Generation Mining (TSX: GENM) has achieved a significant milestone in advancing North America’s next platinum group metals (PGM) and copper mine. The company announced that the federal government has approved amendments to the Metal and Diamond Mining Effluent Regulations, permitting the construction of essential water management infrastructure at its Marathon mine site in Ontario.
This development follows last November’s approval of the mine’s closure plan by the Ontario government, as well as previous environmental approvals.
Generation Mining expects to receive the remaining provincial and federal approvals and permits necessary for construction in the coming months.
“We are nearing the point of having one of the few permitted copper and PGM projects in North America that can be built and operationalized once we secure the required financing,” said CEO Jamie Levy. “The Marathon project stands as one of the most advanced critical mineral projects in Canada, and this government approval marks a key step towards developing Canada’s next copper and palladium mine.”
A recent feasibility study revealed that the Marathon project, located in northwestern Ontario, is anticipated to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper annually over a 13-year mine life. The study estimated an after-tax net present value of C$1.16 billion, an internal rate of return of 25.8%, and a 2.3-year payback period, with initial capital costs estimated at C$1.11 billion.
Following this announcement, Generation Mining’s stock rose by 11.5% by 3 p.m. ET, bringing the company’s market capitalization to approximately C$68.5 million ($49.3 million).