Generation Mining Limited — Interim / Quarterly Report 2026

May 15, 2026

GENERATIONMINING

Condensed Interim Consolidated Financial Statements

For the Three Months Ended March 31, 2026 and 2025

(expressed in Canadian dollars)

(unaudited)

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2

GENERATIONMINING

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited condensed interim consolidated financial statements of Generation Mining Limited (the "Company") are the responsibility of the management and the Board of Directors of the Company.

The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

Management has established systems of internal control over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial information is produced.

The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

"Jamie Levy" (signed)
President and Chief Executive Officer

"Brian Jennings" (signed)
Chief Financial Officer

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3

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian dollars)

(Unaudited)

	March 31, 2026	December 31, 2025
Assets
Current:
Cash and cash equivalents	$ 40,142,743	$ 10,036,091
Receivables (note 12)	513,524	322,467
Prepaid expenses and security deposits	344,429	201,089
	41,000,696	10,559,647
Non-Current:
Restricted cash and cash equivalents (note 9)	38,229	38,229
Land, buildings and equipment (note 7)	656,865	677,745
Right-of-use assets (note 9)	243,690	241,080
Security deposits	80,000	80,000
Investment in associate (note 8)	1,493,412	780,545
	2,512,196	1,817,599
Total Assets	$ 43,512,892	$ 12,377,246
Liabilities
Current:
Accounts payable and accrued liabilities (note 10)	$ 3,384,079	$ 2,167,813
Lease liability (note 9)	1,178,971	1,138,053
	4,563,050	3,305,866
Non-Current:
Precious metals purchase agreement (note 14)	91,827,753	79,143,812
Lease liability (note 9)	122,447	146,840
Total Liabilities	96,513,250	82,596,518
Shareholders’ Equity (Deficiency)
Capital stock (note 11)	116,382,442	90,364,753
Reserve for warrants and share-based payments (note 11)	14,607,516	6,310,338
Accumulated other comprehensive loss (note 14)	(2,602,649)	(2,602,649)
Deficit	(181,387,667)	(164,291,714)
Total Shareholders’ Equity (Deficiency)	(53,000,358)	(70,219,272)
Total Liabilities and Shareholders’ Equity (Deficiency)	$ 43,512,892	$ 12,377,246

Nature of operations (note 1)

Commitments and contractual obligations (note 13)

Subsequent Events (note 15)

Approved on behalf of the Board of Directors on May 14, 2026

(signed) "Jamie Levy", Director

(signed) "Rebecca Hudson", Director

The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements.

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4

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS & COMPREHENSIVE LOSS

(Expressed in Canadian dollars)
(Unaudited)

	Three Months Ended March 31,
	2026	2025
Expenses
Acquisition, exploration and evaluation expenditures (note 6)	$ 2,627,994	$ 1,252,833
Share-based compensation (note 11)	609,490	124,476
Audit, legal and advisory fees	1,291,339	28,049
Management and corporate administration	266,349	264,927
Shareholder and investor communications	428,486	49,990
Occupancy cost (note 9)	40,785	21,645
Interest (note 9)	45,625	55,404
	(5,310,068)	(1,797,324)
Other Income (Expenses)
Fair value loss on financial liability (note 14)	(12,683,941)	(3,148,128)
Dilution gain from equity accounted investment (note 8)	776,884	-
Share of loss in equity accounted investment (note 8)	(64,017)	(943,765)
Interest income	186,701	40,685
Foreign exchange loss	(1,512)	(492)
Net Loss and Comprehensive Loss	$(17,095,953)	$(5,849,024)
Loss per share:
Basic and diluted loss per share	$(0.06)	$(0.02)
Weighted average number of common shares outstanding	280,676,219	236,992,106

The accompanying notes are an integral part of the unaudited condensed interim consolidated financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)

(Expressed in Canadian dollars)

(Unaudited)

Capital stock
	Shares	Capital Stock Amount	Accumulated other comprehensive loss	Reserve for warrants and share-based payments	Accumulated deficit	Total Deficiency
Balance, December 31, 2024	236,992,106	$80,733,587	$(2,602,649)	$8,296,671	$(136,208,661)	$(49,781,052)
Fair value of options vested	-	-	-	44,049	-	44,049
Fair value of RSUs and DSUs vested	-	-	-	80,427	-	80,427
Net loss and comprehensive loss for the period	-	-	-	-	(5,849,024)	(5,849,024)
Balance, March 31, 2025	236,992,106	$80,733,587	$(2,602,649)	$8,421,147	$(142,057,685)	$(55,505,600)
Capital stock
---	---	---	---	---	---	---
	Shares	Amount	Accumulated other comprehensive loss	Reserve for warrants and share-based payments	Accumulated deficit	Total Deficiency
Balance, December 31, 2025	270,343,536	$90,364,753	$(2,602,649)	$6,310,338	$(164,291,714)	$(70,219,272)
Issued for cash through public placement	47,920,500	34,502,760	-	-	-	34,502,760
Issued for cash through private placement	1,041,666	750,000	-	-	-	750,000
Share issue cost	-	(2,297,393)	-	-	-	(2,297,393)
Fair value of warrants issued through public placement	-	(7,906,883)	-	7,906,883	-	-
Fair value of warrants issued through private placement	-	(161,458)	-	161,458	-	-
Fair value of options vested	-	-	-	173,045	-	173,045
Fair value of RSUs and DSUs vested	-	-	-	436,445	-	436,445
Issued on redemption of warrants	1,551,480	958,882	-	(208,872)	-	750,010
Issued on redemption of RSUs and DSUs	272,668	171,781	-	(171,781)	-	-
Net loss and comprehensive loss for the period	-	-	-	-	(17,095,953)	(17,095,953)
Balance, March 31, 2026	321,129,850	$116,382,442	$(2,602,649)	$14,607,516	$(181,387,667)	$(53,000,358)

