Mr. Jamie Levy reports

GENERATION MINING RECEIVES SENIOR LENDER CREDIT APPROVAL FOR US$310 MILLION FROM EDC, ING CAPITAL, AND SOCIETE GENERALE

Export Development Canada (EDC), ING Capital LLC and Societe Generale S.A., collectively the mandated lead arrangers (MLAs), have each received internal credit approval for a senior secured project finance facility for $310-million (U.S.), or approximately $424-million to finance the construction and development of the Marathon copper-palladium project, located on the north shore of Lake Superior in Northwestern Ontario, Canada. With the senior facility, an existing undrawn metals streaming agreement with Wheaton Precious Metals of $200-million, and equipment leasing facilities totalling approximately $145-million, Generation Mining Ltd. has secured approximately $769-million of the financing required to bring the Marathon project into production.

The receipt of credit approval from the MLAs represents a critical milestone in the project financing process and reflects the lenders' confidence in the Marathon project's economics, permitting status and strategic importance as a North American critical mineral's producer.

The company continues to advance negotiations with subordinate debt lenders, surety providers and equity investors with a view of finalizing, and subject to definitive documentation, a fully financed project construction package.

Jamie Levy, president and chief executive officer, states: "Receiving credit approvals from EDC, ING and Societe Generale is a landmark moment for Generation Mining and a powerful endorsement of the Marathon project. These institutions bring deep expertise in mining finance and conducted extensive due diligence into the project. Their commitment signals strong confidence in our asset's economics and long-term value. With approximately $769-million of funding approved to date and all permits in hand, we are firmly on the path to a construction decision and to becoming Canada's next major producer of copper and palladium -- two metals critical to the global energy transition."

Mr. Levy also noted that, in the course of negotiations with the MLAs and prospective subordinate debt and equity investors, the company determined that a portion of the previously announced senior debt commitment could be replaced with alternative sources of capital elsewhere in the capital structure, allowing the senior facility to be optimally sized. These discussions reflect interest from cornerstone investors in providing additional capital on terms the company believes to be more efficient. If these arrangements are successfully finalized, the company expects to provide a further update in due course.

The senior facility is subject to final documentation including export credit agencies and a comprehensive intercreditor agreement. Final documentation will include customary project finance terms and conditions including satisfaction of a fully financed project construction package.

The company will now move forward with final documentation for the senior facility and in parallel finalize negotiations with subordinate debt lenders, surety providers, and equity investors. Assuming project financing is successful, construction is expected to commence in the second half of 2026.

Advisers

Endeavour Financial is acting as the financing adviser and A&O Shearman as legal adviser to the company for the project financing of the Marathon project.

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, and a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Generation Mining Ltd.

Generation Mining's (Toronto Stock Exchange: GENM) focus is the development of the Marathon project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The feasibility study with an effective date of Nov. 1, 2024, estimated a net present value (using a 6-per-cent discount rate) 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 approximately: 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.

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