Generation Mining : Third Quarter Report - Sep 30, 2025 MDA

About this update from Generation Mining Ltd.

Management's Discussion and Analysis For the Three and Nine Months Ended September 30, 2025 The following is Management's Discussion and Analysis ("MD&A") of the unaudited condensed interim consolidated financial statements of operations of Generation Mining Limited and its wholly-owned subsidiary (together "Generation" or the "Company") for the three and nine months ended September 30, 2025. This MD&A should be read in conjunction with the condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024, and notes thereto (the "Interim Financial Statements"), and the audited consolidated financial statements for the years ended December 31, 2024 and 2023 and notes thereto, prepared in accordance with International Financial Reporting Standards ("IFRS"). This MD&A is prepared by management and approved by the Board of Directors as of November 4, 2025. All figures are in Canadian dollars unless stated otherwise. Additional information relevant to the Company's activities can be found on SEDAR at https://www.sedar.com . This MD&A contains forward-looking statements. All statements in this discussion, other than statements of historical fact, that address future exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements should be read in conjunction with the risk factors described in the "Risk Factors" and "Cautionary Note Regarding Forward Looking Information" sections at the end of this MD&A and as described in the Company's Annual Information Form ("AIF") for the year ended December 31, 2024. Readers are referred to the NI 43-101 technical report for the Marathon Project entitled "Marathon Copper-Palladium Project - Feasibility Study Report Update", dated March 28, 2025, with an effective date of November 1, 2024 (the "2025 FS" or the "Feasibility Study"). Readers are encouraged to review the full text of the Feasibility Study, available for review on the Company's website https://www.genmining.com and under the Company's profile at https://www.sedarplus.ca . The Feasibility Study supports the scientific and technical information set out in this MD&A, and supersedes the Company's previous technical report and Feasibility Study filed on May 31, 2024. Scientific and technical information contained in this MD&A relating to Mineral Resources and exploration results was reviewed and approved by Chanelle Boucher, P.Geo., Senior Geologist of Generation PGM Inc., a wholly-owned subsidiary of the Company, and all other scientific and technical information relating to the 2025 FS was reviewed and approved by Daniel Janusauskas, P.Eng., Technical Services Manager of Generation PGM Inc., each a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). All dollar amounts are in Canadian dollars unless otherwise stated. All references to "Mlbs" are to millions of pounds, and "Moz" are to millions of troy ounces and "koz" are to thousands of troy ounces. Certain non-IFRS measures are included in this MD&A and are discussed in the Non-IFRS Measures section of this MD&A. CONTENTS BUSINESS OVERVIEW 4 YEAR TO DATE HIGHLIGHTS 4 OUTLOOK 5 UPDATED FEASIBILITY STUDY - MARATHON PROJECT 5 Highlights 6 Economic Analysis 6 Sensitivities 7 Capital Costs 9 Operating Costs 10 Mine Plan 10 Mineral Resources 11 Mineral Reserves 12 Qualified Persons 12 CORPORATE, PROJECT AND UPDATES 13 Detailed Engineering 13 Early Procurements… 13 Environment, Permitting and Community 14 Project Financing 15 Investments in Associate 17 RESULTS FROM OPERATIONS 18 SUMMARY OF QUARTERLY RESULTS 21 FINANCIAL POSITION 22 LIQUIDITY AND GOING CONCERN UNCERTAINTY 23 CAPITAL RESOURCES 24 MARATHON PROPERTY ACQUISITION 24 OTHER MINERAL PROPERTIES 25 RELATED PARTY TRANSACTIONS 25 OUTSTANDING SECURITY DATA 26 FINANCIAL RISK MANAGEMENT 30 OFF-BALANCE SHEET ARRANGEMENTS 32 DIVIDENDS 32 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 32 ACCOUNTING POLICIES AND BASIS OF PRESENTATION 32 NON-IFRS MEASURES 32 RECENT ACCOUNTING PRONOUNCEMENTS 33 INTERNAL CONTROL OVER FINANCIAL REPORTING 34 DISCLOSURE CONTROLS AND PROCEDURES 34 LIMITATIONS OF CONTROLS AND PROCEDURES 34 RISKS AND UNCERTAINTIES 34 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION 36 INFORMATION CONCERNING ESTIMATES OF MINERAL RESERVES AND RESOURCES 37 BUSINESS OVERVIEW The Company was incorporated under the Business Corporations Act (Ontario) on January 11, 2018. Its registered office is located at 100 King Street West, Suite 7010, Toronto, Ontario M5X 1B1. The Company's common shares trade on the Toronto Stock Exchange (the "TSX") under the symbol GENM and the OTCQB Venture Market (the "OTCQB") under the symbol GENMF. The Company is an exploration and development stage company primarily focused on the development and construction of the Marathon Palladium and Copper project located in Marathon, Ontario Canada (the "Marathon Property" or "Marathon Project" or the "Project"), a large undeveloped platinum group metal and copper mineral deposit in Northwestern Ontario, Canada. The Marathon Project is 100% owned by Generation PGM Inc. ("Generation PGM"), a wholly-owned subsidiary of Generation. Comparable to many exploration and early-stage development companies, the Company relies on financing to fund its exploration, development and acquisition activities. The Company had a working capital surplus of $9,453,812 at September 30, 2025 (December 31, 2024 surplus - $3,045,105); had not yet achieved profitable operations; had accumulated losses of $148,865,467 at September 30, 2025; (December 31, 2024 - $136,208,661); and expects to incur further losses in the development of its business. The Company does not have adequate cash resources to fund its operations over the next twelve months and will require additional financing in order to conduct its planned work programs on its mineral properties, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no certainty as to the ability of the Company to raise sufficient additional financing in order to continue to operate, and accordingly, there is a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. YEAR TO DATE HIGHLIGHTS On March, 28 2025, the Company filed a Feasibility Study which underscores the robustness of the Marathon Project with an after-tax NPV 6% of $1.07 billion, IRR of 28%, and a 1.9-year payback period based on the 3-yr trailing average metal prices as of November 1, 2024. See 2025 Feasibility Study, below, for further details. On May 20, 2025, Ms. Rebecca Hudson joined the Company's Board of Directors and was also appointed the independent Chair of the Audit Committee. Ms. Hudson is a Chartered Professional Accountant with over 25 years' experience in accounting and financial reporting, corporate finance, risk management, financial audit and corporate governance. On May 22, 2025, the Company received the final key permit required for the construction of the Marathon Project. The Marathon Project is now a shovel ready strategic mineral project located in Northern Ontario. On May 23, 2025, Generation announced receipt of a support letter from a leading Canadian financial institution stating its interest to provide up to $200 million in a new long-term credit facility for the Marathon Project, which would be in addition to the senior secured project finance facility to be arranged with the mandated senior lenders. On June 6, 2025, the Province of Ontario in an open letter to the federal Minister of Energy and Natural Resources identified the Marathon Project as a priority project for Ontario and urged the federal government to invest in shovel-ready strategic mineral projects that are critical to building a secure, domestic supply chain. On June 24, 2025, Generation completed a private placement for aggregate gross proceeds of approximately $11.5 million. The Offering was conducted by a syndicate of underwriters led by Stifel Nicolaus Canada Inc., and including Haywood Securities Inc., and consisted of the sale of 31,082,200 Units at a price of $0.37 per Unit. Each Unit comprised of one common share in the capital of the Company and one-half (½) of one common share purchase warrant. On July 15, 2025, Mr. Kyle Kuntz joined the Company's Board of Directors and was also appointed the independent Chair of the Technical Committee. Mr. Kuntz is a mining project executive with over a decade of experience leading large-scale mining developments across North America. He currently holds the position of Vice President, Projects at Equinox Gold Corp. On October 9, 2025, the Company announced that Mr. Clinton Swemmer, P.Eng, will join the Company as Vice-President, Projects (effective November 3, 2025). Mr. Swemmer is a highly accomplished engineering and project delivery executive with more than 25 years of experience across the mining and metals sector, making high-level contributions to more than 40 projects across Africa, Asia and the Americas. OUTLOOK The Company intends to continue to advance the development of the Marathon Project. Key milestones and areas of focus over the next twelve months will include the following: Advance project financing required to develop the Marathon Project, Continue to maintain permit compliance that is critical to allow for the construction phase, Conduct a third-party technical study on the property, and Subject to obtaining project financing (as discussed elsewhere in this MD&A) and formal Board approval, commence construction of the Project. 