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2026	2025
Operating Activities:
Net loss for the period	$(17,095,953)	$(5,849,024)
Add (deduct) items not affecting cash:
Share-based compensation	609,490	124,476
Depreciation of buildings and equipment (note 7)	20,880	23,671
Depreciation of right of use asset (note 9)	37,286	22,523
Loss on revaluation of financial liability (note 14)	12,683,941	3,148,128
Share of loss in equity accounted investment (note 8)	64,017	943,765
Dilution gain from equity accounted investment (note 8)	(776,884)	-
Changes in non-cash working capital:
Receivables	(191,057)	(57,431)
Prepaid expenses and other	(143,340)	91,611
Accounts payable and accrued liabilities	1,216,266	(265,394)
Cash used in operating activities	(3,575,354)	(1,817,675)
Financing Activities:
Net proceeds from issuance of units	32,955,367	-
Proceeds from exercise of warrants	750,010	-
Repayment of lease liability	(23,371)	(200,074)
Cash provided from (used in) financing activities	33,682,006	(200,074)
Increase (decrease) in cash and cash equivalents	30,106,652	(2,017,749)
Cash and cash equivalents at beginning of period	10,036,091	5,525,287
Cash and cash equivalents at end of period	$40,142,743	$3,507,538
Cash and cash equivalents are comprised of:
Cash in the bank	$592,258	$1,457,053
Guaranteed Investment Certificates	39,550,485	2,050,485
	$40,142,743	$3,507,538

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in Canadian dollars) (Unaudited)

1. NATURE OF OPERATIONS:

Generation Mining Limited (“Generation Mining” or the “Company”) is an exploration and development company with various property interests throughout Canada. The Company was incorporated on January 11, 2018 under the Business Corporations Act (Ontario). On May 28, 2019, the Company incorporated a wholly owned subsidiary, Generation PGM Inc. (“Generation PGM”), to operate the Marathon property (“Marathon Property”) (note 6). The Company’s registered office is located at 100 King Street West, Suite 7010, Toronto, Ontario M5X 1B1. The Company’s shares are listed on the Toronto Stock Exchange (the “TSX”) under the symbol GENM, and on the OTC Markets (the “OTCQB”) under the symbol GENMF.

The business of mining and exploration for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in future profitable mining operations. The Company’s continued existence is dependent upon the discovery of economically recoverable ore reserves, the ability of the Company to obtain necessary financing to explore and develop potential ore reserves or by way of entering into joint venture arrangements, future profitable production, or alternatively, upon the Company’s ability to dispose of its interests on an advantageous basis.

Although the Company has taken steps to verify title to properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements, non-compliance with regulatory requirements or aboriginal land claims.

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Expressed in Canadian dollars) (Unaudited)

2. BASIS OF PREPARATION AND PRESENTATION:

Statement of compliance

These condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB"). Accordingly, certain disclosures included in the Company's annual consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRSs") as issued by the IASB have been condensed or omitted. These condensed interim consolidated financial statements should be read in conjunction with the Company's last annual consolidated financial statements for the year ended December 31, 2025, which include information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's significant accounting policies were presented in Note 3: Material and Future Accounting Policies to the consolidated financial statements for the year ended December 31, 2025.

These condensed interim consolidated financial statements were authorized and approved for issue by the Board of Directors on May 14, 2026.

Consolidation

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Generation PGM Inc. The financial statements of the subsidiary are included in the consolidated financial statements from the date that control commences until the date that control ceases. The Company's subsidiary is wholly owned and all inter-company balances, transactions, including income and expenses arising from inter-company transactions are eliminated in preparing the consolidated financial statements.

Basis of Presentation

These condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Generation PGM. The financial statements of the subsidiary are prepared for the same period as the Company using consistent accounting policies for all periods presented. All intercompany balances and transactions have been eliminated. Subsidiaries are entities controlled by the Company.

The condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain assets and liabilities which are measured at their fair values, as disclosed in Note 3 of the Company's annual consolidated financial statements for the year ended December 31, 2025.

Critical accounting judgments, estimates and assumptions in applying the entity's accounting policies

Areas of judgment that have the most significant effect on the amounts recognized in these condensed interim consolidated financial statements are disclosed in Note 3 of the Company's annual consolidated financial statements for the year ended December 31, 2025.

3. ADOPTION OF NEW ACCOUNTING STANDARDS:

Future Accounting Changes

Certain new standards, interpretations, amendments and improvements to existing standards were issued by the IASB or IFRS Interpretation Committee that are not yet effective for the relevant reporting periods. Updates that are not applicable or are not consequential to the Company have been excluded therefrom. The Company is in the process of evaluating the impact on its consolidated financial statements.

