debt commitment
Generation Mining Ltd.’s [GENM-TSX, GENMF-OTCQB] has secured internal credit approval from the Canadian Infrastructure Bank (CIB) for a subordinated debt facility of $200 million. The funding is to support construction and development of the Marathon copper-palladium project in northwestern Ontario.
The facility consists of $110 million for development and construction costs and includes a $90 million standby facility to fund any potential cost overruns during construction.
The company now says it has secured C$969 million of the funding required to bring the Marathon project to production. This amount includes the previously announced internal credit approval for a senior debt facility of $424 million from Export Development Canada, ING Capital LLC, and Societe Generale; an existing undrawn metals streaming agreement with Wheaton Precious Metals Corp. (WPM-TSX, WPM-NYSE) of $200 million, and equipment leasing facilities totalling approximately $145 million.
The commitment represents another significant milestone in the company’s project financing process. As a federal Crown Corporation, CIB invests in infrastructure projects across Canada with the goal of attracting private-sector and institutional investment, while delivering public interest outcomes. This commitment also marks the CIB’s first investment in Ontario’s critical minerals sector, underscoring the strategic importance of the Marathon Project to Canada’s critical minerals supply.
Generation shares were unchanged Monday at 68 cents and trade in a 52-week range of 92 cents and 28 cents.
The Marathon Project is expected to produce 2.16 million ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum and 160,000 ounces of gold and 3.05 million ounces of silver in payable metal.
Marathon hosts a large platinum group metal mineral resource. The project is located about 215 kilometres east of Thunder Bay and eight kilometres north of Marathon, in northwestern Ontario. The property covers a land package of 220 square kilometres.
The company released an updated feasibility study in March, 2025. It said the study outlines an open pit operation and process plant over a mine life of 12.5 years and replaces the previous feasibility study dated May 31, 2024.
It pegs the initial capital cost at $992 million but envisages pre-production revenue of $184 million. The processing plant is expected to cost $280 million.
“Securing a commitment from the Canadian Infrastructure Bank is another major step forward in assembling the full financing package for the Marathon Project,” said Generation President and CEO Jame Levy. “The CIB’s mandate to catalyze private-sector investment in critical infrastructure makes it a natural partner for Generation Mining.’’ “With approximately $969 million of project financing now committed, we are firmly on track toward a construction decision.’’
The CIB facility remains subject to completion of final documentation, including a comprehensive, well-advanced creditor agreement. Assuming project financing is successful, construction is expected to begin in the second half of 2026.
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