Generation Mining has secured the final $340 million required to fully finance the construction of its Marathon copper-palladium project in northwestern Ontario.   

This recent financing brings the project’s total construction financing package to around $1.3 billion. The $340 million package includes a $200 million bought deal, of which about $100 million is collectively committed by the Canada Growth Fund (CGF), Wheaton Precious Metals and Glencore Canada; a $40 million private placement by CGF; and $100 million in subordinated convertible notes, split between CGF and the Canada Infrastructure Bank (CIB). The investment marks CIB’s first in Ontario’s critical-minerals sector.  

Generation Mining’s board is expected to make a final investment decision on construction once the remaining financing conditions are completed. 

“This important milestone was made possible by the complementary tools put in place by the Government of Canada to help complete the project’s financing stack,” Jamie Levy, president and CEO of Generation Mining, said in a Sept. 14 news release. “With financing now complete, we are thrilled to begin early works construction in Q4 2026 and move the Marathon project towards production.” The project received its final key construction permit in May 2025. 

Generation Mining has also inked an offtake agreement with Glencore for future polymetallic copper concentrate from Marathon. Under the agreement, Glencore will purchase 100 per cent of the project’s concentrate during the first two years of commercial production and from the 13th year onward. In the intervening years, it will purchase about half of the mine’s annual concentrate production.  

The concentrate will first be sent to Glencore’s Horne smelter in Rouyn-Noranda, Quebec, where it will be processed into anodes. The anodes will then go to the company’s Canadian Copper Refinery in Montreal. Horne is Canada’s only copper smelter in operation. 

A 2025 feasibility study for Marathon outlined production of around 2.16 million ounces of palladium and 532 million pounds of copper produced over a mine life of around 13 years. The project is also expected to yield 488,000 ounces of platinum, 160,000 ounces of gold and 3.05 million ounces of silver over its life. Initial capital costs for the project were estimated at $992 million. 

The study also anticipated the creation of over 800 jobs during the construction phase of the project, as well as over 400 permanent jobs during operations. 

In 2022, the Biigtigong Nishnaabeg Nation signed a community benefits agreement with Generation Mining covering environmental management, employment, training, business opportunities and more. The nation made a $750,000 investment in the company in February of this year.