GENM:TSX; GENMF:OTCQB; 9GN:FSE

Generation Mining Ltd.

Generation Mining is developing the Marathon Palladium project in northwestern Ontario. After the release of a very robust Preliminary Economic Assessment in January 2020, the company has begun a feasibility study which is expected to be completed in early 2021. Marathon is the largest undeveloped palladium project in North America. Most palladium demand is for autocatalysts in cars, which scrub toxic emissions from exhaust and therefore make our air much cleaner.

GENM:TSX GENMF:OTCQB 9GN:FSE

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Expert Comments:

Thibaut Lepouttre, Caesars Report

(4/1/21)

"Generation Mining Ltd. has signed an agreement in principle for the Marathon platinum group metals (PGM) project with the Biigtigong Nishnaabeg, the First Nations tribe on whose land the Marathon PGM project is located. The agreement in principle indicates the First Nations group is supportive of the project, and hopefully Generation Mining can indeed deliver all the benefits to the community it's eyeing."

Adam Schatzker, Mackie Research Capital

(3/26/21)

"Generation Mining Ltd. published its feasibility study. . .[it] provides greater detail and granularity which we have applied to our model. . .we are increasing our net asset value multiple from 0.4x to 0.5x to reflect the reduced risk we perceive given the more detailed information."

Brien Lundin, Gold Newsletter (Jefferson Financial)

(3/25/21)

"Generation Mining Ltd.'s large deposit of platinum group elements-intensive resources lies not in far-flung South Africa nor in politically dicey Russia but within trucking distance of a major portion of North America's vehicle-building infrastructure. . .if the current uptrends for palladium and copper continue, there's likely more upside from here for the company's share price."

Target Price Raised on Robust Palladium Project Economics in Feasibility Study
(3/16/21)

The economics and future development of Generation Mining's Marathon project are discussed in a Mackie Research Capital Corp. report.

Thibaut Lepouttre, Caesars Report

(3/16/21)

"Generation Mining Ltd. published the results of its long-anticipated feasibility study (FS) on the Marathon platinum group metals (PGM) project, which means the company went from project acquisition to the publication of an FS in less than 18 months, a remarkable pace. . .the Marathon PGM FS appears to be very robust."

Gwen Preston, The Maven Letter

(3/10/21)

"The long-awaited feasibility study for Generation Mining Ltd.'s Marathon deposit hit the market last week. Applying conservative metals prices of $1,725/oz palladium and $3.20/lb copper, the numbers were robust, with an after-tax net present value (discounted at 6%) of $1.07 billion and an after-tax internal rate of return of 29.7%."

Feasibility Study of Palladium-Copper Project Outlines 'Robust' Economics
(3/8/21)

The report shows that Generation Mining's Marathon is a "substantial mining project."

Adam Schatzker, Mackie Research Capital

(3/8/21)

"We continue to believe Generation Mining Ltd.'s Marathon project is robust and will likely attract the attention of a number of other companies that may wish to partner with the company or acquire it to take full ownership of the project. . .we encourage investors to remain patient as we believe Generation Mining will be able to generate significant value for investors given the Marathon project's robust economics."

Mining Firm Kicks Off Winter Drilling at Ontario Palladium-Copper Project

(2/26/21)

Generation Mining plans to conduct this 8,000 meter program at Marathon in two phases.

Explorer Completes Phase 2 Metallurgical Work for Palladium-Copper Project

(1/28/21)

Generation Mining intends to wrap up the feasibility study on Marathon this quarter.

Mining Company Drills Best Intercept at Ontario Palladium Project

(1/6/21)

Generation Mining reports the final results of its 2020 program.

With Palladium at Record High Prices, Miner Trading at Just a Fraction of Its NPV

(1/5/21)

Thibaut Lepouttre of Caesars Report describes how Generation Mining is "wrapping up a busy year," including publication of an "excellent" preliminary economic assessment that he expects will be followed by a feasibility study that will "optimize" the company's returns.