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Expressed in Canadian dollars) (Unaudited)

3. ADOPTION OF NEW ACCOUNTING STANDARDS (continued):

New Accounting Pronouncements

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"), which is intended to give investors more transparent and comparable information about companies' financial performance, thereby enabling better investment decisions. IFRS 18 introduces new sets of requirements to improve companies' reporting of financial performance and give investors a better basis for analyzing and comparing companies through:

• Improved comparability in the statement of income;
• Enhanced transparency of management-defined performance measures; and
• More useful grouping of information in the financial statements.

IFRS 18 also requires companies to provide more transparency about operating expenses, helping investors to find and understand the information they need. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, but companies can apply it earlier. IFRS 18 replaces IAS 1, however, it carries forward many requirements from IAS 1 unchanged. The Company is in the process of assessing the impact upon adoption of this standard on its consolidated financial statements.

4. FINANCIAL RISK FACTORS AND FAIR VALUE:

The Company manages its exposure to a number of different financial risks arising from operations as well as from the use of financial instruments, including market risks (foreign currency exchange rate, interest rate and other price risk), credit risk and liquidity risk, through its risk management strategy. The objective of the strategy is to support the delivery of the Company's financial targets while protecting its future financial security and flexibility. Financial risks are primarily managed and monitored through operating and financing activities. The Company does not use derivative financial instruments. The financial risks are evaluated regularly with due consideration to changes in key economic indicators and up-to-date market information. The Company's risk exposures and the impact on the Company's financial instruments are summarized below.

Credit Risk

Credit risk is the financial risk of non-performance of a contracted counter party. The Company's credit risk is primarily attributable to cash and cash equivalents, restricted cash and cash equivalents, and receivables. The Company reduces its credit risk by maintaining its cash with a Canadian chartered bank. The Company's maximum exposure to credit risk as at March 31, 2026 is the carrying value of cash and cash equivalents, restricted cash and cash equivalents and receivables. The credit risk on receivables is deemed low as the majority is related to HST receivable.

Liquidity Risk

Liquidity risk encompasses the risk that the Company cannot meet its financial obligations in full. The Company's main source of liquidity is its cash. These funds are primarily used to finance working capital, exploration expenditures, capital expenditures, and acquisitions. The Company manages its liquidity risk by regularly monitoring its cash flows used in operating activities and holding adequate amounts of cash. As at March 31, 2026, the Company has current assets of $41,000,696 (December 31, 2025 - $10,559,647) to cover current liabilities of $4,563,050 (December 31, 2025 - $3,305,866). The current assets include cash and cash equivalents, receivables, prepaid expenses and security deposits. The Company also manages liquidity risk on the basis of expected maturity dates.

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in Canadian dollars) (Unaudited)

4. FINANCIAL RISK FACTORS AND FAIR VALUE (continued):

The following table analyzes financial liabilities by remaining contractual maturity (contractual and undiscounted cash flows).

	Undiscounted lease liability – base contract	Accounts payable and accrued liabilities	Total
Less than 1 year	$ 1,304,252	$ 3,384,079	$ 4,688,331
1-5 years	97,602	-	97,602
Balance at March 31, 2026	$ 1,401,854	$ 3,384,079	$ 4,785,933

Market Risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rate, foreign exchange rates, and commodity and equity prices affecting its cash and cash equivalents, and receivables.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of a change in foreign exchange rates. The Company has no significant exposure to foreign currency exchange risk as it has no significant transaction balances denominated in a foreign currency.

Interest Rate Risk

Interest rate risk is the risk borne by an interest-bearing asset or liability as a result of fluctuations in interest rates. The Company has no significant exposure to interest rate risk as it has no material interest bearing assets or liabilities. Lease liabilities are calculated using a fixed rate and therefore, there is no significant risk.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Precious Metal Purchase Agreement Fair Value Risk

The Company has a Precious Metal Purchase Agreement ("PMPA") with Wheaton Precious Metals Corp. ("Wheaton"). The Company is subject to movements in the fair value measurement of the financial liability. The movements in fair value during the period can be material.

Fair Value

The carrying value of cash and cash equivalents, restricted cash and cash equivalents, receivables, accounts payable and accrued liabilities and lease liabilities are considered to be representative of their fair value due to their short-term nature.

Financial liability associated with the Company's precious metal purchase agreement is recorded at fair value and classified as Level 3 in the fair value hierarchy as some of the inputs do not have observable or corroborated market data. The fair value of the stream obligation is calculated using the risk-free interest rate derived from the Bank of Canada long term treasury rate, consensus metal prices, company specific credit spread based on various debt term sheets received and expected gold and platinum ounces to be delivered from the current life of mine plan for the Marathon Project. See note 14 for further details.

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GENERATIONMINING

1. CAPITAL MANAGEMENT:

The Company manages its capital structure and makes adjustments to it, based on the funds required and available to the Company, in order to support the acquisition, exploration and development of mineral properties. As at March 31, 2026, the Company's capital consists of shareholders' deficiency in the amount of $53,000,358 (December 31, 2025 shareholder's deficiency - $70,219,272). The Board of Directors does not establish quantitative return on capital criteria for the Company, but rather relies on the expertise of the Company's management to sustain future development of the business.

The properties in which the Company currently has an interest are in the exploration stage; as such, the Company is dependent on external financing to fund its activities. In order to carry out the planned and future exploration and pay for administrative costs, the Company intends to raise additional amounts of working capital as needed although there is no guarantee this can be done on commercially suitable terms. The Company may continue to assess new properties and seek to acquire an interest in additional properties if there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. There was no change in the year to the Company's approach to managing capital.