2025 FEASIBILITY STUDY Highlights Robust Base Case economics 1: An after-tax NPV 6% of $1.07 billion, IRR of 28%, and a 1.9-year payback period based on the 3-yr trailing average metal prices at the effective date2 Strong critical mineral production during pre-production and the first three years of commercial operation: 151 Mlbs of payable copper , 720 koz of payable palladium and 156 koz of platinum Initial Capital: C$992 million 3 Attractive AISC : Life of mine ("LOM") all-in sustaining costs ("AISC") of US$2.05/CuEq lb or US$781/PdEq oz 4 At recent long-term consensus prices 2 : An after-tax NPV 6% of $876 million, IRR of 24%, and a 2.2-year payback period, with 41% of payable metal revenues attributable to copper and 41% attributable to palladium ‌1 Unless otherwise noted, the economic analysis includes the impact of the Wheaton PMPA ‌2 See Economic Analysis, below, for metal price and exchange rate assumptions ‌3 See Non-IFRS Financial Measures, below, for additional information on Initial Capital, AISC, PdEq and CuEq. ‌4 See Non-IFRS Financial Measures, below, for additional information on Initial Capital, AISC, PdEq and CuEq. At recent spot prices: An after-tax NPV 6% of $749 million, IRR of 21%, and a 2.4-year payback period , with 44% of payable metal revenues attributable to copper and 37% attributable to palladium. Average annual payable metals: 42 Mlbs copper, 168 koz palladium, 38 koz platinum, 12 koz gold and 240 koz silver over approximately 13 years of mine life Jobs: Creation of over 800 jobs during construction and over 400 direct permanent jobs during operations The Next Critical Mineral, Shovel-Ready Project: Fully Permitted for Construction. The 2025 FS incorporates the results of the Project optimization work reported by the Company in a news release entitled "Generation Completes Optimization Work for the Marathon Project with Improved Mine Plan and Reduced Capex" issued on November 20, 2024, which focused on two key aspects: Optimization of the mine plan to maximize metal production and defer waste stripping in the early years of operations in order to improve early cash flows and reduce the payback period ("Mine Plan Optimization"); and Optimization of the process plant design and layout, including sizing of key equipment, plant footprint and foundations, in order to reduce the initial Project capital costs ("Initial Capital Optimization", and together with the Mine Plan Optimization, the "Optimization Work"). The Optimization Work has now been further updated to incorporate changes to Mineral Resources, Mineral Reserves, the Life-of-Mine (LOM) mining plan, and operating and capital costs, using the same metal price assumptions which formed the basis of the November 20, 2024 news release. The 2025 FS was prepared by Ausenco Engineering Canada ULC ("Ausenco"), along with contributions from Moose Mountain Technical Services ("MMTS"), Knight Piésold Ltd. ("KP"), P&E Mining Consultants Inc. ("P&E"), and JDS Energy and Mining, Inc ("JDS"). The 2025 FS outlines the operation of an open pit mine and processing plant over a mine life of 12.5 years. Economic Analysis The updated Feasibility Study underscores the continued economic robustness of the Marathon Project with an after-tax NPV 6% of $1.07 billion, IRR of 28%, and 1.9-year payback period based on the 3-yr trailing average metal prices as of November 1, 2024. The following table presents the key outputs of the economic analysis for the 2025 FS using 3-year trailing average metal prices, together with the same analysis performed using spot and consensus metal prices, and foreign exchange rate assumptions: Item Units 2025 FS (c) March 25, 2025 Spot (d) March 2025 long-term consensus (e) Key Assumptions Exchange rate (C$/US$) C$/US$ 1.35 1.44 1.37 Palladium Price US$/oz 1,525 965 1,133 Copper Price US$/lb 4.00 4.43 4.52 Platinum Price US$/oz 950 1,003 1,240 Gold Price US$/oz 2,000 2,983 2,511 Silver Price US$/oz 24.00 33.68 31.19 Revenue Split (a) Palladium % 52 37 41 Copper % 34 44 41 Platinum % 7 9 10 Gold % 5 9 7 Silver % 1 2 2 Economic Results (b)(f) Pre-Tax Cash Flow (undiscounted) $M 3,009 2,291 2,576 Pre-Tax NPV 6% $M 1,660 1,189 1,375 Pre-Tax IRR % 35.1% 27.6% 30.6% Pre-Tax Payback years 1.7 2.0 1.8 After-Tax Cash Flow (undiscounted) $M 2,032 1,554 1,744 After-Tax NPV 6% $M 1,070 749 876 After-Tax IRR % 27.6% 21.4% 23.8% After-Tax Payback years 1.9 2.4 2.2 Notes: Totals may not add to 100% due to rounding. Splits presented before adjustments for the impact of the Precious Metals Purchase Agreement ("PMPA") with Wheaton Precious Metals Corp. ("Wheaton"). The economic analysis was carried out in real terms (i.e., without inflation factors) in Q4 2024 Canadian dollars, assuming no project construction financing but inclusive of mining equipment leasing. Metal price assumptions are based on the adjusted 3-year historical trailing averages as of November 1, 2024 for each of the metals. The 3-year averages are as follows: Palladium - US$1,523/oz, Copper at U$4.02/lb, Platinum at US$964/oz, Gold at US$1,995/oz and Silver at US$24.02/oz. March 25, 2025 spot prices of US$965/oz palladium, US$4.58/lb copper US$981/oz platinum, US$3,020/oz gold, US$33.68/oz silver and exchange rate of C$1.43 : US$1.00, source: Bloomberg Long-term consensus pricing provided by Haywood Securities as of March 24, 2025. See Non-IFRS Financial Measures, below, for additional information on Pre-Tax and After-Tax Cash Flows. Sensitivities The Project has significant leverage to palladium and copper prices. The after-tax valuation sensitivities for the key metrics are shown below. After-Tax NPV 6% Results Palladium Price Sensitivity (US$/oz) 800 1,000 1,250 1,500 1,525 1,750 2,000 2,200 Copper Price Sensitivity (US$/lb) 2.50 (291) (9) 308 612 643 916 1,214 1,466 3.00 (120) 145 452 758 788 1,057 1,368 1,606 3.50 41 296 598 899 929 1,211 1,509 1,746 4.00 194 438 741 1,040 1,070 1,352 1,649 1,886 4.50 337 582 883 1,195 1,225 1,492 1,788 2,023 5.00 484 723 1,023 1,335 1,365 1,632 1,927 2,165 5.50 625 866 1,178 1,475 1,505 1,771 2,067 2,306 After-Tax IRR Results Palladium Price Sensitivity (US$/oz) 800 1,000 1,250 1,500 1,525 1,750 2,000 2,200 Copper Price Sensitivity (US$/lb) 2.50 - 5.7% 13.5% 19.9% 20.5% 25.5% 30.7% 34.5% 3.00 2.8% 9.6% 16.4% 22.4% 23.0% 27.8% 32.7% 36.4% 3.50 7.0% 12.9% 19.2% 24.8% 25.4% 30.0% 34.7% 38.3% 4.00 10.5% 15.8% 21.7% 27.1% 27.6% 32.1% 36.6% 40.1% 4.50 13.6% 18.5% 24.1% 29.3% 29.8% 34.1% 38.5% 41.9% 5.00 16.4% 21.0% 26.4% 31.4% 31.9% 36.0% 40.3% 43.6% 5.50 19.0% 23.5% 28.6% 33.4% 33.8% 37.8% 42.1% 45.3% After-Tax Payback Palladium Price Sensitivity (US$/oz) 800 1,000 1,250 1,500 1,525 1,750 2,000 2,200 Copper Price Sensitivity (US$/lb) 2.50 - 7.8 4.3 2.5 2.5 2.0 1.8 1.5 3.00 10.4 5.6 3.3 2.3 2.2 1.9 1.5 1.4 3.50 6.8 4.9 2.9 2.1 2.1 1.8 1.5 1.4 4.00 5.6 4.2 2.4 2.0 1.9 1.6 1.4 1.3 4.50 5.0 3.0 2.1 1.9 1.8 1.5 1.4 1.3 5.00 4.2 2.4 2.0 1.6 1.6 1.4 1.3 1.2 5.50 3.0 2.2 1.9 1.5 1.5 1.4 1.3 1.2 Capital Costs The initial capital costs for construction and ramp-up, together with expected sustaining capital and closure costs, are presented in the table below: Capital Area 2025 FS ($M) Mobile Equipment for Construction (a) 74 Processing Plant 280 Infrastructure 88 TSF, Water Management and Earthworks 97 EPCM, General and Owners Cost 198 Preproduction, Startup, Commissioning 169 Contingency 87 Initial Capital 992 Preproduction revenue (b) (184) Total 809 Sustaining Capital 565 Closure and Reclamation Costs 72 Notes : Mobile equipment acquired for construction is presented as the cost of equipment deposits and lease payments during the construction and pre-production period. The remainder of the equipment leasing costs are incurred during operations and included in sustaining capital. Revenue net of related off-site costs (transport, smelter, and royalties) and working capital adjustments. See Economic Analysis, above, for additional information on the metal price assumptions used in the 2025 FS. Operating Costs The Project operating costs have been updated and are reflected in the table below. Description Units Operating Cost Mining (a) $/t processed 12.93 Processing $/t processed 8.57 General & Administration $/t processed 2.62 Concentrate Transport Costs $/t processed 1.96 Treatment & Refining Charges $/t processed 2.38 Royalties $/t processed 0.10 Total Operating Costs $/t processed 28.56 Average Operating Cost US$/oz PdEq (c) 663 Average All-in Sustaining Cost (b) US$/oz PdEq (c) 781 Average Operating Cost US$/lb CuEq (c) 1.74 Average All-in Sustaining Cost (b) US$/lb CuEq (c) 2.05 Notes: (a) Mining cost per tonne mined is C$3.49/t. (b) All-in sustaining cost excludes the impact of the Wheaton PMPA. (c) See Non-IFRS Financial Measures, below, for additional information on Operating Costs, AISC, PdEq and CuEq. Mine Plan The life-of-mine plan has been updated and the production details are summarized in the table below. 