- Generation Mining Limited (GENM) announces a $20 million payment for the Marathon Project
- Wheaton will pay a total of $240 million in return for a stream on all gold and 22 per cent of the platinum production
- The remaining $200 million will be paid in four stages
- The project is estimated to see large amounts of copper, platinum, palladium, and gold
- Generation Mining Limited (GENM) is up 1.04 per cent and is trading at $0.97 per share as of 10:46 a.m. ET
Generation Mining Limited (GENM) Generation PGM, has received the first $20 million payment from Wheaton Precious Metals for the Marathon Project.
Wheaton will pay Gen PGM a total of $240 million in return for a stream on all gold production and 22 per cent of the platinum production from the Marathon Project.
Gen PGM expects to receive the second $20 million tranche later this year by the end of the third quarter.
During construction of the Marathon Project, the remaining $200 million will be paid in four staged installments.
Jamie Levy, Generation Mining President and CEO commented,
“We are excited to be in a position to continue advancing the Marathon Project with this non-dilutive cash infusion, and to have gained the confidence and financial support of Wheaton’s highly skilled management, technical and investment teams.”
The Marathon Project is estimated to produce 1.9 million ounces of palladium, 467 million pounds of copper, 537,000 ounces of platinum, 151,000 ounces of gold and 2.8 million ounces of silver over a 13-year course.
Generation Mining Limited (GENM) is up 1.04 per cent and is trading at $0.97 per share as of 10:46 a.m. ET.
