TSXV: ARTG
-- Record quarterly production -- Record adjusted EBITDA of $285 million -- Record cash flow from operations of $208 million
(all amounts in Canadian dollars unless otherwise stated)
VANCOUVER, BC, Aug. 6, 2026 /CNW/ -- Artemis Gold Inc. (TSXV: ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and six-month periods ended June 30, 2026 (Q2 2026 and YTD 2026). The Company will host a conference call and webcast today, August 6, 2026, the details of which are provided below.
Q2 2026 Highlights
-- Gold production of 74,063 ounces
-- Gold sales of 78,126 ounces, including 22,828 ounces delivered into the
hedge programs; gold sold into the spot market attracted an average
realized price1 of US$4,392 per ounce
-- Revenue of $433.6 million
-- Cash costs1 of US$813 per ounce of gold sold and all-in sustaining costs
(AISC)1 of US$955 per ounce of gold sold
-- AISC margin1 of US$2,519 per ounce of gold sold, representing 71% of cash
revenue
-- Cash flow from operating activities of $207.5 million
-- Adjusted net income1 of $199.7 million, or $0.83 per share fully diluted
-- Adjusted EBITDA[1] of $285.2 million
-- Purchased 172,500 ounces of gold put options at a strike price of
CAD$5,300 per ounce with expiry dates between July 2026 and June 2027,
providing downside gold price protection during EP2 construction
-- At June 30, 2026, cash and equivalents totalled $178.9 million; total
available liquidity of $878.9 million
-- At the end of Q2 2026, 8 million hours had been worked without a lost
time incident
As announced on August 5, 2026, the Board of Directors declared an inaugural quarterly dividend of $0.05 per share; payable on September 9, 2026 to shareholders of record on August 19, 2026. This declaration is consistent with the Company's dividend policy announced on February 18, 2026.
Artemis Gold CEO Dale Andres commented: "We achieved record results in the quarter with record quarterly grades, recoveries, and gold production together with strong AISC, margins and cash flows. We also announced our first return of capital to shareholders with an inaugural quarterly dividend, demonstrating the confidence we have in our ability to generate strong cash flows while taking a disciplined approach in executing our growth projects.
"We are progressing very well on our Phase 1A and EP2 growth projects, with the first and largest concrete pour on the EP2 project already completed. We are very excited to be starting major works construction activities ahead of schedule as we transform Blackwater into a +500,000 ounce per year gold operation over the next two years. We continue to expect EP2 to be funded out of operating cash flow, and buying put option contracts to put a floor price on more than 80% of our anticipated spot gold sales, while retaining full upside exposure to higher gold prices. We see this as prudent risk management during our peak capital spending period over the next 12 months."
________________________________________________ (1) Refer to Non-IFRS Measures
Financial and Operating Results
The following tables summarize key operating results and unit analysis. For further information, refer to the Company's condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com.
