Eric Sprott Announces Holdings in Generation Mining Limited

Toronto, Ontario--(Newsfile Corp. - February 11, 2022) - Eric Sprott announces that today, 2176423 Ontario Ltd., (a corporation he beneficially owns) exercised 4,807,693 common share purchase warrants (Warrants) of Generation Mining Limited., at $0.75 per common share (Share) for aggregate consideration of $3,605,769.75. The exercise of Warrants, combined with prior corporate treasury issuances of Shares, resulted in a decrease in holdings of approximately 2.0% of the outstanding Shares on a partially diluted basis since the date of the last early warning report. Prior to such exercise, Mr. Sprott beneficially owned and controlled 11,615,386 Shares and 4,807,693 Warrants representing approximately 6.8% of the outstanding Shares on a non-diluted basis and approximately 9.3% on a partially diluted basis assuming the exercise of such Warrants.

Mr. Sprott now beneficially owns and controls 16,423,079 Shares representing approximately 9.3% of the outstanding Shares on a non-diluted basis. The Warrant exercise resulted in an ownership change, on a partially diluted basis, of 2.0% since the last filing of an Early Warning Report and brings total holdings to under 10% on a partially diluted basis. As a result, Mr. Sprott and 2176423 Ontario Limited ceased to be insiders of Generation Mining.

The Shares are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Generation Mining is located at 100 King Street West, Suite 7010, Toronto, ON, M5X 1B1. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113563