11:59 AM EDT, 08/07/2024 (MT Newswires) -- Generation Mining ( GENMF ) said Wednesday 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 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," chief executive 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 shares were last seen up $0.02 to $0.26 on the Toronto Stock Exchange.

Price: 0.26, Change: +0.02, Percent Change: +6.25