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TORONTO, Sept. 14, 2026 (GLOBE NEWSWIRE) — Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Generation” or the “Company”) is pleased to announce that it has secured $340 million representing the final funding and financing component (“Final Funding”) required to complete the fully financed construction package for its 100%-owned Marathon Copper-Palladium Project (the “Marathon Project”), located near Marathon, Northwestern Ontario, Canada, including anchor investments of approximately $140 million from Canada Growth Fund (“CGF”) and $50 million from Canada Infrastructure Bank (“CIB”).

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With the Final Funding now in place, together with the previously announced senior secured debt, subordinated debt, undrawn portion of the metal stream, and estimated equipment leasing (“Previously Announced Financings”), Generation has arranged the financing required for construction of the Marathon Project.

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Highlights of the Final Funding are as follows:

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  • Bought deal financing of $200 million (the “Bought Deal Financing”) of which an aggregate of approximately $100 million was committed to by CGF, Wheaton Precious Metals, and Glencore Canada Corporation (“Glencore Canada”).
  • Private placement (the “Private Placement”) of $40 million by CGF.
  • Subordinated Unsecured Convertible Note (the “Note Financing”) of $100 million pursuant to the following allocations: $50 million by CGF and $50 million by CIB.

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In addition to the Final Funding, the Company and Glencore AG (collectively with Glencore Canada, “Glencore”) have agreed to terms with respect to a copper and metal supply contract (the “Offtake Agreement”), pursuant to 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 (Canada’s only copper smelter) as well as Glencore Canada’s CCR refinery and further domestic value-added processing.

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Taken together, the Final Funding and the Previously Announced Financings (see press releases dated June 17, 2026, June 22, 2026, and March 31, 2022) represent a fully financed construction package of approximately $1.3 billion (“Fully Financed Construction Package”). The 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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The Bought Deal Financing, Private Placement, Note Financing and Previously Announced Financings remain subject, where applicable, to shareholder, stock exchange and other required regulatory approvals, execution of definitive documentation, intercreditor agreements and satisfaction of customary conditions precedent.

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The Fully Financed Construction Package incorporates a $185 million cost overrun facility for the benefit of the senior lenders of which $95 million will be funded under the Final Funding and $90 million of which will be funded under the previously-announced CIB subordinated debt facility (see press release dated June 22, 2026). This is in addition to the $119 million contingency portion of the capital costs to build the mine. The Fully Financed Construction Package also includes surety bonds for closure and fisheries offset commitments as well as letters of credit totaling $78 million.