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 Payable Metal (LOM) Palladium koz 2,161 Copper Mlbs 532 Platinum koz 488 Gold koz 160 Silver koz 3,051 Mineral Resources The Mineral Resource Estimate below is for the combined Marathon, Geordie, and Sally Deposits. The Mineral Resource Estimates for Marathon, Geordie, and Sally were prepared by P&E. Pit Constrained Combined Mineral Resource Estimate for the Marathon, Geordie and Sally Deposits (Effective date November 1, 2024) Mineral Resource Classification Tonnes Pd Cu Pt Au Ag Mt g/t koz % Mlbs 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. 202.0 0.53 3,449 0.19 865 0.17 1,129 0.07 429 1.7 10,985 Inferred 2.9 0.36 34 0.16 10 0.13 12 0.06 6 1.2 112 Geordie Deposit Indicated 17.3 0.56 312 0.35 133 0.04 20 0.05 25 2.4 1,351 Inferred 12.9 0.51 212 0.28 80 0.03 12 0.03 14 2.4 982 Sally Deposit Indicated 24.8 0.35 278 0.17 93 0.2 160 0.07 56 0.7 567 Inferred 14.0 0.28 124 0.19 57 0.15 70 0.05 24 0.6 280 Total Project Measured 164.0 0.56 2,973 0.20 712 0.18 970 0.07 358 1.7 9,089 Indicated 80.1 0.41 1,066 0.21 379 0.13 339 0.06 152 1.5 3,814 Meas. + Ind. 244.1 0.51 4,039 0.20 1,091 0.17 1,309 0.06 510 1.6 12,903 Inferred 29.8 0.39 370 0.22 147 0.10 94 0.05 44 1.4 1,374 Notes : 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 Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. Mineral Resources are reported inclusive of Mineral Reserves. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. The Marathon Mineral Resource is reported within a constrained pit shell at a NSR cut-off grade of $13.6/t. Marathon NSR ($/t) = (Cu % x 111.49) + (Ag g/t x 0.73) + (Au g/t x 80.18) + (Pd g/t x 56.02) +(Pt g/t x 36.49) - 2.66 The Marathon Mineral Resource Estimate was based on metal prices of US$1,550/oz Pd, US$4.250/lb Cu, US$1,100/oz Pt, US$2,300/oz Au and US$27/oz Ag, and a C$:US$ exchange rate of C$1.35 to US$1.00. The Sally and Geordie mineral resources are reported within a constraining pit shell at a NSR cut-off grade of $13/t. Sally and Geordie NSR ($/t) = (Ag g/t x 0.48) + (Au g/t x 42.14) + (Cu % x 73.27) + (Pd g/t x 50.50) + (Pt g/t x 25.07) - 2.62 The Sally and Geordie Mineral Resource Estimate was based on metal prices of US$1,600/oz Pd, US$3.00/lb Cu, US$900/oz Pt, US$1,500/oz Au and US$18/oz Ag, and a C$:US$ exchange rate of 1.30 C$ to 1.00 US$. Contained metal totals may differ due to rounding. Mineral Reserves The Mineral Reserve estimate for the Project includes only the Marathon Deposit. The Mineral Reserve Estimate was prepared by MMTS. Marathon Project Open Pit Mineral Reserve Estimates (Effective Date of November 1, 2024) Mineral Reserves Tonnes Pd Cu Pt Au Ag 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 P & P 128.3 0.64 2,627 0.21 605 0.20 815 0.07 291 1.8 6,877 Notes : The mineral reserves estimate was prepared by Marc Schulte, P.Eng., who is also an independent Qualified Person, reported using the 2014 CIM Definition Standards, and has an effective date of November 1, 2024. Mineral reserves are a subset of the Measured and Indicated Mineral Resources Estimate that has an effective date of November 1, 2024. Inferred class Mineral Resources are treated as waste. Mineral Reserves are based on the 2024 Marathon Project Feasibility Study Update mine plan. Mineral Reserves are mined tonnes and grade; the reference point is the process plant feed at the primary crusher. Process Plant feed tonnes and grade include consideration of mining operational dilution and recovery. Mineral Reserves are reported at a cut-off grade of $16/t NSR. The NSR cut-off assumes Pd Price of US$1,525/oz, Cu price of US$4.00/lb, Pt Price of US$950/oz, Au price of US$2,000/oz, Ag price of US$24/oz, at an exchange rate of 0.74 US dollar per 1.00 Canadian dollar; payable percentages of 95% for Pd, 96.5% for Cu, 93% for Pt, 93.5% for Au, 93.5% for Ag; refining charges of US$24.5/oz for Pd, US$0.079/lb for Cu, US$24.5/oz for Pt, US$0.50/oz for Ag; minimum deductions of 2.875 g/t for Pd, 1.1% for Cu, 2.875 g/t for Pt, 1.0 g/t for Au, 30.0 g/t for Ag; treatment charges of US$79/t and transport and off-site costs of US$125/t concentrates, concentrate ratio of 90.9%; metallurgical recoveries are based on variable grade dependent metallurgical recovery curves. The NSR cut-off grade covers process costs of $8.27/t, general and administrative (G&A) costs of $2.63/t, sustaining and closure costs of $3.13/t, ore mining differential costs of $0.57/t, and stockpile rehandle costs of $1.40/t. Numbers have been rounded, which may result in summation differences. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Reserve classification. Qualified Persons The 2025 FS was prepared through the collaboration of the following consulting firms and Qualified Persons within their primary area of responsibility: Consultant Company Primary Area of Responsibility Qualified Persons Ausenco Engineering Canada ULC Overall integration, capital cost estimation compilation, process plant capital and operating costs, economic analysis, recovery methods, mineral processing and metallurgical testwork Tommaso Roberto Raponi, P. Eng. JDS Energy and Mining, Inc. Infrastructure, and earthworks capital cost estimates, and project execution plan Jean-Francois Maille, P.Eng. Knight Piésold Ltd. Tailings Storage Facility, water balance, geotechnical studies (mine rock storage piles, open pit and local infrastructure and foundations) Craig N. Hall, P.Eng. Moose Mountain Technical Services Mineral Reserves, mining methods, mining operating and capital cost estimate Marc Schulte, P. Eng. P&E Mining Consultants, Inc. Property description and location, accessibility, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation and security, data verification, Mineral Resource Estimates and adjacent properties Eugene J. Puritch, P.Eng., FEC, CET Jarita Barry, P.Geo. Fred H. Brown, P.Geo. David Burga, P.Geo. William Stone, PhD, P.Geo. CORPORATE AND PROJECT UPDATES Detailed Engineering Late in the first quarter of 2023 and through 2024, the Company paused the detailed engineering and procurement services pending increased visibility regarding the timing associated with the receipt of permits required for commencement of construction and project financing. Early Procurements Construction Camp On July 12, 2022, the Company announced that it had entered into an agreement with Valard Equipment LP ("Valard"), as subsequently amended, for the lease of a construction camp (the "Camp") located in Marathon, Ontario until December 31, 2026 (previously December 31, 2025) (the "Lease Term") and an option, exercisable at the Company's discretion, to purchase the Camp on or before the end of the Lease Term. The total remaining obligations as at September 30, 2025, including the monthly lease payments of $7,500, a rental top-up payment of $75,000 due December 30, 2025, and the purchase option of $970,000 due December 30, 2026, is $1,150,000. In connection with this agreement, the Company has also leased the existing serviced camp site from the Town of Marathon. Environment, Permitting and Community Environmental Approvals The Marathon Project was assessed in accordance with the Canadian Environmental Assessment Act 2012 ("CEAA 2012") and Ontario's Environmental Assessment Act, 1990 ("EA Act") through a Joint Review Panel ("JRP") pursuant to the Canada-Ontario Agreement on Environmental Assessment Cooperation (2004). This was approved on November 30, 2022. Included in the EA approval, the federal and provincial governments included conditions ("EA Conditions") to be completed in the various phases of the Project. Further, with the approval of the EA, the Project proceeded to submit applications for the various permits that are required for construction, operation and closure. To date, the Project has advanced on the following: In August 2023, the Company received the Endangered Species Act permit ("ESA permit") issued by the Ministry of the Environment, Conservation and Parks ("MECP") for Caribou (Boreal population) ("caribou") and Little Brown Myotis, Northern Myotis and Tri-coloured Bats ("SAR bats"). The permit includes conditions intended to minimize impacts to caribou and SAR bats, as well as to create an overall benefit for these species at risk. The ESA permit conditions for caribou include off-site restoration of habitat, research initiatives, caribou population monitoring, and stewardship collaboration with Biigtigong Nishnaabeg ("BN") and other Indigenous communities. The ESA permit conditions related to SAR bats include construction of a bat hibernaculum, installation of roosting structures and monitoring. In September 2023, the Company received the Environmental Compliance Approval ("ECA") issued by MECP for air and noise emissions related to the construction of the Project. The approval includes mitigation measures and monitoring requirements to be undertaken by the Project. Mitigation measures include controlling fugitive dust emissions and minimizing noise emissions during operations. An ambient air monitoring program was implemented to characterize