Table 1
Operating results Units Q2 2026 Q2 2025(May and June) YTD 2026 YTD 2025
(May and June )
Ore mined tonnes 5,321,686 4,816,820 12,315,888 4,816,820
Waste mined tonnes 6,098,409 2,404,651 11,639,723 2,404,651
waste
Strip ratio / ore 1.15 0.50 0.95 0.50
Total mined tonnes 11,420,095 7,221,471 23,955,611 7,221,471
Processed tonnes 1,343,772 988,588 2,661,426 988,588
grams
per
Gold grade tonne 1.86 1.34 1.73 1.34
Gold recoveries(1) % 92.2 % 84.0 % 91.5 % 84.0 %
Gold produced ounces 74,063 34,824 135,986 34,824
Gold sold - spot
sales ounces 49,052 24,821 72,482 24,821
Gold sold - stream
deliveries ounces 6,246 3,291 11,160 3,291
Gold sold - hedge
deliveries ounces 22,828 6,000 55,001 6,000
Gold sold - total ounces 78,126 34,112 138,643 34,112
(1) Recoveries include
gold in circuit
Unit analysis(1,2) Units Q2 2026 Q2 2025(May and June) YTD 2026 YTD 2025
(May and June )
Cash costs per gold CAD$ per
ounce ounce $1,132 $949 $1,160 $949
Cash costs per gold US$ per
ounce ounce $813 $690 $838 $690
CAD$ per
AISC per gold ounce ounce $1,330 $1,109 $1,401 $1,109
US$ per
AISC per gold ounce ounce $955 $805 $1,013 $805
AISC margin per CAD$ per
gold ounce ounce $3,510 $4,825 $3,179 $4,825
AISC margin per US$ per
gold ounce ounce $2,519 $3,505 $2,298 $3,505
% of cash
AISC margin revenue 71 % 80 % 68 % 80 %
Avg realized gold CAD$ per
price (spot sales) ounce $6,119 $4,578 $6,265 $4,578
Avg realized gold US$ per
price (spot sales) ounce $4,392 $3,326 $4,529 $3,326
(1) Totals may differ due to rounding
(2) Refer to Non-IFRS Measures
The Blackwater Mine produced a record 74,063 ounces of gold in Q2 2026. Gold recoveries in the mill improved to a record 92.2% in the quarter, up from 84.0% in Q2 2025 as a result of process optimization of the milling circuit and improved ore characteristics as mining has advanced deeper into the deposit. Plant feed grades averaged 1.86 grams per tonne (g/t) gold during the quarter, up from 1.34 g/t gold in Q2 2025. Debottlenecking and improvement projects are continuing in the crushing, grinding and leach circuits as efforts continue to focus on increasing plant throughput and improving reliability.
The Company reported AISC of US$955 and US$1,013 per ounce of gold sold in Q2 2026 and YTD 2026, respectively, versus US$805 per ounce of gold sold in May and June 2025. Mill contractor and reagent costs were higher as part of the mill circuit optimization program along with higher diesel costs compared to Q2 2025. Higher AISC was also attributable to higher lease payments, with no lease payments made in Q2 2025.
The Company reported an AISC margin of 71% in the period, compared to 80% in Q2 2025; the decrease was attributable to the factors above, partially offset by higher realized sales prices. Notwithstanding these impacts, margins remained strong, supported by the robust gold price environment and the Company's low-cost operating profile.The low AISC reflects, among other factors, the benefit of Blackwater's low strip ratio, the comparatively low diesel consumption associated with Blackwater's hauling activities due to the downhill haul from the pit to the process plant, stockpile areas and the tailings storage facility, as well as the fact that the processing facility is entirely energized by BC's low-cost renewable hydro-electric power. As a result, the Company has relatively low exposure to diesel price volatility, with a US$10 change to the oil price estimated to have a US$5 to US$10 per ounce impact on AISC, depending on the movement of materials.
Table 2
Select Financial Q2 2026 Q2 2025 YTD 2026 YTD 2025 Information($000s except per share information) Revenue 433,584 231,064 748,967 272,131 Cost of sales Production costs (96,926) (55,386) (179,247) (63,938) Depreciation and depletion (12,176) (7,791) (25,096) (8,458) Gross profit 324,482 167,887 544,624 199,735 General and administrative expense (3,395) (5,052) (9,754) (10,123) Finance income 966 251 2,119 251 Finance expense (15,413) (14,598) (31,698) (14,746) Equity loss from investment in associate (61) 6 (220) (109) Change in fair value of derivatives (570) (1,731) (15,943) (22,637) Income before income taxes 306,009 146,763 489,128 152,371 Current income tax expense (6,101) (3,066) (11,277) (3,066) Deferred income tax expense (100,888) (43,511) (164,631) (44,476) Net income 199,020 100,186 313,220 104,829 Net income per common share -- basic 0.85 0.44 1.34 0.46 Net income per common share -- diluted 0.83 0.43 1.31 0.45 Weighted number of common shares outstanding -- basic 234,036,481 228,071,254 233,418,662 226,781,701 Weighted number of common shares outstanding -- diluted 240,257,855 235,268,210 239,750,776 233,457,530
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