Slide 1: Green Is the New Gold
GREEN IS THE NEW GOLD APRIL, 2021
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION Cautionary Note Regarding Forward-Looking Information 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
Slide 3: We've got the metals for the green revolution!
GREEN IS THE NEW GOLD We’ve got the metals for the green revolution! PALLADIUM COPPER PLATINUM 4.2 million oz* 1.1 Billion lbs* 1.4 Million oz* Palladium is used in part to scrub An electric car needs about Hydrogen Fuel Cells need nitrous oxide from gasoline 180 lbs of copper, more than four 1-2 ou
Slide 4: Feasibility Study Highlights
FEASIBILITY STUDY HIGHLIGHTS1 ROBUST ECONOMICS IN TIER ONE JURISDICTION ✓ 13-year mine life producing an average 146,000 oz Pd, 36 million lbs Cu and 41,000 oz Pt per year, plus Au and Ag credits Average annual production of 245,000 ounces Palladium Eq. ✓ LOM payable 3.2 million ounces Palladium Eq.
Slide 5: Feasibility Study Highlights
FEASIBILITY STUDY HIGHLIGHTS* ROBUST ECONOMICS IN TIER ONE JURISDICTION ✓ Upfront Capex $665 million (US$520 million) $979 million Free Cash Flow in first three years in Base Case, ✓ production of 588,000 oz Palladium, 122 million lbs Copper ✓ Palladium Equivalent cash cost US$687/oz, AISC US$809/oz
Slide 6: Management
MANAGEMENT JAMIE LEVY President, CEO & Director KERRY KNOLL Exec. Chairman & Director 25 years in financing and management of Cdn mining Co-founded several successful mining companies over companies. Was CEO of Pine Point Mining which 35 years including Wheaton River, Thompson Creek was acquired by
Slide 7: Independent Directors
INDEPENDENT DIRECTORS STEPHEN REFORD, B.A.Sc, P.Eng Director CASHEL MEAGHER, P.Geo., P.Eng Director Geophysicist for 35 years and President of Paterson, Senior Vice President and Chief Operating Officer of Grant & Watson Limited, an international geophysical Hudbay Minerals Inc. since 2016, overseei
Slide 8: Location
LOCATION GENERATIONMINING Red Lake 9 SS a, re a “Lg 1) Lake ere i a CANADA ! Nini Tea HARDROCK — LONGLAC C) GOLD MINE GOLD MINE COPPER MINE y omen OF . Tr am IMPALA PLATINUM HOLDINGS — Mantouwadsec® LAC DES ILES MINE aa race i A MARATHON PALLADIUM Poser ; THUNDER BAY NORTH vaehey bes ceca ia Project
Slide 9: Infrastructure
INFRASTRUCTURE Excellent Infrastructure Located on Trans-Canada Highway Served by CPR main rail line Property next to Marathon airport Main Zone deposit 10 km from Town of Marathon Town population has been falling New $1B 230 kilo-volt power line from Wawa to Thunder Bay will cross property Numerous
Slide 10: Marathon History
MARATHON HISTORY Three feasibility studies done from 2008-2014 @ Pd prices ranging from US$321-$700 Stillwater took over Marathon in 2010 for US$118 million Sold 25% to Mitsubishi for $US81 million in 2012 (Stillwater repurchased that interest in 2015) Stillwater put project on care and maintenance
Slide 11: Marathon Ownership
MARATHON OWNERSHIP Generation Mining bought an initial interest in the Marathon property from Sibanye Stillwater in July, 2019 Generation increased its interest to 80% in November, 2020; future expenditures will be on an 80%-20% basis Sibanye can re-acquire additional 31% (bringing total to 51%) by
Slide 12: Feasibility Study: Key Assumptions
FEASIBILITY STUDY Key Assumptions PRICE ASSUMPTIONS UNITS PRICE Palladium US$/oz 1,725 Copper US$/lb 3.20 Platinum US$/oz 1,000 Gold US$/oz 1,400 Silver US$/oz 20.00 Exchange Rate C$/US$ 1.28 Diesel Fuel $/L 0.77 Electricity $/kWhr 0.08 Recoveries Metal Recovery @ Avg. Grade Palladium 86.9% Copper 9
Slide 13: Feasibility Study: Operating and Production
FEASIBILITY STUDY High-Level Operating and Production OPERATING DATA UNITS PRE-PRODUCTION OPERATIONS TOTAL Mine life years 2 12.6 14.6 Total Milled Tonnes Mt 1.9 115.8 118 Total Mined Tonnes Mt 25.4 421.8 447 Strip Ratio waste:ore 3.33 2.77 2.80 RECOVERED PAYABLE DISTRIBUTION OF METAL PRODUCTION1 UN
