Generation Mining / GENM (TSX)

    [Blockierte Grafik: https://ml.globenewswire.com/m…/small/gen-mining-jpg.jpg]
    Generation Mining appoints Endeavour to coordinate Marathon Project Financing


    https://ceo.ca/@nasdaq/generat…s-endeavour-to-coordinate


    TORONTO, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce that it has appointed Endeavour Financial as its Financial Advisor to provide financial advisory services with respect to the development of the Marathon palladium-copper project in Northwestern Ontario (the “Marathon Project”).


    Kerry Knoll, Executive Chairman, commented, "We look forward to working with the Endeavour Financial team to evaluate the many financing proposals we have received and to introduce us to many new potential investors. Members of our board of directors have worked extensively with Endeavour in the past, and I myself have business relationships going back almost three decades. We expect that ultimately production financing will be some combination of debt, royalties or streaming, and equity, with a focus on keeping the equity portion as low as possible. Endeavour is not expected to be involved in the equity portion.”


    David Rhodes, Managing Director of Endeavour, commented: "Endeavour is delighted to be able to work with the Gen Mining team to evaluate and execute financing for the development of this world class asset."

    [Blockierte Grafik: https://ml.globenewswire.com/m…/small/gen-mining-jpg.jpg]


    Report: Generation Mining – On its way to full ownership of the Marathon project?
    https://www.caesarsreport.com/…-of-the-marathon-project/


    Disclosure: The author has a long position in Generation Mining. Generation Mining is a sponsor of the website.
    [Blockierte Grafik: https://www.caesarsreport.com/…s/Timeline-3-2048x862.jpg]
    Conclusion
    The uncertainty has come to an end, and it looks like Generation Mining will have to advance the Marathon PGM project on its own. And that’s fine as the remaining ownership of Sibanye-Stillwater, which we now estimate at 19% on the project level, will continue to be diluted down and we expect Generation Mining to gain full ownership of the project when all the dust has settled.
    Sibanye’s decision to walk away is understandable, and keep in mind the South African company still is the largest corporate shareholder with a 7.3% stake. A percentage we think may increase should Sibanye decide to swap its project stake for an additional equity stake in the company. Reaching full ownership of Marathon PGM would be positive for Generation Mining (as it would for instance making a streaming deal easier if you’d own 100% of a project rather than doing a deal on an ownership stake base), but it obviously all depends on the price tag. As Generation Mining continues to spend money at Marathon, it is effectively eroding Sibanye’s stake.
    In any case, the period of uncertainty is now over, and Generation Mining now knows it will have to get the project across the finish line on its own. The permitting process is ongoing and completing the process will be a very important milestone for the project and the company.

    [Blockierte Grafik: https://ml.globenewswire.com/m…/small/gen-mining-jpg.jpg]
    Generation Mining enters into binding agreement to become 100% owner of Marathon Project
    https://ceo.ca/@nasdaq/generat…into-binding-agreement-to
    Generation Mining Limited (TSX: GENM; OTCQB: GENMF)
    (“Gen Mining” or the “Company”) is pleased to announce that it has
    entered into a binding acquisition agreement (the “Acquisition
    Agreement”) with Stillwater Canada Inc. (“Stillwater”) a subsidiary of
    Sibanye Stillwater Limited (“Sibanye-Stillwater”) and the Company’s
    wholly-owned subsidiary Generation PGM Inc. (“Gen Subco”), pursuant to
    which Gen Subco will acquire Stillwater’s remaining 16.5% interest in
    the Marathon Palladium Copper project in Northwestern Ontario (the
    “Marathon Project”) (the “Transaction”).
    Sibanye-Stillwater
    (including its affiliates) currently owns 11,053,795 common shares of
    Gen Mining, and on closing of the Transaction will own 32,813,127 common
    shares, representing approximately 19.1% of the outstanding Gen Mining
    common shares.

    Generation Mining informiert über die Fortschritte bei der Finanzierung des Marathon Projekts.


    Generation Mining Provides Update On Marathon Project Financing Discussions
    https://genmining.com/news/202…ct-financing-discussions/


    Phase I der Projektfinanzierung bestand aus einem Wettbewerbsverfahren, um Zugang zu kostengünstigen langfristigen Finanzierungsquellen zu erhalten, wobei der attraktivste Finanzierungsvorschlag der Edelmetallstrom in Höhe von 240 Mio. Cdn$ mit Wheaton Precious Metals war, der mit Wirkung vom 26. Januar 2022 abgeschlossen wurde und aus dem die ersten 20 Mio. $ am 31. März 2022 bei Generation PGM Inc., der hundertprozentigen Tochtergesellschaft von GenMining, eingegangen sind.


