$GENM.TO

Generation Mining Appoints Jeremy Wyeth as Chief Operating Officer, Anton Cukrov as VP Finance

Generation Mining (GENM.TO) appointed Jeremy Wyeth as chief operating officer and Anton Cukrov as vice president for finance, the company said on Thursday.Wyeth was previously operations director at Wood Canada (AMEC/Wood), from 2017 to 2020, Generation said. He also previously led the full development cycle of De Beers' Victor Diamond Mine in Northern Ontario."Since joining us as Technical Advisor six months ago, Jeremy has demonstrated exceptional leadership and a deep understanding of the Marathon Copper-Palladium Project," Chief Executive Officer Jamie Levy said. "Jeremy is exceptionally well connected across the global mining engineering and construction community."Cukrov has 18 years of finance experience in the mining sector. Before Generation Mining, Cukrov held corporate secretary and controller roles at Foran Mining has also held "progressively senior roles" at Centerra Gold (CG.TO) and at Frontera Energy Corporation (FEC.TO).Price: $0.73, Change: $+0.02, Percent Change: +2.82%

Generation Mining Receives Senior Lender Credit Approval For US$310 Million from EDC, ING Capital, And Societe Generale

Generation Mining (GENM.TO) Wednesday said that Export Development Canada (EDC), ING Capital LLC, and Societe Generale S.A., collectively the Mandated Lead Arrangers (MLAs), have each received internal credit approval for a senior secured project finance facility for US$310 million, or approximately C$424 million to fund the construction and development of the Marathon Copper-Palladium Project, located on the north shore of Lake Superior in Northwestern Ontario, Canada.With the senior facility, an existing undrawn metals streaming agreement with Wheaton Precious Metals (WPM.TO) of C$200 million, and equipment leasing facilities totaling approximately C$145 million, Generation Mining has secured approximately C$769 million of the funding required to bring the Marathon Project into production, stated the company."The receipt of credit approval from the MLAs represents a critical milestone in the project financing process and reflects the lenders' confidence in the Marathon Project's economics, permitting status, and strategic importance as a North American critical mineral's producer," said the company.The senior facility is subject to final documentation including export credit agencies and a comprehensive intercreditor agreement, said the company and added that final documentation will include customary project finance terms and conditions including satisfaction of a fully funded project construction package."Receiving credit approvals from EDC, ING, and Societe Generale is a landmark moment for Generation Mining and a powerful endorsement of the Marathon Project," said Jamie Levy, the chief executive.Levy also noted that, in the course of negotiations with the MLAs and prospective subordinate debt and equity investors, the company determined that a portion of the previously announced senior debt commitment could be replaced with alternative sources of capital elsewhere in the capital structure, allowing the senior facility to be "optimally sized."

Generation Mining Says Received Senior Lender Credit Approval For US$310M From EDC, ING Capital, And Societe Generale