Artemis Gold (TSXV: ARTG) delivered a sharp step up in earnings in the second quarter of 2026, with the ramp-up at its lone operating mine translating into record output and a first-ever dividend.
Revenue rose to $433.6 million, up from $315.4 million in the first quarter and more than double the $231.1 million posted a year earlier. Net income climbed to $199.0 million, against $114.2 million in the prior quarter.
Diluted earnings came in at $0.83 per share, up from $0.48 in the first quarter. On an adjusted basis, earnings were also $0.83 per share, compared with $0.54 previously. Adjusted EBITDA reached $285.2 million, up from $175.6 million in the first quarter. Operating cash flow was $207.5 million.
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Looking at the balance sheet, cash and equivalents stood at $178.9 million, roughly flat with the $174.5 million reported three months earlier, while total available liquidity of $878.9 million reflects an undrawn $700 million revolving facility. Debt consists of $450 million in senior notes carrying a 5.625% coupon, issued in February.
On the back of those numbers, the company declared its first quarterly dividend, of $0.05 per share, payable September 9.
Production set a quarterly record at 74,063 ounces of gold, up from 61,923 ounces in the first quarter, with the company pointing to stronger grades and recoveries. Gold sold totalled 78,126 ounces, consisting of a mix of spot, stream and hedge deliveries.
Costs improved alongside the higher volumes. All in sustaining costs fell to US$955 per ounce from US$1,090 in the first quarter, while cash costs eased to US$813 from US$865. The average realized spot price slipped to US$4,392 an ounce from US$4,795, though the larger sales base more than offset the softer pricing.
Both figures sit comfortably within full-year targets. Management has guided to 265,000 to 290,000 ounces at AISC of US$925 to US$1,025 per ounce. First half production of roughly 136,000 ounces leaves the company tracking within range, with costs now inside the guided band after a first quarter that ran slightly above it.
Artemis Gold last traded at $37.67 on the TSX Venture.