    Phase II beinhaltet den Zugang zu einer mittelfristigen Finanzierung, wobei die erste Phase ein Ausschreibungsverfahren ("RFP") für den Rest der Projektfinanzierung ist. Das Ausschreibungsverfahren hat zu starken ersten unverbindlichen Interessensbekundungen von mehr als einem Dutzend Kreditgebern geführt, darunter Geschäftsbanken, Exportkreditfinanzierer, Private-Equity-Gesellschaften, potenzielle Abnahmepartner und Vermieter von Anlagen. Das Interesse ist beträchtlich, und das gesamte potenzielle zugesagte Kapital liegt bei mehreren Interessenten bei weit über 1 Milliarde US-Dollar. Das Unternehmen wird nun die Vorschläge, die Vorabprüfung und die endgültige Dokumentation mit einer ausgewählten Gruppe von Kreditgebern analysieren. Das Unternehmen konzentriert sich weiterhin auf die Maximierung des Kapitals aus Nicht-Eigenkapitalquellen bei gleichzeitiger Minimierung der Kapitalkosten und Maximierung der Eigenkapitalrenditen. Endeavour schätzt, dass das Projekt auf der Grundlage der Machbarkeitsstudie des Unternehmens vom 3. März 2021 eine vorrangige Verschuldung in Höhe von etwa 400 Millionen US$ tragen kann.


    Übersetzt mit http://www.DeepL.com/Translator (kostenlose Version)


    Hier die FS vom März 2021 auf einen Blick:


    Generation Mining Reaches Another Milestone with Receipt of Second $20 Million from Wheaton

    https://www.businesswire.com/news/home/20220907006227/en/

    Under the terms of the PMPA, Wheaton will pay Gen PGM total cash consideration of CAD$240 million in return for a stream on all gold production and 22% of the platinum production from the Marathon Project. The first CAD$20 million was received March 31, 2022. During construction of the Marathon Project the remaining CAD$200 million will be payable in four staged installments which are also subject to various customary conditions precedent being satisfied. Further details are contained in the Gen Mining news releases dated December 22, 2021 and March 31, 2022.

    Generation Mining Announces Federal and Provincial Approval of the Marathon Project Environmental Assessment

    https://www.businesswire.com/news/home/20221130006119/en/
    TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce that the Marathon Palladium Copper Project (the “Marathon Project”) was approved by the joint Federal and Provincial Environmental Assessment process. The Company will now proceed to obtain the necessary permits for construction and operation. The Honourable Steven Guilbeault, Federal Minister of Environment and Climate Change, and The Honourable David Piccini, Ontario Minister of the Environment, Conservation and Parks, each announced today that the Company’s Marathon Project may proceed, subject to conditions set out in the federal decision statement (the “Decision Statement”) and the provincial approval order (the “Approval Order”), respectively.
    The Marathon Project involves the construction, operation, decommissioning, and remediation of three open pits to produce copper concentrate, consisting primarily of copper, palladium and platinum, critical minerals, an onsite ore processing facility, a 115 kV transmission line, an access road, a mine rock storage area, a process solids management facility, and a water management system, amongst other infrastructure.
    The processing plant will operate at approximately 9.2 million tonnes of ore per year and produce approximately 87,000 tonnes of copper-concentrate annually. The concentrate will be delivered to a third-party facility for further downstream processing into refined critical minerals. Based on current mineral reserves, over its planned 13-year mine life the Marathon Project concentrate is expected to produce 1,905,000 ounces of palladium, 467 million lbs. of copper, 537,000 ounces of platinum, 151,000 ounces of gold and 2,823,000 ounces of silver in payable metals.
    Commenting on today’s announcements, Jamie Levy, President and CEO said, “This is a great day for Generation Mining Shareholders and critical minerals production in Canada. These government decisions validate the work done to date to develop the Marathon Project as a sustainable, environmentally sensitive, low-cost producer of critical metals that are needed to support emissions controls and the transition to a greener economy. The receipt of the Decision Statement and Approval Order, respectively, are significant milestones as we advance the Marathon Project into production. This provides much needed certainty about the future and development of this strategic asset.”


