Generation Mining Limited announced that it has closed its previously-announced "bought deal" public offering that consisted of (i) 42,858,000 units (the "Units") in the capital of the Company at a price of CAD 0.28 per Unit, and (ii) 9,678,000 flow-through units (the "FT Units" and together with the Units, the "Offered Securities") in the capital of the company at a price of CAD0.32 per FT Unit for aggregate gross proceeds to the Company of CAD 15,097,200 (the "Offering"). The Offering included a lead order of CAD 5,000,000 of Units from Wheaton Precious Metals Corp. and participation by existing shareholders.

Gen Mining's focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. The Company released the results of the Feasibility Study Update on March 31, 2023. The Feasibility Study Update estimated a Net Present Value (using a 6% discount rate) of CAD 1.16 billion, an Internal Rate of Return of 25.8%, and a 2.3-year payback.

The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life ("LOM"). Over the LOM, the Marathon Project is anticipated to produce 2,122,000 ounces of palladium, 517 million lbs of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver in payable metals.