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Generation Mining Announces Results of Annual Meeting

Press Release

TORONTO, June 16, 2022 – Generation Mining Limited (TSX:GENM) (OTCQB: GENMF) ( “Gen Mining” or the “Company ”) announces the results of its annual meeting (the “ Meeting ”) of shareholders held yesterday June 15, 2022.

The eight (8) candidates nominated for election to the Company’s board of directors, and listed in the Company’s Management Information Circular dated May 9, 2022, were elected by a majority of the votes cast by Shareholders present in person or represented by proxy at the Meeting. Each director elected will continue to hold office until the next annual meeting of Shareholders or until the director resigns or a successor is elected or appointed. The voting results were as follows:

Nominee Votes For Votes Withheld
Jamie Levy 53,985,180 27,800
(99.95%) (0.05%)
Kerry Knoll 53,785,180 227,800
(99.58%) (0.42%)
Stephen Reford 52,055,680 1,957,300
(96.38%) (3.62%)
Rodney Thomas 53,984,180 28,800
(99.95%) (0.05%)
Paul Murphy 51,842,680 2,170,300
(95.98%) (4.02%)
Phillip Walford 53,984,180 28,800
(99.95%) (0.05%)
Cashel Meagher 53,985,180 27,800
(99.95%) (0.05%)
Jennifer Wagner 53,772,030 240,950
(99.55%) (0.45%)

Shareholders of the Company also voted in favour of a resolution to re-appoint RSM Canada LLP as the auditor of the Company until the next annual meeting of Shareholders and the board of directors were authorized to fix the remuneration of the auditor.

Further details on the above matters, including the report of voting results thereon, are available under the Company’s profile on www.sedar.com .

About the Company
Gen Mining’s focus is the development of the Marathon Project, a large platinum group metal mineral deposit in Northwestern Ontario. The Company released the results of the 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 kilometres. Gen Mining owns a 100% interest in the Marathon Project.

The March 2021 Feasibility Study for the Marathon Project estimated that at US$1725/oz palladium, and US$3.20/lb copper, Marathon’s Net Present Value (at 6% discount rate) is approximately C$1.07 billion with a payback of 2.3 years and an Internal Rate of Return of 30%. Up front capital costs were estimated at C$665 million, net of equipment financing and pre-completion operating costs and revenues. The mine would produce an estimated 245,000 palladium equivalent ounces per year over a 13-year mine life at an All-In Sustaining Cost of US$809 per palladium-equivalent ounce. For more information, please review the detailed Feasibility Study dated March 25, 2021, filed under the Company’s profile at SEDAR.com.

Qualified Person
The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

For further information please contact:
Jamie Levy
President and Chief Executive
Officer
(416) 640-2934 (O)
(416) 567-2440 (M)
[email protected]

Ann Wilkinson
Vice President, Investor Relations
(416) 640-3954 (O)
(416) 357-5511 (M)
[email protected]

IBF4

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