12:01 PM EDT, 06/03/2024 (MT Newswires) -- Generation Mining ( GENMF ) on Monday cheered a recent report by the International Energy Forum outlining rising global demand for copper amid the energy transition.

The report, titled "Copper Mining and Vehicle Electrification," found that the world will not be able to produce enough copper to transition to 100% electric vehicle production by 2035, which is the target of several governments.

"Policymakers might consider changing the vehicle electrification goal from 100% EV to 100% hybrid manufacture by 2035," the company quoted the report as saying. "This would allow for future output of existing and new copper mines to be used for the developing world to catch up with the developed world in electrification."

Generation Mining ( GENMF ) will have a fireside chat on Wednesday to discuss vehicle electrification and copper mining with the report's author and company representatives.

This comes after Generation Mining ( GENMF ) over the weekend said it filed a final short-form base shelf prospectus with regulatory authorities in Canada to sell up to $60 million of securities over a 25-month period.

Once the prospectus is approved, Generation Mining ( GENMF ) can issue common shares, debt securities, warrants, subscription receipts, units, or any combination of these from time to time over the 25-month span. The company said it has no immediate plans to issue any securities under the prospectus at this time.

"Over the next 25 months, this prospectus will ensure that Generation can rapidly raise capital when access is available on favourable terms, " said Generation President and CEO Jamie Levy.

Generation Mining ( GENMF ) shares were last seen down $0.01 to $0.27 on the TSX Venture Exchange.

Price: 0.27, Change: -0.01, Percent Change: -3.57