MARATHON, ON, Sept. 14, 2026 /CNW/ — Canada Growth Fund Inc. (“CGF“) announced today its commitment to invest ~ $140 million in Generation Mining Limited (TSXV: GENM) (“GENM“) through an ~ $90 million investment in common shares of GENM as part of a broader equity financing of $200 million, and a $50 million investment in a convertible note, as part of a $100 million offering of convertible notes to be issued by GENM on a private placement basis (collectively, the “Transaction“). The Transaction will support the construction of the Marathon Project in Northwestern Ontario (the “Project“), one of Canada’s fully permitted, shovel-ready critical minerals projects.
Through its investment, CGF is helping unlock significant private capital for a strategically important Canadian critical minerals project by anchoring the equity financing required to advance the Project and access committed lending facilities. CGF’s support progresses the Project toward a final investment decision and construction.
The Project is expected to be a significant Canadian source of both copper and palladium. Together, these metals have the potential to strengthen domestic supply and support resilient North American supply chains, while enhancing the Project’s economic profile and contribution to transportation-sector emissions reductions
“Canada has the minerals the world wants, and our government is focused on getting major projects built that unlock those resources and get them to markets at home and abroad. This investment by the Canada Growth Fund will help unlock private capital for the Marathon Project, a fully permitted, shovel-ready critical minerals project. By advancing a new Canadian source of copper and palladium, we are strengthening North American supply chains, supporting good jobs in Northwestern Ontario, and building the projects that will power Canada’s economy for generations to come.” The Honourable Tim Hodgson, Minister of Energy and Natural Resources
“CGF was established to unlock strategic projects across Canada by deploying capital through specialized financial instruments that mobilize private investment into strategically important assets,” said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management Inc. (“CGFIM“). “Building on its investment expertise, CGFIM has helped support the Marathon Project and is advancing a new Canadian source of copper and palladium, strengthening critical minerals supply chains and supporting long-term economic growth.”
“Through its equity participation, CGF is playing a catalytic role in the project’s financing structure and attracting additional investment. Its investment is a cornerstone for the Marathon Project and has been instrumental in unlocking the broader capital required to move the project forward,” said Jamie Levy, Chief Executive Officer at Generation Mining Limited. “This commitment enables us to advance toward construction and positions the project to deliver long-term economic and strategic benefits for Canada.”
Transaction Highlights
- The Transaction includes a ~ $140 million total committed investment by CGF, comprised of:
- $50 million by way of a convertible note exchangeable for common shares of GENM in accordance with its terms; and
- ~ $90 million in common shares of GENM to be issued at a price per share of $0.64, representing, subject to the terms of the convertible note, 19.9% of the issued and outstanding shares of GENM on a partially diluted basis.
- CGF’s equity investment is the cornerstone in a broader $200 million equity financing to support the advancement and construction of the Project announced today by GENM.
- Offerings of common shares and convertible notes are subject to standard closing conditions, including the approval of the Toronto Stock Exchange and, in the case of the convertible note offering, approval of the shareholders of GENM.
- The equity offering is expected to close on or about September 21, 2026.
- CGF to be granted investor and governance rights commensurate with its investment.
- The Project is a fully permitted, shovel-ready critical minerals development located in Northwestern Ontario.
- As an anchor investor, CGF is catalyzing significant private-sector participation.
- The Transaction aims to de-risk a large-scale, complex development and unlock capital.
About Canada Growth Fund
CGF is a $15 billion arm’s-length investment vehicle designed to attract private capital to build Canada’s clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains. Visit http://www.cgf-fcc.ca for more information.
About Canada Growth Fund Investment Management
In Budget 2023, the Government of Canada appointed PSP Investments, through a wholly owned subsidiary, to act as the asset manager for CGF. CGFIM serves as the independent and exclusive asset manager for CGF.
About Generation Mining Limited
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 C$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/.
Advisors
Norton Rose Fulbright Canada LLP is acting as legal advisor to CGF and CGFIM in connection with the Transaction.
PSP Investments’ Conflict of Interest Policy
PSP Investments has established a policy to address the risk of any real, potential or perceived conflicts of interest in the context of the services provided by CGFIM to CGF, requiring PSP Investments and CGF to disclose where they have overlapping investments.
At the time of the approval of the Transaction, PSP Investments had certain economic exposure to GENM, representing less than 0.03% of the market cap of GENM through externally managed funds with no governance or decision-making ability.
SOURCE Canada Growth Fund Inc.