    2022 In Review: Generation Mining Advances Marathon Palladium-Copper Project Towards Construction

    https://www.businesswire.com/news/home/20230110005462/en/

    TORONTO--(BUSINESS WIRE)--Management of Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) reflects on a year that has been action-packed as we’ve advanced the Marathon Palladium-Copper project in Northwestern Ontario (the “Marathon Project”), held through the Company’s wholly-owned subsidiary Generation PGM Inc. (“Gen PGM”), closer to construction. In the 42 months since Gen Mining first acquired an interest in the Marathon Project, the Company has significantly advanced the Marathon Project towards becoming the next greenfield critical minerals mine in Canada by preparing a feasibility study and 43-101 Technical Report, obtaining the federal and provincial government environmental assessment approvals, entering into agreements with affected Indigenous communities, including the Community Benefits Agreement with the Biigtigong Nishnaabeg First Nation, and advancing significant financing arrangements to fund construction of the mine.
    In January 2022 Gen Mining kicked off the year by completing the acquisition of the remaining 16.5% interest in the Marathon Project from Stillwater Canada Inc. (“Stillwater”), a subsidiary of Sibanye Stillwater Limited (“Sibanye-Stillwater”). The Company issued 21,759,332 common shares in Gen Mining to Stillwater to hold 100% of the Marathon Project. As part of the transaction the joint venture agreement between Stillwater and Gen PGM was terminated. Sibanye-Stillwater (including its affiliates) owned 32,813,127 common shares of the Company, representing 18.2% of the issued and outstanding common shares on a non-diluted basis as at December 31, 2022.
    In addition to acquiring 100% ownership interest in the Marathon Project, the completion of the acquisition allowed Gen Mining to proceed, in March 2022, with the first early deposit drawdown under the streaming transaction with Wheaton Precious Metals Corp (“Wheaton”) announced late in 2021, described more fully below.
    Late in January 2022 a Memorandum of Agreement was signed with the Biigtigong Nishnaabeg (“BN”), an Indigenous community located near the Project. Formalizing the Company’s commitment to work with BN was a critical step in completing the Community Benefits Agreement with BN, which was ratified by the BN community and executed in mid-November 2022.
    In March 2022, Gen PGM received the first of two C$20 million payments from the Precious Metal Purchase Agreement (the “PMPA”) with Wheaton. Under the terms of the PMPA, Wheaton will pay Gen PGM total cash consideration of C$240 million in return for a stream on all gold production and 22% of platinum production from the Marathon Project. Wheaton will purchase (a) 100% of the payable gold production until 150 thousand ounces (“koz”) have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine; and (b) 22% of the payable platinum production until 120 koz have been delivered, thereafter dropping to 15% for the life of mine. Wheaton will make ongoing payments for the gold and platinum ounces delivered equal to 18% of the spot prices (“Production Payment”) until the value of gold and platinum delivered less the Production Payment is equal to the upfront consideration of C$240 million, at which point the Production Payment will increase to 22% of the spot prices...


    Generation Mining Finalizes Offtake Term Sheet with Glencore for Copper Concentrate
    March 27, 2023 06:31 AM Eastern Daylight Time
    TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) has finalized an offtake term sheet with Glencore International AG (“Glencore”) for copper concentrate, containing copper, palladium, platinum, gold, and silver, to be produced at Gen Mining’s Marathon Palladium-Copper Project, located near Marathon, Ontario.
    Under the term sheet, Glencore will purchase an average of 50% of the total copper concentrate to be produced from the Marathon Palladium-Copper Project. It is expected that production from the Marathon Project will be treated by Glencore’s Horne smelter in Quebec, Canada. The term sheet includes anticipated specifications for the polymetallic copper concentrate expected to be produced at the Marathon Project, treatment and refining charges, and applicable penalties, if any, for deleterious elements. Metallurgical testwork has indicated that the concentrate is unlikely to incur any penalties. The term sheet remains subject to final documentation, including customary offtake terms and conditions.
    This offtake term sheet also provides additional benefits for Gen Mining, including attractive metal payment terms, credit support from Glencore for the Project’s environmental reclamation financial surety requirements, and working capital facilities.
    Gen Mining has also finalized an offtake term sheet with a European integrated copper group which will purchase the balance of the concentrate produced by the Marathon Project, and such offtake agreement will underpin the provision of certain loan guarantees in support of the construction financing for the Marathon Project, all of which remains subject to final documentation and the requisite approvals.
    Commenting on these arrangements Jamie Levy, President and CEO said, “We are pleased to have Glencore as an offtake partner as we advance the Marathon Palladium Copper Project to construction and production. These offtake arrangements will ensure the Marathon Project has customers for its production and will enable downstream processing of critical minerals in Canada. Moreover, this provides a strong commercial commitment from a highly regarded counterparty to support our expected project financing requirements. This represents just one more major milestone in the development of the Marathon Project, with more to come.”
    The Company expects to enter into final, binding offtake agreements for 100% of the production in conjunction with the completion of its project financing, anticipated later this year.
    About the Company
    Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario. The Company released the results of the Project Feasibility Study on March 3, 2021 and published the NI43-101 Technical Report dated March 25, 2021. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometers. Gen Mining owns a 100% interest in the Marathon Project and once constructed, it is expected to have a low carbon footprint. For more information, please review the detailed Feasibility Study dated March 25, 2021, filed under the Company’s profile at SEDAR.com.
    About Glencore
    Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, Glencore produces, processes, recycles, sources, markets, and distributes the commodities that enable decarbonization while meeting the energy needs of today.
    Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. They also provide financing, logistics and other services to producers and consumers of commodities.
    Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. They are an active participant in the Extractive Industries Transparency Initiative.


