Artemis Gold (TSXV: ARTG) in its first year of commercial production has achieved the upper end of production guidance. The firm released its fourth quarter and full year 2025 operating results last night after the closing bell, highlighted by the achievement of meeting production guidance.
Artemis in the fourth quarter produced 68,480 ounces of gold, which represents a 12% improvement quarter over quarter. Mill feed grades averaged 1.66 g/t gold, while recoveries improved from 84.9% to 88.1%. The mill meanwhile operated at an average throughput rate of 15,466 tonnes per day in Q4, which represents 94% of design capacity.
For the full fiscal year, production hit 192,808 ounces of gold, which sits near the upper end of prior guidance, which called for 2025 production of 160,000 to 200,000 ounces of gold.
“Record quarterly gold production is a fitting end to an extraordinary first year of operations for Artemis Gold. Our mining operations are performing extremely well, with ore grades being delivered to the mill as planned. Our focus remains on further improving mill throughput and availability, and we continue to target mill throughput levels at 10% above design capacity on a sustainable basis in advance of the Phase 1A expansion which we expect will increase annual design throughput by 33% to 8 Mtpa by Q4 2026,” commented Dale Andres, CEO of Artemis.
Artemis last night also released guidance for 2026, which calls for annual production of 265,000 to 290,000 ounces of gold at an all in sustaining cost of between $925 and $1,025 an ounce. On the expenditures side, sustaining capital is expected to come in at $5 million, while resource expansion and exploration is expected to see capital spend of $15 to $20 million.
Growth capital for 2026 is a major cost bucket, totaling out at $6370 to $745 million, with the bulk of that, $385 to $435 million, allocated to the EP2 expansion, while the phase one project will see spend of $95 to $100 million. The remaining capital spend here is related to “other expansion capital” of $190 to $210 million.
“We are also advancing the Expanded Phase 2 (“EP2″) project, which we expect to fund from operating cash flow and will see us further increase annual throughput to 21 Mtpa by the end of 2028, which is more than triple our current capacity. This is an exciting time for Artemis Gold as we transform Blackwater into one of the three largest single gold mines in Canada,” continued Andres.
Full financial results are slated to be released February 18 after the close of markets.
Artemis Gold last traded at $39.23 on the TSX Venture.
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