Generation Mining closes C$240M share sale for its Marathon copper-palladium mine
Canada Growth Fund came out of the sale holding 19.9 per cent of the developer, whose Marathon copper-palladium mine starts early works in the fourth quarter.
Mara Quinlan· Sep 22, 2026
Generation Mining Limited (TSE: GENM) (OTCMKTS: GENMF) closed a C$240 million share sale on Monday, the equity piece of the package that funds construction of the Marathon copper-palladium mine in northwestern Ontario. The sale put 375 million new shares into the market at C$0.64 each, more than doubling a count that stood at 322.8 million before it, and left Canada Growth Fund Inc. holding 19.9 per cent of the company.
Shares fell 1.6 per cent to C$0.60 at the close in Toronto on Monday. Volume reached 3.1 million shares on the exchange, about three times the 30-day average. The stock has traded between C$0.345 and C$0.92 over the past 52 weeks.
Generation Mining is a Toronto developer built around the wholly owned Marathon deposit, near the town of Marathon in northwestern Ontario, which a feasibility study effective Nov. 1, 2024 put at C$992 million to build, with a 13-year mine life.
The public offering was a bought deal for C$200 million, or 312.5 million shares, with BMO Capital Markets as lead underwriter and sole bookrunner of a syndicate that also took in TD Securities, Haywood Securities, Stifel Canada and ING Bank, among others. A concurrent private placement took another C$40 million from the growth fund at the same price. The underwriters earned a cash commission of 5 per cent of the public offering, cut to 3 per cent on a president's list and waived on the fund's money, and directors of the company bought 468,750 shares.
Canada Growth Fund, the federal vehicle that puts public money into Canadian projects, took about C$49 million of the public offering on top of its placement and holds 138.95 million shares. An investor rights agreement dated Monday gives it a board nomination, an observer seat and the right to hold its stake through later issues.
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"With financing now complete, we are thrilled to begin early works construction in Q4 2026 and move the Marathon Project toward production as Canada's next major producer of copper and palladium," president and chief executive Jamie Levy said in the Sept. 14 release that set out the package.
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Glencore Takes the Concentrate to Canada's Only Copper Smelter
Glencore AG, a unit of Glencore plc (LON: GLEN), will take the polymetallic concentrate from Marathon, which carries copper, palladium, platinum, gold and silver. The material goes to the Horne smelter at Rouyn-Noranda, Quebec, the only copper smelter in Canada, and to Glencore's CCR refinery.
Copper traded at US$6.63 a pound and palladium at US$1,291 an ounce on Monday. Over the life of the mine the feasibility study counts 532 million pounds of payable copper and 2.16 million ounces of payable palladium.
Wheaton Precious Metals Corp. (TSE: WPM) and Glencore's Canadian arm joined the growth fund in committing about C$100 million of the bought deal, the company said on Sept. 14, when it put the whole construction package at about C$1.3 billion.
The offering still needs final approval from the Toronto Stock Exchange. A C$100 million convertible note split between the growth fund and the Canada Infrastructure Bank is the last piece of that C$340 million of new money. The board takes its final investment decision once the note is in, and early works construction at Marathon is set for the fourth quarter.