background air quality prior to construction of the Project. As an element of the EA Conditions, the Company agreed to obtain consent of Biigtigong Nishnaabeg ("BN") on the Closure Plan. In September 2023, the Company received consent from BN Chief and Council of the Closure Plan. The Closure Plan was submitted in September 2023 and was accepted and filed by the Ministry of Mines on November 6, 2023. The Project has received the Permit to Remove in November 2023 which allows for the harvesting of trees on the site footprint. In July 2024 the Company received approval from the federal government for amendments to Schedule 2 of the Metal and Diamond Mining Effluent Regulations ("Schedule 2"). Importantly, the approval allows for the construction of the tailings storage facility and water management structures required for the construction and operation of the Marathon Project. The regulatory amendment adding the specified Marathon Project water bodies and geographic areas encompassing water bodies to Schedule 2 was published in the Canada Gazette, Part II, on July 31, 2024. In August 2024, the Company received the Fisheries Act Authorization ("FAA") for the Marathon Project. The FAA approves the Company's plan to avoid, mitigate and offset impacts to fish and fish habitat related to the development of the Marathon Project. In February 2025, Generation completed the work associated with the aerial survey portion of the Endangered Species Act ("ESA") permit for the Boreal Woodland Caribou in the Lake Superior Coastal Range (the "Caribou Survey") as required by the amended ESA MECP permit. The completion of the Caribou Survey was a key portion of the amendment to the ESA permit and reflects the Company's commitment to environmental stewardship and aligns with the objectives established by MECP, Indigenous groups, and other stakeholders for the protection and management of Boreal Woodland Caribou in the Lake Superior Coastal Range. The survey included 5,500km of flight-lines via helicopter over the range extending from Terrace Bay to the Montreal River including the Slate Islands (which is a known location for the site of a translocated Caribou population), Michipicoten Island and other near shore islands, with biologists and trained spotters and key Indigenous community members. In February 2025, Generation received the Permit to Take Water ("PTTW") for the construction phase of the Project from the MECP. In March 2025, Generation received four Lakes and Rivers Improvement Act ("LRIA") permits from the Ministry of Natural Resources ("MNR"). These permits are related to the construction of infrastructure associated with the water and tailings management structures for the Project. On May 22, 2025, the Company received the Environmental Compliance Approval - Industrial Sewage Works (ECA-ISW) from the Ontario MECP for the management and discharge of water for the construction phase of the Marathon Project. The ECA-ISW permit represents the final key permit required for the construction of the Marathon Project. The Marathon Project is now a shovel-ready strategic mineral project located in Northern Ontario. Community Update The Company and its predecessors have been engaged in consultation and discussion with several Indigenous communities and regional municipalities with respect to the Project since 2004. The Company, along with the identified communities, have developed constructive relationships through regular meetings and interactions to advance the development of the Project. The Company is striving to ensure these partnerships have mutually beneficial outcomes and anticipates strong and long-lasting relationships with these groups. The Community Benefit Agreement ("CBA") between Generation PGM and Biigtigong Nishnaabeg, which was ratified through a BN membership vote completed on November 12, 2022, describes the benefits the BN community will receive from the Project and details how the Project's impacts on the community will be mitigated. It includes commitments from the Company regarding environmental management, employment, training and education, business opportunities, social and cultural support, and financial participation. Project Financing The Company appointed Endeavour Financial as its Financial Advisor to provide financial advisory services with respect to the development of the Marathon Project. Endeavour Financial, with offices in London, UK, George Town, Cayman Islands, and Vancouver, British Columbia, is a top mining financial advisory firm, with a record of success in the mining industry, specializing in arranging multi-sourced funding solutions for development-stage companies. The Endeavour Financial team has diverse experience in both natural resources and finance, including investment bankers, geologists, mining engineers, cash flow modelers and financiers. Stream Financing The Company and its 100%-owned subsidiary, Generation PGM, entered into a definitive Precious Metal Purchase Agreement ("PMPA") with Wheaton Precious Metals Corp. ("Wheaton") with respect to the Marathon Project dated January 26, 2022, which has subsequently been amended. Pursuant to the PMPA, Wheaton will pay the Company total upfront cash consideration of $240,000,000, $40,000,000 of which was paid ($20,000,000 on March 31, 2022 ("First Early Deposit") and $20,000,000 on September 7, 2022) on an early deposit basis prior to construction to be used for development of the Marathon Project. The remainder of $200,000,000 is payable in four staged instalments during construction (each a "Construction Payment"), subject to various customary conditions being satisfied. Generation Mining and its subsidiary, Generation PGM, have provided Wheaton a first ranking security interest over all their assets and various time sensitive performance guarantees relating to the development of the Project. Under the PMPA, Wheaton will purchase 100% of the payable gold production until 150 thousand ounces ("koz") have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine; and 22% of the payable platinum production until 120 koz have been delivered, thereafter dropping to 15% for the life of the mine. Wheaton will make ongoing payments for the gold and platinum ounces delivered equal to 18% of the spot prices ("Production Payment") until the value of gold and platinum delivered less the Production Payment is equal to the upfront consideration of $240,000,000, at which point the Production Payment will increase to 22% of the spot price. The term of the agreement is 20 years, renewable at Wheaton's election for an additional 10 years. From the first anniversary date of the First Early Deposit until the first Construction Payment, the Company will be subject to a delay payment of 250 ounces of gold per month plus accrued interest ("Delay Ounce Balance"). At Generation PGM's election, the Delay Ounce Balance is payable in gold deliveries from operations or in cash. The full Delay Ounce Balance will be subject to early repayment if certain triggering events occur, including (a) events of default, (b) no Construction Payment has been advanced by March 31, 2027, (c) Completion (as defined in the PMPA) of the Marathon Project is not achieved within 4 years from the first Construction Payment, and (d) the date that is one year after Completion is achieved. Senior Secured Facility On May 2, 2023, the Company executed a mandate letter to arrange a senior secured project finance facility (the "Mandate") to fund the construction and development of the Marathon Project. A syndicate including Export Development Canada ("EDC"), together with ING Capital LLC ("ING") and Societe Generale S.A. ("Societe Generale"), will act as the Mandated Lead Arrangers ("MLAs"). The formal Mandate includes a non-binding indicative term sheet (the "Term Sheet") for a senior debt facility of up to US$400 million (the "Facility"). Closing of the Facility remains subject to completion of final due diligence in form and substance satisfactory to the MLAs, including technical, environmental, and metal market due diligence; negotiating an appropriate cost overrun facility; determining final debt capacity; final credit approvals and execution of definitive Facility documentation. The definitive Facility documentation will include customary project finance terms and conditions, as well as a comprehensive intercreditor agreement. Drawdowns under the Facility would be subject to customary conditions precedent. Due to the delay in receipt of final permits required for commencement of construction diligence was suspended in 2024. In late July 2025, the Company restarted due diligence with the MLAs who have engaged an Independent Engineer, Independent Environmental and Social Consultant, and commissioned an Independent Market Report. The Mandate expired on November 1, 2025. Other Debt On May 23, 2025, the Company announced the receipt of a support letter from a leading Canadian financial institution stating its interest to provide up to $200 million in a new long-term credit facility for the Marathon Project, which would be in addition to the senior secured project finance facility note above. Investments