04:45 PM EDT, 10/07/2024 (MT Newswires) -- Generation Mining ( GENMF ) after trade Monday said its Generation PGM unit., a wholly-owned subsidiary developing the Marathon Copper-Palladium Project, was awarded up to $771,000 from the Canadian government's Critical Minerals Infrastructure Fund (CMIF) pending final due diligence.

Generation PGM is planning to complete engineering and design work and feasibility studies for road and rail links to support the shipment of copper concentrates from its mining project located near Marathon in northern Ontario to smelters in Canada and Europe.

The CMIF is a key program under the Canadian Critical Minerals Strategy to address infrastructure gaps, enable critical minerals production and connect resources to markets through various clean energy, electrification and transportation infrastructure projects.

"With all federal approvals for construction having been obtained, and only 3 outstanding provincial permits expected to be granted by year-end, the work undertaken with this funding could support construction activities in 2025," said chief executive Jamie Levy.

The company's shares closed unchanged at $0.23 on the Toronto Stock Exchange.