Artemis Gold Reports Solid Q3 2025 Financial and Operating Results and Updates Cost Guidance

Executive Summary

• Artemis Gold posted a strong Q3 2025 performance – revenue of US$308.1 M, adjusted net income of US$141.7 M ($0.59 adj. EPS) and Adjusted EBITDA of US$211.4 M.
• Mill throughput ran at 101 % of design capacity (16,618 t/d); gold production was 60,985 oz in the quarter (124,328 oz YTD). All‑in sustaining cost (AISC) reached a low‑decile US$840/oz with an AISC margin of 72 %.
• The company secured a $700 M underwritten credit facility (drawn $458 M) and began construction of Phase 1A plant expansion (+33 % capacity).

Key Details

• Financial Highlights
• Revenue: US$308.1 M (Q3), US$580.2 M YTD.
• Adjusted net income: US$141.7 M ($0.59 adj. EPS) vs. a loss in Q3 2024.
• Adjusted EBITDA: US$211.4 M (Q3).
• Cash flow from operations: US$163.7 M (Q3).

• Cash & equivalents at 30 Sep 2025: US$75.3 M; total liquidity including undrawn credit facility: US$317.3 M.

• Operating Metrics

• Mill throughput: 16,618 t/d (101 % of design), trending higher.
• Gold production: 60,985 oz (Q3); 124,328 oz YTD.
• Gold sales: 62,863 oz at US$3,489/oz average realized price.
• Cash cost: US$661/oz; AISC: US$840/oz; AISC margin: US$2,374/oz (72 % of cash revenue).

• Ore milled: 1.53 M t (Q3); ore grade 1.48 g/t; recovery ~85 %.

• Capital & Financing

• $700 M underwritten credit facility closed; $458 M drawn in Q3 to refinance existing debt.
• Phase 1A expansion construction commenced – expected capital cost $100‑$110 M, adding 33 % capacity (to 8 Mtpa) by Q4 2026.

• Growth capital (Phase 1 deferred) spent: US$80.6 M in the quarter for plant rectification, TSF lift, stockpile expansion and water management.

• Corporate Updates

• New appointments (Oct 2025): Tony Scott – Chief Business Development Officer; James Woeller – VP Business Development & Improvement.
• Regional exploration drill program launched on ~1,500 km² land package in central BC.

• Front‑end engineering & design for accelerated Phase 2 underway; investment decision expected before year‑end; orders placed for new 18 MW SAG and ball mills.

• Outlook & Guidance

• FY2025 gold production guidance (190,000‑230,000 oz) maintained; now expected in lower half of range due to mill downtime and lower recoveries.
• Revised AISC guidance for post‑commercial period: US$825‑US$875/oz (up from prior $670‑$770).

• Anticipated Q4 2025 recovery ~87 %; mill throughput expected to stay above design capacity despite recent motor failure.

• Conference Call

• Date & time: 5 Nov 2025, 08:00 a.m. PT (11:00 a.m. ET).
• Toll‑free numbers and webcast link provided; replay available until 5 Feb 2026.

Notable Quotes

• Dale Andres, CEO: “We delivered strong financial performance…lowest decile AISC and increased margins driven by higher realized gold prices…we are generating strong EBITDA and steady cash flows to fund future growth.”
• CEO (continued): “Looking ahead, we expect a strong finish to the year with increased mill throughput and higher feed grades together with robust gold prices…investment decision on Phase 2 expected before end‑of‑year.”