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Highlights

  • Blackwater Mine milling circuit averaged 16,700 tonnes/day over last two weeks
  • Gold output since milling began in 2025 totals approximately 30,000 ounces
  • Forecast 2025 production between 190,000–230,000 ounces at US$670–US$770 per ounce AISC

Artemis Gold Inc. (TSXV: ARTG) has officially reached commercial production at its Blackwater Mine located in central British Columbia. The milestone follows consistent throughput in both crushing and milling circuits, with recent daily averages surpassing design capacities.

Over the past 30 days, the crushing circuit has handled 17,700 tonnes per day—107% of its intended design—while the milling circuit averaged 15,300 tonnes per day. In the most recent 14-day period, milling increased to 16,700 tonnes per day, equating to 102% of design capacity.

Mining activity in the open pit has also met expectations, delivering more than 90% of planned tonnage. The operation has both its 400-tonne and 600-tonne production excavators fully in use. Mined material grades, guided by grade control models, are aligning well with the company’s resource estimates.

Gold production since the start of milling operations this year stands at roughly 30,000 ounces. For the eight months of commercial production ending December 31, 2025, Artemis Gold projects output between 160,000 and 200,000 ounces. This includes a second-half forecast of 130,000 to 160,000 ounces. All-in sustaining costs (AISC) for the period are estimated at US$670 to US$770 per ounce, with slightly elevated costs expected in Q2 due to the ongoing production ramp-up.

The company’s AISC estimates also factor in approximately $16 million in sustaining capital and $60–$75 million in deferred capital expenditures, which include construction of an airstrip, water treatment infrastructure, and other site enhancements. An additional $3 million is budgeted for early-stage design work on a potential Phase 2 expansion.

Artemis Gold stated that construction was completed in 22 months, with commercial production achieved within three months of milling commencement. The company has indicated plans to begin evaluating an expansion phase that could significantly increase the mine's output.