Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (the “Acquiror”) announces that it has acquired 39,268,426 common shares (each, a “Common Share“) of Elton Resources Corp. (“Elton“) in connection with the completion of the qualifying transaction of Chicane Capital I Corp. (the “CPC”) and Elton (the “Transaction“).

Immediately prior to completion of the Transaction, Acquiror did not own any securities of either the CPC or Elton. As a result of the Transaction, Acquiror has direct and indirect ownership, control or direction of 39,268,426 Common Shares, representing approximately 19.94% of the issued and outstanding Common Shares on an undiluted basis. The Acquiror does not own any other securities of Elton.

The Common Shares were acquired pursuant to an asset purchase agreement between the Acquiror and Elton dated December 20, 2022 (as amended), whereby Elton acquired, among other things, the rights and obligations of the Acquiror pursuant to a concession agreement dated December 22, 2009 between the Inuvialuit Regional Corporation, the Inuvialuit Land Corporation, and Darnley Bay Resources Limited, as assigned to the Acquiror. On September 29, 2026, the CPC completed the Transaction and, in connection with the Transaction and as consideration under the asset purchase agreement, the Acquiror was issued the Common Shares.

The Acquiror acquired the Common Shares for investment purposes. Depending on market conditions, general economic and industry conditions, Elton’s business and financial condition and/or other relevant factors, the Acquiror may, from time to time, acquire additional Common Shares or other securities of Elton through market transactions, private agreements, treasury issuances or otherwise, or disposing of all or some of its Common Shares. The Acquiror does not have any plans related to any of the matters in the enumerated list in Item 5.1 of Form 62-103F1.

An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where Elton is a reporting issuer and will be available on SEDAR+ at www.sedarplus.ca.

About Generation Mining

Generation Mining’s (TSX: GENM) focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Feasibility Study (the “Technical Report”) with an effective date of November 1, 2024, estimated a Net Present Value (using a 6% discount rate) of $1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce approximately: 2,161,000 ounces of palladium, 532 million lbs. of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. These production estimates and economic projections are forward-looking statements subject to risks and uncertainties. For more information, please review the Technical Report filed under the Company’s profile at www.sedarplus.ca and available on the Company’s website at https://genmining.com/projects/feasibility-study/ .

The head office address of Acquiror is 100 King Street West, Suite 7010, PO Box 70 Toronto, ON M5X 1B1.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, P.Eng., Technical Services Manager of Generation PGM, and a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “estimates”, “forecasts”, “projects”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements relating to the development of the Marathon Project and the estimates and assumptions in the Technical Report, including the estimated Net Present Value, Internal Rate of Return, payback period, anticipated mine life, and projected production of palladium, copper, platinum, gold and silver in payable metals.

Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the risk that future metal prices differ from the price assumptions underlying the Technical Report, the risk that the discount rate applied does not reflect actual conditions, the risk that mineral reserve and resource estimates and the interpretation of geological data prove inaccurate, the progress of development at the Marathon Project, increases in costs, and general economic, market or business conditions, as well as those risk factors set out in the Company’s annual information form for the year ended December 31, 2025, and in the continuous disclosure documents filed by the Company on SEDAR+ at www.sedarplus.ca.

Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR+ at www.sedarplus.ca.

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