06:23 AM EST, 11/17/2025 (MT Newswires) -- NGEx Minerals ( NGXXF ) late Friday reported a widened third-quarter net loss on higher costs.

Net loss was C$28.7 million year over year, or a loss of $0.14 per share, widening from a loss of $9.8 million, or a loss of $0.05 per share.

The company incurred $16.3 million in exploration and project investigation costs and $14.7 million in general and administrative costs, partially offset by interest income of $1.1 million. A year ago, exploration and project investigation costs were $6.2 million and G&A costs were $6.0 million, partially offset by a gain of $2.1 million from the use of marketable securities.

As of Sept. 30, NGEx had cash of $85.7 million, short-term investments of $46.4 million and net working capital of $125.6 million. This compares to $153.4 million of cash, $45.2 million of short-term investments and $188.9 million of net working capital as of Dec. 31, 2024. Funds were used in operations and for general corporate purposes.

The company launched its Phase 4 drill program at the Lunahuasi project in Argentina in October, following the completion of Phase 3 in May. Phase 4 will further explore and define the four distinct styles of mineralization found to date at Lunahuasi.

"With our treasury further strengthened by the closing of the recent equity financing and the spin-out of the Lundin Group's first royalty company now completed, NGEx's attention has turned to the Phase 4 drill program currently underway at Lunahuasi," said NGEx President and CEO Wojtek Wodzicki. "Although exploration at Lunahuasi has come a long way very quickly, we believe that Lunahuasi is still in the early stages of the mineral project lifecycle, and that clear potential remains for expansion and additional discovery."