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

6. MINERAL PROPERTIES AND AGREEMENTS

Mineral Property Expenditures:

Below are the acquisition, exploration and evaluation expenditures for the three months ended March 31, 2026 and 2025.

	Three Months Ended March 31,
	2026	2025
Marathon	$ 2,627,994	$ 1,252,833
Total mineral property expenditures	$ 2,627,994	$ 1,252,833

Below are the cumulative acquisition, exploration and evaluation expenditures as at March 31, 2026 and 2025.

	Cumulative December 31, 2025	Acquisition	Exploration and evaluation	Cumulative March 31, 2026
Darnley Bay	$ 576,941	$ -	$ -	$ 576,941
Marathon	104,975,651	-	2,627,994	107,603,645
Total expenditures in the period	105,552,592	-	2,627,994	108,180,586
Mineral properties acquired	1,216,848	-	-	1,216,848
Total mineral property expenditures	$106,769,440	$ -	$ 2,627,994	$109,397,434
	Cumulative December 31, 2024	Acquisition	Exploration and evaluation	Cumulative March 31, 2025
---	---	---	---	---
Darnley Bay	$ 576,941	$ -	$ -	$ 576,941
Marathon	100,407,572	-	1,252,833	101,660,405
Total expenditures in the period	100,984,513	-	1,252,833	102,237,346
Mineral properties acquired	1,216,848	-	-	1,216,848
Total mineral property expenditures	102,201,361	-	1,252,833	103,454,194

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NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

1. LAND, BUILDINGS AND EQUIPMENT:

	Land and buildings (1)	Vehicles & Equipment	Total
Cost
As at December 31, 2024	$ 1,067,810	$ 92,011	$ 1,159,821
Additions	-	-	-
As at December 31, 2025	$ 1,067,810	$ 92,011	$ 1,159,821
Additions	-	-	-
As at March 31, 2026	$ 1,067,810	$ 92,011	$ 1,159,821
Accumulated depreciation
As at December 31, 2024	$ 340,197	$ 47,196	$ 387,393
Depreciation expense	76,281	18,402	94,683
As at December 31, 2025	$ 416,478	$ 65,598	$ 482,076
Depreciation expense	19,070	1,810	20,880
As at March 31, 2026	$ 435,548	$ 67,408	$ 502,956
Net book value
As at December 31, 2025	$ 651,332	$ 26,413	$ 677,745
As at March 31, 2026	$ 632,262	$ 24,603	$ 656,865

1. INVESTMENT IN ASSOCIATE:

On November 15, 2023, the Company entered into an agreement with Moon River Capital Ltd., now renamed Moon River Moly Ltd. ("Moon River") which is a company located in Toronto, Ontario, Canada. The Company sold its rights and interests in an agreement to acquire a 100% interest in the Davidson Property hosting a molybdenum-tungsten deposit for $630,000 in cash and 9 million common shares of Moon River ("MR Shares") valued at $0.25 for total proceeds of $2,880,000. As at March 31, 2026 and December 31, 2025, the Company held 24.0% and 27.0%, respectively, of the issued and outstanding common shares of Moon River.

The MR Shares are subject to certain sale restrictions if Generation holds 10% or greater of the issued and outstanding common shares of Moon River. The sale restrictions are as follows: 1) Moon River will have the option to identify the buyer of the MR Shares until November 15, 2025, and 2) Generation will be restricted from open market sales based on certain historical daily volume averages of Moon River common shares. The MR Shares are also subject to TSX Venture Exchange escrow conditions whereby the shares will be released from escrow as follows: 900,000 shares November 15, 2023 (released); 1,350,000 shares on each of May 15, 2024 (released), November 15, 2024 (released), May 15, 2025 (released), November 15, 2025 (released), May 15, 2026, and November 15, 2026. Generation has appointed a director to the Board of Moon River and will have the right to maintain its pro rata equity interest for as long as it continues to hold greater than 10% of the issued and outstanding common shares.

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8. INVESTMENT IN ASSOCIATE (continued):

As a result of Generation's 27.0% and 24.0% interest in Moon River as at December 31, 2025 and March 31, 2026, the Company has determined that it has significant influence over Moon River and has accounted for its investment as an Investment in Associate using the equity basis of accounting. The Company recorded a fair value of $2,200,000 for its investment upon initial recognition. Fair value was estimated based on the Moon River share price of $0.25 for the financing completed concurrently with the closing, less transaction costs of $50,000.

During the three months ended March 31, 2026, Moon River completed an equity financing for gross proceeds of $3.6 million, in which the Company did not participate proportionately, resulting in the Company's ownership interest decreasing from 27.0% to 24.0%. Accordingly, the Company recognized a dilution gain of $776,884 on its investment in associate.

As at March 31, 2026, the closing price of Moon River shares (MOO.V) was $0.74 and the fair value of the 9 million shares was $6,660,000.

