Generation Mining Limited — Interim / Quarterly Report 2024

May 14, 2024

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4745 Ledgerwood Road, Nanaimo, BC

Starlight Western Canada Multi-Family (No. 2) Fund

Q1 2024 – For The Three Months Ended March 31, 2024

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Starlight Western Canada Multi-Family (No. 2) Fund

Board of Trustees approves distribution increase +13.8% to its unitholders of record as of May 31, 2024, and payable on June 15, 2024

Fund Management

Starlight Investments CDN AM Group LP (the “ Manager ”), as asset manager of Starlight Western Canada Multi-Family (No. 2) Fund (the “ Fund ”), is pleased to provide the Fund’s results for the three months ended March 31, 2024 (“Q1 2024”).

Investment Strategy

The Fund’s investment strategy is focused on achieving stable monthly cash distributions and enhancing earnings from its properties through active asset management. The Fund delivers value based on pricing and local supply and demand trends to achieve the Fund’s target metrics by increasing in-place rents to market rents, revenue enhancement through ancillary income opportunities and operating expense reductions as a result of active asset management.

Fund Investment Overview

The Fund raised net proceeds equal to $125 million, which together with the Fund’s total debt raised net of financing costs equal $270 million, which has resulted in property valued at approximately $428.0 million. Less distributions to unitholders of $8.4 million, and net cash used in operations of $6.3 million, the Fund has maintained cash of approximately $4.4 million to be used for the continued operations of its multi-family communities.

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$428.0M
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Q1 2024 Valuation
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3.77%
Weighted Average
Interest Rate
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4.3
3.1%
Years
Average Annual Weighted Average
Distribution Yield Mortgage Term
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$130M
Total Gross
Equity Raised
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*As of March 31[st] , 2024

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER

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Starlight Western Canada Multi-Family (No. 2) Fund

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Primary Markets

The Fund was established for the primary purpose of acquiring, owning, operating, and stabilizing a portfolio of newer vintage and newly constructed income-producing, multi-family real estate communities in the Primary Markets.

To meet its investment objectives, attractive multi-family acquisition opportunities in the Primary Markets have been identified through a strong pipeline presented by the Manager.

Locations of Properties

Vernon, BC

• 3400 Centennial Avenue

• 1803 31A Street

Langley, BC

• 5477 200 Street

Nanaimo, BC

• 6035 Linley Valley Drive & 4800 Uplands Drive

• 4735 – 4745 Ledgerwood Road

Langford, BC

• 733 Goldstream Avenue

• 2699 Peatt Road

• 1085 Goldstream Avenue

• 728 Meaford Avenue

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER

Monthly Distributions

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The Fund expects to pay monthly distributions of not less than 3.1% on an annualized basis on each of its outstanding unit classes. The following is a summary of the monthly distribution amounts for each outstanding unit class.

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Per Class A Unit Per Class B Unit Per Class C Unit
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Monthly Distributions Per Unit
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Subsequent to Q1-2024, the Fund’s board of trustees approved an increase to the Fund’s monthly pre-tax distribution per unit for all classes of units applicable to its unitholders of record as of May 31, 2024, and payable on June 15, 2024.

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Per Class A Unit Per Class B Unit Per Class C Unit
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Distribution Increase By +13.8%

Monthly Distributions Per Unit as of May 31, 2024

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Starlight Western Canada Multi-Family (No.2) Fund 2) Fund – Q4 2023 NEWSLETTER– Q1 2024 NEWSLETTER

Q1 Performance

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Operational Performance

The Fund executed 79 new leases during Q1 2024 with an average rent increase per multifamily suite of $64 demonstrating a strong rental growth on turnover. The Fund realized physical occupancy levels of 96% as of March 31, 2024, due to seasonality. The Manager anticipates occupancy levels to remain high under favorable market conditions and market demand for multi-family communities.

The Fund’s net operating income (“ NOI ”)[1 ] margin was 69.4% for Q1 2024 derived from increasing revenues year-over-year while maintaining operating expenses. The Manager continues to execute on its asset management strategy to enhance earnings by increasing market rents, pursuing ancillary revenue opportunities and achieving operating expense reductions.

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$2,060 $2,055
$2,040
$2,020
$2,000
$1,991
$1,980
$1,960
$1,940
Outgoing Rent Achieved Rent
$64
79
(+3.2%)
Leases Signed Increase on
Outgoing Rent
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(1) This metric is a Non – IFRS measure. Non – IFRS financial measures do not have standardized meanings presented by IFRS (see “Forward Looking Information”).

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER

Highlights

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Q1 2024 HIGHLIGHTS

The Fund concluded Q1 2024 with a total of 944 multifamily suites across nine properties throughout the Province of British Columbia.

