Marathon Copper-Palladium Project Feasibility Study: C$1.07B NPV, 28% IRR
Generation Mining Limited's Marathon Copper-Palladium Project in Ontario, Canada (Northwestern Ontario, near Town of Marathon) has a Feasibility Study outlining an after-tax NPV of C$1.07B, an after-tax IRR of 28%, and initial capital of C$992M. The proposed mine plan runs 13 years.
Generation Mining Limited's Marathon Copper-Palladium Project has reported Feasibility Study results for the copper-palladium project in Ontario, Canada (Northwestern Ontario, near Town of Marathon). The study headlines an after-tax net present value of C$1.07B at a 6% discount rate. It reflects Generation Mining Limited's (GENM.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$1.07B using a 6% discount rate. After-tax IRR is 28%. Initial capital expenditure is estimated at C$992M, with life-of-mine sustaining capital of C$565M. The study models a payback period of 1.9 years. All-in sustaining costs are pegged at 781 USD/PdEq oz. Economics are based on FS metal-price assumptions: US$1,525/oz Pd, US$4.00/lb Cu, US$950/oz Pt, US$2,000/oz Au, US$24/oz Ag; FX US$1: CAD$1.35. Spot prices as of August 20, 2026 (page 9): Cu $6.60/lb, Ag $68/oz, Au $4,518/oz, Pt $1,827/oz, Pd $1,313/oz, FX US$1.00:CAD$1.37.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 13 years. Average head grade is 0.64 g/t Pd, 0.21% Cu (P&P reserves).
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Net of stream to Wheaton Precious Metals (Au/Pt metal stream, US$200M); payable %'s 95% Pd, 96.5% Cu, 93% Pt, 93.5% Au, 93.5% Ag.
These figures are extracted from Generation Mining Limited's technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 115.5 Mt | 0.66 g/t Pd, 0.22% Cu, 0.20 g/t Pt, 0.07 g/t Au, 1.7 g/t Ag | 2,434 koz Pd, 549 M lb Cu, 754 koz Pt, 264 koz Au, 6,242 koz Ag |
| Probable | 12.7 Mt | 0.47 g/t Pd, 0.20% Cu, 0.15 g/t Pt, 0.06 g/t Au, 1.6 g/t Ag | 193 koz Pd, 56 M lb Cu, 61 koz Pt, 26 koz Au, 635 koz Ag |
| Proven & Probable | 128.3 Mt | 0.64 g/t Pd, 0.21% Cu, 0.20 g/t Pt, 0.07 g/t Au, 1.7 g/t Ag | 2,627 koz Pd, 605 M lb Cu, 815 koz Pt, 291 koz Au, 6,877 koz Ag |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 164.0 Mt | 0.56 g/t Pd, 0.20% Cu, 0.18 g/t Pt, 0.07 g/t Au, 1.7 g/t Ag | 2,973 koz Pd, 712 M lb Cu, 970 koz Pt, 358 koz Au, 9,089 koz Ag |
| Indicated | 80.1 Mt | 0.41 g/t Pd, 0.21% Cu, 0.13 g/t Pt, 0.06 g/t Au, 1.5 g/t Ag | 1,066 koz Pd, 379 M lb Cu, 339 koz Pt, 152 koz Au, 3,814 koz Ag |
| Measured & Indicated | 244.1 Mt | 0.51 g/t Pd, 0.20% Cu, 0.17 g/t Pt, 0.06 g/t Au, 1.6 g/t Ag | 4,039 koz Pd, 1,091 M lb Cu, 1,309 koz Pt, 510 koz Au, 12,903 koz Ag |
| Inferred | 29.8 Mt | 0.39 g/t Pd, 0.22% Cu, 0.10 g/t Pt, 0.05 g/t Au, 1.4 g/t Ag | 370 koz Pd, 147 M lb Cu, 94 koz Pt, 44 koz Au, 1,374 koz Ag |
Our Analysis
- IRR after-tax
- 28%
higher than 47% of 366 projects we track
- NPV after-tax
- C$1.07B
higher than 67% of 497 projects we track
- Initial capex
- C$992M
93% of NPV
costlier than 79% of 479 projects we track
- Payback
- 1.9yrs
slower than 28% of 295 projects we track
- Mine life
- 13yrs
- Discount rate
- 6%
- Study price assumption
- FS metal-price assumptions: US$1,525/oz Pd, US$4.00/lb Cu, US$950/oz Pt, US$2,000/oz Au, US$24/oz Ag; FX US$1: CAD$1.35. Spot prices as of August 20, 2026 (page 9): Cu $6.60/lb, Ag $68/oz, Au $4,518/oz, Pt $1,827/oz, Pd $1,313/oz, FX US$1.00:CAD$1.37
- Spot copper today
- $6.75/lb
The build cost, not the headline return, is what decides this one. Generation Mining is proposing to spend C$992M on a feasibility-stage copper-palladium mine in Northwestern Ontario, against a company worth roughly US$137M. That is a build worth about 5.3x the entire equity value, and the after-tax NPV of C$1.07B sits at about 5.7x market cap. A micro-cap cannot quietly fund a cheque several times its own size from cash flow or a conventional debt package. Someone else has to write it: a strategic partner, a streaming or royalty deal, an offtake-linked lender, or equity issued at a discount. Each route costs existing holders something, whether in dilution, future revenue, or control. That is the real decision in front of the board.
The economics are good enough to make the financing conversation possible, which is the point. A 28% after-tax IRR clears the roughly 15% threshold project lenders typically want, and the 20%-plus that a higher-risk junior with little else in the portfolio needs, though it ranks only above 47% of the 366 projects we track. Payback of 1.9 years is genuinely fast, better than 72% of the 295 projects we track, and the NPV ranks above 67% of 497. This is a feasibility study, so the numbers carry a plus or minus 15% band rather than scoping-level guesswork, and the 13-year life is a real mine. Ontario is a mining-friendly jurisdiction, which helps at the permitting and lender-credit stage.
The price deck is where the optimism sits. The study assumes US$1,525/oz palladium and US$4.00/lb copper; live copper spot is US$6.75/lb, well above the assumption, which is genuine upside if it holds. Palladium is the softer leg and the harder one to underwrite. The single question: can this company, at this size, get C$992M committed without handing away the asset?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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