in Associate On November 15, 2023, the Company entered into an agreement with Moon River Capital Ltd., now renamed Moon River Moly Ltd. ("Moon River") which is a company located in Toronto, Ontario, Canada. The Company sold its rights and interests in an agreement to acquire a 100% interest in the Davidson Property hosting a molybdenum-tungsten deposit for $630,000 in cash and 9 million common shares of Moon River ("MR Shares") valued at $0.25 for total proceeds of $2,880,000. As at September 30, 2025 and December 31, 2024, the Company held 27.3% of the issued and outstanding common shares of Moon River. The MR Shares are subject to certain sale restrictions if Generation holds 10% or greater of the issued and outstanding common shares of Moon River. The sale restrictions are as follows: 1) Moon River will have the option to identify the buyer of the MR Shares until November 15, 2025, and 2) Generation will be restricted from open market sales based on certain historical daily volume averages of Moon River common shares. The MR Shares are also subject to TSX.V escrow conditions whereby the shares will be released from escrow as follows: 900,000 shares November 15, 2023 (released); 1,350,000 shares on each of May 15, 2024 (released), November 15, 2024 (released), May 15, 2025 (released), November 15, 2025, May 15, 2026, and November 15, 2026. Generation has appointed a director to the Board of Moon River and will have the right to maintain its pro rata equity interest for as long as it continues to hold greater than 10% of the issued and outstanding common shares. As a result of Generation's 27.3% interest in Moon River as at November 15, 2023 and September 30, 2025, the Company has determined that it has significant influence over Moon River and has accounted for its investment as an Investment in Associate using the equity basis of accounting. The Company recorded a fair value of $2,200,000 for its investment upon initial recognition. Fair Value was estimated based on the Moon River share price of $0.25 for the financing completed concurrently with the closing, less transaction costs of $50,000. As at September 30, 2025, the closing price of Moon River shares (MOO.V) was $0.95 and the fair value of the 9 million shares was $8,550,000. Changes in the investment in associate for the period ended September 30, 2025, were as follows: Balance as at December 31, 2023 $ 2,104,679 Share of Moon River net loss for the period (700,304) Balance as at December 31, 2024 $ 1,404,375 Share of Moon River net loss for the period (758,782) Balance as at September 30, 2025 $ 645,593 ‌RESULTS FROM OPERATIONS The following tables set forth financial information for the Company which has been summarized from and should be read in conjunction with the Company's condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024, including the notes thereto. Statements of Loss Three months ended September 30, 2025 2024 Nine months ende 2025 d September 30, 2024 Expenses Environmental assessment and 258,772 462,515 1,546,679 1,410,441 community consultation Project feasibility and engineering 94,569 558,699 511,065 2,292,261 Exploration and site costs 203,085 626,951 616,533 3,064,761 Other 214,764 224,486 716,402 736,441 Acquisition, exploration and evaluation 771,190 1,872,651 3,390,679 7,503,904 expenditures Share-based compensation 159,379 168,136 1,043,130 1,092,600 Audit, legal and advisory fees 478,329 14,601 524,575 220,157 Management and corporate 311,132 334,433 835,506 1,049,239 administration services Shareholder and investor 290,419 94,221 385,949 200,775 communications costs Occupancy cost 13,644 21,717 56,933 67,212 Interest expense 24,978 48,113 128,204 226,229 Operating loss (2,049,071) (2,553,872) (6,364,976) (10,360,116) Flow-through share premium recovery - 69,536 - 341,664 Gain on lease modification 142,065 - 142,065 253,347 Fair value loss on financial liability (4,808,255) (4,013,821) (11,268,032) (7,607,739) Loss from investment in associate (290,053) (551,327) (758,782) (961,605) Foreign exchange (loss) gain (1,265) 11 (385) (1,891) Interest (loss) income (155,768) 106,052 (73,946) 500,098 Net loss for the period $(7,162,347) $(6,943,421) $(18,324,056) $(17,836,242) Net Loss per Share - Basic and diluted $ (0.03) $ (0.03) $ (0.07) $ (0.08) Three Months Ended September 30, 2025, compared to 2024 The Company incurred a net loss of $7,162,347 or $0.03 per share for the three months September 30, 2025, compared to a net loss of $6,943,421 or $0.03 per share for the three months ended September 30, 2024. Changes in expenditures are primarily related to the following: Acquisition, exploration and evaluation expenses were $771,190 for the three months ended September 30, 2025, compared to $1,872,651 for the three months ended September 30, 2024. The decrease of $1,101,461 is primarily related to the following: an decrease of $203,743 of environmental assessment and community consultation expenses which were primarily related to permitting and community agreements, a decrease of $464,130 in engineering costs due to the Company pausing, engineering and procurement services pending increased visibility regarding the timing associated with the receipt of permits required for the commencement of construction and project financing, and a decrease in exploration and site costs of $423,866 as a result of no exploration program in 2025 compared to an ongoing exploration program in 2024. Share-based compensation was $159,379 for the three months ended September 30, 2025, compared to $168,136 for the three months ended September 30, 2024. Share-based compensation is a non-cash item and fluctuates period to period depending on the number of equity awards vested during the period. Audit, legal and advisory fees were $478,329 for the three months ended September 30, 2025, compared to $14,601 for the three months ended September 30, 2024. The increase of $463,728 is mainly the result of an increase in expenditures associated with project financing due diligence and advisory expenditures. Management and corporate administration expenses were $311,132 in the three months ended September 30, 2025, compared to $334,433 for the three months ended September 30, 2024. There is not a material difference between periods. Shareholder and investor communications costs were $290,419 in the three months ended September 30, 2025, compared to $94,221 in the three months ended September 30, 2024. The increase of $196,198 is mainly the result of an increase of corporate marketing expenditures. Interest expense was $24,978 in the three months ended September 30, 2025, compared to $48,113 in the three months ended September 30, 2024. Interest expense results from the accretion of the Company's leases and right-of-use assets. Gain on lease modification expenditures were $142,065 in the three months ended September 30, 2025 compared to $nil in the prior period. The increase relates to a modification of the construction camp lease. Fair value gain and loss on financial liability relates to the fair value adjustments of the financial liability associated with the stream arrangement. See Project Financing - Phase 1 Stream Financing section of this MD&A for further details. Interest income results from interest earned on short term guaranteed investment certificates. Nine Months Ended September 30, 2025, compared to 2024 The Company incurred a net loss of $18,324,056 or $0.07 per share for the nine months ended September 30, 2025, compared to a net loss of $17,836,242 or $0.08 per share for the nine months ended September 30, 2024. The decrease of expenditures is primarily related to the following: Acquisition, exploration and evaluation expenses were $3,390,679 for the nine months ended September 30, 2025 compared to $7,503,904 for the nine months ended September 30, 2024. The decrease of $4,113,225 is primarily related to the following: an increase of $136,238 of environmental assessment and community consultation expenses which was primarily related to the continued advancement of permitting and community agreements, a decrease of $1,781,196 in engineering costs due to the Company pausing, engineering and procurement services pending increased visibility regarding the timing associated with the receipt of permits required for the commencement of construction and project financing, and a decrease in exploration and site costs of $2,448,228 as a result of the ongoing exploration program in the 2024 period which is funded by the proceeds from a flow-through financing completed in November 2023. Share-based compensation was $1,043,130 for the nine months ended September 30, 2025, compared to $1,092,600 for the nine months ended September 30, 2024. Share-based compensation is a non-cash item and fluctuates period to period depending on the number of equity awards vested during the period. Audit, legal and advisory fees were $524,575 for the nine months ended September 30, 2025, compared to $220,157 for the nine months ended September 30, 2024. The increase of $304,418 is mainly the result of an increase in expenditures associated with project financing due diligence