Generation Mining Limited (TSX: GENM) has announced financial results for the third quarter of 2022, reporting a net loss as the company is yet to generate revenues.
The Canada-based metal mining firm reported a net loss of C$10.62 million or C$0.06 per share for the three months that ended September 2022, marking a deterioration from the year-ago quarter when it reported a loss of C$3.68 million or C$0.02 per share.
The wider loss reflects a sharp increase in operating expenses to about C$10 million in the third quarter. The company said it intends to continue developing the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario.