Generation Mining Hosting Fireside Chat with
Report Co-Author
Generation Mining Limited (TSX:GENM, OTCQB: GENMF) welcomes the
recent report by the International Energy Forum (“IEF”) entitled
“Copper Mining and Vehicle Electrification”, which states that the
world will not be able to produce enough copper to transition to
100% electric vehicle production by 2035 – the target of many
governments around the world. This IEF report (the “Report”) goes
on to state that “Policymakers might consider changing the vehicle
electrification goal from 100% EV to 100% hybrid manufacture by
2035. This would allow for future output of existing and new copper
mines to be used for the developing world to catch up with the
developed world in electrification.”
Please join us on Wednesday June 5th at 2pm (EST) for a fireside
chat to discuss vehicle electrification and copper mining with IEF
Report co-author, Adam Simon, PhD, along with Generation Mining
representatives, Kerry Knoll and Jamie Levy.
Please use this link to register and attend the event:
https://events.6ix.com/preview/the-looming-ev-copper-shortfall-fireside-chat-with-professor-adam-simon.This
event will also be available for replay viewing at
www.genmining.com.
Mr. Simon is the Arthur F. Thurnau Professor of Earth &
Environmental Sciences at the University of Michigan and a Fellow
of the Society of Economic Geologists. His research focuses on the
geology and geochemistry of mineral deposits that provide society
with copper and other critical minerals. He has co-authored the
textbook “Mineral Resources, Economics and the Environment”, which
is considered an authoritative source for beginners and experts,
and “Earth Materials: Components of a Diverse Planet”. He has
published 100 peer-reviewed research articles. He regularly
delivers lectures to the general public and experts on all aspects
of the energy transition including a TEDx talk. He is the 2024
Society of Economic Geologists Distinguished Lecturer.
The Report cites a February 2024 report by the American Council
for an Energy-Efficient Economy showing that EVs and hybrids scored
similarly based on their cost to human health from air pollution
associated with vehicle manufacturing and disposal, the production
and distribution of fuel or electricity, and vehicle tailpipe
emissions.
“Generation Mining has been advocating the need for hybrid
vehicles and stressing the challenges of fleet electrification by
2035, for many of the reasons cited in Mr. Simon’s IEF report,”
said Jamie Levy, President and Chief Executive officer of the
Company. “Our company is in a unique position, in that we would
benefit from a transition to electric vehicles due to the large
copper component of our Marathon project, but we also benefit from
a transition to hybrid vehicles, which require increased loadings
of palladium and platinum.”
Other noteworthy points made in the Report are:
- Just to meet business-as-usual trends, without full EV
adoption, the world must mine more copper in the next 30 years than
it has in all of history until now. Electrifying the global vehicle
fleet would necessitate the opening of another 55 percent more new
mines than are already expected to be needed.
- The 100% EV target not only requires significant extra copper
for battery manufacture, but also more copper for grid upgrades to
support charging, while hybrid electric vehicles do not require
extra grid capacity.
- EVs require 60 kg of copper versus 29kg for a hybrid electric
and 24kg for a combustion engine vehicle, so switching the global
vehicle fleet to hybrids would have a negligeable impact on copper
demand.
- Copper demand for EV manufacture could increase the price of
copper very substantially and significantly impede the advance of
less developed areas.
A copy of the full Report is available at
https://www.ief.org/focus/ief-reports/copper-mining-and-vehicle-electrification.
The non-profit International Energy Forum is the world's largest
international organization of energy ministers from 73 countries
and includes both producing and consuming nations. The IEF has a
broad mandate to examine all energy issues including oil and gas,
clean and renewable energy, sustainability, energy transitions and
new technologies, and data transparency as well as providing focus
to the critical issue of energy poverty. The Report was co-authored
by Lawrence M. Cathles, a professor at Cornell University.
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped palladium-copper deposit in Northwestern Ontario,
Canada. On March 31, 2023, the Company released the results of a
Feasibility Study Update with an effective date of December 31,
2022. On May 31, 2024, the Company filed an Amended Feasibility
Study Update with the same effective date (the “Feasibility
Study”).
The Feasibility Study estimates a Net Present Value (using a 6%
discount rate) of C$1.16 billion, an Internal Rate of Return of
25.8%, and a 2.3-year payback. The mine is expected to produce an
average of 166,000 ounces of payable palladium and 41 million
pounds of payable copper per year over a 13-year mine life (“LOM”).
Over the LOM, the Marathon Project is anticipated to produce
2,122,000 ounces of palladium, 517 million lbs of copper, 485,000
ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of
silver in payable metals. For more information, please review the
Feasibility Study dated May 31, 2024, filed under the Company’s
issuer profile at www.sedarplus.ca or on the Company’s website at
https://genmining.com/projects/feasibility-study/.
The Marathon Property covers a land package of approximately
26,000 hectares, or 260 square kilometres. Gen Mining owns a 100%
interest in the Marathon Project.
Qualified Person
The scientific and technical content of this news release,
including the sampling, analytical and test data underlying the
technical content, was reviewed, verified, and approved by Mauro
Bassotti, P.Geo, Vice President Geology of the Company, and a
Qualified Person as defined by Canadian Securities Administrators’
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Forward-Looking Information
This news release contains certain forward-looking information
and forward-looking statements, as defined in applicable securities
laws (collectively referred to herein as "forward-looking
statements"). Forward-looking statements reflect current
expectations or beliefs regarding future events or the Company’s
future performance. All statements other than statements of
historical fact are forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "continues", "forecasts", "projects”,
“predicts”, “intends”, “anticipates”, “targets” or “believes”, or
variations of, or the negatives of, such words and phrases or state
that certain actions, events or results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be achieved,
including statements relating to the anticipated life of mine;
mineral production estimates, payback period, and financial returns
from the Marathon Project.
Although the Company believes that the expectations expressed in
such statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
statements. There are certain factors that could cause actual
results to differ materially from those in the forward-looking
information. These include the timing for a construction decision;
the progress of development at the Marathon Project, including
progress of project expenditures and contracting processes, the
Company’s plans and expectations with respect to liquidity
management, continued availability of capital and financing, the
future price of palladium and other commodities, permitting
timelines, exchange rates and currency fluctuations, increases in
costs, requirements for additional capital, and the Company’s
decisions with respect to capital allocation, and the impact of
COVID-19, inflation, global supply chain disruptions, global
conflicts, including the wars in Ukraine and Israel, the project
schedule for the Marathon Project, key inputs, staffing and
contractors, commodity price volatility, continued availability of
capital and financing, uncertainties involved in interpreting
geological data, environmental compliance and changes in
environmental legislation and regulation, the Company’s
relationships with First Nations communities, results from planned
exploration and drilling activities, local access conditions for
drilling, and general economic, market or business conditions, as
well as those risk factors set out in the Company’s annual
information form for the year ended December 31, 2023, and in the
continuous disclosure documents filed by the Company on SEDAR+ at
www.sedarplus.ca. Readers are cautioned that the foregoing list of
factors is not exhaustive of the factors that may affect
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements in this news release speak only as of the date of this
news release or as of the date or dates specified in such
statements.
Exploration results that include geophysics, sampling, and drill
results on wide spacings may not be indicative of the occurrence of
a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity,
metallurgical characteristics and economic potential to be classed
as a category of mineral resource. Forward-looking statements are
based on a number of assumptions which may prove to be incorrect,
including, but not limited to, assumptions relating to: the
availability of financing for the Company’s operations; operating
and capital costs; results of operations; the mine development and
production schedule and related costs; the supply and demand for,
and the level and volatility of commodity prices; timing of the
receipt of regulatory and governmental approvals for development
projects and other operations; the accuracy of Mineral Reserve and
Mineral Resource Estimates, production estimates and capital and
operating cost estimates; and general business and economic
conditions.
Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
information. For more information on the Company, investors are
encouraged to review the Company’s public filings on SEDAR+ at
www.sedarplus.ca. The Company disclaims any intention or obligation
to update or revise any forward- looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240603568193/en/
Jamie Levy President and Chief Executive Officer (416) 640-2934
(O) (416) 567-2440 (M) jlevy@genmining.com
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