Technology Mining Pronounces Feasibility Research Report Replace for the Marathon Copper-Palladium Challenge

The 2025 FS incorporates the outcomes of the Challenge optimization work reported by the Firm in a information launch entitled “Technology Completes Optimization Work for the Marathon Challenge with Improved Mine Plan and Lowered Capex” issued on November 20, 2024, which targeted on two key points: 1) optimization of the mine plan to maximise steel manufacturing and defer waste stripping within the early years of operations as a way to enhance early money flows and cut back the payback interval (“Mine Plan Optimization”); and a couple of) optimization of the method plant design and format, together with sizing of key tools, plant footprint and foundations, as a way to cut back the preliminary Challenge capital prices (“Preliminary Capital Optimization”, and along with the Mine Plan Optimization, the “Optimization Work”).

The Optimization Work has now been additional up to date to include modifications to Mineral Assets, Mineral Reserves, the Life-of-Mine (LOM) mining plan and working and capital prices, utilizing the identical steel value assumptions which shaped the idea of the November 20, 2024 information launch.

The 2025 FS was ready by Ausenco Engineering Canada ULC (“Ausenco”), together with contributions from Moose Mountain Technical Companies (“MMTS”), Knight Piésold Ltd. (“KP”), P&E Mining Consultants Inc. (“P&E”), and JDS Vitality and Mining, Inc (“JDS”).

The 2025 FS outlines the operation of an open pit mine and course of plant over a mine lifetime of 12.5 years and replaces the Firm’s earlier feasibility research entitled “Amended Feasibility Research Replace, Marathon Palladium & Copper Challenge, Ontario, Canada” dated Might 31, 2024.

Jamie Levy, President and CEO of the Firm, commented, “The up to date Feasibility Research for the Marathon Copper-Palladium Challenge clearly underscores its potential to be Ontario’s subsequent producing important mineral mine. The undertaking not solely advantages from a powerful commodity mixture of important metals but in addition stands as a strategic Canadian response to rising threats within the world mineral provide chain.

The Marathon Challenge’s important publicity to copper and palladium positions it as a uniquely enticing alternative within the important mineral area in North America. With copper going through long-term provide constraints and protracted provide dangers from the first palladium producers in Russia and South Africa, the Marathon Challenge is nicely positioned to help North American and European smelters. The Challenge’s superior growth and allowing can also be a key differentiator, which positions us to carry steel to market sooner than some other North American copper undertaking not but in building.”

Kerry Knoll, Government Chairman of the Firm commented, “Anticipating the ultimate allow approvals from the provincial authorities within the close to future, the Marathon Challenge is on observe to grow to be the subsequent main shovel-ready important steel undertaking in Ontario and Canada. The potential backing from provincial and nationwide important steel funds, mixed with help from banks, non-public fairness, institutional buyers, and retail shareholders, gives a powerful basis for securing full financing within the close to time period.”

Financial Evaluation

The up to date Feasibility Research underscores the continued financial robustness of the Marathon Challenge with an after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 yr payback interval based mostly on the 3-yr trailing common steel costs as of November 1, 2024.

The next desk presents the important thing outputs of the financial evaluation for the 2025 FS utilizing 3-year trailing common steel costs, along with the identical evaluation carried out utilizing spot and consensus steel costs, and international trade charge assumptions:

Sensitivities

The Challenge has important leverage to palladium and copper costs. The after-tax valuation sensitivities for the important thing metrics are proven under.

Capital Prices

The preliminary capital prices for building and ramp-up, along with anticipated sustaining capital and closure prices, are offered within the desk under:

Working Prices

The Challenge working prices have been up to date and are mirrored within the desk under.

Mine Plan

The lifetime of mine plan has been up to date and the manufacturing particulars are summarized within the desk under.

Mineral Assets

The Mineral Useful resource Estimate under is for the mixed Marathon, Geordie and Sally Deposits. The Mineral Useful resource Estimates for Marathon, Geordie and Sally have been ready by P&E.