Changes in the investment in associate for the period ended March 31, 2026, were as follows:

Balance as at December 31, 2024	$ 1,404,375
Share of Moon River net loss for the year	(623,830)
Balance as at December 31, 2025	$ 780,545
Share of Moon River net loss for the period	(64,017)
Dilution gain on investment in Moon River	776,884
Balance as at March 31, 2026	$ 1,493,412

The following is a summary of the financial information for Moon River on a 100% basis as at March 31, 2026 and the net loss for the quarter ended March 31, 2026:

Cash and cash equivalents $ 3,295,000
Other current assets 29,999,000
Non-current assets 2,496,000
Current liabilities 3,553,000
Non-current liabilities 31,247,000
Net loss for the quarter ended March 31, 2026 267,000

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9. RIGHT-OF-USE ASSETS AND LEASE LIABILITY:

The Company has entered into a camp lease, an office lease, and a vehicle lease. Accordingly, the Company recognized right-of-use assets. On November 1, 2025, the office lease was extended to November 1, 2027, which resulted in an increase in right-of-use asset and lease liability of $228,466. The camp lease was remeasured effective June 30, 2024 and December 31, 2025 due to a lease extension, which resulted in a gain of $253,347 and $142,065, respectively. The continuity of right-of-use assets is outlined below:

	Three Months Ended March		Year ended December
		31, 2026	31, 2025
Opening balance	$	241,080	$ 53,047
Lease remeasurement/extension		39,896	279,058
Depreciation		(37,286)	(91,025)
Ending Balance	$	243,690	$ 241,080

At the commencement date of the lease, the lease liabilities were measured at the present value of the lease payments. The lease payments are discounted using an interest rate of 15%, which is considered the Company's unsecured incremental borrowing rate. The continuity of lease liabilities is outlined below:

	Three Months Ended March		Year ended December
		31, 2026	31, 2025
Opening balance	$	1,284,893	$ 1,610,042
Lease remeasurement/extension		39,896	136,993
Accretion of interest		45,625	170,513
Payments		(68,996)	(632,655)
Total lease liability	$	1,301,418	$ 1,284,893
Less: current portion		(1,178,971)	(1,138,053)
Non-current portion of lease liability	$	122,447	$ 146,840

The occupancy cost, vehicle lease cost and camp costs in the statement of loss and comprehensive loss for the three months ended March 31, 2026 is $43,154 (March 31, 2025 - $12,252).

As required under the office lease agreement, the Company has $38,229 of funds held in GICs as security for the lease as at March 31, 2026 (December 31, 2025 - $38,229).

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10. RELATED PARTY TRANSACTIONS:

Key management includes the Company's directors, officers and any employees with authority and responsibility for planning, directing and controlling the activities of an entity, directly or indirectly. Compensation awarded to key management includes the following:

	3 Months Ended March 31,
	2026	2025
Salaries and bonuses	$ 338,917	$ 220,417
Share-based payments - options	66,044	23,413
Share-based payments - RSUs and DSUs	341,547	68,345
Total compensation to key management	$ 746,508	$ 312,175

As at March 31, 2026, accounts payable and accrued liabilities include $92,928 (March 31, 2025 - $50,000) due to key management of the Company.

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11. CAPITAL STOCK:

Common shares

The Company's authorized share capital consists of an unlimited number of common shares.

The following table summarizes the continuity of common shares for the three-month period ended March 31, 2026:

	Number of shares	$
Balance as at December 31, 2024	236,992,106	80,733,587
Issued in private placement (1)	31,082,200	8,422,963
Shares issued upon exercise of warrants	730,497	440,266
Shares issued upon exercise of options	866,899	549,654
Shares issued upon redemption of RSUs and DSUs	671,834	218,283
Balance as at December 31, 2025	270,343,536	90,364,753
Issued in private placement (3)	1,041,666	540,096
Issued in public placement (2)	47,920,500	24,346,930
Shares issued upon exercise of warrants	1,551,480	958,882
Shares issued upon redemption of RSUs and DSUs	272,668	171,781
Balance as at March 31, 2026	321,129,850	116,382,442

Warrants

The following table summarizes the continuity of warrants for the three-month period ended March 31, 2026:

	Number of warrants
Outstanding, December 31, 2024	10,507,200
Warrants issued(1)	15,541,100
Warrants exercised	(730,497)
Outstanding, December 31, 2025	25,317,803
Warrants issued (2) (3)	24,481,083
Warrants exercised	(1,551,480)
Outstanding, March 31, 2026	48,247,406

(1) On June 24, 2025, the Company closed a private placement financing that consisted of 31,082,200 units ("Units") in the capital of the Company at a price of $0.37 per Unit for aggregate gross proceeds of $11,500,414 (the "Offering"). The total share issue cost was $746,286 which included a 6% underwriting fee. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each whole Warrant is exercisable to acquire one Common Share at a price of $0.48 for a period of 36 months at any time from August 24, 2025 until August 24, 2028. The fair value of the warrants has an estimated grant date fair value of $2,331,165 which was estimated using the Black-Scholes option pricing model and the following assumptions: risk-free interest rate of 2.64%, expected volatility of 87.94%, dividend yield of nil, and expected life of 3 years.

(2) On January 15, 2026, the Company closed a public placement financing that consisted of 47,920,500 units ("Units") in the capital of the Company at a price of $0.72 per Unit for aggregate gross proceeds of $34,502,760 (the "Offering"). The total share issue cost was $2,248,948. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each whole Warrant is exercisable to acquire one Common Share at a price of $1.00 for a period of 24 months at any time from January 15, 2026 until January 15, 2028. The fair value of the warrants has an estimated grant date fair value of $7,906,883 which was estimated using the Black-Scholes option pricing model and the following assumptions: risk-free interest rate of 2.53%, expected volatility of 103.42%, dividend yield of nil, and expected life of 2 years.