Palladium Stock Is in a Strong Long-Term Uptrend

(1/5/21)

Technical analyst Clive Maund charts Generation Mining and explains why he believes the stock should go "considerably higher quite quickly."

Mining Developer Drills High Grades at Ontario PGE Project

(12/16/20)

Generation Mining notes that the new results add exploration upside to its existing resources at the Marathon Palladium Deposit.

Explorer's Drill Program Outlines New Palladium Mineralization at Ontario Property

(11/5/20)

Generation Mining reported its recent drilling has defined new palladium mineralization west of the company's Marathon Deposit.

Developer Advances Metallurgical Testing at Ontario Palladium Project

(10/26/20)

Generation Mining optimized the processing plant flowsheet design and improved metals recoveries.

More Expert Comments

	Pierre Vaillancourt, Haywood Securities (3/5/21) "Generation Mining Ltd. announced the results of the feasibility study for the Marathon palladium-platinum-copper project. . .we believe the economics are robust and justify going ahead with the permitting and development plans. . .as a result, we are increasing our target price."

Pierre Vaillancourt, Haywood Securities (3/3/21) "Generation Mining Ltd. is set to release its feasibility study for the Marathon palladium-copper polymetallic project within the next two weeks, updating the preliminary economic assessment (PEA) from February 2020. . .key changes for the feasibility study will include the elimination of a two-phase mine in the PEA."

	Gwen Preston, The Maven Letter (2/24/21) "Generation Mining Ltd. has 8,000m of drilling planned to test for a high-grade feeder zone at depth at Marathon. . .the initial work of the winter program will test the Central Feeder zone outlined with last year's drilling. It will also test the Chonolith zone (north of Marathon's Main zone) and the western extension of the Southern W Horizon."

Adam Schatzker, Mackie Research Capital (2/23/21) "Generation Mining Ltd. announced that it has engaged a drilling contractor for a 3,000m drill program. . .the company is planning to drill three high priority targets this winter. . .we view getting back on the 'exploration curve' where significant upside and shareholder value can be generated as a positive development for Generation Mining's future."

Adam Schatzker, Mackie Research Capital (2/12/21) "We are initiating coverage of Generation Mining Ltd. with a Speculative Buy recommendation. The imminent (Q1/21 to Q2/21) release of a feasibility study will start the clock for Sibanye-Stillwater (vendor of Marathon and 20% owner) to make a decision as to whether it backs in for a 51% stake, stays at 20%, buys Generation to own 100% or exits the project; we think the likely outcomes are either staying at 20% or exiting. . .Generation offers investors one of the few advanced palladium projects that could be shovel-ready in the coming three to four years."

	Thibaut Lepouttre, Caesars Report (2/3/21) "Generation Mining Ltd. has now completed the phase 2 metallurgical testing and the pilot plant trials which started in September 2020; this test program was meant to fine tune the anticipated recovery rates for the palladium and other metals from the Marathon platinum group elements project in Ontario. This will help to design the final flowsheet while negotiating the offtake agreements with interested parties as the test program resulted in more detailed specs of the end product."

	Pierre Vaillancourt, Haywood Securities (1/28/21) "The latest pilot plant metallurgical results on Generation Mining Ltd.'s recoveries and concentrate grades confirm or improve upon bench scale tests and will be positive for the upcoming feasibility study (FS). We are raising our target price to CA$1.75 from CA$1 to reflect the pending FS as a key project milestone and the ongoing strength in metals prices."

	Thibaut Lepouttre, Caesars Report (1/7/21) "Generation Mining Ltd.'s hole 548 at Marathon was actually one of the best holes drilled on the property. Starting at a depth of 360m downhole, the drill bit intersected 27m containing 3.66 g/t palladium equivalent (Pd eq). Within the 27m interval, the company also encountered a narrower zone of 8m containing 6.26 g/t Pd eq (including 3.86 g/t palladium). . .these are encouraging drill results to have ended the 2020 exploration campaign with."