Pit Constrained Mixed Mineral Useful resource Estimate for the Marathon, Geordie and Sally Deposits (Efficient date November 1, 2024)

Mineral Reserves

The Mineral Reserve estimate for the Challenge contains solely the Marathon Deposit. The Mineral Reserve Estimate was ready by MMTS.

Marathon Challenge Open Pit Mineral Reserve Estimates
(Efficient Date of November 1, 2024)

Certified Individuals

The information launch has been reviewed and permitted by Daniel Janusauskas, P.Eng., Technical Companies Supervisor of Technology PGM Inc., a wholly-owned subsidiary of the Firm, and a Certified Particular person as outlined by Canadian Securities Directors Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks.

The 2025 FS was ready by way of the collaboration of the next consulting companies and Certified Individuals, every of whom has reviewed and permitted the technical info on this information launch which was inside their major space of accountability:

NI 43-101 Technical Report

The 2025 FS was ready in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Requirements for Mineral Assets and Mineral Reserves adopted Might 19, 2014, and in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks. Gen Mining intends to file the 2025 FS referenced on this information launch as an NI 43-101 Technical Report on or earlier than March 31, 2025. Readers are inspired to learn this Technical Report in its entirety, together with all {qualifications}, assumptions and exclusions that relate to the main points summarized on this information launch. The Technical Report is meant to be learn as an entire, and sections shouldn’t be learn or relied upon out of context.

Concerning the Firm

Gen Mining’s focus is the event of the Marathon Challenge, a big undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land bundle of roughly 22,000 hectares, or 220 sq. kilometers. Gen Mining is devoted to fostering a greener future by selling sustainability, empowering communities, and delivering worth to our stakeholders.

About Ausenco

Ausenco is a worldwide firm redefining what’s doable. The crew is predicated out of 21 places of work working throughout 5 continents to ship companies worldwide. Combining deep technical experience with a 30-year observe report, Ausenco delivers revolutionary, value-add consulting, research, undertaking supply, asset operations and upkeep options to the minerals and metals and industrial sectors (www.ausenco.com).

Non-IFRS Monetary Measures and Different Measures

The Firm has included sure monetary measures on this information launch, together with preliminary capital value, working prices, AISC, and Pre-Tax and After-Tax Money Flows, which aren’t measures acknowledged beneath IFRS and would not have a standardized which means. These non-IFRS monetary measures are included on this doc as a result of these statistics are measures that administration will use to observe future monetary efficiency, and to plan and assess the general effectiveness and effectivity of future mining operations. The Firm doesn’t have historic non-IFRS monetary measures nor historic comparable measures beneath IFRS, and due to this fact the foregoing potential non-IFRS monetary measures is probably not reconciled to the closest comparable measures beneath IFRS. Non-IFRS measures would not have any standardized which means prescribed beneath IFRS, and due to this fact, they is probably not similar to comparable measures employed by different firms. The information offered is meant to offer further info and shouldn’t be thought-about in isolation or as an alternative choice to measures ready in accordance with IFRS.

Non-IFRS efficiency measures used herein are outlined as follows:

• Preliminary Capital contains all prices incurred from the efficient date of the 2025 FS (excluding historic sunk prices) till the purpose the place industrial manufacturing is achieved, together with bills associated to engineering, tools buy and set up, course of plant and mine infrastructure building, and some other prices related to placing the Challenge into operations.
• Working Prices contains mining, processing, common and administrative and different, focus transportation prices, therapy and refining prices, and royalties. Prices associated to the Wheaton PMPA are excluded.
• AISC contains Working Prices, closure and reclamation prices, and sustaining capital.
• Pre-tax Money Movement contains complete income much less Working Prices, working capital changes, tools financing, preliminary capital, sustaining capital, closure prices. Prices associated to the Wheaton PMPA are included.
• After-tax Money Movement contains Pre-tax Money Movement much less revenue taxes payable.

