Mr. Jamie Levy reports

GENERATION MINING RECEIVES PERMIT APPROVAL UNDER THE ENDANGERED SPECIES ACT

Generation Mining Ltd. has received the Endangered Species Act permit (ESA permit) issued by the Ministry of the Environment, Conservation and Parks (MECP) for caribou (boreal population), and little brown myotis, northern myotis and tri-coloured bats (SAR bats). This permit includes conditions intended to minimize impacts to caribou and SAR bats, as well as to create an overall benefit for these species at risk.

The ESA permit conditions for caribou include off-site restoration of habitat, research initiatives, caribou population monitoring and stewardship collaboration with Biigtigong Nishnaabeg (BN) and other indigenous communities. The ESA permit conditions related to SAR bats include construction of a bat hibernaculum, installation of roosting structures and monitoring. In the preparation of the ESA permit application relating to caribou and SAR bats, GenPGM has worked closely with BN, extensively with MECP, Species at Risk department, and the senior MECP officials to develop these permit conditions.

Ruben Wallin, PEng, vice-president of sustainability, said: "We would like to thank BN for sharing their traditional knowledge of these species, as well as their caribou stewardship plan, which contributed to the development of the permit. We would also like to thank MECP for their leadership and hard work on the permit."

Chief Duncan Michano of Biigtigong Nishnaabeg stated: "In the preparation of its Endangered Species Act permit application, GenPGM has worked closely with Biigtigong Nishnaabeg and has incorporated Biigtigong Nishnaabeg's input into the permit application. Additionally, the permit application also incorporates key elements of Biigtigong Nishnaabeg's caribou stewardship plan. Biigtigong Nishnaabeg's plan is designed to establish a secure and self-sustaining population of boreal caribou in the area centred on the northeast portion of Lake Superior -- the area encompassed by the project and Biigtigong Nishnaabeg's exclusive aboriginal title area."

Jamie Levy, president and chief executive officer, said: "We are happy to have this permit in hand. We would like to thank Chief Michano and the BN leadership for their support and guidance with respect to the ESA permit. In addition, we appreciate Minister Piccini and the staff at MECP who made this application a priority, and provided leadership and technical expertise in the development of the permit. This is evidence of the company, MECP and Biigitgong Nishnaabeg working together for a common goal of ensuring species at risk are protected as part of the development of the critical minerals industry in Ontario."

About Generation Mining Ltd.

Generation Mining's focus is the development of the Marathon project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. The company released the results of the feasibility study update on March 31, 2023.

The feasibility study update estimated a net present value (using a 6-per-cent discount rate) of $1.16-billion, an internal rate of return of 25.8 per cent and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life. Over the LOM, the Marathon project is anticipated to produce 2,122,000 ounces of palladium, 517 million pounds of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals. For more information, please review the feasibility study update dated March 31, 2023, filed under the company's profile at SEDAR or on the company's website.

The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Generation Mining owns a 100-per-cent interest in the Marathon project.

Qualified person

The news release has been reviewed and approved by Drew Anwyll, PEng, MEng, chief operating officer, a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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