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Sibanye-Stillwater drops out of Ontario platinum JV

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(Kitco News) - Generation Mining said yesterday that Sibanye-Stillwater opted not to increase its ownership in Generation's Marathon Palladium Copper project.

The project is located along the Trans-Canada Highway in Northwestern Ontario. A March 2021 feasibility study showed a mine producing an average 245,000 ounces of palladium equivalent annually over a 13-year mine life.

The Sibanye news dropped Generation's stock 12% to 94 cents on Wednesday.

Generation said it will advance the project.

"We are thrilled to have clarity on this key issue, which removes a perceived encumbrance on the Marathon Project," states Jamie Levy, President and Chief Executive Officer of Gen Mining. "Sibanye-Stillwater has been an excellent partner. We look forward to advancing Marathon to production, and I think our shareholders will ultimately benefit from this decision. This project's time has come to be developed and being a Canadian-based company looking to produce critical minerals and green metals is a very exciting place for all of our stakeholders."

The company said it has $12 million cash on hand.

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