TSXV: ARTG
-- Year-to-date gold production and AISC within guidance -- Phase 1A on track for December commissioning
(all amounts in Canadian dollars unless otherwise stated)
VANCOUVER, BC, Nov. 4, 2026 /CNW/ -- Artemis Gold Inc. (TSXV: ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and nine-month periods ended September 30, 2026 (Q3 2026 and YTD 2026). The Company will host a conference call and webcast today, November 4, 2026, the details of which are provided below.
Q3 2026 Highlights
-- Gold production of 69,546 ounces
-- Gold sales of 67,091 ounces, including 22,826 ounces delivered into the
hedge programs; gold sold into the spot market attracted an average
realized price1 of US$4,305 per ounce
-- Revenue of $357.1 million
-- Cash costs1 of US$871 per ounce of gold sold and all-in sustaining costs
("AISC")1 of US$1,048 per ounce of gold sold
-- AISC margin1 of US$2,257 per ounce of gold sold, representing 67% of cash
revenue
-- Cash flow from operating activities of $183.4 million
-- Adjusted net income1 of $157.7 million, or $0.66 per share fully diluted
-- Adjusted EBITDA[1] of $222.0 million
-- Paid inaugural quarterly dividend of $0.05 per share on September 9, 2026
-- At September 30, 2026, cash and equivalents totalled $190.9 million;
total available liquidity of $890.9 million
-- At the end of Q3 2026, 8.9 million hours had been worked without a lost
time incident
As previously announced, on September 20, 2026, the Company entered into a definitive agreement to acquire all of the issued and outstanding shares of Vista Gold Corp. ("Vista Gold"), owner of the Mt Todd gold project in Northern Territory, Australia.
Artemis Gold CEO Dale Andres commented: "We achieved strong operating and financial results in the third quarter, with mill throughput higher by 10% compared to the previous quarter. Construction is progressing well on both the Phase 1A and EP2 growth projects, with commissioning and ramp-up of Phase 1A expected during the fourth quarter. Early works activities on the EP2 project are now complete and major works construction is advancing as planned. Updates to the resource model and optimization of the mine plan for both the Phase 1A and EP2 expansions are also progressing well, along with various studies on asset optimization and growth options at Blackwater beyond EP2.
"As we continue to transform Blackwater into a +500,000 ounce per year gold operation over the next two years, the acquisition of Vista Gold adds a large and advanced-stage gold development asset located in a tier one jurisdiction to the Company's portfolio. The development timeline envisioned for the Mt Todd project fits well with our current Blackwater expansion activities and provides a pathway for future production growth to one million ounces per year."
________________________________________ (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 Q3 2026 Q3 2025 YTD 2026 YTD 2025
(May to September)
Ore mined tonnes 4,065,763 6,161,619 16,370,727 10,978,439
Waste mined tonnes 8,362,482 5,180,117 20,013,129 7,584,768
waste
Strip ratio / ore 2.06 0.84 1.22 0.69
Total mined tonnes 12,428,245 11,341,736 36,383,856 18,563,207
Milled tonnes 1,477,738 1,528,851 4,139,164 2,517,439
grams
per
Gold grade tonne 1.55 1.48 1.66 1.43
Gold recoveries(1) % 89.8 % 84.9 % 90.9 % 84.6 %
Gold produced ounces 69,546 60,985 205,532 95,809
Gold sold - spot
sales ounces 38,900 56,400 111,382 81,221
Gold sold - stream
deliveries ounces 5,365 6,463 16,525 9,754
Gold sold - hedge
deliveries ounces 22,826 - 77,827 6,000
Gold sold - total ounces 67,091 62,863 205,734 96,975
(1) Recoveries include gold in circuit
Unit analysis(1,2) Units Q3 2026 Q3 2025 YTD 2026 YTD 2025
(May to September)
Cash cost per gold CAD$ per
ounce ounce $1,218 $911 $1,179 $925
Cash cost per gold US$ per
ounce ounce $871 $661 $849 $671
CAD$ per
AISC per gold ounce ounce $1,466 $1,157 $1,422 $1,140
US$ per
AISC per gold ounce ounce $1,048 $840 $1,024 $828
AISC margin per CAD$ per
gold ounce ounce $3,157 $3,271 $3,173 $3,148
AISC margin per US$ per
gold ounce ounce $2,257 $2,374 $2,285 $2,285
% of cash
AISC margin revenue 67 % 72 % 68 % 72 %
Avg realized gold CAD$ per
price (spot sales) ounce $6,021 $4,806 $6,180 $4,737
Avg realized gold US$ per
price (spot sales) ounce $4,305 $3,489 $4,451 $3,439
(1) Totals may differ due to rounding
(2) Refer to Non-IFRS Measures
The Blackwater Mine produced 69,546 ounces of gold in Q3 2026. Gold recoveries in the mill were 89.8% in the quarter, up from 84.9% in Q3 2025 as a result of process optimization of the milling circuit and improved ore characteristics as mining has advanced deeper into the deposit. Since Phase 1 commissioning and up until June 2026, ball mill scats were being recycled through the ball mill. Starting in Q3 2026, ball mill scats are being stockpiled for future processing which helped increase mill throughput during the quarter. Mill throughput for fresh feed material increased by 10% in Q3 2026 compared to Q2 2026. Plant feed grades averaged 1.55 g/t gold during the quarter, up from 1.48 g/t gold in Q3 2025. Debottlenecking and improvement projects are continuing, including rectification of deficient contractor work on tanks in the leach circuit, which is scheduled to be completed ahead of Phase 1A commissioning in Q4 2026.
A total of 12.4 million tonnes were mined during Q3 2026, 10% more than the comparative quarter in 2025. The ratio of waste to ore tonnes mined was higher during the quarter to support construction activities for the tailings dam raise.
The Company reported AISC of US$1,048 and US$1,024 per ounce of gold sold in Q3 2026 and YTD 2026, respectively, versus US$840 and US$828 per ounce of gold sold in Q3 2025 and YTD 2025, respectively. The increases were primarily related to higher contractor and reagent costs as part of the mill circuit optimization program to achieve higher recoveries, higher diesel prices and higher lease payments associated with the planned expansion of the mining fleet.
The Company reported an AISC margin of 67% in the period, compared to 72% in Q3 2025. The decrease was primarily attributable to the timing of deliveries into the mandatory and discretionary hedge programs, resulting in a lower proportion of gold sold at spot prices during Q3 2026 versus the comparable quarter last year, as well as the cost factors noted above, partially offset by higher realized gold prices.
Notwithstanding these impacts, margins remained strong, supported by the robust gold price environment and the Company's low-cost operating profile. Compared to the Company's peers, 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 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Information($000s except per share information) Revenue 357,130 308,105 1,106,097 580,236 Cost of sales Production costs (89,630) (65,908) (268,877) (129,846) Depreciation and depletion (11,792) (10,531) (36,888) (18,989) Gross profit 255,708 231,666 800,332 431,401 General and administrative expense (4,698) (6,496) (14,452) (16,619) Finance income 1,041 452 3,160 703 Finance expense (13,677) (34,450) (45,375) (49,196) Equity gain(loss) from investment in associate 11 (126) (209) (235) Change in fair value of derivatives (17,911) (17,605) (33,854) (40,242) Income before income taxes 220,474 173,441 709,602 325,812 Current income tax expense (18,893) (6,373) (30,170) (9,439) Deferred income tax expense (61,745) (56,215) (226,376) (100,691) Net income 139,836 110,853 453,056 215,682 Net income per common
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