Mr. Jamie Levy reports

GENERATION MINING ANNOUNCES C$15 MILLION BOUGHT DEAL FINANCING

Generation Mining Ltd. has entered into an agreement with Haywood Securities Inc., sole underwriter and bookrunner, pursuant to which Haywood has agreed to purchase, on a bought deal basis: (i) 42,858,000 units in the capital of the company at a price of 28 cents per unit, and (ii) 9,678,000 flow-through units in the capital of the company at a price of 32 cents per FT unit for aggregate gross proceeds to the company of $15,000,420.

Each unit will consist of one common share in the capital of the company and one-fifth of one common share purchase warrant of the company. Each FT unit will consist of one common share that will qualify as a flow-through share and one-fifth of one warrant. Each whole warrant shall be exercisable to acquire one common share at a price per warrant share of 50 cents for a period of 36 months from the closing date of the offering.

The company has agreed to grant Haywood an overallotment option, exercisable at any time and from time to time on or prior to the date that is 30 days following the closing of the offering, in whole or in part, to purchase up to an additional $2,250,063 in units at the issue price to cover overallotments, if any, and for market stabilization purposes.

The company plans to use the net proceeds from the sale of the units for development of the company's Marathon project and for working capital and general corporate purposes. The gross proceeds from the sale of the FT units will be used by the company to incur eligible Canadian exploration expenses on the Marathon project that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada).

The offered securities will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The units may also be sold to U.S. buyers on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.

The offering is scheduled to close on or about Nov. 21, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities, as applicable.

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 (LOM). Over the LOM, the Marathon project is anticipated to produce 2,122,000 ounces of palladium, 517 million lb of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals.

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.

We seek Safe Harbor.