Mr. Jamie Levy reports

GENERATION MINING SELLS DAVIDSON MOLYBDENUM PROPERTY

Generation Mining Ltd. has agreed to sell its rights to and interests in an option agreement to acquire a 100-per-cent interest in six mineral leases hosting a molybdenum-tungsten deposit, located near the town of Smithers, B.C., to Moon River Capital Ltd., a capital pool company listed on the TSX Venture Exchange, for $630,000 in cash, 9.0 million common shares of Moon River, and certain nomination and pre-emptive shareholder rights described below. Moon River intends for the proposed transaction to constitute its qualifying transaction under the rules of the TSX Venture Exchange. Following completion of the transaction, Moon River will engage in exploration and development activities to advance a preliminary economic assessment on the Davidson property.

Paul Murphy, independent lead director of Generation Mining, stated: "The Davidson property is a large molybdenum-tungsten deposit which deserves additional attention and resources in this robust market for both molybdenum and tungsten. Ian McDonald, interim chief executive officer and a director of Moon River, is the former executive chairman and CEO of Thompson Creek Metals Company Inc., which was focused on molybdenum production and was previously involved with the Davidson property through Patent Enforcement & Royalties Ltd. (a predecessor company to Thompson Creek), which completed a resource evaluation on the property in 2004/2005. Given our focus on developing the Marathon palladium-copper project, this deal with Moon River meets two key goals. It allows Gen Mining to retain an interest in the property and for the Davidson property to get the attention it so richly deserves."

Mr. Murphy went on, "The approval of this transaction by the independent members of the board signifies the strength and prudence of the deal, reflecting the commitment of both parties to a successful outcome."

Following an unsolicited offer from Moon River to acquire the company's rights and interests in the Davidson property, the independent directors of the company (which excluded Mr. Levy and Mr. Knoll, who currently serve as directors of Moon River), engaged Accelera Capital Inc. to provide independent financial advisory services to the company. Accelera canvassed a broad range of potential purchasers, and two competing offers from third parties were received. After negotiating with the offerors and inviting them to enhance their initial proposals in their submission of final offers, the independent directors of the company, in consultation with Accelera, concluded that the terms and conditions of the final revised Moon River offer were the most favourable for the company and its shareholders, as Moon River offered near-term cash consideration and continued exposure to further exploration and development of the Davidson property through the equity ownership position. In addition, the proposed transaction was subject to less execution risk than the competing offers.

The transaction is subject to customary closing conditions and is expected to be completed by the end of October. Following the closing of the transaction, the company is expected to hold between 29 per cent and 31 per cent of the common shares of Moon River. It will also have the right to appoint a director to the board of Moon River and will have pre-emptive shareholder rights for as long as it continues to hold more than 10 per cent of Moon River's issued and outstanding common shares.

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 scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, PEng, MEng, chief operating officer of the company, and a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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