Generation Mining Ltd. · TSX:GENM
Generation Mining — Investor Presentation (February 2026)
33 slides from Generation Mining's investor presentation, Feb 19, 2026
Slide 1: Marathon Copper-Palladium Mine
MARATHON COPPER-PALLADIUM MINE BUILDING CANADA’S NEXT CRITICAL MINERALS MINE 2026 February Presentation
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT TSX:GENM OTCQB: GENMF This presentation contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expect
Slide 3: Value Proposition: Why Generation Mining
VALUE PROPOSITION: WHY GENERATION MINING TSX:GENM OTCQB: GENMF Copper-Palladium project in tier Shovel-ready with all necessary one jurisdiction in Northwestern construction permits approved Ontario Strong support from local Indigenous communities, the town of Marathon, Trading at a substantial disc
Slide 4: Polymetallic Global Resources
POLYMETALLIC GLOBAL RESOURCES TSX:GENM OTCQB: GENMF PALLADIUM COPPER PLATINUM 4 million oz. 1.1 billion lbs. 1.3 million oz. First 3 Years of Operations 240 koz. Pd 50 Mlbs. Cu Per Anum GOLD SILVER 510,000 oz. 13 million oz. # Total Measured and Indicated Mineral Resource estimates. For additional i
Slide 5: Excellent Location and Jurisdiction
EXCELLENT LOCATION AND JURISDICTION TSX:GENM OTCQB: GENMF o Located on Trans-Canada Highway o Served by CPR main rail line o Main Marathon deposit is 10 km from Town of Marathon (~3,000 pop.) o New 230kV power line from Wawa to Thunder Bay crosses property o 276 Bed Construction Camp (Option to own)
Slide 6: Active Mines in Northwestern Ontario
ACTIVE MINES IN NORTHWESTERN ONTARIO TSX:GENM OTCQB: GENMF Hemlo Mining Corp: Hemlo Gold Mine (Formerly owned by Barrick) Alamos Gold: Magino & Island Gold Mines Equinox Gold: Greenstone Mine Impala Platinum: Lac Des Iles Mine Wesdome: Eagle River 6
Slide 7: March 2025 Feasibility Study Highlights
MARCH 2025 FEASIBILITY STUDY HIGHLIGHTS ($CAD) TSX:GENM OTCQB: GENMF After-Tax NPV6% After-Tax IRR Initial Capital4 Payback Period $1.07 Billion (FS) 28% (FS) $992 Million CAD 1.9 years (FS) $2.2 Billion (Spot) 42% (Spot) $703 Million USD 1.3 years (Spot) Average Annual AISC Net of LOM Payable3 Prod
Slide 8: Revenue & EBITDA -- Feasibility & Spot Metal Prices
REVENUE & EBITDA -- FEASIBILITY & SPOT METAL PRICES TSX:GENM OTCQB: GENMF Gross Revenue and EBITDA 1,400 1,200 1,000 800 600 400 200 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 (200) Gross Revenue (Incl. Stream Adjustment) @ FS Price Deck Incremental Gross Revenue (Incl. Stream Adjustment) @ Spot EBI
Slide 9: After-Tax Cash Flow, Feasibility Pricing
FEASIBILITY PRICING GROSS REVENUE TSX:GENM OTCQB: GENMF 600 4,000 500 409 3,000 400 342 300 258 267 2,000 240 209 191 196 After-Tax Cash Flow (M C$) 181 Cumulative After-Tax CF (M C$) 200 172 164 1,000 100 68 (2) (100) (1,000) (200) (154) (149) (300) Payback (2,000) (400) (361) After-Tax Cash Flow C
Slide 10: Advancing the Marathon Project Towards Production
ADVANCING THE MARATHON TSX:GENM OTCQB: GENMF PROJECT TOWARDS PRODUCTION PROGRESS ENGINEERING, FIRST COMMENCE NATIONS’ AGREEMENTS and PERMITS CONSTRUCTION PALLADIUM ENVIRONMENTAL ASSESSMENT & COPPER DECISION PRODUCTION TIMELINE (ESTIMATED) Before 2025 2025 H1 2026 H2 2026 C$240 Million Wheaton Precio
Slide 11: The Financial Road Map to Production
THE FINANCIAL ROAD MAP TO PRODUCTION TSX:GENM OTCQB: GENMF ALL NUMBERS IN CAD Initial Capital Costs $992 Million.(a) ($703 Million USD) Wheaton Precious Metals Stream: early deposit of $40 million (received) and $200M construction payments for 100% gold and 22% platinum production. Mandate letter fo
