Even with an unexpected shut down, Artemis Gold recorded a very strong first quarter.
Its Blackwater Mine 160 kilometres southwest of Prince George produced nearly 62-thousand ounces of gold.
The company also generated $315.4 million in revenue.
In addition, Phase 1A expansion progressed to 34% complete, and on track to increase processing capacity by the end of the fourth quarter this year.
“We achieved record gold recoveries in the mill and strong grades from the open pit – which helped mitigate the impact of the unexpected shutdown in early March due to the ball mill gearbox failure. Our team responded quickly, and mining and milling operations at Blackwater are currently performing well. We delivered strong financial performance during the quarter with low AISC1 and strong margins and cash flows, and we remain well positioned to achieve our full-year production and cost guidance. We also significantly bolstered our balance sheet with the successful execution of a bond offering at a very competitive rate and announced a progressive dividend policy which is underpinned by our confidence in our operating cash flows. Meanwhile, we also have our $700 million corporate revolver fully available as additional liquidity.” said Artemis Gold CEO Dale Andres.
“Looking ahead, we continue to execute on our industry leading organic growth strategy which is scheduled to be completed before the end of 2028 and will increase production to more than 500,000 ounces of annual gold production, or an increase of approximately 265% (2025 to 2029 increase).”
Early works construction of the Expanded Phase 2 commenced, and on track to increase processing capacity by the end of Q4 in 2028.
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