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11. CAPITAL STOCK (continued):

(3) On February 10, 2026, the Company closed a private placement financing that consisted of 1,041,666 units ("Units") in the capital of the Company at a price of $0.72 per Unit for aggregate gross proceeds of $750,000 (the "Offering"). The total share issue cost was $48,446. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each whole Warrant is exercisable to acquire one Common Share at a price of $1.00 for a period of 24 months at any time from January 15, 2026 until January 15, 2028. The fair value of the warrants has an estimated grant date fair value of $161,458 which was estimated using the Black-Scholes option pricing model and the following assumptions: risk-free interest rate of 2.53%, expected volatility of 96.30%, dividend yield of nil, and expected life of 2 years.

Exercise price $	Warrants Outstanding	Expiry date	Remaining contractual life (years)
0.50	9,992,953	November 21, 2026	0.64
0.48	13,773,370	August 24, 2028	2.40
1.00	23,960,250	January 15, 2028	1.79
1.00	520,833	February 10, 2028	1.87
0.75(1)	48,247,406		1.73(1)

(1) Weighted average

Equity Plan

On May 9, 2018, the Company adopted an incentive Stock Option Plan (the "Plan"). The Plan was amended in July 2020. The Company subsequently adopted an Omnibus Equity Incentive plan (the "Equity Plan") on May 11, 2023, which received shareholder approval on June 28, 2023. The Equity Plan was amended on April 24, 2025. With the approval of the Equity Plan, the Option Plan was terminated and all of the issued and outstanding stock options granted under the Option Plan are now governed by the Equity Plan.

Under the Equity Plan, the Company can issue stock options ("Options"), deferred share units ("DSUs"), restricted share units ("RSUs") and performance share units ("PSUs", and collectively with Options, DSUs and PSUs, the "Awards"), as applicable, to directors, employees and consultants in accordance with the terms of the Equity Plan. The maximum number of common shares issuable under the Equity Plan will not exceed 10% of the issued and outstanding common shares. Limits have also been set in respect of the maximum number of Awards that may be issued to insiders at any time, as well as within any one-year period. The Equity Plan is a rolling plan, therefore, the number of shares that have been reserved for issuance under the Equity Plan will increase when the Company's issued and outstanding common shares increase. The Awards are non-assignable and non-transferable, except upon death.

Stock Options

The continuity of outstanding stock options for the three-month period ended March 31, 2026:

	Number of options	Weighted Average Exercise Price
Outstanding, December 31, 2024	10,239,459	0.57
Options granted	3,503,538	0.65
Options forfeited	(7,177,967)	0.66
Options exercised	(866,899)	0.39(1)
Outstanding, December 31, 2025	5,698,131	0.38
Options granted	250,000	0.76
Outstanding, March 31, 2026	5,948,131	0.39

(1) Weighted average share price on exercise date was $0.55.

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11. CAPITAL STOCK (continued):

Equity Plan

On May 9, 2018, the Company adopted an incentive Stock Option Plan (the "Plan"). The Plan was amended in July 2020. The Company subsequently adopted an Omnibus Equity Incentive plan (the "Equity Plan") on May 11, 2023, which received shareholder approval on June 28, 2023. The Equity Plan was amended on April 24, 2025. With the approval of the Equity Plan, the Option Plan was terminated and all of the issued and outstanding stock options granted under the Option Plan are now governed by the Equity Plan.

Under the Equity Plan, the Company can issue stock options ("Options"), deferred share units ("DSUs"), restricted share units ("RSUs") and performance share units ("PSUs", and collectively with Options, DSUs and PSUs, the "Awards"), as applicable, to directors, employees and consultants in accordance with the terms of the Equity Plan. The maximum number of common shares issuable under the Equity Plan will not exceed 10% of the issued and outstanding common shares. Limits have also been set in respect of the maximum number of Awards that may be issued to insiders at any time, as well as within any one-year period. The Equity Plan is a rolling plan, therefore, the number of shares that have been reserved for issuance under the Equity Plan will increase when the Company's issued and outstanding common shares increase. The Awards are non-assignable and non-transferable, except upon death.

Stock Options

The continuity of outstanding stock options for the three-month period ended March 31, 2026:

	Number of options	Weighted Average Exercise Price
Outstanding, December 31, 2024	10,239,459	0.57
Options granted	3,503,538	0.65
Options forfeited	(7,177,967)	0.66
Options exercised	(866,899)	0.39(1)
Outstanding, December 31, 2025	5,698,131	0.38
Options granted	250,000	0.76
Outstanding, March 31, 2026	5,948,131	0.39

(1) Weighted average share price on exercise date was $0.55.

