Artemis Gold (TSXV: ARTG) is pushing through the early-year hurdles at its Blackwater Mine, reporting first-quarter production of 61,923 ounces of gold for Q1 2026. The results, while showing a dip from the record 68,480 ounces produced in the final quarter of 2025, come as the company navigates the typical growing pains of a site that only recently declared commercial production.
Output for the quarter was hampered by a seven-day unplanned shutdown in March. The interruption, triggered by a gearbox failure on the ball mill, forced the plant to operate at a lower throughput than the 1.42 million tonnes processed in the previous quarter. Despite the mechanical setback, the company processed 1.32 million tonnes of ore during the first three months of the year.
The operational narrative wasn’t entirely defined by downtime. Artemis managed to achieve a record gold recovery rate of 90.6%, a significant jump from the 88.1% seen in the fourth quarter. Management credited the efficiency gains to ore blending and ongoing circuit optimization.
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Chief Executive Officer Dale Andres appears undeterred by the March volatility, noting that the team recovered quickly from the shutdown. He indicated that both mining and milling operations are currently performing well, keeping the company on a steady path toward its broader growth targets.
Despite the production hiccup, Artemis is maintaining production guidance of 265,000 to 290,000 ounces. To hit those numbers, the mine will need to accelerate throughput over the next three quarters. The company is banking on higher grades and increased mill availability to make up the ground lost during the winter.
The long-term play remains the primary focus for investors. Work is continuing on the Phase 1A expansion, which aims to boost throughput to 8 million tonnes per annum by the end of this year. Beyond that, the company is already laying the groundwork for its Phase 2 expansion, a massive undertaking designed to eventually lift annual production above the 500,000-ounce mark.
Full financial results are scheduled to be released May 6 after the close of markets.
Artemis Gold last traded at $40.50 on the TSX Venture.
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