Artemis posts solid Q1 net income amid Blackwater expansion
Having achieved record recoveries at the Blackwater mill and strong grades from the mine’s openpit, in British Columbia, TSX-V-listed Artemis Gold posted adjusted net income of C$129-million in the quarter ended March 31.
This was despite an unexpected shutdown early in March owing to a ball mill gearbox failure.
The company produced 61923 oz of gold, with sales of 60517 oz at an average realised price of $4795/oz having generated revenue of C$315-million.
Adjusted earnings before income, taxes, depreciation and amortisation totalled C$175-million.
The company achieved first gold pour at Blackwater in January 2025, with operations in the first quarter last year having been in the pre-commercial ramp-up phase.
For the full year 2025, Artemis reported an adjusted net income of C$415.1-million, or C$1.81 apiece.
Artemis advises that its Phase 1A expansion project at Blackwater is 34% complete and on track to increase the mine’s processing capacity to eight-million tonnes a year by the end of the year.
The company has already started with early works construction of Expanded Phase 2, which will increase processing capacity to 21-million tonnes a year by the end of 2028.
CEO Dale Andres says the company’s organic growth strategy, which is scheduled to be completed by the end of 2028, will increase production to more than 500 000 oz/y, marking a 265% increase between 2025 and 2029.
Artemis announced an inaugural dividend policy to start in the second half of 2026 with a quarterly dividend of C$0.05 apiece – two quarterly payments are expected in the full-year.
The group has cash and cash equivalents of C$174-million on hand, and C$874-million of total available liquidity.
Artemis maintains its full-year production guidance of between 265000 oz and 290 000 oz.