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Stock Options

The fair value of options granted under the Plan is measured on the date of grant using the Black-Scholes pricing model and expensed to net income (loss) using the following inputs and assumptions at the measurement date:

Date	Number of Options	Exercise Price ($)	Market Price ($)	Expected Volatility (%) (1)	Risk-free Interest Rate (%)	Expected Life (years)/ Dividend Yield (%)	Fair Value of Options ($)	Vesting
24-Apr-25	2,133,100	0.18	0.19	77	2.79	5 / 0%	262,878	1/3^{rd} vesting
2-Oct-25	870,438	0.64	0.64	81	2.72	5 / 0%	366,194	1/3^{rd} vesting
14-Oct-25	500,000	0.70	0.70	81	2.71	5 / 0%	230,871	1/3^{rd} vesting
26-Jan-26	250,000	0.76	0.77	82	2.91	5 / 0%	128,806	1/3^{rd} vesting

(1) Based on the Company's historical volatility.

Options to purchase common shares carry exercise prices and terms to maturity as at March 31, 2026 as follows:

Exercise price $	Options Outstanding	Options Exercisable	Expiry date	Remaining contractual life (years)
0.58	602,059	602,059	April 5, 2026	0.1
0.29	2,038,500	2,038,500	April 4, 2027	1.0
0.18	1,687,134	1,124,800	April 23, 2030	4.1
0.64	870,438	290,146	October 2, 2030	4.5
0.70	500,000	166,667	October 14, 2030	4.5
0.76	250,000	83,333	January 25, 2031	4.8
0.39(1)	5,948,131	4,305,505		2.7(1)

(1) Weighted average

The share-based payments expense related to stock options for the three-month period ended March 31, 2026 was $173,045 (March 31, 2025 – $44,049).

RSUs, DSUs, and PSUs

On April 24, 2025, the Company granted RSUs to executives and granted DSUs to non-executive directors. The total number of RSUs granted were 532,100 and have a three-year vesting term commencing on the grant date. The total number of DSUs granted were 3,618,115 and are fully vested at the grant date and become payable upon retirement of the directors.

On August 13, 2025, the Company granted RSUs to executives and on July 14, 2025 granted DSUs to non-executive directors. The total number of RSUs granted were 176,914 and have a one-year vesting term commencing on the grant date. The total number of DSUs granted were 113,700 and are fully vested at the grant date and become payable upon retirement of the directors.

In October 2025, the Company granted RSUs and PSUs to executives and granted DSUs to non-executive directors. The total number of RSUs granted were 818,004 and have a three-year vesting term commencing on the grant date. The total number of PSUs granted were 1,421,057 and have a one-year vesting term commencing on the grant date. The total number of DSUs granted were 272,668 and are fully vested at the grant date and become payable upon retirement of the directors.

On January 26, 2026, the Company granted RSUs to executives. The total number of RSUs granted were 49,342 and have a three-year vesting term commencing on the grant date.

The fair value of the RSUs, PSUs and DSUs awarded to executives and non-executive directors is determined as of the date of grant and recognized as share-based compensation expense over the vesting period of the equity instruments with a corresponding increase to contributed surplus. The fair value of RSUs, PSUs and DSUs is the market value of the underlying shares as of the date of grant.

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RSUs, PSUs and DSUs

The continuity of outstanding RSUs for the three-month period ended March 31, 2026:

	Number of RSUs	Weighted Average Grant Price
Outstanding, December 31, 2024	2,128,702	0.33
RSUs granted	1,527,018	0.47
RSUs redeemed	(215,834)	0.35
RSUs forfeited	(572,834)	0.35
Outstanding, December 31, 2025	2,867,052	0.40
RSUs granted	49,342	0.76
RSUs redeemed	(272,668)	0.55
Outstanding, March 31, 2026	2,643,726	0.39

All RSUs have a three-year or one-year vesting term commencing on the grant date and, as at March 31, 2026, 2,383,901 RSUs have vested. All RSUs are subject to vesting conditions commencing on the grant date and are settled in cash or equity at the election of the Company.

The continuity of outstanding PSUs for the three-month period ended March 31, 2026:

	Number of PSUs	Weighted Average Grant Price
Outstanding, December 31, 2024 and 2025	1,421,057	0.55
PSUs granted	-	-
Outstanding, March 31, 2026	1,421,057	0.55

All PSUs have a one-year vesting term commencing on the grant date and are settled in equity or cash at the election of the Company. As at March 31, 2026, nil PSUs have vested.

The continuity of outstanding DSUs for the three-month period ended March 31, 2026:

	Number of DSUs	Weighted Average Grant Price
Outstanding, December 31, 2024	2,432,000	0.33
DSUs granted	4,004,483	0.21
DSUs redeemed	(456,000)	0.33
Outstanding, December 31, 2025 and March 31, 2026	5,980,483	0.25

DSUs fully vest at the grant date, become payable upon retirement of the director, and are settled in equity or cash at the election of the Company.

The stock-based compensation expense related to RSUs, DSUs and PSUs for the three-month period ended March 31, 2026 was $436,445 (March 31, 2025 – $80,427).

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12. RECEIVABLES

The Company's receivables primarily arise from HST receivable and GIC interest. The amounts receivable as at March 31, 2026 are as follows:

	March 31, 2026	December 31, 2025
GIC interest receivable	$ 286,838	$ 116,401
HST receivable	225,240	204,620
Miscellaneous	1,446	1,446
Total	$ 513,524	$ 322,467

13. COMMITMENTS AND CONTRACTUAL OBLIGATIONS

The following table summarizes the future commitments and contractual obligations as at March 31, 2026:

	Office Lease	Vehicles	Valard Equipment	Total
2026	$ 98,467	$ 38,197	$ 1,030,000	$ 1,166,664
2027	109,408	35,803	-	145,211
2028	-	3,821	-	3,821
Total	$ 207,875	$ 77,821	$ 1,030,000	$ 1,315,696

Office Lease

On February 20, 2019, the Company co-signed a lease for office space commencing on May 1, 2019 for a term of six years and 6 months. The Company has an average monthly commitment of $11,067 for its share of the basic and additional rent. On November 1, 2025, the Company extended the office lease for a term of 2 years. The Company has a monthly commitment of $10,941 for basic rent.