Slide 14: Feasibility Study: Capital and Operating Costs
FEASIBILITY STUDY High-Level Capital and Operating Costs CAPITAL COSTS UNITS Initial Capital1 $M 665 LOM Sustaining Capital $M 423 LOM Total Capital $M 1,087 Closure Costs $M 66 1 Initial Capital shown after equipment financing. Contingency at approximately 11.7% of initial Capital. OPERATING COSTS
Slide 15: Feasibility Study: Economic Analysis
FEASIBILITY STUDY Economic Analysis ECONOMIC ANALYSIS BASE CASE UNITS BASE CASE SPOT PRICE1 Pre-tax Undiscounted Cash Flow $M 3,004 5,305 Pre-tax NPV6% $M 1,636 3,042 Pre-tax IRR % 38.6 59.9% Pre-tax Payback years 1.9 1.2 After-tax Undiscounted Cash Flow $M 2,060 3,626 After-tax NPV6% $M 1,068 2,025
Slide 16: Project Cash Flow (After-Tax)
FEASIBILITY STUDY Project Cash Flow (After-Tax) 500 3,000 400 363 326 2,000 300 257 245 223 221 162 193 Cumul. After-Tax CF (M $) 200 167 163 150 1,000 After-Tax Cash Flow (M $) 120 100 75 - - (1) (6) (100) (1,000) (200) (205) (300) (2,000) (400) (395) (500) (3,000) 2021 2022 2023 2024 2025 2026 202
Slide 17: Mine Production Profile - Palladium
FEASIBILITY STUDY Mine Production Profile - Key Metals Palladium - Payable Metal 250 220 205 200 184 175 162 159 150 Metal (kozs) 126 113 115 110 104 96 100 71 50 13 - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 17 17
Slide 18: Mine Production Profile - Copper
FEASIBILITY STUDY Mine Production Profile - Key Metals Copper - Payable Metal 60 52 50 41 41 41 41 39 40 35 36 35 Metal (Mlbs) 30 28 25 22 20 17 10 4 - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 18 18
Slide 19: Mine Production Profile - Platinum, Gold and Silver
FEASIBILITY STUDY Mine Production Profile Platinum, Gold and Silver - Payable Metal 70 350 60 300 50 250 Axis: Au and Pt (koz) Axis: Ag (koz) 40 200 30 150 20 100 10 50 - - 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Au Pt Ag 19 19
Slide 20: Feasibility Study Sensitivities
FEASIBILITY STUDY SENSITIVITIES PALLADIUM PRICE (US$/oz) 1,000 1,250 1,500 1,725 1,850 2,000 2,500 NPV 6% (C$ M) 356 601 847 1,068 1,190 1,337 1,831 Payback (years) 4.3 3.2 2.6 2.3 2.1 2.0 1.6 IRR (%) 14.8% 20.2% 25.3% 29.7% 32.1% 34.8% 43.7% COPPER PRICE (US$/lb) 2.00 2.50 3.00 3.20 3.50 4.00 4.50
Slide 21: Palladium: Greener and Safer
PALLADIUM: GREENER AND SAFER Autocatalysts use 85% of palladium supply: Required by law in most countries A typical automobile uses 3-9 grams palladium Modern catalysts convert 98% of carbon monoxide and nitrous oxide Carbon monoxide exposure can be fatally toxic Nitrous oxide is 300 times more pote
Slide 22: Palladium Market
PALLADIUM MARKET Palladium Market Price, Supply and Demand Balance Historic and Forecast 3,000 2,500 2,500 2,000 Palladium Price 1,500 2,000 Supply/Demand Balance (koz Pd) 1,000 Palladium Price ($USD) 500 1,500 0 1,000 -500 -1,000 500 -1,500 -2,000 0 A A 2005A 2019E 2001A 2002A 2003A 2004A 2006A 200
Slide 23: Palladium Market
PALLADIUM MARKET Near-term production increases Palladium loadings per vehicle increased 14% worldwide in 2019 (Johnson Matthey) PRODUCTION MINE YEAR INCREASES (OZ) Substitution by platinum possible, but requires Norilsk 1,000,000 2025* more platinum and rhodium Platreef 200,000 2021-2 Both Pd and P
Slide 24: Fear of the Electric Car
FEAR OF THE ELECTRIC CAR Electric cars use almost no palladium, BUT An EV uses 180 lbs copper vs 40 lbs for ICE Home-charging stations use another 30 lbs Public-charging stations will require even more EV rollout estimates vary widely, consensus is about 25% of new car sales by 2030 At Marathon, no
Slide 25: Comparison: IRR & NPV/Capex
COMPARISON: IRR & NPV/CAPEX Comparisons of Precious Metal Mines* Initial Metal Price Post Tax NPV/ Project FS Date Capex (M) $US IRR NPV (M) Capex HISTORICAL Detour Lake 2010 $1,019 $850 12.4% $760 (5%) 0.74 Malartic 2008 $642 $775 25.1% $730 (5%) 1.13 Rainy River 2013 $713 $1,400 23.7% $931 (5%) 1.
