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 61 923 oz of gold, with sales of 60 517 oz at an average realised price of $4 795/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 265 000 oz and 290 000 oz.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















