January 15, 2026 — Leads & Copy — Generation Mining Ltd. (TSX: GENM) (OTCQB: GENMF) has closed its upsized prospectus offering of units, raising gross proceeds of $34,502,760.
The offering, completed on a “bought deal” basis, involved the issuance of 47,920,500 units at $0.72 per unit, including the full exercise of the underwriters’ over-allotment option.
Each unit comprised one common share of the company and one-half of a common share purchase warrant. Each whole warrant allows the holder to acquire one common share at $1.00 until January 15, 2028, subject to standard anti-dilution adjustments. The warrants are governed by a warrant indenture between the company and TSX Trust Company.
The company intends to use the net proceeds to advance the development of its Marathon project, for working capital, and for general corporate purposes, as detailed in the prospectus supplement dated January 9, 2026. The units issued in Canada were qualified for distribution under the prospectus supplement and a short form base shelf prospectus dated May 31, 2024.
The underwriters received a cash commission equal to 6.0% of the gross proceeds from the sale of the units, which was reduced to 3.0% for certain investors on a president’s list.
Certain directors of the company purchased 605,555 units in the offering, which was considered a “related party transaction” under Multilateral Instrument 61-101. The company was exempt from filing a material change report more than 21 days before closing, as the insiders’ participation was not confirmed at that time. Exemptions from formal valuation and minority shareholder approval were relied upon due to the transaction’s fair market value not exceeding 25% of the company’s market capitalization.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption.
Generation Mining is focused on developing the Marathon Project, a copper-palladium deposit in Northwestern Ontario, covering approximately 36,398 hectares. The company is committed to sustainability, community empowerment, and delivering stakeholder value.
The Feasibility Study estimated a Net Present Value (6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback, based on 3-year trailing average metal prices. The Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold, and 3,051,000 ounces of silver over its 13-year mine life.
The scientific and technical content was reviewed and approved by Daniel Janusauskas, P.Eng., Technical Services Manager of Generation PGM Inc.