Valard Equipment

On July 12, 2022, the Company announced that it had entered into an agreement with Valard Equipment LP ("Valard"), as subsequently amended, for the lease of a construction camp (the "Camp") located in Marathon, Ontario until December 31, 2026 (previously December 31, 2025) (the "Lease Term") and an option, exercisable at the Company's discretion, to purchase the Camp on or before the end of the Lease Term. The total remaining obligations as at March 31, 2026, including the monthly lease payments of $7,500, and the purchase option of $970,000 due December 30, 2026 is $1,030,000. In connection with this agreement, the Company has also leased the existing serviced camp site from the Town of Marathon.

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14. PRECIOUS METALS PURCHASE AGREEMENT

The Company and its 100% owned subsidiary, Generation PGM, entered into a definitive Precious Metal Purchase Agreement ("PMPA") with Wheaton with respect to the Marathon Project dated January 26, 2022.

Pursuant to the PMPA, Wheaton will pay the Company total upfront cash consideration of $240,000,000, $40,000,000 of which was paid ($20,000,000 on March 31, 2022 ("First Early Deposit") and $20,000,000 on September 7, 2022) on an early deposit basis prior to construction to be used for development of the Marathon Project. The remainder of $200,000,000 is payable in four staged instalments during construction (each a "Construction Payment"), subject to various customary conditions being satisfied. Generation Mining and its subsidiary Generation PGM, have provided Wheaton a first ranking security interest over all their assets and various time sensitive performance guarantees relating to the development of the Project.

Under the PMPA, Wheaton will purchase 100% of the payable gold production until 150 thousand ounces ("koz") have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine; and 22% of the payable platinum production until 120 koz have been delivered, thereafter dropping to 15% for the life of mine.

Wheaton will make ongoing payments for the gold and platinum ounces delivered equal to 18% of the spot prices ("Production Payment") until the value of gold and platinum delivered less the Production Payment is equal to the upfront consideration of $240,000,000, at which point the Production Payment will increase to 22% of the spot price.

The term of the agreement is 20 years, renewable at Wheaton's election for an additional 10 years.

From the first anniversary date of the First Early Deposit until the first Construction Payment, the Company will be subject to a delay payment of 250 ounces of gold per month plus accrued interest ("Delay Ounce Balance"). At Generation PGM's election, the Delay Ounce Balance is payable in gold deliveries from operations or in cash. The full Delay Ounce Balance will be subject to early repayment if certain triggering events occur, including (a) events of default, (b) no Construction Payment has been advanced by March 31, 2027, (c) Completion (as defined in the PMPA) of the Marathon Project is not achieved within 4 years from the first Construction Payment, and (d) the date that is one year after Completion is achieved. The Company has designated the stream obligation as a financial liability at fair value through profit or loss ("FVTPL") under the scope of IFRS 9. Fair value adjustments are recorded in the consolidated statement of loss, and fair value adjustments related to the Company's own credit risk are recorded in other comprehensive income, as required by IFRS 9 for financial liabilities designated as FVTPL.

Accordingly, the Company values the liability at the present value of its expected future cash flows at each reporting period with changes in fair value reflected in the consolidated income statements and consolidated statements of comprehensive income. Fair value adjustments represent the net effect of changes in the variables included in the Company's valuation model reporting dates.

Components of the adjustment to fair value for the derivative financial liabilities at each reporting date include:

• Accretion expense
• Change in the risk-free interest rate
• Change in the amount or timing of any expected ounces to be delivered
• Change in future metal prices
• Change in future foreign exchange assumptions
• Change in the Company specific credit spread

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14. PRECIOUS METALS PURCHASE AGREEMENT (continued):

The following is a summary of the change in non-current derivative financial liability as at March 31, 2026:

Precious metals purchase agreement, December 31, 2024	$ 55,103,411
Fair value loss through profit and loss	24,040,401
Precious metals purchase agreement, December 31, 2025	$ 79,143,812
Fair value loss through profit and loss	12,683,941
Precious metals purchase agreement, March 31, 2026	$ 91,827,753

15. SUBSEQUENT EVENTS:

Subsequent to the period ending March 31, 2026, the following transactions occurred relating to the Omnibus Equity Incentive Plan:

• 2,527,942 RSUs were granted with 1/3 vesting in one year, 1/3 vesting in two years, and 1/3 vesting in three years;
• 615,386 DSUs were granted with vesting immediately upon the grant date;
• 2,238,218 PSUs were granted with a three-year term from grant date and fully vest upon commencement of plant commissioning;
• 111,300 RSUs and 177,364 RSUs were redeemed for total proceeds of $64,203 with a value of $0.29 and $0.18, respectively;
• 602,059 options, 531,100 options and 158,400 options were exercised for total proceeds of $531,725 with an exercise price of $0.58, $0.29, and $0.18, respectively.