Mr. Jamie Levy reports

GENERATION MINING CLOSES SALE OF DAVIDSON MOLYBDENUM PROPERTY

Generation Mining Ltd. has closed the previously announced sale of its rights and interests in an agreement to acquire a 100-per-cent interest in a mineral property (the Davidson property) hosting a molybdenum-tungsten deposit, to Moon River Capital Ltd., a company listed on the TSX Venture Exchange, for $630,000 in cash and nine million common shares of Moon River. See the company's news release of Sept. 13, 2023, for additional information.

Following closing, the company holds approximately 27.3 per cent of the issued and outstanding common shares on a non-diluted and partially-diluted basis. It also has 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 the issued and outstanding common shares. Moon River intends to engage in exploration and development activities in order to advance a preliminary economic assessment on the Davidson property.

A copy of the company's early warning report will be available on Moon River's issuer profile on SEDAR+, or upon request to the company.

About Generation Gold Corp.

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 life of mine (LOM). 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 National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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