Generation Mining has signed a non-binding term sheet with the Government of Ontario for a potential loan of up to $7.8m (C$11m) to assist with construction at the company’s Marathon copper-palladium project in north-western Ontario, Canada.
The loan would be provided through the Ontario Critical Minerals Processing Fund (CMPF), administered by Invest Ontario.
The loan amount is based on the share of qualifying project costs and on maintaining a specified employment threshold at the Marathon Project.
The support is earmarked for construction of the project’s mineral processing facility and other eligible infrastructure, representing approximately C$410m in spending.
These expenditures are included in the Marathon Project’s overall capital requirement of C$992m, according to a technical report and feasibility study published on 28 March 2025.
The agreed term sheet remains non-binding and the facility is subject to final documentation and standard conditions for such arrangements.
The CMPF financing would complement Generation Mining’s previously announced funding plans for the project.
Generation Mining president and CEO Jamie Levy said: “Marathon is one of the most advanced undeveloped copper-palladium projects in North America, and this support helps us finance the construction of the Marathon Project.
“I want to thank the Government of Ontario for standing behind the project. Minister Lecce, Minister Fedeli and their teams, together with Invest Ontario, have been true partners through this process.”
Located near the town of Marathon, the Marathon Project is an open-pit copper-palladium mining and processing operation that has already received all necessary permits and is ready for construction.
The project has secured offtake agreements and aims to supply copper and palladium to domestic and allied markets, amid increasing emphasis on critical minerals access.
The project will employ more than 100 people at the processing complex, around 350 in mining operations, and create approximately 800 jobs during the construction phase.
The Ontario Government established the CMPF in December 2025 as a C$500m programme to boost critical minerals processing capacity.
The initiative is managed by the Ministry of Economic Development, Job Creation and Trade, delivered by Invest Ontario, and supported by advisory input from the Ministry of Energy and Mines.
