Published: October 30, 2026 |
Generation Mining has secured $242 million (CAD$340 million) representing the final funding and financing component required to complete the fully financed construction package for its 100 percent owned Marathon Copper-Palladium Project, located near Marathon, Northwestern Ontario, Canada,
The funding package included anchor investments of approximately $100 million (CAD$140 million) from Canada Growth Fund (CGF) and $36 million (CAD$50 million) from Canada Infrastructure Bank (CIB).
“Today is a landmark day for Generation Mining. With the final funding now secured, we have completed a fully financed construction package for the Marathon Project. This important milestone was made possible by the complementary tools put in place by the government of Canada to help complete the project’s financing stack, with CGF providing equity financing and CIB providing debt financing,” said Jamie Levy, president and chief executive officer.
“With financing now complete, we are thrilled to begin early works construction in Q4 2026 and move the Marathon Project toward production as Canada’s next major producer of copper and palladium,” added Levy.
In addition to the final funding, the company and Glencore have agreed to terms with respect to a copper and metal supply contract, pursuant to which Glencore agreed to purchase polymetallic copper concentrate containing copper, palladium, platinum, gold, and silver produced at the Marathon Project. The voncentrate will support domestic value-added processing at Glencore Canada’s Horne Smelter in Rouyn-Noranda, Québec as well as Glencore Canada’s CCR refinery and further domestic value-added processing.
“To assemble project capital totaling approximately $1.3 billion for a company of our size is a significant accomplishment. This could not have been done without the support of CGF, CIB, Wheaton Precious Metals, Glencore, senior lenders, our equity partners, and advisors. This project will be a generational asset for our shareholders and for Canada’s critical minerals sector, and I want to sincerely thank everyone involved,” said Brian Jennings, chief financial officer.
“CGF was established to unlock strategic projects across Canada by deploying capital through specialized financial instruments that mobilize private investment into strategically important assets. Building on its investment expertise, CGFIM has helped support the Marathon Project and is advancing a new Canadian source of copper and palladium, strengthening critical minerals supply chains and supporting long-term economic growth,” said Yannick Beaudoin, president and chief executive officer of Canada Growth Fund Investment Management (CGFIM).
“The Marathon Project will help build a resilient, made-in-Canada supply chain for the critical minerals that power our clean economy. We are pleased to make our first investment in Ontario’s critical minerals sector and we look forward to seeing construction get underway,” said Ehren Cory, chief executive officer of the Canada Infrastructure Bank.
Generation Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario, Canada. The company released the results of the feasibility study update in March 2023. Gen Mining owns a 100 percent interest in the Marathon Project.
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