Slide 12: Generation Mining Peer Positioning
GENERATION MINING PEER POSITIONING TSX:GENM OTCQB: GENMF Development Stage Comparables | P/NAV 1.50x 1.25x 1.00x P/NAV (x) 0.75x 1.37x 0.50x 0.89x 0.70x 0.65x 0.61x 0.58x 0.54x 0.25x 0.47x 0.46x 0.45x 0.43x 0.42x 0.25x 0.22x 0.00x Foran Ivanhoe Faraday Trilogy Arizona Marimaca Copper ATEX Osisko Nor
Slide 13: Base Metal Developer Comparables
BASE METAL DEVELOPER COMPARABLES TSX:GENM OTCQB: GENMF Flagship Market Enterprise 2P MI+I Company Location Stage EV/2P EV/MI+I P/NAV Property Capitilization Value Reserves Resource (US$M) (US$M) (Mlbs CuEq) (Mlbs CuEq) (US$/lb CuEq) (US$/lb CuEq) (x) Foran Mining (at Txn.) McIlvenna Bay British Colu
Slide 14: GENM Value Proposition
GENM VALUE PROPOSITION TSX:GENM OTCQB: GENMF GENERATION MINING | IVANHOE ELECTRIC | FORAN MINING Generation Mining Foran Mining Location Canada Canada Stage Permitted & Shovel Ready In Construction Commodities Cu, Pd, Pt, Au, Ag Cu, Zn, Au, Ag Mine Life (Years) 13 plus years 18 years NPV (last study
Slide 15: Lassonde Curve – The Discovery Lifecycle
LASSONDE CURVE – THE DISCOVERY LIFECYCLE TSX:GENM OTCQB: GENMF Funding risk Technical risk Exploration risk HIGH Discovery This is most likely the time when VALUE There is a tipping point in exploration when people outside of the mining industry hear of a new discovery drilling amounts to a real min
Slide 16: Corporate Structure
CORPORATE STRUCTURE TSX:GENM OTCQB: GENMF Issued and Outstanding 319,550,516 Warrants (Avg. Price $0.66) 47,991,573 Analyst Coverage Pierre Vaillancourt Options 5,698,131 RSUs, DSUs and PSUs 10,268,592 Fully Diluted 383,508,812 Market Capitalization (Feb 18, 2026, at $0.75) $240 Million approx. Owne
Slide 17: Management and Technical Advisors
MANAGEMENT AND TECHNICAL ADVISORS TSX:GENM OTCQB: GENMF JAMIE LEVY RUBEN WALLIN P.Eng President, CEO & Director VP Sustainability Mr. Levy is President, Chief Executive Officer and a director of the Company. Mr. Mr. Wallin has management experience in the areas of environment, permitting, Levy was P
Slide 18: Board of Directors
BOARD OF DIRECTORS TSX:GENM OTCQB: GENMF KERRY KNOLL JAMIE LEVY Chairman President and CEO Mr. Knoll was a co-founder of Generation Mining and started several mining Mr. Levy is President, Chief Executive Officer and a director of the Company. Prior companies over the past four decades, including su
Slide 19: Why You Should Invest in Generation Mining
WHY YOU SHOULD INVEST IN GENERATION MINING TSX:GENM OTCQB: GENMF o Marathon the only shovel-ready critical mineral project in Canada o Full project financing expected in H1, 2026 o Company trades at 24% of Net Present Value o Payback of less than two years o Seasoned team of builders with PGM & Copp
Slide 20: Jamie Levy
Jamie Levy President & CEO Email: Jlevy@genmining.com Phone: 416 567 2440 100 King St West, Suite 7010 Toronto, Ontario, Canada M5X 1B1
Slide 21: Appendix
GENERATION MINING Appendix
Slide 22: Mineral Resources and Reserves
MINERAL RESOURCES AND RESERVES TSX:GENM OTCQB: GENMF Mineral Reserves (Marathon Deposit) Tonnes Pd Cu Pt Au Ag Classification Mt g/t koz % M lb g/t koz g/t koz g/t koz Proven 115.5 0.66 2,434 0.22 549 0.20 754 0.07 264 1.7 6,242 Probable 12.7 0.47 193 0.20 56 0.15 61 0.06 26 1.6 635 Total P&P 128.3
Slide 23: Mineral Resources by Deposit
MINERAL RESOURCES BY DEPOSIT TSX:GENM OTCQB: GENMF Mineral Tonnes Pd Cu Pt Au Ag Resource Classification Mt g/t koz % M lbs g/t koz g/t koz g/t koz Marathon Deposit Measured 164.0 0.56 2,973 0.20 712 0.18 970 0.07 358 1.7 9,089 Indicated 38.1 0.39 476 0.18 153 0.13 159 0.06 71 1.6 1,896 Meas. + Ind.
