Artemis Gold (TSXV: ARTG) reported solid first quarter results on Tuesday evening, with the gold producer riding a buoyant bullion market through an unplanned mill shutdown that briefly dented output at its flagship Blackwater operation.
Revenue came in at $315.4 million for the three months ended March 31, supported by gold sold into the spot market at an average realized price of US$4,795 per ounce. Adjusted net income totalled $129.7 million, or 54 cents per fully diluted share, while adjusted EBITDA reached $175.6 million.
The numbers mark a step down from the December quarter, when revenue hit $333.7 million and adjusted EBITDA came in at $225.5 million. Q1 cash flow from operating activities of $127.9 million also trailed the $197.9 million generated in Q4 2025, reflecting fewer ounces sold and a heavier weighting toward lower priced hedge deliveries.
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The company closed the quarter with $174.5 million in cash and total available liquidity of $874.5 million, bolstered by a $450 million senior unsecured note offering completed in February at a 5.625% coupon.
Production at Blackwater totalled 61,923 ounces of gold, down from 68,480 ounces in Q4 2025 after a seven day plant shutdown in March stemming from a ball mill gearbox failure. Mill recoveries reached a record 90.6%, up from 88.1% in the prior quarter, helped by improved ore blending and circuit optimization. Feed grade averaged 1.59 grams per tonne.
All in sustaining costs rose to US$1,090 per ounce sold, compared with US$925 in the previous quarter, with management attributing the increase to lower production volumes, higher sustaining capital and lease expenditures. Cash costs landed at US$865 per ounce, against US$779 in Q4. AISC margin held at roughly 63% of cash revenue.
CEO Dale Andres said operations are now running well and the company remains on track to meet full-year guidance of 265,000 to 290,000 ounces at AISC of US$925 to US$1,025 per ounce.
The Phase 1A expansion, slated to lift mill capacity to 8 million tonnes per annum by year end, was 34% complete at quarter’s end. Early works on the larger Expanded Phase 2 project, which targets 21 Mtpa by late 2028, are also underway.
Artemis Gold last traded at $35.22 on the TSX Venture.
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