and advisory expenditures. Management and corporate administration expenses were $835,506 in the nine months ended September 30, 2025, compared to $1,049,239 for the nine months ended September 30, 2024. The decrease of $213,733 is the result of a decrease of executive compensation. Shareholder and investor communications costs were $385,949 for the nine months ended September 30, 2025, compared to $200,775 for the nine months ended September 30, 2024. The increase of $185,174 is mainly due to an increase of corporate marketing expenditures. Interest expense was $128,204 for the nine months ended September 30, 2025, compared to $226,229 for the nine months ended September 30, 2024. Interest expense results from the accretion of the company's leases and right-of-use assets. Flow-through share premium recovery relates to settlement of the flow-through premium liability by incurring exploration expenditures. Gain on lease modification expenditures were $142,065 in the three months ended September 30, 2025 compared to $nil in the prior period. The increase relates to a modification of the construction camp lease. Fair value gain on the financial liability relate to the fair value adjustments of the financial liability associated with the stream arrangement. See Project Financing - Phase 1 Stream Financing section of this MD&A for further detail. Interest income results from interest earned on short term guaranteed investment certificates. Acquisition, Exploration and Evaluation Expenditures Below are the acquisition, evaluation and exploration expenditures for the three and nine months ended September 30, 2025, compared with the equivalent period in 2024. Three months en 2025 ded September 30 2024 Nine months ende 2025 d September 30 2024 Marathon 771,190 1,872,651 3,390,679 7,503,904 Total mineral property expenditures $ 771,190 $ 1,872,651 $ 3,390,679 $ 7,503,904 Total expenditures 100,984,513 - 3,390,679 104,375,192 Mineral properties sold (848,304) - - (848,304) Mineral properties acquired 1,216,848 - - 1,216,848 Total mineral property expenditures 101,353,057 - $ 3,390,679 $104,743,736 The following table displays the cumulative mineral property expenditures by project as at and during the periods ended September 30, 2025 and 2024. Cumulative Acquisition Exploration and Cumulative December 31, Evaluation September 30, 2024 2025 Darnley Bay $ 576,941 $ - $ - $ 576,941 Marathon 100,407,572 - 3,390,679 103,798,251 Cumulative Acquisition Exploration and Cumulative December 31, Evaluation September 30, 2023 2024 Darnley Bay $ 576,941 $ - $ - $ 576,941 Marathon 91,881,330 - 7,503,904 99,385,234 Total expenditures 92,458,271 - 7,503,904 99,962,175 Mineral properties sold (848,304) - (848,304) Mineral properties acquired 1,216,848 - - 1,216,848 Total mineral property expenditures 92,826,815 - $ 7,503,904 $ 100,330,719 ‌SUMMARY OF QUARTERLY RESULTS Three Months Ended Sep 2025 Jun 2025 Mar 31 2025 Dec 31 2024 Acquisition, exploration and evaluation $ 771,190 $1,366,657 $1,252,833 $1,022,338 General and administration 1,118,502 392,648 420,015 336,463 Share-based payments 159,379 759,276 124,476 135,520 Operating loss (2,049,071) (2,518,581) (1,797,324) (1,494,321) Flow-through share premium recovery - - - 45,456 Gain on lease modification 142,065 - - - Loss (gain) from investment in associate (290,053) 475,036 (943,765) 261,301 Fair value loss on financial liability (4,808,255) (3,311,649) (3,148,128) (2,763,922) Foreign exchange (loss) gain (1,265) 1,373 (492) (2,704) Interest (loss) income (155,768) 41,137 40,685 170,311 Net and comprehensive loss for the period (7,162,347) (5,312,684) (5,849,024) (3,783,879) Basic and diluted loss per share $(0.03) $(0.02) $(0.02) $(0.02) Weighted average number of common shares 268,186,238 237,018,304 236,992,106 236,992,106 outstanding Three Months Ended Sep 30 2024 Jun 30 2024 Mar 31 2024 Dec 31 2023 Acquisition, exploration and evaluation $1,872,651 $ 2,994,372 $ 2,636,881 $ 3,608,049 General and administration 513,085 570,957 679,570 221,516 Share-based payments 168,136 758,349 166,115 167,048 Operating loss (2,553,872) (4,323,678) (3,482,566) (3,996,613) Gain on disposition of property - - - 2,830,000 Flow-through share premium recovery 69,536 179,984 92,144 - Gain on lease modification - 253,347 - - Loss from investment in associate (551,327) (199,395) (210,883) (95,321) Fair value (loss) gain on financial liability (4,013,821) (3,692,530) 98,612 (3,164,074) Foreign exchange gain (loss) 11 (622) (1,280) 12,772 Interest income 106,052 194,659 199,387 89,948 Net and comprehensive loss for the period (6,943,421) $(7,588,235) $(3,304,586) $(4,323,288) Basic and diluted loss per share $(0.03) $(0.03) $(0.01) $(0.02) Weighted average number of common shares 236,619,943 236,098,507 236,053,408 206,930,191 outstanding Generation's operating losses are driven mainly by the extent and cost of the Company's acquisition, evaluation and exploration activities. The significant changes over the most recent eight completed quarters are outlined below. Acquisition and evaluation expenditures have decreased from approximately $3.6 million during the fourth quarter of 2023 to approximately $771k during the third quarter of 2025. Expenditures have decreased due to a pause in engineering and procurement services pending increased visibility regarding the timing associated with the receipt of permits required for the commencement of construction and project financing. General and administrative expenses have been consistently decreasing as the Company focuses on reducing expenditures pending increased visibility on permitting and project financing. Expenditures in Q3 2025 increased due to the restart of project financing due diligence and advisory. Share-based payments are a non-cash item model and fluctuates period to period depending on the number of equity awards vested. Loss from investment in associate and gain on disposition of property relate to the sale of the Davidson Property to Moon River. See Investment in Associate of this MD&A for further details. Fair value gain and loss on the financial liability relate to the fair value adjustments of the financial liability associated with the stream arrangement. See Project Financing - Phase 1 Stream Financing section of this MD&A for further detail. ‌FINANCIAL POSITION Assets As at September 30, 2025, the Company had total assets of $13,385,109 (December 31, 2024 - $8,349,514) which consisted of current assets of $11,916,421 (December 31, 2024 - $6,001,435) and non-current assets of $1,468,688 (December 31, 2024 - $2,348,079). Current assets as at September 30, 2025, consist primarily of cash and cash equivalents of $11,547,137 (December 31, 2024 - $5,525,287), accounts receivable of $241,565 (December 31, 2024 - $254,858) and prepaids of $127,719 (December 31, 2024 - $221,290). Cash is held in Canadian dollar denominated accounts and short term guaranteed investment certificates. Accounts receivable is mainly comprised of GIC interest income receivable and HST receivable. Non-current assets as at September 30, 2025, consist of restricted cash held as security for the corporate office lease, land and buildings acquired through the acquisition of the Marathon Property, right-of-use assets, security deposits, and an investment in Moon River. Security deposits are related to the Ministry of Mines closure plan. Liabilities As at September 30, 2025, the Company had total liabilities of $69,620,959 (December 31, 2024 - $58,130,566) which consisted of current liabilities of $2,462,609 (December 31, 2024 - $2,956,330) and long-term liabilities of $67,158,350 (December 31, 2024 - $55,174,236). Current liabilities as at September 30, 2025, consist mainly of accounts payable and accrued liabilities of $2,207,506 (December 31, 2024 - $1,417,113) and short-term lease liability of $255,103 (December 31, 2024 - $1,539,217). Accounts payable relate to expenditures incurred to advance the Marathon Property. Short-term lease liability is related to leased assets which consist of vehicles, office lease and the construction camp. Long-term liabilities as at September 30, 2025, consist of a $67,158,350 (December 31, 2024 - $55,174,236) which consisted of the Precious Metal Purchase Agreement with Wheaton Precious Metals Corp. of $66,371,443 (December 31, 2024 - $55,103,411) and long-term lease liability of $786,907 (December 31, 2024 - $70,825). The PMPA is further described under Project Financing - Phase 1 Stream Financing section of this MD&A. Long-term lease liability is related to leased assets which consist of vehicles. ‌LIQUIDITY AND GOING CONCERN UNCERTAINITY The Company relies on equity, metal streams, and potentially debt or other structured financings to fund its acquisition, evaluation, and exploration activities, cover administrative expenses, and to meet its obligations as they become due. Comparable to many exploration and early-stage development companies, the Company relies on financings to fund its exploration, development and acquisition activities. The Company had a working capital surplus of $9,453,812 at September 30, 2025 (December 31, 2024 surplus - $3,045,105); had not yet achieved profitable operations; had accumulated losses of $148,865,467 at September 30, 2025; (December 31, 2024 - $136,208,661); and expects to incur further losses in the development of its business. The Company does not have adequate cash resources to fund its operations over the next twelve months and will require additional financing in order to conduct its planned work programs on its mineral properties, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. The Company's main source of liquidity is its cash. These funds are primarily used to finance working capital, exploration and evaluation expenditures, capital expenditures, and acquisitions. The Company manages its liquidity risk by regularly monitoring its cash flows from operating activities and holding adequate amounts of cash. Cash is held on deposit in guaranteed investment certificates with a major Canadian chartered bank. The Company has also made financial commitments which are outlined elsewhere in this MD&A. Cash used in operating activities during the nine months ended September 30, 2025, was $4,378,312 compared with $8,851,981 in the same period in 2024. The cash used in operations in both periods relates mainly to the acquisition, exploration and evaluation of the Marathon Property, and corresponding expenditures in audit, legal and advisory fees, investor communications expenses, general and administrative expenses. Cash used in investing activities was $nil during the nine months ended September 30, 2025, compared to cash used in investing activities of $23,517 in the same period in 2024. Cash used by investing activities in the prior period was for the purchase of equipment. Cash provided from financing activities during the nine months ended September 30, 2025, amounted to $10,400,162 in net proceeds from a private placement completed during the current period, compared to cash used in financing activities of $540,962 in the prior period. June 2025 Equity Financing On June 24, 2025, Generation completed a private placement for aggregate gross proceeds of approximately $11.5 million. The Offering was conducted by a syndicate of underwriters led by Stifel Nicolaus Canada Inc., and including Haywood Securities Inc., and consisted of the sale of 31,082,200 Units at a price of $0.37 per Unit. Each Unit comprised of one common share in the capital of the Company and one-half (½) of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share in the capital of the Company at a price of $0.48 for a period of 36 months at any time from August 24, 2025 until August 24, 2028. The Company paid share issue costs of $746,286 related to a 6% underwriting fee. CAPITAL RESOURCES The Company does not have any debt or credit facilities with financial institutions. At present, the Company's operations do not generate cash in-flows and its financial success is dependent on management's ability to discover economically viable mineral deposits. The mineral exploration process can take many years and is subject to factors that are beyond the Company's control. To finance the Company's exploration programs, detailed engineering, environmental assessment and to cover administrative and overhead expenses, the Company raises money through equity, debt and metal stream financings. Many factors influence the Company's ability to raise funds, including the health of the resource market, the climate for mineral exploration investment, the Company's track record, and the experience and caliber of its management. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration and development activities. Management believes it will be able to raise capital as required in the long term but recognizes there will be risks involved that may be beyond their control. If the Company is unable to raise sufficient financing, it may need to scale back its intended operational programs and its other expenses. Other than as discussed herein, the Company is not aware of any trends, demands, commitments, events or uncertainties that may result in its liquidity either materially increasing or decreasing at present or in the foreseeable future, other than general market conditions, which are uncertain for junior exploration companies. Material increases or decreases in the Company's liquidity will be substantially determined by the success or failure of its exploration and development programs, as well as its continued ability to raise capital. ‌MARATHON PROPERTY ACQUISITION On January 26, 2022, Generation completed the acquisition of 100% of the Marathon Project whereby Generation issued 21,759,332 common shares of the Company to Stillwater, a wholly-owned subsidiary of Sibanye-Stillwater. Stillwater currently holds 32,813,127 common shares of the Company, representing a 12.2% ownership in Generation Mining. ‌OTHER MINERAL PROPERTIES In addition to the Marathon Property, the Company holds contractual rights related to the following mineral properties as of September 30, 2025: Darnley Bay, Northwest Territories: The Company held the exclusive rights to a mineral concession covering the Inuvialuit Settlement Region's lands, where the Inuvialuit hold the mineral and surface rights, through an exploration and development agreement with the Inuvialuit Regional Corporation (the "IRC"). On January 27, 2023, the Company sold its interest in the Darnley Bay mineral concession to Elton Resources ("Elton") under an Asset Purchase Agreement ("APA"), subsequently amended (the "Amended APA"). Pursuant to the Amended APA, $150,000 was remitted by Elton to the IRC and Elton entered into a new exploration and development agreement with the IRC. Under the Amended APA, Elton was to complete a Going Public Transaction ("GPT") by September 30, 2025. The GPT was not completed and the Company and Elton continue to explore alternative financing structures in order to advance the Darnley Bay project. ‌RELATED PARTY TRANSACTIONS Key management includes the Company's directors, officers and any employees with authority and responsibility for planning, directing, and controlling the activities of an entity, directly or indirectly. Compensation awarded to key management includes the following: 3 months ended September 30, 9 months ended September 30, 2025 2024 2025 2024 Salaries and bonuses $ 221,917 $ 344,667 $ 662,751 $ 881,338 Share-based payments - options 21,363 97,980 98,682 124,538 Share-based payments - RSUs and DSUs 90,753 566,833 777,192 666,323 Total compensation to key management $ 334,033 $ 1,009,480 $ 1,538,625 $ 1,672,199 As at September 30, 2025, accrued compensation includes $206,197 (September 30, 2024 - $ 208,936) due to key management of the Company. OUTSTANDING EQUITY DATA Common Shares The following table summarizes the continuity of common shares for the nine months ended September 30, 2025 and November 4, 2025: Number of shares $ Balance as at December 31, 2023 236,053,408 80,429,321 Shares issued upon redemption of RSUs and DSUs 938,698 304,266 Balance as at December 31, 2024 236,992,106 80,733,587 Issued in private placement (1) 31,082,200 8,422,963 Shares issued upon redemption of warrants 150,000 94,500 Shares issued upon redemption of RSUs and DSUs 174,467 56,280 Balance as at September 30, 2025 268,398,773 89,307,330 Shares issued upon redemption of warrants 215,000 135,100 Shares issued upon redemption of DSUs 456,000 150,006 Shares issues upon redemption of options 561,866 437,576 Balance as at November 4, 2025 269,631,639 90,030,012 Warrants The following table summarizes the continuity of warrants for the nine months ended September 30, 2025 and November 4, 2025: Number of warrants Outstanding, December 31, 2023 and December 31, 2024 10,507,200 Warrants issued (1) 15,541,100 Warrants exercised (150,000) Outstanding, December 31, 2024 and September 30, 2025 25,898,300 Warrants exercised (215,000) Outstanding, November 4, 2025 25,683,300 (1) On June 24, 2025, the Company closed a private financing that consisted of 31,082,200 units ("Units") in the capital of the Company at a price of $0.37 per Unit for aggregate gross proceeds of $11,500,414 ("Offering"). The total share issue cost was $746,286 which included a 6% underwriting fee. