Name of the Project
Marathon copper/palladium project.

Location
North-western Ontario, Canada.

Project Owner/s
Mineral developer Generation Mining.

Project Description
An updated feasibility study, published in March 2025, has outlined the operation of an openpit mine and process plant over a 12.5-year life-of-mine and replaces Generation Mining’s previous amended feasibility study dated May 31, 2024.

The process plant will have a peak throughput of 27 700 t/d. 

Average payable metals a year are estimated at 42-million pounds of copper, 168 000 oz palladium, 38 000 oz platinum, 12 000 oz gold and 240 000 oz silver over the LoM. Critical mineral production during preproduction and the first three years of commercial operation is estimated at 151-million pounds of payable copper, 720 000 oz of payable palladium and 156 000 oz of platinum.

Potential Job Creation
The project is expected to create more than 800 jobs during the construction phase and more than 400 jobs during operations.

Net Present Value/Internal Rate of Return
In the base case, the project has an after-tax net present value, at a 6% discount rate, of C$1.07-billion and an internal rate of return of 28%, with a payback of 1.9 years based on the three-year trailing average metal prices as of November 1, 2024.

Capital Expenditure
Initial capital is estimated at C$992-million.

Planned Start/End Date
Early works are expected to continue throughout 2026 and into 2027. 

Latest Developments
Generation Mining announced the start of construction on October 1, 2026, after posting a C$6.5-million bond for the construction phase of its closure plan. 

Early works include access-road upgrades, site clearing, water-management infrastructure, camp improvements, bulk earthworks, temporary power and environmental controls.

The company expects initial payments of about C$30-million to secure about C$150-million in critical equipment acquisitions. These are collectively at or below the feasibility study budget, with deliveries within the baseline schedule. Payments remain subject to final contracts and approvals.

On September 21, 2026, Generation Mining closed a C$200-million public offering and a C$40-million private placement with Canada Growth Fund. Net proceeds are intended for Marathon’s development, construction and operation, and associated corporate and financing costs. The offerings remain subject to final Toronto Stock Exchange approval.

These equity financings form part of the estimated C$1.3-billion construction financing package announced on September 14, 2026. Other components remain subject, where applicable, to approvals, definitive documentation and conditions precedent. The planned C$100-million convertible note financing requires shareholder approval, to be sought in the fourth quarter of 2026.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada, along with contributions from Moose Mountain Technical Services, Knight Piésold, P&E Mining Consultants Inc, and JDS Energy and Mining (updated feasibility study). Ausenco Engineering Canada (engineering, procurement and construction management); and Glencore AG (concentrate offtake).

Contact Details for Project Information
Generation Mining, tel +1 416 640 0280 or email info@generationmining.com.