	Gwen Preston, The Maven Letter (1/6/21) "Generation Mining Ltd.'s approximately 5,000m drill program on the Marathon project's W Horizon concluded with the best assays of the effort. . .hole 548 hit into an area that's well outside of the pit boundary envisioned for the Marathon deposit, and the structure it tagged into remains open downdip."

	Brien Lundin, Gold Newsletter (Jefferson Financial) (1/6/21) "We got final assays from Generation Mining Ltd.'s 12-hole program to test for extensions of its Marathon to the west on the previously outlined W Horizon. Hole 548 provided the highlight hole, cutting 8m of 3.9 g/t palladium, 1.4 g/t platinum, 0.43 g/t gold and 0.62% copper within 43m of 2.8 g/t palladium equivalent; the hole was the best of the batch and gives hope that further drilling will outline more high-grade at depth on the W Horizon."

	Thibaut Lepouttre, Caesars Report (12/23/20) "Generation Mining Ltd. has now completed an important step of the earn-in agreement and currently owns 80% of the project. With a feasibility study underway for Q1/21, next year promises to be an action-packed year again."

Thibaut Lepouttre, Caesars Report (12/2/20) "Generation Mining Ltd. has confirmed it has exceeded the minimum spending requirement included in the purchase agreement for the Marathon project from Sibanye-Stillwater. . .both companies have now formed an 80/20 joint venture agreement, which means Sibanye-Stillwater now needs to start contributing 20% of the expenditures on the project."

	Gwen Preston, The Maven Letter (11/4/20) "We got the first assays from Generation Mining Ltd.'s 12-hole drill program to test for mineralization extensions at Marathon. Hole 540 hit 8m of 1.42 g/t palladium equivalent (Pd eq), and hole 541 cut three intervals with significant grades, including 4m of 2.4 g/t Pd eq, 14m of 1.8 g/t Pd eq and 31m of 1.5 g/t Pd eq. . .the continuity of mineralization along the lens in these first holes and the good grades are encouraging."

	Thibaut Lepouttre, Caesars Report (11/2/20) "After announcing an excellent update on the metallurgical front, Generation Mining Ltd. is now moving forward with the second phase of the 2020 metallurgical test work. A pilot plant will process three bulk sample composites from freshly excavated material in the Main zone, W-Horizon and an old (2012) composite to optimize the design criteria for a full-scale production plant."

	Brien Lundin, Gold Newsletter (Jefferson Financial) (8/27/20) "Generation Mining Ltd. recently conducted bench-scale testing of material from the Main deposit that showed improved recoveries; this phase 1 metallurgical program showed a 4% improvement in palladium recoveries, a 3% improvement in copper recoveries and a 10% improvement in platinum recoveries. A phase 2 pilot plant study is now underway to test bulk samples from the Main zone and W Horizon."

	Gwen Preston, The Maven Letter (8/26/20) "Generation Mining Ltd. announced results from new, bench-scale metallurgical testing on material collected in 2019 from Marathon's main zone and the W-horizon. . .these updated recoveries will be incorporated into the upcoming feasibility study for the project and should have a material impact on its economics."

	Pierre Vaillancourt, Haywood Securities (8/25/20) "Generation Mining Ltd.'s improved metallurgical recoveries and simplified flowsheet are a key element in risk reduction for the Marathon project and will enhance the upcoming feasibility study. Phase 1 metallurgical testing has resulted in enhanced recoveries for palladium by 4% to 86.9%; copper by 3% to 93%; and platinum by 9.7% to 84.2%."

	Gwen Preston, The Maven Letter (8/12/20) "The depth-penetrating magnetotelluric surveying method Generation Mining Ltd. is employing to identify new targets at Marathon is paying off. The company announced that initial data from this program on the western edge of the main deposit at Marathon has identified a key target at a depth of 650m downdip from the deposit area; this area has generated a more conductive response than the deposit itself."

	Thibaut Lepouttre, Caesars Report (7/28/20) "Generation Mining Ltd. continues to make progress on its Marathon palladium project in Ontario and has now signed agreements with all major parties that will be part of the feasibility study. . .as the company is guiding for a seven to eight month process, we can reasonably expect the feasibility study to come in at or around PDAC time 2021."

