The Marathon Palladium Copper Project is located along the Trans-Canada Highway in Northwestern Ontario. A March, 2021 Feasibility Study has indicated the Marathon Palladium Copper Project has a net present value of C$1.07 billion (using a 6% discount rate) with a payback of 2.3 years and a robust internal rate of return of 30% based on US$1725/oz and US$3.20/lb for palladium and copper respectively. The Marathon Palladium Copper Project is projected to produce an average of 245,000 ounces of Palladium Equivalent (PdEq) annually over a minimum 13-year mine life. Initial capital costs are estimated at C$665 million (US$520 million), net of equipment financing and pre-completion operating costs and revenues. At US$1725/oz Pd and US$3.20/lb Cu approximately 58% of the revenue will come from palladium, with 26% coming from copper. The remaining revenue will come from platinum, gold and silver. Operating costs are estimated at US$687 per ounce PdEq, while All-In-Sustaining-Costs are estimated at US$809 per ounce PdEq.
A Joint Review Panel (JRP), composed of federal and provincial representatives, was established to review the Environmental Impact Statement (EIS) of the Marathon Palladium Copper Project and to conduct public hearings to enable Generation Mining to outline and explain the key elements of the Marathon Project and to answer questions from government agencies, non-government organizations, local and regional communities and Indigenous groups. Generation Mining filed its EIS with the JRP in early 2021 and the public hearings related to the submission commenced March 14, 2022 and concluded May 19, 2022. We are currently awaiting the public release of the recommendation report of the JRP, while working our way through the detailed engineering on the project, In addition, we are in discussions to arrange the project financing.