Ontario critical minerals project granted priority status
Generation Mining (TSX:GENM) is noting the Province of Ontario's recent appeal to the Federal Government to invest in shovel-ready critical mineral projects key to Canada's supply chain, including the company's flagship Marathon copper-palladium project
Marathon is expected to produce over US$6 billion in commodities over its 13-year operating life
Generation Mining stock has added 31.48 per cent year-over-year but remains down by 21.11 per cent since 2020
Generation Mining (TSX:GENM) is noting the Province of Ontario's recent appeal to the Federal Government to invest in shovel-ready critical mineral projects key to Canada's supply chain.
According to Friday's news release, Ministers Stephen Lecce, Mike Harris and Greg Rickford, and Associate Ministers Kevin Holland and Sam Oosterhoff of Ontario, published an open letter on June 5th to the federal Minister of Energy and Natural Resources, Tim Hodgson, identifying priority projects for Ontario – including Generation's flagship Marathon copper-palladium project – stating that,
'Building on the investments in the Ring of Fire and the critical minerals supply chain we urge the federal government to invest in shovel-ready strategic mineral projects that are critical to building a secure, domestic supply chain.'
The 260-square-kilometre Marathon, located in Northwestern Ontario, features a 2025 feasibility study detailing a net present value (6 per cent discount rate) of C$1.07 billion, a payback of only 1.9 years and polymetallic production over a 13-year mine life, including: 2,161,000 ounces of palladium.
532 million pounds of copper.
488,000 ounces of platinum.
160,000 ounces of gold.
3,051,000 ounces of silver.
At prices on June 6, Marathon's production represents more than US$6 billion in commodities in the ground, a far cry from Generation's current market capitalization of C$84.17 million.
The news follows a letter of support from a Canadian financial institution for a potential C$200 million credit facility to advance Marathon towards production. Leadership insights
'I'd like to thank the Government of Ontario for their strong and ongoing support for the Marathon project. We have maintained a very good relationship with the Federal Government throughout our environmental assessment and permitting process, and we continue to see strong indications of support from federal departments and agencies,' Jamie Levy, Generation Mining's president and chief executive officer, said in a statement. 'Now that we are fully permitted for construction, the last hurdle is bringing together the necessary funding to build our mine and commence production. The Marathon project promises to be a significant contributor to Canada's critical mineral supply chain, as well as the local, regional and national economies. We look forward to bringing this project to fruition with continued encouragement from the provincial and federal governments.' About Generation Mining
Generation Mining is advancing towards critical mineral production in Ontario, Canada.
Generation Mining stock (TSX:GENM) last traded at C$0.36. The stock has added 31.48 per cent year-over-year but remains down by 21.11 per cent since 2020.
Join the discussion: Find out what everybody's saying about this Canadian critical minerals stock on the Generation Mining Ltd. Bullboard and check out the rest of Stockhouse's stock forums and message boards.
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