Strong Financial Performance Amid …

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Gold Production: 60,985 ounces in Q3 2025.
All-In Sustaining Cost (AISC): $840 per ounce.
AISC Margin: $2,374 per ounce, equivalent to a 72% margin of cash revenue.
Revenue: $308 million CAD, including $284 million cash revenue and $24 million non-cash revenue.
Adjusted Net Income: Approximately $142 million CAD.
Cash Flow from Operations: $163.7 million CAD.
Average Realized Gold Price: Just shy of $4,800 CAD per ounce.
Liquidity Position: $317 million CAD, with $75 million in cash and cash equivalents and $242 million undrawn on the revolver.
Full Year Production Guidance: 190,000 to 230,000 ounces of gold, expected to be in the lower half of the range.
Revised Cost Guidance: $825 to $875 per ounce, up from $670 to $770.

Release Date: November 05, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Artemis Gold Inc (ARGTF) reported a strong operating and financial performance in its first full quarter of operations since declaring commercial production.
The company produced 60,985 ounces of gold at an all-in sustaining cost of $840 per ounce, resulting in a high margin of $2,374 per ounce sold.
The mine and mill operated above design capacity, with mill throughput rates reaching 105% in August and September.
Artemis Gold Inc (ARGTF) achieved a major safety milestone with over 6 million hours worked without a lost time incident.
The company is in a strong financial position with a total liquidity of $317 million, including $75 million in cash and $242 million undrawn on a corporate revolver.

Higher than anticipated costs were incurred due to increased reagent consumption and plant maintenance costs.
The company expects to come in at the lower half of its full-year production guidance due to higher mill downtime and lower than planned recoveries.
Revised cost guidance increased to $825-$875 per ounce, up from the previous $670-$770, due to lower sales and higher unit costs.
Unplanned downtime in the mill was higher than expected, impacting the company’s ability to achieve its throughput targets.
Higher capital expenditures were required for tailings dam construction and ore stockpile, exceeding initial budget expectations.

Q: Could you talk about when we might expect the first incremental throughput benefits from Phase 1A, and any early thoughts on 2026 guidance? A: We are targeting to be 10% above our design throughput by the end of this year. The key driver for Phase 1A is the installation of the vertical mill, which will be towards the end of the project. Other elements like shear reactors and additional tankage could come online earlier, potentially by the end of the second quarter, allowing us to ramp up throughput. We are not ready to provide 2026 guidance yet.

Q: To what extent are the cost escalations viewed as transitory, and are there structural changes in costs compared to the feasibility study? A: Some higher costs, like reagents and maintenance, are expected to be transitory. We had a recent ball mill motor failure, which was an unplanned cost. We are optimizing our reagent use and process control to drive costs down. On the capital side, we are nearing completion of the current tailings dam lift and expect to find more low and medium-grade ore, which will require additional stockpile space. These are seen as investments rather than higher costs.

Q: What proportion of the deferred Phase 1 capital is being spent on the processing plant versus other infrastructure projects? A: The majority of deferred Phase 1 capital costs are associated with earthworks projects, including the tailings facility, stockpile pad construction, and water infrastructure projects. These are one-off costs and are nearing completion. The construction team is transitioning to Phase 1A and soon to Phase 2.

Q: Can you provide more detail on the expected grade improvements in Q4 and insights from grade control drilling for 2026? A: We expect grades to be higher in Q4 than in Q3, with something above 1.5 g per ton feed. Our grade control drilling has shown more than 30% additional ore in low and medium-grade categories. We are ramping up drilling to optimize for 2026 and future expansions.

Q: Have the deficiencies in the mill been largely addressed, and how might they impact operations into 2026? A: We are through the majority of the issues. Examples include agitators in the CIL circuit and higher than expected wear in the gravity circuit. We are making modifications and fabricating permanent solutions. On the oxygen side, we are underdesigned and have supported with additional reagents, but new oxygen plants should be installed soon.

Q: Will there be more details ahead of the final investment decision on Phase 2, and in what form? A: We are close to completing the front-end engineering and design for Phase 2. We will provide details on capital cost and design, with a range of expectations for production and costs. A technical report is likely to follow in March or April.

Q: What is the status of the gold forward contracts related to the project loan facility? A: The mandatory hedge of approximately 190,000 ounces remains outstanding and will start delivering in Q4, spread over the next 2.5 to 3 years. We also have 21,000 ounces of voluntary hedges maturing over Q1 and Q2 of next year.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Strong Financial Performance Amid …

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