Generation Mining Limited ("Gen Mining" or the "Company") is pleased to announce that it has received, through its wholly-owned subsidiary Generation PGM Inc. ("Gen PGM"), the second CAD$20 million payment from the previously announced Precious Metal Purchase Agreement (the "PMPA") with Wheaton Precious Metals Corp. ("Wheaton") in respect to the Marathon Palladium Copper project in Northwestern Ontario (the "Marathon Project").
Under the terms of the PMPA, Wheaton will pay Gen PGM total cash consideration of CAD$240 million in return for a stream on all gold production and 22% of the platinum production from the Marathon Project. The first CAD$20 million was received March 31, 2022. During construction of the Marathon Project the remaining CAD$200 million will be payable in four staged installments which are also subject to various customary conditions precedent being satisfied. Further details are contained in the Gen Mining news releases dated December 22, 2021 and March 31, 2022.
Jamie Levy, the President and CEO commented "On our path towards the permitting and construction of the Marathon Project, one of North America's largest undeveloped critical mineral deposits, this represents a significant funding milestone. We are pleased and gratified to have gained the confidence and financial support of Wheaton's highly skilled management, technical and investment teams."