Artemis Gold Reports Q2 2025 Results Consistent with Guidance: Q2 Production of 50,623 ounces gold and Post-commercial AISC US$805 per ounce, and Announces $700M Revolving Credit Facility
TSXV: ARTG
(all amounts in Canadian dollars unless otherwise stated)
VANCOUVER, BC, Aug. 12, 2025 /CNW/ - Artemis Gold Inc. (TSXV:ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and six-month periods ended June 30, 2025 (Q2 2025 and YTD 2025, respectively) and announces the arrangement of an underwritten revolving credit facility ("RCF"). The Company will host a conference call and webcast on August 13, 2025, the details of which are provided below.
2025 Highlights
Q2 2025 production totalled 50,623 ounces of gold, bringing YTD 2025 production to 63,343 ounces of gold
Cash costs1 of US$690 per ounce of gold sold and all-in sustaining costs (AISC1) of US$805 per ounce of gold sold during the two months May and June 2025 (the "post-commercial production period")
During Q2 2025, generated net income of $100.2 million or $0.43 per share on a fully diluted basis, adjusted EBITDA1 of $146.4 million, and cash flow from operating activities of $185.1 million
To date, the Company has made $67 million of principal payments against its long-term debt2 (including a $40 million repayment in July)
Arranged a $700 million underwritten RCF to refinance existing long-term debt2 and provide additional flexibility to support near-term expansion options. Financial close of the RCF remains subject to customary conditions precedent.
5.5 million hours worked without a lost time incident up to the end of July 2025
Post-commercial Production Highlights
Mill throughput averaged 16,206 tonnes per day during the post-commercial production period representing 98.6% of nameplate capacity
Gold production totalled 34,824 ounces in May and June 2025, and gold sales were 34,112 ounces
Average realized gold price1 of C$4,578 per ounce1
Artemis Gold CEO Dale Andres commented: "This quarter marked a major milestone for Artemis Gold, as we transitioned the Blackwater Mine from development to production, and celebrated the opening of Canada's newest gold mine together with our First Nations partners and other stakeholders. We are uniquely positioned in one of the best mining jurisdictions in the world, and in this record gold price environment, we are demonstrating consistent operational performance, cost control, and capital discipline.
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1 Refer to Non-IFRS Measures
2 Long-term debt is comprised of the Project Loan Facility (including the cost overrun facility, the "PLF") and Stand-by Facility as defined in the Company's unaudited condensed consolidated interim financial statements for Q2 2025.
"At US$805 per ounce of gold sold, our AISC1 ranks among the lowest in the industry, as we benefit from a low strip ratio, downhill loaded hauling, and low-cost, renewable hydro electric power. Looking ahead, we plan to continue to optimize the current Phase 1 operations, which we expect will allow Blackwater to consistently outperform its nameplate capacity. In addition to debt repayments already made, we will be refinancing the remainder of the PLF and Standby-Facility with the recently agreed $700 million revolving credit facility which we expect to have available for drawdown before the end of Q3 2025. At the same time, we are evaluating the opportunity to accelerate and optimize the Phase 2 expansion, with a decision expected in the second half of the year."
Financial and Operating Results
The following tables summarize key operating statistics and unit analysis for the post-commercial production period of May 1, 2025 to June 30, 2025 only, as well as select financial information for Q2 2025 and YTD 2025. For further information, refer to the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com.
Operating Results
Units
May 1-June 30, 2025 (post-commercial
production period)
Ore mined
tonnes
4,816,820
Waste mined
tonnes
2,404,651
Strip ratio
waste/ore
0.50
Total mined
tonnes
7,221,471
Milled
tonnes
988,588
Milled
tonnes per day
16,206
Gold grade
grams per tonne
1.34
Gold recoveries1
%
84.0 %
Gold produced
ounces
34,824
Gold sold
ounces
34,112
Cash costs2
C$ per ounce
$949
Cash costs2
US$ per ounce
$690
All-in sustaining costs2
C$ per ounce
$1,109
All-in sustaining costs2
US$ per ounce
$805
Average realized gold price2
C$ per ounce
$4,578
Average realized gold price2
US$ per ounce
$3,326
1Gold recoveries include gold recovered in circuit
2 Refer to Non-IFRS Measures
Gold production during the month of April was 15,799 ounces and gold production during Q2 2025 totaled 50,623 ounces. Gold production in Q1 2025 was 12,720 ounces. Year-to-date gold production totaled 63,343 ounces through June 30, 2025, including 28,519 ounces produced during the pre-commercial period. The Blackwater mill operated at 102% of nameplate capacity in the month of June, averaging 16,738 tonnes per day.
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1 Refer to Non-IFRS Measures
In late July 2025 the Company successfully completed a 3-day planned shut-down of the processing plant to make various modifications and improvements to the dry and wet circuits, which is expected to enable the mill to further (and more consistently) outperform the nameplate capacity. The Company's current focus is to drive both stability ...
