Mr. Jamie Levy reports

GENERATION MINING CLOSES C$15 MILLION BOUGHT DEAL FINANCING

Generation Mining Ltd. has closed its previously announced bought deal public offering that consisted of: (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 flow-through unit for aggregate gross proceeds to the company of $15,097,200. The Offering included a lead order of C$5,000,000 of Units from Wheaton Precious Metals Corp. and participation by existing shareholders. Haywood Securities Inc. acted as sole underwriter and bookrunner in connection with the Offering.

Each Unit consisted of one common share (a "Common Share") in the capital of the Company and one-fifth (1/5) of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each FT Unit consisted of one Common Share that will qualify as a "flow-through share" within the meaning of subsection 66(15) the Income Tax Act (Canada) (the "Tax Act") and one-fifth (1/5) of one Warrant. Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") at a price per Warrant Share of C$0.50 for a period of 36 months from the closing date of the Offering.

The Company will use the net proceeds from the sale of the Units for the development of the Company's Marathon Palladium-Copper 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" that will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act and "eligible Ontario exploration expenditures" as defined in subsection 103(4) of the Taxation Act, 2007 (Ontario) (the "Qualifying Expenditures") related to the Company's Marathon Palladium-Copper Project in Ontario, on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.

The Offered Securities were offered by way of a short form prospectus dated November 16, 2023, filed in all provinces of Canada, except Quebec.

In connection with the Offering, Mr. Levy, a director and officer of the Company, acquired 500,000 Units and 280,500 FT Units; Mr. Anwyll, an officer of the Company, acquired 178,570 Units; Mr. Walford, a director of the Company, acquired 89,285 Units and 78,125 FT Units; and Mr. Reford, a director of the Company, acquired 32,000 FT Units (collectively, Messrs. Levy, Anwyll, Walford, and Reford are "Insiders"). Participation by the Insiders in the Offering was considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders' participation in the Offering pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report was not filed in connection with the participation of Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company deems is reasonable in the circumstances so as to be able to complete the Offering in an expeditious manner.

About Generation Mining Limited

Gen 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% discount rate) of C$1.16 billion, an Internal Rate of Return of 25.8%, 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 lbs 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 www.sedarplus.com or on the Company's website at https://genmining.com/projects/feasibility-study/.

The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.

Qualified Person

The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, 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.