Generation Mining's Billion-Dollar Marathon Mine Now Fully Funded

Toronto-based Generation Mining (TSX:GENM,OTCQB:GENMF) has secured C$340 million in final financing to complete a C$1.3 billion capital package for its Marathon copper-palladium project in Northwestern Ontario.

The final funding package relies on C$190 million in federal anchor commitments, comprising C$140 million from the Canada Growth Fund (CGF) and C$50 million from the Canada Infrastructure Bank (CIB).

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The C$340 million package breaks down across three distinct financial structures.

Generation Mining arranged a C$200 million public offering of 312.5 million common shares at C$0.64 per share, backed by C$100 million in combined commitments from CGF, Wheaton Precious Metals (TSX:WPM,NYSE:WPM), and Glencore Canada, the North American branch of London-listed Glencore (LSE:GLEN,OTCPL:GLCNF).

In addition, CGF subscribed for a direct C$40 million private placement of 62.5 million shares at the same price.

The remaining C$100 million comes via subordinated unsecured convertible notes split equally between CGF and CIB, carrying a 9 percent annual interest rate.

In tandem with the financing, Generation Mining executed a life-of-mine supply agreement with Glencore AG.

The arrangement will see Glencore purchase 100 percent of the project's polymetallic copper concentrate during the first two years of commercial production and from year 13 onward, while taking roughly 50 percent during years three through 12.

The concentrate will be processed domestically at Glencore Canada’s Horne smelter in Rouyn-Noranda, Québec, and its CCR refinery.

“Today is a landmark day for Generation Mining,” President and CEO Jamie Levy said in the official press release. “This important milestone was made possible by the complementary tools put in place by the Government of Canada to help complete the project’s financing stack, with CGF providing equity financing and CIB providing debt financing.”

“Canada has everything it takes to be a global leader in critical minerals. Copper and palladium are essential to Canada’s economic future—supporting everything from clean energy and critical infrastructure to advanced manufacturing,” Minister of Finance and National Revenue François-Philippe Champagne said in a separate statement.

Over a 13-year design life, the Marathon operation is forecast to produce 532 million pounds of copper, 2.16 million ounces of palladium, 488,000 ounces of platinum, 160,000 ounces of gold, and 3.05 million ounces of silver.

The bought deal financing is scheduled to close on or about September 21, 2026, subject to Toronto Stock Exchange approval, with a special shareholder vote planned for the fourth quarter to approve the convertible note transaction.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.