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant is exercisable to acquire one common share at a price of $0.48 for a period of 36 months at any time from August 24, 2025 until August 24, 2028. The warrants have an estimated grant date fair value of $2,331,165 which was estimated using the Black Scholes option pricing model and the following assumptions: Risk-free interest rate 2.64%, expected volatility of 87.94%, dividend yield nil, expected life 3 years. Flow-through Premium Liability Flow-through premium liability consists of the liability portion of the flow-through shares issued. The following is a continuity schedule of the liability portion of the flow-through share issuances. Balance, December 31, 2023 $ 387,120 Settlement of flow-through premium liability by incurring expenditures (387,120) Balance, December 31, 2024, September 30, 2025 $ - On November 21, 2023, the Company issued 9,678,000 flow-through shares of the Company at a price of $0.32 per share. The premium paid by investors was calculated as $0.04 per share. Accordingly, $387,120 was recorded as flow-through premium liability. As at September 30, 2025 and December 31, 2024, the Company had no remaining commitment to incur exploration expenditures in relation to its flow-through share financing. Equity Plan On May 9, 2018, the Company adopted an incentive Stock Option Plan (the "Plan"). The Plan was amended in July 2020. The Company subsequently adopted an Omnibus Equity Incentive plan (the "Equity Plan") on May 11, 2023, which received shareholder approval on June 28, 2023. With the approval of the Equity Plan, the Option Plan was terminated and all of the issued and outstanding stock options granted under the Option Plan are now governed by the Equity Plan. Under the Equity Plan, the Company can issue stock options ("Options"), deferred share units ("DSUs"), restricted share units ("RSUs") and performance share units ("PSUs", and collectively with Options, DSUs and PSUs, the "Awards"), as applicable, to directors, employees and consultants in accordance with the terms of the Equity Plan. The maximum number of common shares issuable under the Equity Plan will not exceed 10% of the issued and outstanding common shares from time to time. Limits have also been set in respect of the maximum number of Awards that may be issued to insiders at any time, as well as within any one-year period. The Equity Plan is a rolling plan, therefore, the number of common shares that have been reserved for issuance under the Equity Plan will increase when the Company's issued and outstanding common shares increase. The Awards are non-assignable and non-transferable, except upon death. Stock Options The following table sets forth the continuity of outstanding stock options for the nine months ended September 30, 2025 and November 4, 2025: Number of options Outstanding, December 31, 2023 14,202,059 Options granted 2,362,400 Options forfeited (6,325,000) Outstanding, December 31, 2024 10,239,459 Options granted 2,133,100 Options forfeited (6,825,000) Outstanding, September 30, 2025 5,547,559 Options granted 1,370,438 Options exercised (561,866) Outstanding, November 4, 2025 6,356,131 The fair value of options granted under the Plan is measured on the date of grant using the Black-Scholes pricing model and expensed to net income (loss) using the following inputs and assumptions at the measurement date: (%) (1) nd Yield % 05-Apr-23 602,059 0.58 0.57 64 3.32 3 / 0% 150,515 1/3 rd vesting 04-Apr-24 2,362,400 0.29 0.27 74 3.93 3 / 0% 307,112 1/3 rd vesting 24-Apr-25 2,133,100 0.18 0.19 77 2.79 5 / 0% 262,878 1/3 rd vesting Date Number of Exercise Market Options Price ($) Price ($) Expected Volatility Risk-free Interest Rate (%) Expected Fair Value of Vesting Life (yrs)/Divide Options ($) (1) Based on the Company's historical volatility. As at September 30, 2025, stock options carry exercise prices and terms to maturity as follows: Exercise Price ($) Options Granted Options Exercisable Expiry Date Remaining Contractual Outstanding Life (years) 0.52 450,000 450,000 November 6, 2025 0.1 0.58 602,059 602,059 April 5, 2026 0.5 0.29 2,362,400 1,574,933 April 4, 2027 1.5 0.18 2,133,100 711,033 April 23, 2030 4.6 0.30 (1) 5,547,559 3,338,025 2.5 (1) (1) Weighted average The stock-based compensation expense related to stock options for the nine-month period ended September 30, 2025 was $216,340 (September 30, 2024 - $276,359) RSUs and DSUs On April 4, 2024, the Company granted RSUs to executives and granted DSUs to non-executive directors. The total number of RSUs granted were 1,163,300 and have a three-year vesting term commencing on the grant date. The total number of DSUs granted were 1,637,800 and are fully vested at the grant date and become payable upon retirement of the directors. On April 24, 2025, the Company granted RSUs to executives and granted DSUs to non-executive directors. The total number of RSUs granted were 532,100 and have a three-year vesting term commencing on the grant date. The total number of DSUs granted were 3,618,115 and are fully vested at the grant date and become payable upon retirement of the directors. On August 13, 2025, the Company granted RSUs to executives and on July 14, 2025 granted DSUs to non-executive directors. The total number of RSUs granted were 176,914 and have a one-year vesting term commencing on the grant date. The total number of DSUs granted were 113,700 and are fully vested at the grant date and become payable upon retirement of the directors. The fair value of the RSUs and DSUs awarded to executives and non-executive directors is determined as of the date of grant and recognized as share-based compensation expense over the vesting period of the equity instruments with a corresponding increase to contributed surplus. The fair value of RSUs and DSUs is the market value of the underlying shares as of the date of grant. The continuity of outstanding RSUs for the nine-month period ended September 30, 2025 is as follows: Number of RSUs Vested Weighted Average Grant Price Outstanding, December 31, 2023 1,737,500 - 0.38 RSUs granted 1,163,300 - 0.29 RSUs redeemed (482,698) - 0.38 RSUs forfeited (289,400) - 0.38 Outstanding, December 31, 2024 2,128,702 579,167 0.33 RSUs granted 709,014 - 0.22 RSUs redeemed (174,467) - 0.36 RSUs forfeited (363,767) - 0.29 Outstanding, September 30, 2025 2,299,482 966,933 0.30 RSUs granted 818,004 - 0.65 Outstanding, November 4, 2025 3,117,486 966,933 0.39 ‌All RSUs have a three-year vesting term commencing on the grant date and as at September 30, 2025, 1,546,100 RSUs have vested. The continuity of outstanding DSUs for the nine-month period ended September 30, 2025 is as follows: Number of DSUs Weighted Average Grant Price Outstanding, December 31, 2023 1,250,200 0.38 DSUs granted 1,637,800 0.29 DSUs redeemed (456,000) 0.33 Outstanding, December 31, 2024 2,432,000 0.33 DSUs granted 3,731,815 0.18 Outstanding, September 30, 2025 6,163,815 0.24 DSUs granted 272,668 0.55 DSUs redeemed (456,000) 0.33 Outstanding, November 4, 2025 5,980,483 0.25 DSUs fully vest at the grant date and become payable upon retirement of the directors. Subsequent to quarter end 1,421,057 PSUs were granted and vest based on certain performance criteria. The stock-based compensation expense related to RSUs and DSUs for the nine-month period ended September 30, 2025 was $826,790 (September 30, 2024 - $816,242). FINANCIAL RISK MANAGEMENT The Company manages its exposure to a number of different financial risks arising from operations as well as from the use of financial instruments, including market risks (foreign currency exchange rate, interest rate and other price risk), credit risk and liquidity risk, through its risk management strategy. The objective of the strategy is to support the delivery of the Company's financial targets while protecting its future financial security and flexibility. Financial risks are primarily managed and monitored through operating and financing activities. The Company does not use derivative financial instruments. The financial risks are evaluated regularly with due consideration to changes in key economic indicators and up-to-date market information. The Company's risk exposures and the impact on the Company's financial instruments are summarized below. Credit Risk Credit risk is the financial risk of non-performance of a contracted counter party. The Company's credit risk is primarily attributable to cash and receivables. The Company reduces its credit risk by maintaining its cash with a Canadian chartered bank. The Company's maximum exposure to credit risk as at September 30, 2025 is the carrying value of cash and receivables. The credit risk on receivables is deemed low as the majority is related to GIC interest receivable and federal government refunds. Liquidity Risk Liquidity risk encompasses the risk that the Company cannot meet its financial obligations in full. The Company's main source of liquidity is its cash. These funds are primarily used to finance working capital, exploration and evaluation expenditures, capital expenditures, and acquisitions. The Company manages its liquidity risk by regularly monitoring its cash flows used in operating activities and holding adequate amounts of cash. As at September 30, 2025, the Company has current assets of $11,916,421 (December 31, 2024 - $6,001,435) to cover current liabilities of $2,462,609 (December 31, 2024 - $2,956,330). The current assets include cash and cash equivalents, receivables, prepaid expenses and security deposits. The Company also manages liquidity risk on the basis of expected maturity dates. The following table analyzes financial liabilities by remaining contractual maturity (contractual and undiscounted cash flows). Undiscounted lease liability -base contract Undiscounted lease liability -operating costs Accounts payable and accrued liabilities Total Less than 1 year $ 190,492 $ 2,398 $ 2,207,506 $ 2,400,396 1-5 years 985,000 - - 985,000 Balance at September 30, 2025 $ 1,175,492 $ 2,398 $ 2,207,506 $ 3,385,396

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