Slide 24: Mineral Resources and Reserves Notes
MINERAL RESOURCES AND RESERVES NOTES TSX:GENM OTCQB: GENMF Mineral Reserves Notes: a. The Mineral Reserves Estimate were prepared by Marc Schulte, P.Eng., who is also an independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of November 1, 2024. b.
Slide 25: Comparable Property Production Positioning
GENERATION MINING PEER POSITIONING COMPARABLE PROPERTY PRODUCTION POSITIONING TSX:GENM OTCQB: GENMF Development Stage Assets | Average Annual Production 600 Cu Production CuEq Production 2P Reserves MI&I Resources 35,000 30,000 500 Average Production (Mlbs Cu/CuEq) Reserves/Resources (Mlbs CuEq) 257
Slide 26: Metal Sensitivities
METAL SENSITIVITIES TSX:GENM OTCQB: GENMF After-Tax NPV6% Palladium Price Sensitivity (US$/oz) Palladium Price Sensitivity (US$/oz) After-Tax IRR Results 800 1,000 1,250 1,500 1,525 1,750 2,000 2,200 Results 800 1,000 1,250 1,500 1,525 1,750 2,000 2,200 2.50 (291) (9) 308 612 643 916 1,214 1,466 13.
Slide 27: Marathon Critical Minerals Mine Plan
MARATHON CRITICAL MINERALS MINE PLAN TSX:GENM OTCQB: GENMF Units 2025 TR LOM Throughput Peak Process Plant Throughput TPD 27,700 Mt/year 10.1 Peak Mining Rate Tpd 164,000 Mt/year 60 Mine Production (LOM) Total Mined Mt 489.7 Total Waste Mined Mt 361.4 Total Ore Mined Mt 128.3 Strip Ratio Waste:Ore 2
Slide 28: Capex and Opex
CAPEX AND OPEX TSX:GENM OTCQB: GENMF Operating Description Units Cost 2025 FS Capital Area Mining(a) $/t processed 12.93 ($M) Mobile Equipment for Construction(a) 74 Processing $/t processed 8.57 Processing Plant 280 General & Administration $/t processed 2.62 Infrastructure 88 Concentrate Transport
Slide 29: Project Footprint and Mine Plan
PROJECT FOOTPRINT AND MINE PLAN TSX:GENM OTCQB: GENMF Units 2025 TR LOM Throughput Peak Process Plant Throughput tpd 27,700 Mt/year 10.1 Peak Mining Rate tpd 164,000 Mt/year 60 Mine Production (LOM) Total Mined Mt 489.7 Total Waste Mined Mt 361.4 Total Ore Mined Mt 128.3 Strip Ratio waste:ore 2.8 Pa
Slide 30: Processing and Metallurgy
PROCESSING AND METALLURGY TSX:GENM OTCQB: GENMF o Conventional processing plant flow sheet consisting of: o Primary gyratory crusher o Overland conveyor and crushed ore stockpile o SAG-Ball Mills and Pebble crusher o Regrind mill o Rougher + cleaner flotation circuit o Concentrate and tailings dewat
Slide 31: Processing Flow Diagram
PROCESSING FLOW DIAGRAM TSX:GENM OTCQB: GENMF 31
Slide 32: Why Copper Matters – 2026 Snapshot
WHY COPPER MATTERS – 2026 SNAPSHOT TSX:GENM OTCQB: GENMF Why Copper Matters in North American & 2026 Canadian Market o Critical metal for o Canada is a major electrification: top producer (BC, Ontario, electrical & thermal Quebec) with rising conductivity strategic importance o High usage intensity:
Slide 33: Why Palladium Matters – 2026 Snapshot
WHY PALLADIUM MATTERS – 2026 SNAPSHOT TSX:GENM OTCQB: GENMF What It Is: o Rare platinum group metal (PGM) with strong catalytic + corrosion-resistant properties o Key PGM family member: Pd, Pt, Rh, Ru, Ir, Os Primary Uses Automotive Catalysts (80%+ of demand) o Converts up to 90% of harmful emission
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