Mr. Jamie Levy of Generation Mining reports

GENERATION MINING ANNOUNCES ACQUISITION OF SHARES OF ELTON RESOURCES CORP.

Generation Mining Ltd. has acquired 39,268,426 common shares of Elton Resources Corp. in connection with the completion of the qualifying transaction of Chicane Capital I Corp. (a capital pool company (CPC)) and Elton.

Immediately prior to completion of the transaction, the acquiror did not own any securities of either the CPC or Elton. As a result of the transaction, the acquiror has direct and indirect ownership, control or direction of 39,268,426 common shares, representing approximately 19.94 per cent of the issued and outstanding common shares on an undiluted basis. The acquiror does not own any other securities of Elton.

The common shares were acquired pursuant to an asset purchase agreement between the acquiror and Elton dated Dec. 20, 2022 (as amended), whereby Elton acquired, among other things, the rights and obligations of the acquiror pursuant to a concession agreement dated Dec. 22, 2009, between the Inuvialuit Regional Corp., the Inuvialuit Land Corp. and Darnley Bay Resources Ltd., as assigned to the acquiror. On Sept. 29, 2026, the CPC completed the transaction and, in connection with the transaction and as consideration under the asset purchase agreement, the acquiror was issued the common shares.

The acquiror acquired the common shares for investment purposes. Depending on market conditions, general economic and industry conditions, Elton's business and financial condition and/or other relevant factors, the acquiror may, from time to time, acquire additional common shares or other securities of Elton through market transactions, private agreements, treasury issuances or otherwise, or dispose of all or some of its common shares. The acquiror does not have any plans related to any of the matters in the enumerated list in Item 5.1 of Form 62-103F1.

An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where Elton is a reporting issuer and will be available on SEDAR+.

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. These production estimates and economic projections are forward-looking statements subject to risks and uncertainties. For more information, please review the technical report filed under the company's profile on SEDAR+ and available on the company's website.

The head office address of the acquiror is 100 King St. W, Suite 7010, P.O. Box 70, Toronto, Ont., M5X 1B1.

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.

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