Artemis Gold Announces Commercial Production at Blackwater and Provides 2025 Guidance
Press Release
May 2, 2025
Vancouver, British Columbia – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis Gold” or the “Company”) announces it has achieved commercial production at the Blackwater Mine in central British Columbia.
Over the past 30 days, the average tonnes per day processed through Blackwater’s crushing circuit was 17,700 tonnes per day (107% of design capacity), while the milling circuit has averaged over the same period 15,300 tonnes per day (93% of design capacity). Further to this, the milling circuit has averaged for the last 14 days 16,700 tonnes per day (102% of design capacity).
In the open pit, mining has delivered in excess of 90% of its planned tonnage, with both the 400 tonne and the 600 tonne production excavators fully deployed. Mined tonnes and grades based on grade control modeling are reconciling favourably to the resource model.
Since the commencement of milling operations at Blackwater this year, gold production has totalled approximately 30,000 ounces. For the eight months of commercial production ending December 31, 2025, the Company expects to produce 160,000-200,000 ounces of gold at all-in sustaining costs (AISC1) of US$670-US$770 per ounce, bringing forecast production for the financial year 2025 to 190,000-230,000 ounces of gold. This includes expected production for H2 2025 of 130,000-160,000 ounces of gold at estimated AISC1 of US$645-US$725 per ounce. AISC1 is expected to be slightly higher during the two months remaining in Q2 2025 due to the continued ramp up in production over that period.
Included in the AISC1 estimate for the eight months ending December 31, 2025 is sustaining capital of approximately $16 million. In addition, the Company expects to incur Phase 1 deferred capital expenditures of $60-$75 million during the eight months ending December 31, 2025, including construction of an air strip, additional water treatment facilities, and other infrastructure. The Company also plans to spend an initial $3 million in front-end engineering and design work for the proposed Phase 2 expansion.
Artemis Gold Chairman and CEO Steven Dean commented: “On behalf of the Board of Directors, I express my sincere gratitude and congratulations to the Blackwater team and our contractors for their hard work and dedication in achieving this milestone. We completed construction in an industry leading 22 months, and the team achieved commercial production in a remarkable three months from commencement of milling operations. We will soon turn our attention to the potential acceleration of the proposed Phase 2 expansion, which is anticipated to increase Blackwater’s average annual production to over 500,000 equivalent gold ounces per year, firmly establishing the mine as a Tier 1 asset in a top jurisdiction.”
Conference Call
Artemis Gold will host a conference call today, May 2, 2025, at 11am PDT/2pm EDT. To access the call please dial:
Canada/USA toll free 1 844 763 8274
International toll + 1 647 484 8814
International web phone Click Here
No passcode is required; participants should ask to be joined into the Artemis Gold call.
A transcript of the conference call will be made available on the Company’s website following the call.
Blackwater mine site – April 30, 2025
About Artemis Gold
Artemis Gold is a well-financed, growth-oriented gold development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition, and development of gold properties in mining-friendly jurisdictions. The Company’s current focus is the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1, 2025. Artemis Gold trades on the TSX-V under the symbol ARTG. For more information visit www.artemisgoldinc.com.
Qualified Person
Artemis Gold President and Chief Operating Officer Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On behalf of the Board of Directors
Steven Dean
Chairman and Chief Executive Officer
+1 604 558 1107
Investor Relations contact
Meg Brown
Vice President, Investor Relations
mbrown@artemisgoldinc.com
+1 778 899 0518
Media relations contact
media@artemisgoldinc.com
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