Thibaut Lepouttre, Caesars Report (7/9/20) "Excellent news from Generation Mining Ltd., which announced it has received conditional approval from the Toronto Stock Exchange to list on that exchange. . .this is a good move for the company as although most North Americans have access to the Canadian Stock Exchange, most foreign brokers (European, New Zealand, etc.) don't allow trading on that specific exchange and several potential investors aren't too keen on buying stock on a secondary exchange."

	Brien Lundin, Gold Newsletter (Jefferson Financial) (6/25/20) "Generation Mining Ltd. has tapped Quantec Geoscience to conduct a Spartan magnetotelluric geophysical survey of key targets on its Marathon palladium project. The survey will test for extensions of the W-Horizon at the main Marathon deposit and further probe a sizable anomaly near the Sally deposit; the program has the potential to identify places where the company could expand the known mineralization on the overall project at depth."

	Thibaut Lepouttre, Caesars Report (6/24/20) "Generation Mining Ltd.'s Marathon project works at $900 palladium (with an internal rate of return of just below 20% and a four-year payback period). . .the sensitivity analysis in the preliminary economic assessment shows the resilience of the project. Marathon appears to be one of the best advanced-stage platinum group metal projects that could actually be built this decade."

	Gwen Preston, The Maven Letter (3/18/20) "To help it kick start its permitting and feasibility efforts, Generation Mining Ltd. has tapped Drew Anwyll as its new chief operating officer. . .the company's Marathon stands out in the platinum group metals world for its scale and advanced status, and Generation Mining wants to keep it that way by exploring to grow the resource while also building a feasibility-level mine plan around the known deposits."

	Pierre Vaillancourt, Haywood Securities (3/2/20) "We are initiating coverage on Generation Mining Ltd. with a Buy rating. . .the company is earning an 80% interest in the Marathon palladium-copper polymetallic deposit in western Ontario. The project, which has benefitted from extensive development work over the last 50-plus years, is one of the few development-stage, open-pittable, palladium-dominant deposits in the world."

	Gwen Preston, The Maven Letter (1/22/20) "Generation Mining Ltd. announced a financing today that will see the company raise $8M by issuing 15.4M units priced at $0.52/unit. . .in a sign that the smart money continues to endorse the company's plan to develop its Marathon palladium project, Eric Sprott agreed to take up $5M of the initial $8M offering. I understand that Osisko Royalty is taking much of the rest."

Experts Following This Company

	Gerardo Del Real – Outsider Club
	Thibaut Lepouttre, Editor – Caesars Report
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)
Clive Maund – CliveMaund.com
	Gwen Preston, Founder – Resource Maven
Adam Schatzker – Mackie Research Capital
	Pierre Vaillancourt, Vice President and Senior Mining Analyst – Haywood Securities

Company News

4/1/2021 – Generation Mining and Biigtigong Nishnaabeg First Nation Announce Agreement in Principle

3/25/2021 – Generation Mining Announces Filing of the National Instrument 43-101 Technical Report for the Feasibility Study on the Marathon Palladium-Copper Project

3/3/2021 – Generation Mining Delivers Positive Feasibility Study for Marathon Palladium-Copper Project

2/23/2021 – Generation Mining Begins 8,000 Metre Drill Program at Marathon

2/22/2021 – Generation Mining Appoints Jennifer Wagner to Its Board of Directors

1/27/2021 – Generation Mining Announces Completion of Pilot Plant and Feasibility Study Update

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	9.5 million palladium equivalent ounces in a tier one jurisdiction (Ontario)
	Palladium has outperformed gold but Pd stocks severely lag Au stocks
	PEA showed project has C$871 million NPV at $US1275 Pd (which trades over $2000 now)

catalyst Calendar

Q4 2020	Exploration results for high grade feeder zone: October, 2020
Q4 2020	Major marketing initiative: Fall 2020
Q1 2021	Bankable Feasibility Study: March, 2021