    https://www.businesswire.com/news/home/20230327005266/en/

    Generation Mining Delivers Updated Feasibility Study for Canada’s Next Critical Mineral Mine - the Marathon Palladium-Copper Project
    https://www.businesswire.com/news/home/20230330005863/en/


    After-Tax NPV6% $1.16 Billion, IRR of 26%, Payback 2.3 years


    [Blockierte Grafik: https://mms.businesswire.com/media/20230330005863/en/1752712/4/GenerationMining1.jpg?download=1]
    Project Cash Flow (After-Tax) (Graphic: Business Wire)


    TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce positive results on the updated Feasibility Study (“2023 FS” or the “Feasibility Study”) for the Marathon Palladium-Copper Project (the “Project”) located near the Town of Marathon in Northwestern Ontario. The 2023 FS presents an optimized design for the Project with improved clarity on anticipated capital and operating costs in the current inflationary environment. The 2023 FS outlines the operation of an open pit mine and process plant over a mine life of 12.5 years and replaces the Company’s March 2021 Feasibility Study (the “2021 FS”).
    All dollar amounts are in Canadian dollars unless otherwise stated. All references to Mlbs are to millions of pounds and Moz are to millions of ounces and koz are to thousands of ounces.
    Highlights:

    • Robust economics1: An after-tax Net Present Value (“NPV”) at a 6% discount rate of $1.16 billion and Internal Rate of Return (“IRR”) of 25.8% based on a long-term price of US$1,800/oz for palladium and US$3.70/lb for copper
    • Quick payback period on Initial Capital2,3: 2.3 years
    • Initial Capital: $1,112 million ($898 million net of equipment financing and pre-commercial production revenue), an increase of 25% from the 2021 FS
    • Low Operating Costs and attractive AISC: Life of mine (“LOM”) average operating costs of US$709/PdEq oz and all-in sustaining costs (“AISC”) of US$813/PdEq oz 3 . Operating costs have increased 14% compared with the 2021 FS.
    • Increased Mineral Reserve Estimate: an increase of 8.5% in Mineral Reserves tonnages and a decreased open pit strip ratio
    • Optimized operation: increased process plant throughput and improved metallurgical recoveries over LOM
    • Average annual payable metals: 166 koz palladium, 41 Mlbs copper, 38 koz platinum, 12 koz gold and 248 koz silver
    • LOM payable metals: 2.1 Moz palladium, 517 Mlbs copper, 485 koz platinum, 158 koz gold and 3.2 Moz silver
    • Strong cash flows in first three years of production following commercial production: $851 million of free cash flow 3 , 580 koz of payable palladium and 132 Mlbs of payable copper
    • Jobs: Creation of over 800 jobs during construction jobs and over 400 direct permanent jobs during operations

    Jamie Levy, President and CEO of the Company, commented,
    “This updated Feasibility Study underscores just how robust the Marathon Project is, even in the current inflationary environment. This, combined with strong demand for critical minerals, makes the rationale for the Project becoming Canada’s next critical minerals mine more compelling than ever before. With the receipt of our Environmental Assessment approvals and our recently announced indicative offtake term sheets, we are advancing to arrange Project financing and working hard to obtain the permits necessary to start construction. The Project promises to be a near-term sustainable, environmentally sensitive, low-cost producer of critical metals that Canada and the rest of the world desperately need. On a copper equivalent basis, the Marathon Project, once in production, is expected to be one of the lowest CO2 equivalent intensity mines in the world. The metals we plan to produce will not only support emissions controls and the transition to a greener economy in Ontario and Canada, but they will also support job creation and economic prosperity for local, regional, and national stakeholders, in particular the First Nation community of Biigtigong Nishnaabeg and the Town of Marathon.”