The Marathon Challenge is a polymetallic deposit. For functions of estimating the Firm’s anticipated prices and future monetary efficiency, the Firm discloses sure monetary measures herein based mostly on estimates of future palladium equal (“PdEq”) and copper equal (“CuEq”) steel manufacturing. The Firm’s estimated PdEq and CuEq are calculated utilizing the payable metals estimates derived from the Firm’s LOM, as follows:

• Palladium Equal ounces makes use of the components PdEq oz = Pd oz + (Cu lb x 4.00 US$/lb + Pt ouncesx US$950/oz + Au ouncesx US$2000/oz + Ag ouncesx US$24.00/oz) / US$1525 Pd/oz.
• Copper Equal kilos makes use of the components CuEq lbs = Cu lbs + (Pd ouncesx US$1,525/oz + Pt ouncesx US$950/oz + Au ouncesx US$2000/oz + Ag ouncesx US$24.00/oz) / US$4.00 Cu/lb.

Info Regarding Estimates of Mineral Reserves and Assets

The Mineral Reserve and Mineral Useful resource Estimates on this press launch have been disclosed in accordance with NI 43-101, which differs from the necessities of the U.S. Securities and Alternate Fee (the “SEC”), and knowledge with respect to mineralization and Mineral Reserves and Mineral Assets contained herein is probably not similar to comparable info disclosed by U.S. firms.

The SEC has adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities beneath the U.S. Securities Alternate Act of 1934, as amended (the “Alternate Act”). These amendments turned efficient February 25, 2019 (the “SEC Modernization Guidelines”) with compliance required for the primary fiscal yr starting on or after January 1, 2021. Beneath the SEC Modernization Guidelines, the historic property disclosure necessities for mining registrants included in Business Information 7 beneath the U.S. Securities Act of 1933, as amended, might be rescinded and changed with disclosure necessities in subpart 1300 of SEC Regulation S-Ok. Because of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets.” As well as, the SEC has amended its definitions of “Confirmed Mineral Reserves” and “Possible Mineral Reserves” to be “considerably comparable” to the corresponding requirements beneath NI 43-101. Whereas the SEC will now acknowledge “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets”, U.S. buyers shouldn’t assume that any half or all the mineralization in these classes will ever be transformed into the next class of Mineral Assets or into Mineral Reserves. Mineralization described utilizing these phrases has a larger quantity of uncertainty as to its existence and feasibility than mineralization that has been characterised as reserves. Accordingly, U.S. buyers are cautioned to not assume that any Measured Mineral Assets, Indicated Mineral Assets, or Inferred Mineral Assets that the Firm experiences are or might be economically or legally mineable. Additional, “Inferred Mineral Assets” have a larger quantity of uncertainty as to their existence and as as to whether they are often mined legally or economically. Subsequently, U.S. buyers are additionally cautioned to not assume that every one or any a part of the “Inferred Mineral Assets” exist. There is no such thing as a assurance that any Mineral Reserves or Mineral Assets that the Firm could report as “Confirmed Mineral Reserves”, “Possible Mineral Reserves”, “Measured Mineral Assets”, “Indicated Mineral Assets” and “Inferred Mineral Assets” beneath NI 43-101 could be the identical had the Firm ready the Reserve or Useful resource Estimates beneath the requirements adopted beneath the SEC Modernization Guidelines.

Mineral Assets aren’t Mineral Reserves, and would not have demonstrated financial viability, however do have cheap prospects for financial extraction. Measured and Indicated Mineral Assets are sufficiently nicely outlined to permit geological and grade continuity to be fairly assumed and allow the applying of technical and financial parameters in assessing the financial viability of the Mineral Useful resource. Inferred Mineral Assets are estimated on restricted info not ample to confirm geological and grade continuity or to permit technical and financial parameters to be utilized. Inferred Mineral Assets are too speculative geologically to have financial concerns utilized to them to allow them to be categorized as Mineral Reserves. There is no such thing as a certainty that Mineral Assets of any classification could be upgraded to Mineral Reserves by way of continued exploration.

