Mr. Jamie Levy reports

GENERATION MINING REPORTS FIRST 30% OF MARATHON CAPITAL COSTS BID AT OR BELOW FEASIBILITY STUDY ESTIMATES

Generation Mining Ltd. has provided an update on detailed engineering, procurement and construction readiness activities for its 100-per-cent-owned Marathon copper-palladium project, located on the north shore of Lake Superior in Northwestern Ontario, Canada.

Early procurements and construction readiness

In March, 2026, the company appointed Ausenco as the engineering, procurement and construction management partner for the Marathon project. Subsequent to the appointment, the company, Ausenco and other consultants (the EPCM team) advanced multiple procurement packages and bid evaluation processes in support of project execution. Bid pricing received to date for major equipment and construction packages represents approximately 30 per cent of the project's estimated capital cost. Taken together, the aggregate pricing received for these packages (reflecting both positive and negative variances) is at or below the aggregate corresponding cost allowances included in the company's 2025 feasibility study. Major equipment and construction packages progressed to date include:

• Grinding mills package;
• High-voltage substation package;
• Thickener package;
• Primary crusher package;
• Hydrocyclones;
• Pre-engineered process plant building.

Bid technical-commercial evaluations have commenced for these packages as part of the procurement and contractor selection process. Commercial reviews and packaging optimization discussions also commenced to support final contracting strategies and contractor selection.

The company has an agreement to lease, with an option to purchase, a 263-bed construction camp for use as work force accommodation during the initial site preparation and construction phase. The company has dewinterized the camp, with approximately 10 per cent of units currently available. Procurement activities for additional work force accommodations of approximately 286 beds and an overflow construction camp of approximately 500 beds (a peak total of approximately 786 beds) are progressing, including the receipt and evaluation of bids for the permanent camp construction package and associated catering.

The company also continued activities associated with early construction readiness and infrastructure planning, including the selection of an original equipment manufacturer to provide the mining fleet for the project and continuing discussions regarding a related maintenance and repair contract for the construction and mining operational phases. The company also selected a fuel supplier for the project with the contract to include the establishment of future on-site fuel facilities.

The company also continued procurement of the temporary construction powerline with Hydro One, with a take-off agreed to peak at four MW (megawatts) to support both construction and early commissioning needs, while also advancing its agreement for the permanent powerline to support the full project requirements. Planning activities related to safety systems, medical facilities, telecommunications, real estate, lay-down areas and mining operations, such as drilling and blasting, also advanced in line with project needs.

Detailed engineering

The EPCM team has advanced process plant optimization through targeted metallurgical testing, layout improvements, site infrastructure design, construction planning, development of project controls, risk management activities and continuing review of execution strategies.

The EPCM team also advanced construction execution, including the development of safety management plans, the optimization of earthworks sequencing and the detailed design of upgrades to the main site access road. Risk review sessions were undertaken to support project readiness and integration of project risks and opportunities into the overall project execution strategy.

Clinton Swemmer, vice-president of projects, stated: "Our early procurement results are encouraging. Bid pricing received for packages representing approximately 30 per cent of the project's estimated capital cost is, in aggregate, at or below the corresponding aggregate feasibility study allowances. While individual package results vary, the combined outcome provides additional confidence in the overall capital cost estimate as we advance detailed engineering and construction readiness activities."

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Clinton Swemmer, PEng, vice-president, projects of the company, and a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 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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