Artemis Gold Announces Record Q4 2025 Production Results and 2026 Guidance
Press Release
January 14, 2026
Advancing key growth projects that will more than triple processing capacity by 2028
Vancouver, British Columbia – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis Gold” or the “Company”) announces production results for the three and 12 months ended December 31, 2025 and 2026 production and cost guidance for the Blackwater Mine (“Blackwater”) in central British Columbia.
Blackwater has capped off its inaugural operating year with record quarterly production of 68,480 ounces of gold during the three months ended December 31, 2025 (“Q4 2025”), bringing full year 2025 production to 192,808 ounces of gold. The quarterly gold production represents a 12% increase from the previous quarter and was primarily driven by higher mill feed grades and higher processing recoveries.
Artemis Gold CEO Dale Andres commented: “Record quarterly gold production is a fitting end to an extraordinary first year of operations for Artemis Gold. Our mining operations are performing extremely well, with ore grades being delivered to the mill as planned. Our focus remains on further improving mill throughput and availability, and we continue to target mill throughput levels at 10% above design capacity on a sustainable basis in advance of the Phase 1A expansion which we expect will increase annual design throughput by 33% to 8 Mtpa by Q4 2026.
“We are also advancing the Expanded Phase 2 (“EP2”) project, which we expect to fund from operating cash flow and will see us further increase annual throughput to 21 Mtpa by the end of 2028, which is more than triple our current capacity. This is an exciting time for Artemis Gold as we transform Blackwater into one of the three largest single gold mines in Canada.”
Mill feed grade averaged 1.66 g/t gold in Q4 2025, 12% higher than in Q3 2025. Gold recovery in the mill improved to 88.1% in the quarter, up from 84.9% in Q3 2025. The increase in recovery was related to both improved ore characteristics as mining extended deeper into the deposit as well as continued optimization of the mill circuit.
During Q4 2025, the mill performed well on an operating hour basis and above the design rate; however, the total tonnage processed was impacted by lower mill availability. The availability of the processing plant during October and November was approximately 82%, primarily due to a planned four-day shutdown to complete the first full re-line of the ball mill in October and a ball mill motor failure in early November as previously disclosed. Design and construction deficiencies caused by the Company’s former EPC contractor (Sedgman) are being systematically addressed, with fixes to the issues which caused the majority of the unplanned downtime now largely completed. The availability of the process plant improved to over 93% in December. The mill operated at an average throughput rate of 15,466 tonnes per day or 94% of design capacity for the quarter.
Full details of 2025 production results and financials will be announced on February 18, 2026, after the close of markets. The Company will host a conference call and webcast on February 19, 2026, the details of which are provided below.
2026 Production and Cost Guidance
| 2026 Guidance | |
| Gold production (oz) | 265,000 – 290,000 |
| AISC1 (US$/oz sold) | 925 – 1,025 |
| Sustaining capital ($ millions) | 5 |
| Resource expansion and exploration ($ millions) | 15-20 |
| Growth capital | |
| Phase 1A expansion project ($ millions) | 95 – 100 |
| EP2 project ($ millions) | 385 – 435 |
| Other expansion capital ($ millions) | 190 – 210 |
| Total growth capital ($ millions) | 670 – 745 |
The Company expects another strong year with 265,000–290,000 ounces of gold produced at all-in sustaining costs (AISC1) of US$925-US$1,025 per ounce sold, which is one of the lowest costs in the industry. At current spot gold prices of approximately US$4,500 per ounce, this translates into an AISC margin1 of approximately US$3,500 per ounce of gold sold, or more than 75% margin on revenue.
Additionally, the Company has industry leading growth that will more than triple mill throughput capacity in the near term. Phase 1A, announced in September 2025, is expected to be completed in 2026 and is an attractive step change opportunity to increase nameplate mill capacity from 6 Mtpa to 8 Mtpa. The EP2 project, announced in December 2025, is one of the largest gold development projects currently underway in Canada. EP2 is advancing well and is expected to increase gold production to over 500,000 ounces per year by the end of 2028. These growth projects will cement the Blackwater Mine’s position as one of the lowest-cost and highest-margin gold operations globally and transforms the mine into one of the three largest single gold mines in Canada.
Higher grades are expected in the first half of the year as mining progresses towards the bottom of the current pit phases and higher throughput rates expected in the second half of the year as components of the Phase 1A plant expansion come online. The Phase 1A expansion project, which is expected to be completed, commissioned and fully ramped up during the fourth quarter, will require an estimated 8-day shutdown of the existing plant at the end of Q3 2026 to tie in major components.
Sustaining capital is expected to be around $5 million in 2026. Resource expansion and exploration drilling is expected to be between $15 and $20 million in 2026, with the primary focus on resource expansion drilling on the Blackwater deposit at depth together with the next phase of greenfield exploration drilling in the district.
Total growth capital is expected to be in the range of $670 to $745 million and funded from operating cash flow, which includes $95 to $100 million to finish the Phase 1A expansion, $385 to $435 million to advance the recently announced $1.44 billion EP2 project, and $190 to $210 million of other expansion capital primarily associated with tailings and water expansion projects together with additional equipment for the mining fleet. The early works program on the EP2 project is focused on advancing detailed engineering and design, long-lead equipment and material procurement, earthworks, and camp construction. Major works are expected to commence before the end of the third quarter.
Conference Call and Webcast Details
Artemis Gold will host a conference call and webcast on February 19, 2026 at 9:00am PST (12:00pm EST).
Conference call
Toll-free in Canada and the US: 1-833-752-3746
International: +1-647-846-8723
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=HeRYgqDg
The webcast will be available for replay on the Company’s website at www.artemisgoldinc.com until May 19, 2026.
About Artemis Gold
Artemis Gold is a well-financed, growth-oriented gold and silver producer and 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 primary focus is the operation and further development of the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450 kilometres 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 and the OTCQX under the symbol ARGTF. For more information visit www.artemisgoldinc.com.
Qualified Person
Artemis Gold Chief Business Development Officer, Tony Scott, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
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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