Generation Mining (OTCQB: GENMF) just pulled in another $146 million from the Canada Infrastructure Bank, pushing the funding pile behind its Marathon copper-palladium project in northern Ontario to roughly $707 million. The stock has gained 8.3% over the past month, sitting near $0.47 a share.

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Let's take a closer look at where Generation stands and whether the funding milestone makes the stock worth owning here.

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The financing is nearly done

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Marathon carries a total construction cost of about $724 million, and Generation has now assembled close to $707 million of it. The latest piece is a $146 million commitment from the Canada Infrastructure Bank, a federal lender that backs critical-minerals projects. It splits into an $80 million subordinated construction loan and a $66 million standby facility to cover cost overruns.

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That came on top of a $310 million senior debt facility from Export Development Canada, ING Capital, and Société Générale, plus a $175 million metals stream with Wheaton Precious Metals and about $106 million in equipment leasing.

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Subordinated debt sits below senior loans in the repayment line, so those lenders take losses first if the project stumbles. A government lender stepping into that slot is a real vote of confidence.

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What's left is roughly $110 million the company hopes to raise through equity this fall. And that's the catch worth watching.

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You see, Generation's entire market value is only about $153 million. A company that small trying to fund a $724 million mine means dilution is almost certainly coming for the equity slice, and at $0.47 a share, existing holders feel it.

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Is GENMF stock worth buying now?

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On the asset itself, the numbers are strong. 

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The updated feasibility study pegs Marathon's after-tax net present value at about $781 million with a 1.9-year payback over a 13-year mine life. The mine would produce around 42 million pounds of copper a year, plus palladium, platinum, gold, and silver, with first output targeted for 2028. Half the copper is already spoken for under an offtake deal with Glencore.

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Here's how to weigh it. With most of the debt locked and permitting done, the financing risk that usually sinks junior miners has largely been cleared. That's the bull case, and it's a good one.

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To be sure, the project still hinges on final documentation. The equity raise hasn't closed, and a formal construction decision won't come until September. Copper and palladium prices also have to hold up through a build that doesn't generate a dollar of revenue until 2028.

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If you want exposure to a fully funded, permitted North American copper-palladium developer, Generation is one of the few names that fit, and the de-risking here is real. But it's still a pre-revenue junior with a dilution event ahead and three years before any metal ships. I'd watch the equity raise close before chasing it.

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