Generation Mining obtains $245m to fund Marathon Project in Ontario

Generation Mining obtains $245m to fund Marathon Project in Ontario

Tue, September 15, 2026 at 5:11 PM GMT+3 2 min read

• GENM.TO -10.64%
• WPM -1.18%

Generation Mining has secured C$340m in financing to advance its Marathon copper-palladium project in north-western Ontario, Canada.

The company stated that with this latest investment, the financing for the construction of the Marathon Project is fully arranged.

This financing includes anchor investments of approximately C$140m from the Canada Growth Fund (CGF) and C$50m from the Canada Infrastructure Bank (CIB).

The overall fully financed construction package totals approximately C$1.3bn, which includes earlier secured senior and subordinated debt, an undrawn metal stream facility and equipment leasing arrangements.

A significant portion of the latest funding derives from a C$200m bought deal arrangement led by BMO Capital Markets, with around C$100m committed collectively by GCF, Wheaton Precious Metals and Glencore Canada.

The bought deal will see the issuance of 312,500,000 common shares at C$0.64 each, subject to regulatory approvals, including from the Toronto Stock Exchange.

Closing is anticipated around 21 September 2026.

Additionally, a C$40m private placement by CGF and a C$100m subordinated unsecured convertible note split evenly between CGF and CIB form part of the final funding.

Generation Mining president and CEO Jamie Levy said: "Today is a landmark day for Generation Mining.

"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."

Generation Mining has also signed an offtake agreement with Glencore, under which Glencore will purchase the polymetallic copper concentrate containing copper, palladium, platinum, gold and silver from the Marathon Project.

The agreement entails Glencore acquiring all concentrate output for the first two years of commercial production and from year 13 of the contract onward, with approximately 50% of annual production being purchased in the intervening period.

Generation Mining plans to use the proceeds of the financing for the development, construction and operation of the Marathon Project, alongside related administrative and financing expenses.

All elements of the financing remain subject to customary conditions including shareholder and regulatory approvals and completion of definitive documentation.

The board of Generation Mining is expected to make a final investment decision once the all financing arrangements are concluded.

"Generation Mining obtains $245m to fund Marathon Project in Ontario" was originally created and published by Mining Technology, a GlobalData owned brand.