Artemis Gold Reports Q2 2025 Results Consistent with Guidance: Q2 Production of 50,623 ounces gold and Post-commercial AISC US$805 per ounce, and Announces $700M Revolving Credit Facility

Executive Summary

• Artemis Gold reported Q2 2025 net income of $100.2 M ($0.43 EPS) and adjusted EBITDA of $146.4 M, driven by 50,623 oz gold production and strong cash flow ($185.1 M).
• The company announced a $700 million underwritten revolving credit facility (RCF) to refinance existing debt (~$450 M) and fund near‑term expansion options.
• Post‑commercial metrics show AISC of US$805/oz, mill throughput at 16,206 t/d (98.6% capacity), and gold grade of 1.34 g/t with 84% recovery.

Key Details

• Production & Costs
• Q2 2025 gold production: 50,623 oz (YTD 63,343 oz).
• Post‑commercial period (May–June) gold sold: 34,112 oz; AISC US$805/oz; cash cost US$690/oz.

• Mill throughput: 16,206 t/d (98.6% of nameplate); average grade 1.34 g/t; recovery 84%.

• Financial Performance

• Revenue Q2 2025: $231.1 M (C$).
• Net income Q2 2025: $100.2 M ($0.43 diluted EPS) vs. loss of $5.7 M in Q2 2024.
• Adjusted EBITDA Q2 2025: $146.4 M; EBITDA $168.9 M.

• Operating cash flow Q2 2025: $185.1 M (vs. –$0.9 M prior year).

• Debt & Financing

• Principal repayments to date: $67 M (including $40 M in July).
• New $700 M underwritten RCF with National Bank of Canada; secured by all assets; interest CORRA + 2.25‑3.25% (based on EBITDA/net‑debt ratio).

• Expected to draw down before end of Q3 2025 to refinance remaining PLF and standby facility (~$450 M).

• Capital Expenditures

• Sustaining capex & lease payments Q2 2025: $4.2 M.

• Phase 1 capital (pre‑commercial) incurred YTD 2025: $141.6 M; deferred Phase 1 capex YTD 2025: $34 M.

• Operational Highlights

• 5.5 million safe‑hours worked to end July 2025 with zero lost‑time incidents.

• Completed a 3‑day plant shutdown in late July for circuit upgrades aimed at improving throughput and recoveries.

• Outlook

• FY 2025 production guidance: 190,000‑230,000 oz gold (160,000‑200,000 oz post‑commercial) with AISC target US$670‑770/oz.
• Anticipates lower AISC in H2 2025 as efficiencies improve and expansion proceeds.

Notable Quotes

• Dale Andres, CEO: “This quarter marked a major milestone… we are demonstrating consistent operational performance, cost control, and capital discipline.”
• CEO (later comment): “Our AISC of US$805 per ounce ranks among the lowest in the industry… we expect the RCF to be available for drawdown before the end of Q3 2025.”