The Firm’s Mineral Reserve and Mineral Useful resource figures are estimates and the Firm can present no assurances that the indicated ranges of mineral might be produced or that the Firm will obtain the value assumed in figuring out its Mineral Reserves. Such estimates are expressions of judgment based mostly on information, mining expertise, evaluation of drilling outcomes and business practices. Legitimate estimates made at a given time could considerably change when new info turns into out there. Whereas the Firm believes that these Mineral Reserve and Mineral Useful resource Estimates are nicely established and one of the best estimates of the Firm’s administration, by their nature Mineral Reserve and Mineral Useful resource Estimates are imprecise and rely, to a sure extent, upon evaluation of drilling outcomes and statistical inferences which can in the end show unreliable. If the Firm’s Mineral Reserve or Mineral Reserve Estimates are inaccurate or are diminished sooner or later, this might have an opposed impression on the Firm’s future money flows, earnings, outcomes or operations and monetary situation.

The Firm estimates the longer term mine lifetime of the Marathon Challenge. The Firm may give no assurance that its mine life estimate might be achieved. Failure to realize this estimate might have an opposed impression on the Firm’s future money flows, earnings, outcomes of operations and monetary situation.

Ahead-Trying Info

This information launch comprises sure forward-looking info and forward-looking statements, as outlined in relevant securities legal guidelines (collectively referred to herein as “forward-looking statements”). Ahead-looking statements mirror present expectations or beliefs concerning future occasions or the Firm’s future efficiency. All statements aside from statements of historic truth are forward-looking statements. Typically, however not all the time, forward-looking statements could be recognized by way of phrases corresponding to “plans”, “expects”, “is anticipated”, “funds”, “scheduled”, “estimates”, “continues”, “forecasts”, “initiatives”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such phrases and phrases or state that sure actions, occasions or outcomes “could”, “might”, “would”, “ought to”, “would possibly” or “will” be taken, happen or be achieved, together with statements associated to mineral useful resource and reserve estimates; proposed mine manufacturing plans; projected mining and course of restoration charges (together with mining dilution); estimates associated to reclamation and closure prices; the timing for receipt of presidency permits, ample financing or to begin building of the Marathon Challenge, steel costs and different financial assumptions (together with foreign money trade charges); projected capital and working prices (together with the AISC); the timing and quantity of payable steel manufacturing and revenues; and the financial evaluation and outcomes (together with money flows, IRRs, NPVs and payback interval).

Though the Firm believes that the expectations expressed in such forward-looking statements are based mostly on cheap assumptions, such statements aren’t ensures of future efficiency and precise outcomes or developments could differ materially from these within the statements. There are particular components that would trigger precise outcomes to vary materially from these within the forward-looking info. These embody the timing for a building determination; the progress of growth on the Marathon Challenge, together with progress of undertaking expenditures and contracting processes, the Firm’s plans and expectations with respect to liquidity administration, continued availability of capital and financing, the longer term costs of palladium, copper and different commodities, allowing timelines, trade charges and foreign money fluctuations, will increase in prices, necessities for added capital, and the Firm’s selections with respect to capital allocation, and the impression of COVID-19, inflation, world provide chain disruptions, world conflicts, together with the wars in Ukraine and Israel, the undertaking schedule for the Marathon Challenge, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties concerned in deciphering geological information and the accuracy of Mineral Reserve and Useful resource Estimates, environmental compliance and modifications in environmental laws and regulation, the Firm’s relationships with Indigenous communities, outcomes from deliberate exploration and drilling actions, native entry circumstances for drilling, and common financial, market or enterprise circumstances, in addition to these threat components set out within the Firm’s annual info type for the yr ended December 31, 2023, and within the steady disclosure paperwork filed by the Firm on SEDAR+ at http://www.sedarplus.ca/.

Readers are cautioned that the foregoing record of things is just not exhaustive of the components that will have an effect on forward-looking statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The forward-looking statements on this information launch communicate solely as of the date of this information launch or as of the date or dates laid out in such statements. The Firm disclaims any intention or obligation to replace or revise any forward- wanting info, whether or not because of new info, future occasions or in any other case, aside from as required by regulation. For extra info on the Firm, buyers are inspired to assessment the Firm’s public filings on SEDAR+ at www.sedarplus.ca.

Contacts

For additional info please contact:
Jamie Levy
President and Chief Government Officer
(416) 640-2934 (O)
(416) 567-2440 (M)

jlevy@genmining.com

Supply