Mr. Jamie Levy reports

GENERATION MINING CLOSES UPSIZED "BOUGHT DEAL" PUBLIC OFFERING FOR GROSS PROCEEDS OF APPROXIMATELY $34.5 MILLION, INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION

Generation Mining Ltd. has closed its upsized prospectus offering of units of the company. The offering was completed on a bought deal basis pursuant to the terms of an underwriting agreement dated Jan. 9, 2026, among the company and a syndicate of underwriters, including Stifel Canada, as lead underwriter and sole bookrunner, together with BMO Capital Markets and Haywood Securities Inc. Pursuant to the terms of the offering, the company issued an aggregate of 47,920,500 units at a price of 72 cents per unit for aggregate gross proceeds of $34,502,760, including the full exercise by the underwriters of their overallotment option.

Each unit comprised one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $1, subject to customary anti-dilution adjustments, until Jan. 15, 2028. The warrants are governed by a warrant indenture dated Jan. 15, 2026, between the company and TSX Trust Company, as warrant agent, a copy of which is available under the company's issuer profile on SEDAR+.

The net proceeds from the offering are expected to be used by the company to advance the development of the company's Marathon project, for working capital and for general corporate purposes, all as more particularly described in the prospectus supplement of the company dated Jan. 9, 2026, and filed in each of the provinces and territories of Canada, other than Quebec. The units issued pursuant to the offering in Canada were qualified for distribution pursuant to the prospectus supplement and a short form base shelf prospectus dated May 31, 2024. The prospectus supplement, base shelf prospectus and the documents incorporated by reference therein are available under the company's issuer profile on SEDAR+.

In connection with the offering, the underwriters received a cash commission equal to 6.0 per cent of the gross proceeds from the sale of the units (reduced to 3.0 per cent for the gross proceeds in respect of sales to certain investors on a president's list).

Certain directors of the company purchased an aggregate of 605,555 units pursuant to the offering. Each purchase by an insider was considered to be a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company did not file a material change report more than 21 days before the expected closing date of the offering as the participation of the insiders in the offering had not been confirmed at that time. The company was exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction, insofar as it involved interested parties, was not more than 25 per cent of the company's market capitalization.

About Generation Mining Ltd.

Generation Mining's focus is the development of the Marathon project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon property covers a land package of approximately 36,398 hectares (364 square kilometres). Generation Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities and delivering value to its stakeholders.

The feasibility study estimated a net present value (using a discount rate of 6 per cent) of $1.07-billion, an internal rate of return of 28 per cent and a 1.9-year payback based on the three-year trailing average metal prices at the effective date of the technical report. Over the anticipated 13-year mine life, the Marathon project is expected to produce 2,161,000 ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more information, please review the feasibility study filed under the company's profile on SEDAR+ or on the company's website.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, PEng, technical services manager of Generation PGM Inc., a wholly owned subsidiary 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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