Zinc * USD/lb
1.03
Lead * USD/lb
0.93
Moly * USD/lb
0.00

Marathon Property

Generation Mining has an option to acquire an initial 51% interest (and potentially up to an 80% interest) in Sibanye-Stillwater’s Marathon PGM deposit located near Marathon, Ontario (the “Property”). The Property consists of 44 mining leases totaling 3,013 hectares, and an additional 82 contiguous mining claims covering 13,312 hectares.

The Property was developed from 1985 to 2010 by various companies and was eventually owned by Marathon PGM Corporation. Stillwater Mining Company (“Stillwater”) acquired Marathon PGM Corporation in 2010 for US$118 million. In 2017, the Property was acquired by Sibanye-Stillwater when it purchased Stillwater.

The Property is located in north-western Ontario approximately 215 km east of Thunder Bay and 10 km north of Marathon, Ontario, on the eastern margin of the Coldwell Complex. The known zones of significant mineralisation have a total north-south strike length of approximately 3km and dip 30° to 40° toward the west. The mineralisation has a true thickness ranging from 4m to 100m.

More than 146,000 metres of drilling in 790 holes have been drilled to date on the Property, which has been the subject of feasibility studies and numerous mineral resource estimates. The portion of the Property that hosts the Main Marathon deposit has no outstanding royalties.

The Property is located in close proximity to excellent infrastructure. The Trans-Canada highway runs through the Property, as does the main line of the Canadian Pacific Railroad. There are also several power lines crossing the Property. The town of Marathon, where many of the employees of the nearby Hemlo gold mine reside, offers a staging point for any future mine construction.

HISTORICAL RESOURCES

MAIN DEPOSIT RESOURCES*

 Tonnes
millions
Pd
g/t
Pt
g/t
Au
g/t
Cu
%
 Pd/oz
‘000
Pt/oz
‘000
Au/oz
‘000
Cu/lbs
million
Resources
Measured94.30.8460.2430.0880.262 2,564736266545
Indicated20.50.4510.1600.0620.14 3861335073
M + I114.80.7750.2280.0830.241 2,950869316618
Inferred6.20.3060.1040.0470.151 6121921
Reserves
Proven76.50.9100.2540.0900.268 2,237625222452
Probable15.00.4350.1470.0600.138 209712946
2P91.50.8320.2370.0850.247 2,447696251497

OTHER RESOURCES - GEORDIE LAKE**

 Tonnes
millions
Pd
g/t
Pt
g/t
Au
g/t
Cu
%
 Pd/oz
‘000
Pt/oz
‘000
Au/oz
‘000
Cu/lbs
million
Total Resources – Main and Hangingwall Zones
M + I32.40.610.040.050.37 64139.549.7263
Inferred7.960.590.030.040.36 1518.610.462

* “Technical Report on the updated Feasibility Study for the Marathon PGM-Cu Project, Marathon, Ontario, Canada” by Micon; updated on January 8th, 2010, no longer 43-101 Compliant and considered Historical (Metal Prices: Pd: US$300/oz, Pt: US$1,100/oz, Au: US$700/oz, Cu: US$2.50/lb); resources inclusive of reserves, shown on 100% basis
** Python Mining Consultants report, 2010, no longer 43-101 Compliant and considered Historical (Metal Prices: Pd: US$321/oz, Pt: US$1,347/oz, Au: US$819/oz, Cu: US$2.91/lb), shown on 100% basis

Mineral Resources and Mineral Reserves at the Marathon PGM-Cu deposit and Mineral Resources at the Geordie Lake PGM deposits are considered by Gen Mining to be historic in nature. No qualified person as defined by NI 43-101 has done sufficient work to classify the historical estimates at either the Marathon PGM-Cu or Geordie Lake PGM-Cu deposit as current and Gen Mining is not treating these historical estimates as current mineral resources or mineral reserves.

The Company believes that the historical estimates at both deposits can be used as a guide in determining future exploration drilling and the Company will need to undertake a comprehensive review of available data which may include further drilling to verify the historic estimates at either property in order to reclassify them as current mineral resources.


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