11:57 AM EDT, 05/22/2025 (MT Newswires) -- (Updates shares.)

Generation Mining ( GENMF ) on Thursday said it received the final permit required for construction of the Marathon copper-palladium project in Ontario.

The Ontario Ministry of Environment, Conservation and Parks granted the Environmental Compliance Approval - Industrial Sewage Works for management and discharge of water for the project's construction phase.

The most recent feasibility study for the Marathon project estimated a net present value, using a 6% discount rate, of $1.07 billion and an internal rate of return of 28%. Over the expected 13-year mine life, the project is expected to produce approximately 2.2 million ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3.1 ounces of silver in payable metals.

"With this final permit, Generation believes that the Marathon Project will be a major step forward in securing domestic supplies of copper and palladium - essential elements for clean energy and advanced technologies," chief executive Jamie Levy said.

The company's shares were last seen up $0.035 to $0.27 on the Toronto Stock Exchange.

Price: 0.27, Change: +0.04, Percent Change: +14.89