Slide 26: One Project Developers
ONE PROJECT DEVELOPERS Companies at Feasibility Stage: Market Cap vs Annual Production 450 800 757 420 (4E) 400 700 629 350 322 600 LOM Avg oz/yr in Thousands 299 Au Eq* 300 512 500 Market Cap ($) 250 239 245,000 Pd Eq 400 368 200 337 173 300 150 243 243 123 114 105 200 100 155 84 74 117 101 50 100
Slide 27: Comparison with the Top Ten
COMPARISON WITH THE TOP TEN Largest Precious Metal Mines in Canada 2020* 600 569 517 500 400 350 348 2020 Gold Output in Thousands 319 312 299 Au Eq* 300 229 223 215 (6E) 209 200 245,000 Pd Eq 100 0 Malartic Detour Lake LaRonde Brucejack Porcupine Meliadine Marathon Marathon Rainy Hemlo Lac de Illes
Slide 28: Comparable Developers: Gold & PGM P/NPV
COMPARABLE DEVELOPERS GOLD & PGM P/NPV | Gold & PGM Developers 3.25x 3.12x 2.0x 1.8x 1.6x 1.44x 1.4x 1.2x P/NPV 0.98x 0.97x 1.0x 0.93x Average: 0.90x 0.8x 0.72x 0.62x 0.61x 0.61x 0.6x 0.46x 0.44x 0.4x 0.30x 0.24x 0.21x 0.20x 0.2x 0.16x 0.0x *Capital IQ | As at March 3, 2021 28
Slide 29: Generation Mining Timeline
GENERATION MINING TIMELINE Key Steps for 2019/2023 OBTAIN PRELIMINARY COMPLETE COMMENCE ENVIRONMENTAL BEGIN ECONOMIC FEASIBILITY PALLADIUM APPROVALS/ CONSTRUCTION ASSESSMENT STUDY PRODUCTION PERMITS TIMELINE (ESTIMATED) 2019 2020 2021 2022 2023 Asset Acquisition Update Resource PEA Study New Listing
Slide 30: Corporate Structure
CORPORATE STRUCTURE Capital Structure Key Shareholders Shares Outstanding 139.4M Eric Sprott ~8.2% Warrants Zebra Holdings (Weighted average exercise price: 19.7M ~8.0% C$0.58) (Lukas Lundin) Options (Weighted average exercise price: 11.1M Sibanye Stillwater ~8.0% C$0.36) Fully Diluted Shares 170.2M
Slide 31: Investor Relations
INVESTOR RELATIONS JAMIE LEVY President & CEO jlevy@genmining.com Phone: 416 567-2440 100 King St West, Suite 7010 Toronto, Ontario, Canada M5X 1B1 31
Slide 32: Exploration Upside
APPENDIX EXPLORATION UPSIDE 32
Slide 33: Looking for Source of High Grade
LOOKING FOR SOURCE OF HIGH GRADE Sample K008054, 188.28g/t TPGM, 9.11% Cu, 0.60% Ni, 6.4% S 33
Slide 34: Coldwell Mineralization Model
COLDWELL MINERALIZATION MODEL W Horizon – High Grade Main Zone Disseminated Massive Sulphide Model 34
Slide 35: Marathon Exploration
MARATHON EXPLORATION MARATHN DEPOSIT Syenites 2021 TARGET EASTERN GABBRO 35
Slide 36: 2021 Winter Drilling
2021 WINTER DRILLING GENERATIONMINING ‘CHOnOnTH 5 Lat Legend ° ~ XN Assay Values (PdEq (g/t)) i? Notes: rd fave beg ua Parise gate This longitudinal section is looking towards the SE. wexae BS Metavolcanics To facilitate easier viewing the pit and contained GEN ERATIO N M l N l NG mineralization hav
Slide 37: 2021 Winter Drilling
2021 WINTER DRILLING GENERATIONMINING ' PEA Pit Outline 10m @ 2.80 incl. 2m @ 8.03 ¥~ Planned 2021 Drilling * Previous Drilling [EMI Metavoicanics BEBE 4900 Fautt Piane cree ae. GENERATIONMINING Section is looking to the SE mer q : Central Feeder Zone - Planned 2021 Drilling
Slide 38: Feasibility Study Capex
FEASIBILITY STUDY CAPEX INITIAL SUSTAINING TOTAL CAPITAL COSTS ($M) ($M) ($M) Mining 127.8 184.1 311.9 Process Plant 269.2 38.5 307.7 Infrastructure 107.7 29.3 136.9 Tailings Storage and Water Management 61.2 170.8 232.0 Construction Indirects 113.5 General and Owner's Cost 14.9 Preproduction, Start
Slide 39: Mineral Resources
MINERAL RESOURCES Pit Constrained Combined Mineral Resource Estimate1-8 for the Marathon, Geordie and Sally Deposits (Effective date June 30, 2020) MINERAL RESOURCE TONNAGE Pd Cu Au Pt Ag CLASS kt g/t koz % M lbs g/t koz g/t koz g/t koz MARATHON DEPOSIT Measured 113,793 0.63 2,304 0.20 502 0.07 262
Slide 40: Mineral Resources
MINERAL RESOURCES The Mineral Resource Estimate includes all three deposits and was prepared by P&E. Notes: 1. Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions(2014) and Best Practice
Slide 41: Mineral Reserves
MINERAL RESERVES The Mineral Reserve Estimate includes only the Marathon deposit and was prepared by G Mining Services Inc. Marathon Project Open Pit Mineral Reserve Estimates1-8 (Effective date September 15, 2020) MINERAL TONNAGE Pd Cu Au Pt Ag RESERVES kt % g/t koz % M lbs g/t koz g/t koz g/t koz
Slide 42: Simplified Process Flowsheet
SIMPLIFIED PROCESS FLOWSHEET 42 42
Slide 43: Concentrate Grades and Analysis
CONCENTRATE GRADES AND ANALYSIS1 South Pit North Pit Blended Historical Element Unit (W-Horizon) (Main Zone) Composite Pd g/t 171 39 19 Cu % 18.7 19.7 18.7 Pt g/t 43.5 7.6 4 Au g/t 17.6 3.3 2.7 Ag g/t 50 68 42 Rh g/t 2.4 0.58 0.22 Ni % 0.31 0.49 0.36 Zn % 0.1 0.17 0.1 Fe % 20.3 24.7 28.4 As % 0.01 0
Slide 44: Marathon Preliminary Site Plan
MARATHON PRELIMINARY SITE PLAN 44 44
Slide 45: Auto & Palladium Demand to 2040
AUTO & PALLADIUM DEMAND TO 2040 Global Light Duty Vehicle Powertrain Mix Forecast 45 Prepared by Matt Watson, Precious Metals Commodity Management LLC
Slide 46: Copper Heading into Deficit
COPPER HEADING INTO DEFICIT Prepared by Matt Watson, Precious Metals Commodity Management LLC 46
Slide 47: Feasibility Study: Key Operations Design Elements
FEASIBILITY STUDY Key Operations Design Elements 40 M tonnes per year Open Pit Conventional Truck / Shovel Operation 110,000 tonnes per day 3 operating pits Satellite Crusher SAG → Pebble → Ball Mill Flotation 9.2 M tonnes per year Processing Plant Concentrate regrind 25,200 tonnes per day Cleaning
Slide 48: Qualified Persons
QUALIFIED PERSONS The Feasibility Study was prepared through the collaboration of the following consulting firms and Qualified Persons: Consulting Firms Area of Responsibility Qualified Person G-Mining Services Mineral Reserves Estimate Antoine Champagne, ing. Mine design Infrastructure design Paul
Slide 49: Disclaimer
DISCLAIMER Non-IFRS Financial Measures The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”) in this news release. These include operating costs, AISC, LOM average AISC, LOM
Slide 50: Disclaimer (Continued)
DISCLAIMER (CONTINUED) Information Concerning Estimates of Mineral Reserves and Resources (Con't) SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendm