Generation Mining Limited has secured $340 million in final funding to complete an approximately $1.3 billion fully financed construction package for its 100%-owned Marathon Copper-Palladium Project in Northwestern Ontario, Canada.

The final funding comprises a $200 million bought deal financing led by BMO Capital Markets, a $40 million private placement of common shares, and a $100 million subordinated unsecured convertible note. The Canada Growth Fund is participating with anchor investments totaling approximately $140 million through equity and note allocations, alongside $50 million from the Canada Infrastructure Bank through the note financing.

The $100 million convertible note carries a 9% annual interest rate, a 40% conversion premium relative to the equity pricing, and a term of up to 11 years. The company intends to convene a special shareholder meeting in the fourth quarter of 2026 to secure required regulatory and shareholder approvals for the note financing and related arrangements. The $200 million bought deal financing is expected to close on or about September 21, 2026, subject to customary stock exchange approvals.

In tandem with the financing, Generation Mining agreed to terms with Glencore AG for a life-of-mine offtake agreement. Glencore will purchase polymetallic copper concentrate containing copper, palladium, platinum, gold, and silver, supporting domestic value-added processing at Glencore Canada’s Horne smelter in Rouyn-Noranda and its CCR refinery in Québec. The supply contract includes a minimum contractual term of 14 years commencing upon first commercial production, scheduled for September 1, 2028.

“With the Final Funding now secured, we have completed a fully financed construction package for the Marathon Project. This important milestone was made possible by the complementary tools put in place by the Government of Canada to help complete the project’s financing stack..."

— Jamie Levy, President and Chief Executive Officer

The fully financed package combines the new capital with previously arranged senior secured debt, subordinated debt, an undrawn metal stream from Wheaton Precious Metals, and estimated equipment leasing facilities. It incorporates a $185 million cost overrun facility—backed by $95 million from the final funding and $90 million from a previously arranged Canada Infrastructure Bank facility—alongside a $119 million capital cost contingency and $78 million in surety bonds and letters of credit.

Ausenco was appointed as the engineering, procurement, and construction management partner for the project earlier in the year to advance procurement packages, with major equipment bids reported at or below 2025 feasibility study estimates. The company also secured a $750,000 strategic investment from the Biigtigong Nishnaabeg First Nation to support development activities.

“To assemble project capital totaling approximately $1.3 billion for a company of our size is a significant accomplishment. This could not have been done without the support of CGF, CIB, Wheaton Precious Metals, Glencore, senior lenders, our equity partners and advisors.”

— Brian Jennings, Chief Financial Officer

Following the completion of all financing components, the board of directors is expected to convene to make a final investment decision. Generation Mining plans to commence early works construction at the site in the fourth quarter of 2026.

Read the full announcement: Generation Mining Secures Full Project Financing to Build Canada's Next Critical Minerals Mine