Artemis Gold produced 74,063 ounces of gold at its Blackwater Mine in the second quarter, a 20% increase over the previous quarter and the operation’s best three month stretch to date.
The improvement came from a combination of higher feed grades, better recoveries and more material moving through the mill. The plant handled 1.34 million tonnes over the quarter at an average grade of 1.86 g/t gold, with recoveries climbing to 92.2% on the back of continued process optimization.
Year-to-date output now stands at 135,986 ounces against full year guidance of 265,000 to 290,000 ounces. That leaves the mine tracking just above the bottom end of the range at the halfway mark, meaning the second half will need to at least hold the Q2 pace to land mid-guidance.
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Chief executive Dale Andres said the company remains “well positioned to achieve our full-year production guidance.”
Debottlenecking work continues in the crushing, grinding and leach circuits, with the stated aim of lifting throughput and improving reliability. The Phase 1A expansion, which raises design throughput of the existing plant by 33% to 8 million tonnes per year, is on track for commissioning before the end of 2026.
Early works are meanwhile advancing on the Expanded Phase 2 project, which would add a second, larger processing train and take annual throughput to 21 million tonnes by the end of 2028, pushing yearly gold output past 500,000 ounces.
Second quarter results are scheduled to be released August 6, before markets open.
Artemis Gold last traded at $31.47 on the TSX Venture.
