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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.