Artemis Gold Initiates Gold Hedging Program for Blackwater

Press Release

May 4, 2023

Vancouver, British Columbia – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis” or the “Company”) is pleased to announce that it has initiated a gold hedge program for the Company’s Blackwater Mine project (the “Blackwater Mine”) by entering into gold forward sales agreements to deliver 100,000 ounces of gold bullion between March 2025 and December 2027 at a weighted average sales price of CAD$2,836 per gold ounce.

Steven Dean, Chairman and CEO of Artemis Gold commented, “The initiation of a modest gold hedge program is a prudent and important step in underwriting the returns on capital invested in the early years of operations of the Blackwater Mine. The effective price on the first 100,000 gold ounces is at or near historic highs and approximately 40% higher than the gold price assumption used in our September 2021 Feasibility Study. Hedging these ounces is also a risk management tool to further de-risk servicing of the Company’s bank debt funding for the development of the mine.”

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All amounts are stated in Canadian Dollars unless otherwise noted.

Qualified Person

Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific and technical information in this news release. The Company’s technical report for the Blackwater Mine entitled “Blackwater Gold Project, NI 43-101 Technical Report on Updated Feasibility Study” with an effective date of September 10, 2021 (the “September 2021 Feasibility Study”) is available on the Company’s profile at www.sedar.com.

ARTEMIS GOLD INC.
On behalf of the Board of Directors

“Steven Dean”
Chairman and Chief Executive Officer
+1 604 558 1107

For further information

Investor Relations contact
Gerrie van der Westhuizen
Chief Financial Officer and Corporate Secretary
+1 (604) 558-1107

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