06:24 AM EDT, 03/26/2025 (MT Newswires) -- NGEx Minerals ( NGXXF ) , which rose 5% on Tuesday, reported that its net loss widened in the fourth quarter and provided an update on Phase 3 drilling at the Lunahuasi project in Argentina.

The net loss came in at $26.4 million, or a loss of $0.13 per share, widening from a loss of $8.6 million, or a loss of $0.04 per share.

The early successes of the Phase 3 drill campaign, which will run from October 2024 to May 2025, have led to the addition of two rigs in February, bringing the total rig count to eight. The company also increased the number of drill meters to 25,000 meters to 20,000 meters.

The expansion will be funded by an oversubscribed, non-brokered private placement of common shares, which closed on Oct. 31, 2024, and raised gross proceeds of $176.9 million.

Wojtek Wodzicki, President and CEO, commented, "The company has quickly established the Lunahuasi deposit as a key asset within the rapidly evolving Vicuna District, showcasing a unique combination of unusually high-grades and significant size," said NGEx President and CEO Wojtek Wozicki.