Generation Mining Receives Senior Lender Credit Approval for US$310 Million from EDC, ING Capital, and Société Générale
Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (the “Company”) is pleased to announce that Export Development Canada (“EDC”), ING Capital LLC (“ING”), and Société Générale S.A. (“Société Générale”), collectively the Mandated Lead Arrangers (“MLAs”), have each received internal credit approval for a senior secured project finance facility for US$310 million, or approximately CAD $424 million (the “Senior Facility”) to fund the construction and development of the Marathon Copper-Palladium Project (“Marathon Project”), located on the north shore of Lake Superior in Northwestern Ontario, Canada. With the Senior Facility, an existing undrawn metals streaming agreement with Wheaton Precious Metals of CAD $200 million, and equipment leasing facilities totaling approximately CAD $145 million, Generation Mining has secured approximately CAD $769 million of the funding required to bring the Marathon Project into production.
The receipt of credit approval from the MLAs represents a critical milestone in the project financing process and reflects the lenders' confidence in the Marathon Project's economics, permitting status, and strategic importance as a North American critical mineral’s producer.
