On December 22, 2021, Generation Mining Limited enter into a definitive precious metal purchase agreement with Wheaton Precious Metals Corp. in respect to the Marathon Palladium Copper project in Northwestern Ontario. The agreement is subject to the closing of Generation’s acquisition of the remaining 16.5% interest in the Marathon project from Sibanye Stillwater Limited.
Pursuant to the agreement, Wheaton will pay Generation a total upfront cash consideration of $240 million, of which $40 million will be paid on an early deposit basis prior to construction the Marathon Project, with the remainder payable in four staged installments during construction.
Cassels acted for Generation.