Artemis Gold Begins Commercial Production at Blackwater Mine

Artemis Gold has achieved commercial production at its Blackwater Mine in central British Columbia, reaching average daily processing rates above design capacity in both the crushing and milling circuits. Since the start of milling operations this year, the mine has produced approximately 30,000 ounces of gold and expects to produce 160,000-200,000 ounces by the end of 2025, at all-in sustaining costs between US$670 and US$770 per ounce. Mining operations have exceeded 90% of planned tonnage, with both large production excavators fully deployed and mined grades aligning favorably with expectations. The company plans to invest in infrastructure and design work for a proposed Phase 2 expansion, which could boost annual production to over 500,000 equivalent gold ounces and establish Blackwater as a Tier 1 asset. Artemis Gold's operational success has been reflected in its share price, but investors are advised to consider ongoing financial challenges, including high leverage and negative cash flow. The mine is the province’s first new gold operation since 2017 and is advancing amid historically high gold prices.