TORONTO, September 30, 2026--(BUSINESS WIRE)--Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (the "Acquiror") announces that it has acquired 39,268,426 common shares (each, a "Common Share") of Elton Resources Corp. ("Elton") in connection with the completion of the qualifying transaction of Chicane Capital I Corp. (the "CPC") and Elton (the "Transaction").
Immediately prior to completion of the Transaction, Acquiror did not own any securities of either the CPC or Elton. As a result of the Transaction, Acquiror has direct and indirect ownership, control or direction of 39,268,426 Common Shares, representing approximately 19.94% of the issued and outstanding Common Shares on an undiluted basis. The Acquiror does not own any other securities of Elton.
The Common Shares were acquired pursuant to an asset purchase agreement between the Acquiror and Elton dated December 20, 2022 (as amended), whereby Elton acquired, among other things, the rights and obligations of the Acquiror pursuant to a concession agreement dated December 22, 2009 between the Inuvialuit Regional Corporation, the Inuvialuit Land Corporation, and Darnley Bay Resources Limited, as assigned to the Acquiror. On September 29, 2026, the CPC completed the Transaction and, in connection with the Transaction and as consideration under the asset purchase agreement, the Acquiror was issued the Common Shares.
The Acquiror acquired the Common Shares for investment purposes. Depending on market conditions, general economic and industry conditions, Elton's business and financial condition and/or other relevant factors, the Acquiror may, from time to time, acquire additional Common Shares or other securities of Elton through market transactions, private agreements, treasury issuances or otherwise, or disposing of all or some of its Common Shares. The Acquiror does not have any plans related to any of the matters in the enumerated list in Item 5.1 of Form 62-103F1.
An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where Elton is a reporting issuer and will be available on SEDAR+ at www.sedarplus.ca.
About Generation Mining
Generation Mining's (TSX: GENM) focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Feasibility Study (the "Technical Report") with an effective date of November 1, 2024, estimated a Net Present Value (using a 6% discount rate) of $1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce approximately: 2,161,000 ounces of palladium, 532 million lbs. of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. These production estimates and economic projections are forward-looking statements subject to risks and uncertainties. For more information, please review the Technical Report filed under the Company's profile at www.sedarplus.ca and available on the Company's website at https://genmining.com/projects/feasibility-study/ .