Generation Mining (GENM.TO) continues to make progress on the financing mix for its Marathon project. The lenders have now approved a US$310M (C$424M) senior secured project finance facility to fund the development of the project. Despite the weak palladium price, lenders are still willing to take on the financing risk, which further emphasizes the robust economics of the project.
Adding the C$200M streaming agreement with Wheaton Precious Metals and a C$145M equipment lease facility, the company has now secured approximately C$769M in funding for Marathon. This represents approximately 67% of the C$1.14B capex (as per the 2025 feasibility study – the C$992M reported capex is net of the equipment financing. Excluding the equipment lease financing from both sides of the equation would result in a 63% coverage ratio of the initial capex). Additional funding may come from subordinated debt and an equity component.
Generation Mining has also strengthened its team by appointing a new COO and VP Finance. The new COO formerly was the Operations Director at Wood Canada and has been a Technical Advisor to Generation Mining for the past few months, which ensures he is familiar with the project.
Anton Cukrov was appointed as VP Finance and has almost two decades of experience, most recently at Foran Mining, which was recently acquired by Eldorado Gold.
Disclosure: The author has a long position in Generation Mining. Generation Mining is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
