08:23 AM EDT, 08/07/2024 (MT Newswires) -- Generation Mining ( GENMF ) said Wednesday that it secured a key federal approval for the

Marathon palladium-copper project in Ontario.

The company said it received Fisheries Act Authorization from Fisheries and Oceans Canada, allowing the construction of a tailings storage facility and water management structures required for the construction and operation of the project.

"This represents the final federal approval required to commence construction of the Marathon project, and yet another important milestone in bringing Canada's next critical mineral mine into production," President and CEO Jamie Levy said. "We are very happy with this approval and look forward to receiving the necessary provincial permits and approvals in the coming months."

Generation said the project requires three remaining provincial approvals before completing all permits required for construction.

The company's share price fell 7.7% yesterday to $0.24.