Generation Mining has secured a debt commitment of C$200m ($141m) from the Canada Infrastructure Bank (CIB) to support the Marathon Copper-Palladium Project in north-western Ontario.
This funding forms part of a larger financing plan aimed at advancing the project’s development and construction phases.
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The CIB’s commitment includes a C$110m subordinated debt facility directed towards development and construction costs, and a C$90m standby facility to cover potential cost overruns at the time of construction.
This pledge from the CIB marks its first investment in Ontario’s critical minerals sector, highlighting the project’s strategic importance to Canada’s mineral supply chain.
Generation Mining president and CEO Jamie Levy said: “The CIB’s mandate to catalyse private-sector investment in critical infrastructure makes it a natural partner for Generation Mining.
“The commitment further validates the strength of the Marathon project’s economics, its strategic importance and its significance as a future North American producer of copper and palladium – two metals essential to the energy transition.”
Generation Mining has secured a total of approximately C$969m for the Marathon project. This includes a senior debt facility of $310m from Export Development Canada, ING Capital and Société Générale.
Additional funding comes from a metals streaming agreement with Wheaton Precious Metals worth C$200m and equipment leasing facilities valued at nearly C$145m.
The CIB’s investment is pending final documentation and the completion of an inter-creditor agreement. The final steps will involve customary project finance terms.
Construction is expected to begin in the latter half of 2026, contingent upon successful project financing.
The Marathon project is a substantial undeveloped deposit with an expected mine life of 13 years.
Generation Mining is continuing negotiations with surety providers and equity investors to finalise the financial arrangements necessary to move the project into its construction phase.