The Fund’s presentation currency used in the highlights are expressed in thousands of Canadian dollars.

• As of March 31, 2024, the Fund had cash on hand of $4,378 which is expected to be primarily used to fund existing operations.

• In Q1 2024, the Fund generated $5,251 in revenue from operations, which was sourced from rental income, parking income and other ancillary income.

• The Fund continued to deliver strong rent collections of approximately 99.7% in Q1 2024 validating the Fund’s strong resident base and operating performance.

• Total NOI for Q1 2024 was $3,645 .

• The Manager continued to deploy its asset management strategy delivering strong monthly cash flows and monitoring market trends to yield high rents.

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3400 Centennial Drive, Vernon, BC

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3400 Centennial Drive, Vernon, BC

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER

Property Highlights

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733 Goldstream Avenue, Victoria, BC

Exterior Photos

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Model Suite

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Living Area

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Bathroom

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

The Manager is committed to a comprehensive approach to environmental, social and governance (“ESG”) practices for all entities, which it asset manages including the fund, embedding these principles into every aspect of the Manager’s business, with the intention of driving long-term value.

The Manager’s ESG strategy and programs are aligned with external standards and best practices, including the Global Reporting Initiative Sustainability Reporting Standards and GRESB. These standards help shape the Fund’s commitments and ensure accountability in its data, initiatives and goals.

The core ESG commitments are as follows:

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The Fund’s initiatives extend beyond the financial success to encompass the well-being of its employees, residents, communities and the environment. During Q1 2024, some of these initiatives included social initiatives, ESG workshops, resident relief programs, and partnerships with humanitarian aid agencies.

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Starlight Western Canada Multi-Family (No.2) Fund 2) Fund – Q4 2023 NEWSLETTER– Q1 2024 NEWSLETTER

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Daniel Drimmer

Contact Information

starlightinvest.com

linkedin.com/company/starlight

Founder and Chief Executive Officer 416 234 8444 ddrimmer@starlightinvest.com

Martin Liddell

Chief Financial Officer 647 729 2588 mliddell@starlightinvest.com

Neil Fischler

Executive Vice President Asset Management, Canadian Residential 647 729 2591 nfischler@starlightinvest.com

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Starlight Western Canada Multi-Family (No.2) Fund 2) Fund – Q4 2023 NEWSLETTER– Q1 2024 NEWSLETTER

Forward Looking Information

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Forward Looking Information

This Newsletter is intended for informational purposes only and is not, and should not be construed, as investment advice to any individual. Particular investments should be evaluated relative to each individual’s circumstances and individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Past performance may not be repeated and nothing in this Newsletter should be construed as an indication of future values of the Fund or future returns on any investment in the Fund.

This Newsletter is not intended for distribution in any jurisdiction that would require the filing of a prospectus, registration statement, offering memorandum or similar document under the applicable laws of such jurisdiction or would result in the Fund having any reporting or other obligation in such jurisdiction. Accordingly, neither the Fund nor the Manager has done anything that would permit the possession or distribution of this Newsletter in any jurisdiction where action for that purpose is required.

The Fund’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Certain terms used in this Newsletter do not have a standardized definition prescribed by IFRS such as NOI and therefore, unlikely to be comparable to similar measures presented by other reporting issuers. The Fund uses these measures to better assess the Fund’s underlying performance and financial position and provides these additional measures so that investors may do the same. Details on Non-IFRS Measures are set out in the Fund’s Management Discussion & Analysis and are available on the Fund’s profile at www.sedarplus.ca.

Forward-looking information may relate to future results, the impact of inflation, interest rates, acquisitions, financing, performance, achievements, events, prospects or opportunities for the Fund or the real estate industry and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, occupancy levels, AMR, taxes, and plans and objectives of or involving the Fund. Particularly, matters described in “Future Outlook” are forward-looking information. In some cases, forward-looking information can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “goal”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. Those risks and uncertainties include: the extent and sustainability of higher levels of inflation and the potential impact on the Fund's operating costs; changes in government legislation or tax laws which would impact any potential income taxes or other taxes rendered or payable with respect to the properties or the Fund’s legal entities; the applicability of any government regulation concerning the Fund’s residents or rents; the realization of property value appreciation and the timing thereof; the extent and pace at which any changes in interest rates that impact the Fund’s weighted average interest rate may occur; and the availability of debt financing. A variety of factors, many of which are beyond the Fund’s control, affect the operations, performance and results of the Fund and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results.

The forward-looking statements made relate only to events or information as of the date on which the statements are made in this newsletter. Except as specifically required by applicable law, the Fund undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Accordingly, the accuracy, currency and completeness of this information cannot be guaranteed.

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Starlight Western Canada Multi-Family (No. 2) Fund – Q1 2024 NEWSLETTER