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Canada
Marathon Project

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 Location:
6 km NE from Marathon, Ontario, Canada
  Project Contacts:
100 King Street West Suite 7010, PO Box 70
Toronto
Ontario, Canada
M5X 1B1
Phone  ...  Subscription required
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Palladium
  • Copper
  • Platinum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life12.6 years (as of Jan 1, 2021)
The Marathon Project involves the construction, operation, decommissioning, and remediation of three open pits to produce copper concentrate, consisting primarily of copper, palladium and platinum, critical minerals, an onsite ore processing facility, a 115 kV transmission line, an access road, a mine rock storage area, a process solids management facility, and a water management system, amongst other infrastructure.

Owners

Source: p. 34
CompanyInterestOwnership
Sibanye-Stillwater Ltd. 16.5 % Indirect
Generation Mining Ltd. (operator) 83.5 % Indirect
Ownership Tree
The Project is managed and operated by Gen Mining’s 100%-owned subsidiary Generation PGM Inc.
December 8th 2021 – Generation Mining Limited is pleased to announce that it has entered into a binding acquisition agreement with Stillwater Canada Inc. (“Stillwater”) a subsidiary of Sibanye Stillwater Limited (“Sibanye-Stillwater”) and the Company’s wholly-owned subsidiary Generation PGM Inc. (“Gen Subco”), pursuant to which Gen Subco will acquire Stillwater’s remaining 16.5% interest in the Marathon Palladium Copper project.
The Transaction will increase Gen Subco’s interest in the Marathon Project to 100%. Upon completion of the Transaction, Stillwater will hold no direct interest in the Marathon Project and the joint venture agreement, dated July 10, 2019, between Stillwater and Gen Subco will be terminated. The Transaction is subject to customary closing conditions and approval by the Toronto Stock Exchange.

Contractors

Subscription required - Subscription is required.

Deposit Type

  • Intrusion related

Summary:

The Marathon Deposit is one of several mafic to ultramafic intrusive bodies in the Mid-continent Rift System (“MRS”) that host significant copper, nickel or PGM sulphide mineralization. These intrusions include the Yellow Dog peridotite (Eagle Deposit), the Tamarack Deposit, the Current Lake Intrusive Complex (Thunder Bay North Deposit), and the numerous intrusions located along the base of the Duluth Complex.

The intrusion and deposition of sulphides within magma conduits has recently been accepted as the dominant mineralization process chosen to explain rift related deposits and has been proposed for the Marathon, Thunder Bay North and the Eagle Deposits. The magma conduit model has grown in favour since it was proposed to explain deposits in the Noril’sk region and the deposits at Voisey’s Bay, Newfoundland and Labrador, Canada.

Comparisons between the MRS and the Voisey’s Bay and Noril'sk settings point to several similarities that suggest that the MRS is a likely setting for Ni-Cu mineralization. The continental rifting and associated voluminous igneous activity in all three regions formed in response to the rise of a hot plume of mantle material from deep in the Earth, fracturing the overlying continental crust. In the MRS, melting of the plume produced more than 2 million cubic km of mostly basalt lava flows and related intrusions.

The Marathon Property is situated along the eastern margin of the Proterozoic Coldwell Complex (“CC”), wh ........

Mining Methods

  • Truck & Shovel / Loader

Summary:

Mining is to be carried out using conventional open pit techniques with hydraulic shovels, wheel loaders and mining trucks in a bulk mining approach with 10 m benches. An owner mining open pit operation is planned with the outsourcing of certain support activities such as explosives manufacturing and blasting activities.

Mining of the Marathon Project is planned with five (5) phases and three (3) separate pits. The objective of pit phasing is to improve the economics of the Project by feeding the mill with higher grade material during the earlier years and/or delaying waste stripping until later years. Internal phases are designed to have a lower stripping ratio then the subsequent phases. The project is split into the three (3) separate pits: North Pit, Center Pit and South Pit. The North Pit contains three (3) phases. The Center Pit and South Pit only have a single phase.

Over the mine life, the Project will produce 117.7 Mt of ore and 330.2 Mt of waste at an overall stripping ratio of 1 to 2.81 (ore to waste). Some 24.2 Mt of generated waste will be potentially acid generating (PAG) and must be stored separately and with different environmental considerations.

The ramps are designed specifically for the primary hauler, the CAT 793F. In accordance with SME Standard of 3.5 x and 2.0 x ramp width of the vehicle operating width. The operating width of the CAT 793F is 8.3 m. The ramp includes adequate distance for the vehicles to operate and inc ........

Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Palladium Payable metal koz 1461,905
Palladium Metal in concentrate koz 2,028
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Metal in concentrate M lbs  ......  Subscription required
Copper Concentrate kt  ......  Subscription required
Platinum Payable metal koz  ......  Subscription required  ......  Subscription required
Platinum Metal in concentrate koz  ......  Subscription required
Gold Payable metal koz  ......  Subscription required
Gold Metal in concentrate koz  ......  Subscription required
Silver Payable metal koz  ......  Subscription required
Silver Metal in concentrate koz  ......  Subscription required
Palladium Equivalent Payable metal koz  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily mining capacity  ......  Subscription required
Daily milling capacity  ......  Subscription required
Annual mining capacity  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Annual milling capacity  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at September 15, 2020:

CategoryTonnage CommodityGradeContained Metal
Proven 85,091 kt Palladium 0.66 g/t 1,805 koz
Proven 85,091 kt Copper 0.202 % 379 M lbs
Proven 85,091 kt Platinum 0.212 g/t 581 koz
Proven 85,091 kt Gold 0.07 g/t 171 koz
Proven 85,091 kt Silver 1.359 g/t 3,719 koz
Probable 32,610 kt Palladium 0.512 g/t 537 koz
Probable 32,610 kt Copper 0.213 % 153 M lbs
Probable 32,610 kt Platinum 0.168 g/t 176 koz
Probable 32,610 kt Gold 0.061 g/t 64 koz
Probable 32,610 kt Silver 1.541 g/t 1,616 koz
Proven & Probable 117,701 kt Palladium 0.619 g/t 2,342 koz
Proven & Probable 117,701 kt Copper 0.205 % 532 M lbs
Proven & Probable 117,701 kt Platinum 0.2 g/t 756 koz
Proven & Probable 117,701 kt Gold 0.067 g/t 255 koz
Proven & Probable 117,701 kt Silver 1.41 g/t 5,334 koz
Measured 113.793 kt Palladium 0.63 g/t 2,304 koz
Measured 113.793 kt Copper 0.2 % 502 M lbs
Measured 113.793 kt Platinum 0.21 g/t 762 koz
Measured 113.793 kt Gold 0.07 g/t 262 koz
Measured 113.793 kt Silver 1.49 g/t 5,466 koz
Indicated 131,081 kt Palladium 0.45 g/t 1,886 koz
Indicated 131,081 kt Copper 0.21 % 599 M lbs
Indicated 131,081 kt Platinum 0.15 g/t 629 koz
Indicated 131,081 kt Gold 0.06 g/t 263 koz
Indicated 131,081 kt Silver 1.66 g/t 6,996 koz
Measured & Indicated 244,874 kt Palladium 0.53 g/t 4,190 koz
Measured & Indicated 244,874 kt Copper 0.2 % 1,101 M lbs
Measured & Indicated 244,874 kt Platinum 0.18 g/t 1,391 koz
Measured & Indicated 244,874 kt Gold 0.07 g/t 525 koz
Measured & Indicated 244,874 kt Silver 1.58 g/t 12,462 koz
Inferred 33,849 kt Palladium 0.4 g/t 431 koz
Inferred 33,849 kt Copper 0.22 % 163 M lbs
Inferred 33,849 kt Platinum 0.1 g/t 114 koz
Inferred 33,849 kt Gold 0.05 g/t 55 koz
Inferred 33,849 kt Silver 1.48 g/t 1,607 koz

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Palladium Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Palladium Equivalent USD  ......  Subscription required&nbs
Assumed price Palladium USD  ......  Subscription required&nbs
Assumed price Platinum USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2021
OP mining costs ($/t mined) CAD 2.53 *
OP mining costs ($/t milled) CAD  ......  Subscription required
Processing costs ($/t milled) CAD  ......  Subscription required
G&A ($/t milled) CAD  ......  Subscription required
Total operating costs ($/t milled) CAD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscription required
Working capital $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Closure costs $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 1,051
Freight costs $M CAD 146
Refining costs $M CAD  ......  Subscription required
G&A costs $M CAD 287
Total OpEx $M CAD  ......  Subscription required
Mining Taxes $M CAD  ......  Subscription required
Income Taxes $M CAD  ......  Subscription required
Total Taxes $M CAD  ......  Subscription required
Royalty payments $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
EBITDA (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 6% $M CAD  ......  Subscription required
After-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 10% $M CAD  ......  Subscription required
After-tax NPV @ 6% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.
Pipelines
TypeMaterialDiameterLengthDescription

Proposed Heavy Mobile Equipment as of March 3, 2021:
HME TypeModelSizeQuantity
Deck & Boom Trucks 28 t ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 23, 2021
....................... Subscription required ....................... Subscription required Subscription required Mar 23, 2021
....................... Subscription required ....................... Subscription required Subscription required Mar 23, 2021
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....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Corporate Presentation 2022
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
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................................... Subscription required 2020
................................... Subscription required 2020
Form 20-F 2018
Year-end Mineral Reserves 2018
Feasibility Study Report 2010
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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