Generation Mining Limited — Capital/Financing Update 2026

Jan 8, 2026

GENERATION MINING LTD.
C$30 Million Bought Deal Financing of Units

January 8, 2026

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all the provinces and territories of Canada, except Québec. The securities described herein will be offered by way of a prospectus supplement to the final base shelf prospectus. A copy the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement may be obtained upon request in Canada by contacting, without charge, from Stifel Nicolaus Canada Inc. by email at ECMCanada@stifel.com Attention: Equity Capital Markets.

This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

Issuer: Generation Mining Ltd. (the "Company").
Offering: "Bought-deal" public offering of 41,670,000 units (the "Units") of the Company.
Offering Size: $30,002,400 (or $34,502,760 assuming the Over-Allotment Option (as defined herein) is exercised in full)
Offering Price: $0.72 per Unit (the "Offering Price")
Unit: Each Unit shall consist of one common share of the Company ("Common Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant").
Warrant: Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $1.00 for a period of 24 months following the Closing Date (as defined below).
Over-Allotment Option: The Company has granted the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part at any time and from time to time for up to 30 days following the Closing Date (as defined below), to purchase up to an additional number of Units (the "Additional Units") and/or the components thereof, equal to 15% of the number of Units sold pursuant to the Offering at a price per Additional Unit equal to the Offering Price, to cover overallotments, if any, and for market stabilization purposes.

The Underwriters shall be entitled to the same Commission (as hereinafter defined) provided for below in respect of any Units issued and sold upon exercise of the Over-Allotment Option.

Use of Proceeds: The net proceeds from the Offering are expected to be used for development purposes at the Company's Marathon Project, for working capital and for general corporate purposes.

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Jurisdictions:

Bought deal underwritten public offering, eligible for sale in all provinces and territories of Canada, excluding Quebec and Nunavut. The Units will also be sold privately to Qualified Institutional Buyers in the United States pursuant to the registration exemption provided by Rule 144A of the U.S. Securities Act, and in such other jurisdictions as may be agreed to by the Underwriters and the Company, acting, provided that no prospectus, registration statement or similar documents are required by the Company to be filed in such jurisdiction and such offer does not subject the Company to ongoing regulatory, filing or disclosure obligations.

Listing:

The common shares of the Company are currently listed on the Toronto Stock Exchange (the "Exchange") under the symbol "GENM". The Company will make an application to the Exchange to list the Common Shares (including the Common Shares issuable upon exercise of the Warrants), which listing must be conditionally approved prior to the Closing Date, subject only to the satisfaction of customary listing conditions. The Warrants will not be listed on the Exchange.

Eligibility:

Eligible under the usual statutes and for RRSPs, RRIFs, RESPs, RDSPs, DPSPs, FHSAs, and TFSAs.

Sole Bookrunner:

Stifel Nicolaus Canada Inc., as lead underwriter and sole bookrunner ("Stifel").

Commission:

Cash commission of 6% on the gross proceeds of the Offering (subject to a reduction of 3% on orders for investors on the president's list).

Closing Date:

On or about January 15, 2026 or such other date as the Company and Stifel, on behalf of the underwriters, may agree (the "Closing Date").

"The information contained herein is believed to be accurate; however it is subject to change without notice."