Generation secures construction permit, shares rise

Generation Mining Ltd.’s [GENM-TSX] said it has received the final key permit required for the construction of the Marathon Copper-Palladium Project in northwestern Ontario.

The shares jumped 40.43% or $0.095 to 33 cents Thursday and trade in a 52-week range of 39 cents and 10.5 cents.

“With this final permit, Generation believes that the Marathon Project will be a major step forward in securing domestic supplies of copper and palladium – essential elements for clean energy and advanced technologies,’’ the company said. “With a shovel ready plan and strong community support, the Marathon Project has the potential to deliver critical minerals, create skilled jobs and strengthen the Canadian supply chain for a more resilient future,’’ it said.

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.

“The updated feasibility study for the Marathon Copper-Palladium project clearly underscores its potential to be Ontario’s next producing critical minerals mine,’’ said Generation President and CEO Jamie Levy. “The project not only benefits from a strong commodity mix of critical metals, but also stands as a strategic Canadian response to growing threats in the global mineral supply chain.’’

“The Marathon Project’s significant exposure to copper and palladium positions it as a uniquely attractive opportunity in the critical minerals space in North America,’’ he said. “With copper facing long-term supply constraints and persistent supply risks from the primary palladium producers in Russia and South Africa, the Marathon Project is well positioned to support North American and European smelters.’’

The company said the updated feasibility study underscores the continued economic robustness of the project with an after-tax NPV 6% of $1.07 billion, IRR of 28% and 1.9 year payback period on the 3.0-year trailing average metal prices as of November 1, 2024.