    Generation Mining Announces US$400 Million Senior Debt Facility Mandate with EDC, ING, and Societe Generale

    https://www.businesswire.com/news/home/20230502005481/en/
    TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) has executed a mandate letter to arrange a senior secured project finance facility of up to US$400 million (the “Mandate”) to fund the construction and development of its Marathon Palladium-Copper Project, located on the north shore of Lake Superior in the Province of Ontario, Canada (the “Marathon Project”).
    The US$400 million senior debt facility (CDN $540 million) combined with the undrawn Wheaton Precious Metals Stream of CDN $200 million represents a significant portion of the initial capital required to develop Generation Mining's Marathon Project.
    Tweet this
    [/quote]A syndicate including Export Development Canada (“EDC”), together with ING Capital LLC (“ING”) and Societe Generale S.A. (“Societe Generale”) will act as the Mandated Lead Arrangers (“MLAs”). The formal Mandate includes a non-binding indicative term sheet (the “Term Sheet”) for a senior debt facility of up to US$400 million (the “Facility”).
    The execution of the Mandate is a key milestone in the project financing process for the development of the Marathon Project. EDC, ING, and Societe Generale were chosen as MLAs due to their extensive experience providing project finance to greenfield mining projects and the strength of their mining teams.
    Closing of the Facility, targeted for the third quarter of 2023, remains subject to completion of final due diligence in form and substance satisfactory to the MLAs, final credit approvals and execution of definitive Facility documentation.
    The definitive Facility documentation will include customary project finance terms and conditions, as well as a comprehensive intercreditor agreement. Drawdowns under the Facility would be subject to customary conditions precedent.
    Jamie Levy, President and CEO, commenting on these arrangements said, “We are very pleased to have mandated these three financial institutions, all of whom have a strong mining and metals track record. The US$400 million senior debt facility (CDN $540 million) combined with the undrawn Wheaton Precious Metals Stream of CDN $200 million, or a total of CDN $740 million represents a significant portion of the initial capital required to develop the Marathon Project. The Company will now focus on finalizing the definitive documentation, together with arranging equipment leases and sourcing the balance of the capital required to fully finance construction.


    Generation Mining Receives Approval to Submit Closure Plan Permit

    September 06, 2023 06:31 AM Eastern Daylight Time

    TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX:GENM)(OTCQB: GENMF)(“Gen Mining” or the “Company”) is pleased to announce that, following consent by the Biigtigong Nishnaabeg (“BN”) Chief and Council of the Closure Plan for the Marathon Palladium-Copper Project (the “Closure Plan”), the Company has been issued a letter from the Ministry of Mines (“MINES”) inviting the Company to submit the Closure Plan. Upon submission of the Closure Plan, supporting documentation, and financial assurance the Director of Mine Rehabilitation has up to 45 days to approve the plan or return it for further revisions. This represents another significant milestone in the permitting process for the Marathon Palladium-Copper Project and reflects the contributions of BN and other Indigenous groups that were consulted and participated in the overall development of the plan. The Company expects additional permits and approvals to be received during the fall of 2023.

    https://www.businesswire.com/news/home/20230906761454/en/

    Generation Mining Announces C$15 Million Bought Deal Financing X(

    TORONTO, Oct. 27, 2023 (GLOBE NEWSWIRE) – Generation Mining Limited (TSX:GENM) (” Gen Mining ” or the ” Company “) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (“ Haywood ”) sole underwriter and bookrunner, pursuant to which Haywood has agreed to purchase, on a bought deal basis, (i) 42,858,000 units (the “ Units ”) in the capital of the Company at a price of C$0.28 per Unit (the “ Issue Price ”), 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 $0.32 per FT Unit (the “ FT Issue Price ”) for aggregate gross proceeds to the Company of $15,000,420 (the “ Offering ”).

    Each Unit will consist of one common share (a “ Common Share ”) in the capital of the Company and one-fifth (1/5) of one common share purchase warrant (each whole common share purchase warrant, a “ Warrant ”) of the Company. Each FT Unit will consist of one Common Share that will qualify as a “flow-through share” and one-fifth (1/5) of one Warrant. Each whole Warrant shall be exercisable to acquire one Common Share (a “ Warrant Share ”) at a price per Warrant Share of C$0.50 for a period of 36 months from the closing date of the Offering.

    https://genmining.com/news/2023/generation-mining-announces-c-15-million-bought-de-6521/

    Katzenpirat :

    Im kanadischen Nachbarforum werden wahlweise folgende Erklärungen angeboten:

    • Neuausrichtung eines ETF (konktet: SILJ), da gleichzeitig auch Werte wie DSV, VZLA, ABRA etc. Volatilität zeigen
    • Bohrergebnisse hinsichtlich Gallium (19,7 g/t …)
    • Produktionsprobleme bei Nornickel (aber: bislang keine Auffälligkeiten bei Pd)

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